The Zhitong Finance App learned that on October 19, the People's Bank of China and other departments issued “Guiding Opinions on Financial Support for the Construction of International Science and Technology Innovation Centers in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and the Guangdong-Hong Kong-Macao Greater Bay Area”. The opinion mentions speeding up the growth of patient capital and strengthening the leadership of high-end industries. Support Beijing, Shanghai, Guangdong-Hong Kong-Macao Greater Bay Area to build international venture capital centers. Give full play to the role of the National Venture Capital Guidance Fund as patient capital to invest in a number of sub-funds and projects in emerging industries and future industries. Make good use of the social security science and technology innovation funds that have been set up to provide financial support to the field of science and innovation in a steady and orderly manner. Actively promote the efficient connection between high-quality entrepreneurship and innovation projects and patient capital, strengthen collaboration and linkage between patient capital and incubators, and strengthen investment and empowerment for incubating enterprises and teams. Support the development of mergers and acquisitions funds, strengthen the coordination of regional mergers and acquisitions financial services, open up blockages in mergers and acquisitions implementation, and stimulate the vitality of mergers, acquisitions and restructuring.
Colleagues are leveraging the advantages of cross-border collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area to build an open technology finance system. Play the leading role of the “Shenzhen-Hong Kong-Guangzhou” science and technology innovation cluster, strengthen high-level financial interaction and rule interface between Guangdong, Hong Kong and Macao, and promote the integration of industrial innovation and technological resources to unleash greater efficiency. Focusing on raising the innovation level of comprehensive national science centers in the Greater Bay Area, we support cross-regional collaborative innovation between industry, education and research in key regions such as Shenzhen Guangming Science City, Dongguan Songshan Lake Science City, and Guangzhou Nansha Science City. Support major cooperation platforms in Qianhai, Hetao, Nansha, and Hengqin first, actively promote institutions from the two regions to make more use of mainland fintech innovation supervision tools to connect to the Hong Kong Fintech Supervisory Sandbox, deepen cross-border credit reporting cooperation between Guangdong, Hong Kong and Macao, and explore mechanisms such as the cross-border flow of data elements and the cross-border transformation of intellectual property rights. Implement the Mainland and Hong Kong and Macao Closer Economic Partnership Arrangement (CEPA), support cooperation between Hong Kong and Macao licensed institutions and mainland financial institutions, and explore the improvement of technology finance services in accordance with the law on cooperation platforms. Support enterprises to make good use of “two markets” and “two resources” at home and abroad to go public in the capital market, and promote Hong Kong stock companies in the Greater Bay Area to go public in Shenzhen in accordance with regulations.
The “Opinion” promotes the establishment of a technology finance system with regional characteristics, and proposes financial service layout directions and key tasks for each of the three regions. Beijing (Beijing-Tianjin-Hebei) focuses on original innovation and Beijing-Tianjin-Hebei collaborative innovation to strengthen financial support for major technology infrastructure construction; Shanghai (Yangtze River Delta) builds a technology finance service ecosystem with multi-party participation and co-construction and sharing; the Guangdong-Hong Kong-Macao Greater Bay Area builds an open technology finance system to strengthen high-level financial interaction and rules between Guangdong, Hong Kong and Macao. At the same time, strengthen the construction of joint risk prevention and control mechanisms, and strictly adhere to the bottom line that systemic financial risks do not occur.
The original text is as follows:
The People's Bank of China and other departments issued “Guiding Opinions on Financial Support for the Construction of International Science and Technology Innovation Centers in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), and Guangdong-Hong Kong-Macao Greater Bay Area”
In order to thoroughly implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee, implement the arrangements of the Central Financial Work Conference and the National Science and Technology Conference, and accelerate the construction of a financial and technological power, the People's Bank of China, the Ministry of Science and Technology, the China Securities Regulatory Commission, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Human Resources and Social Security, the State Council's State-owned Assets Administration, the State Intellectual Property Office, and the State Administration of Foreign Exchange jointly issued the “Guiding Opinions on Financial Support for the Construction of Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta), Guangdong-Hong Kong-Macao Greater Bay Area International Science and Technology Innovation Centers” (hereinafter referred to as “Opinions”).
Guided by Xi Jinping's ideology of socialism with Chinese characteristics in the new era, the “Opinion” adheres to the general tone of steady progress, closely integrates with the needs of regional collaborative innovation and industrial collaboration, deepens financial supply-side structural reforms, optimizes the layout of financial resources, improves the high-level technology financial service system, and supports and promotes the Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area to build a highland for collaborative development of technology and finance. By 2030, the financial service system supporting the entire chain of scientific and technological innovation will be more complete, the share of direct financing will increase markedly, and a pattern of regional financial services integration will basically take shape.
The “Opinion” focuses on the core functions and internationalization positioning of international science and technology innovation centers, and proposes targeted support measures. Optimize financial service models and supporting mechanisms around the construction of scientific and technological innovation strategy functions, high-end industry leading functions, and top talent gathering functions. Strengthen financial service collaboration within the three regions, and promote policy linkage, mutual recognition of standards, information sharing, and connectivity of supporting facilities. Actively and steadily promote the opening up of technology finance to the outside world at a high level.
The “Opinion” promotes the establishment of a technology finance system with regional characteristics, and proposes financial service layout directions and key tasks for each of the three regions. Beijing (Beijing-Tianjin-Hebei) focuses on original innovation and Beijing-Tianjin-Hebei collaborative innovation to strengthen financial support for major technology infrastructure construction; Shanghai (Yangtze River Delta) builds a technology finance service ecosystem with multi-party participation and co-construction and sharing; the Guangdong-Hong Kong-Macao Greater Bay Area builds an open technology finance system to strengthen high-level financial interaction and rules between Guangdong, Hong Kong and Macao. At the same time, strengthen the construction of joint risk prevention and control mechanisms, and strictly adhere to the bottom line that systemic financial risks do not occur.
In the next step, the People's Bank of China will strengthen coordination and coordination with relevant departments, support the regions concerned to strengthen implementation and coordination, jointly promote the implementation and effectiveness of the various measures of the “Opinion”, strongly support the construction of international science and technology innovation centers with high-quality financial services, and help build a scientific and technological power and financial power.
Guidance on financial support for the construction of international science and technology innovation centers in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta) and the Guangdong-Hong Kong-Macao Greater Bay Area
The following opinions are put forward to implement the strategic plan of the Party Central Committee and the State Council to accelerate self-reliance and self-improvement in high-level science and technology innovation centers, support and promote the Beijing-Tianjin-Hebei, Yangtze River Delta, Guangdong-Hong Kong-Macao Greater Bay Area to build a highland for collaborative development of science and technology finance, and strongly support and guarantee the implementation of major tasks in the construction of international science and technology innovation centers.
I. General Requirements
Guided by Xi Jinping's ideology of socialism with Chinese characteristics in the new era, comprehensively implement the spirit of the 20th National Congress and the 20th Plenary Session of the Party, thoroughly implement the Central Financial Work Conference and the National Science and Technology Conference, adhere to the general tone of steady progress, fully, accurately and comprehensively implement new development concepts, coordinate development and safety, focus on strengthening the scientific and technological innovation strategy function, high-end industry leading function, and top talent gathering function, and closely integrate regional collaborative innovation and industrial collaboration needs to deepen financial supply-side structural reforms, optimize the layout of financial resources, improve the high-level technology financial service system, and promote “technology” The “Industry-Finance” virtuous cycle promotes the deep integration of scientific and technological innovation with industrial innovation, and strongly supports the construction of international science and technology innovation centers. Strengthen risk management and control, and strictly adhere to the bottom line that systemic financial risks do not occur.
By 2030, build a technology finance service system compatible with international science and technology innovation centers, and reach a higher level of diversification, adaptability, synergy, and internationalization. The financial service system supporting the entire chain of scientific and technological innovation has been improved, and the share of direct financing has increased markedly. The professional ability of financial institutions to serve scientific and technological innovation has improved markedly, and their support for applied basic research, technological innovation, transformation of achievements, industrial upgrading, and talent gathering has increased significantly. An integrated pattern of regional financial services has basically been formed, achieving a high degree of policy coordination, efficient flow of resources, and common recognition of information exchange. Important breakthroughs have been made in technology finance reform and innovation, and the level of opening-up to the outside world continues to rise.
The Beijing (Beijing-Tianjin-Hebei) International Science and Technology Innovation Center has basically been built as an integrated technology financial service system that matches the original world-class innovation strategy and the important hub functions of the global science and technology innovation network, and integrates the advantages of the National Financial Management Center to effectively support an efficient collaborative innovation network, and the position of the national strategic scientific and technological force concentration area continues to be consolidated.
The Shanghai (Yangtze River Delta) International Science and Technology Innovation Center has basically built a technology finance service system with cross-domain collaboration, full chain empowerment, open integration, and matching the Shanghai International Financial Center, effectively supporting the construction of an innovation backbone network in Shanghai, Jiangsu, Zhejiang, and Anhui. The position of the Yangtze River Delta as a world-class industrial cluster carrier and global innovation resource hub has been steadily consolidated.
The Guangdong-Hong Kong-Macao Greater Bay Area International Science and Technology Innovation Center promotes financial reform and opening-up to the outside world, deepens financial market connectivity between the Mainland and Hong Kong, promotes the formation of a technology finance service system with “effective connection of rules, free flow of factors, and deep ecological collaboration”, and progresses in an orderly manner to build a global highland of scientific and technological innovation and an important source of strategies for emerging industries.
By 2035, a technology finance system compatible with international science and technology innovation centers with global influence will be built to achieve the coordination of direct financing and indirect financing, highly adapting financial supply to the needs of scientific and technological innovation, and significantly improving international competitiveness and influence. The technology finance ecosystem will be further optimized to play a leading role as a demonstration to help achieve the goals of a scientific and technological power and a financial power.
II. Policy guidance to support the construction of core functions of international science and technology innovation centers
(1) Establish a financial guarantee mechanism to strengthen the sources of scientific and technological innovation strategies. Do a good job of guaranteeing investment in science and technology, improve the central and local investment sharing mechanism for major science and technology tasks, guide the orderly investment of financial resources, form a diversified science and technology investment mechanism, and support the construction of national strategic scientific and technological forces such as national laboratories, national scientific research institutions, high-level research universities, and leading science and technology enterprises. Under the premise of legal compliance, manageable risk, and sustainable business, explore models and mechanisms to support basic enterprise research and broaden funding channels. Give full play to the leading role of regional funds of the National Venture Capital Guidance Fund to support international science and technology innovation centers to undertake major national science and technology projects, cutting-edge technology layout, and major science and technology infrastructure. Use multi-level loss sharing methods to enhance insurance coverage capabilities in the field of technology. A pilot project was launched at the International Science and Technology Innovation Center to include private small and medium-sized enterprises with a high level of R&D investment in the scope of refinancing policy support for scientific and technological innovation and technological transformation.
(2) Accelerate the growth of patient capital and strengthen the leadership of high-end industries. Support Beijing, Shanghai, Guangdong-Hong Kong-Macao Greater Bay Area to build international venture capital centers. Give full play to the role of the National Venture Capital Guidance Fund as patient capital to invest in a number of sub-funds and projects in emerging industries and future industries. Make good use of the social security science and technology innovation funds that have been set up to provide financial support to the field of science and innovation in a steady and orderly manner. Actively promote the efficient connection between high-quality entrepreneurship and innovation projects and patient capital, strengthen collaboration and linkage between patient capital and incubators, and strengthen investment and empowerment for incubating enterprises and teams. Support the development of mergers and acquisitions funds, strengthen the coordination of regional mergers and acquisitions financial services, open up blockages in mergers and acquisitions implementation, and stimulate the vitality of mergers, acquisitions and restructuring.
(3) Optimize the whole chain of financial services and strengthen the gathering of top talents. Make good use of student loans and guaranteed loan policies for entrepreneurship to support young scientific and technological talents to further their studies and innovate and start businesses. Give full play to the role of venture capital government investment funds and angel investment, focusing on supporting the cultivation, incubation and entrepreneurship of strategic scientists, leading science and technology talents, young science and technology talents, outstanding engineers, and high-level innovation teams. On the premise of legal compliance and manageable risks, financial institutions that are in a position to do so are guided to improve credit evaluation systems, and use the ability of talents to innovate as a reference for granting credit. Research and establish an insurance system covering the professional liability, medical care, and health protection needs of scientific and technological talents. Support “one place recognition and global operation” within the International Science and Technology Innovation Center region, and study foreign exchange facilitation support plans for returning scientists and leading science and technology entrepreneurs included in national and local key talent programs, in line with the policies of relevant transaction authorities in terms of recovering legal assets from abroad and using overseas capital to establish technology-based enterprises.
(4) Support the gathering of financial resources to international science and technology innovation centers. Relying on the Beijing National Financial Management Center, we give full play to the advantages of financial institution headquarters and asset management highland, support Beijing to undertake the implementation and development of national technology finance infrastructure and build an international cooperation hub for technology finance. Support the Beijing Stock Exchange and the National Small and Medium Enterprises Share Transfer System (New Third Board) to further strengthen the role of serving innovative small and medium-sized enterprises and enhance the function of technology insurance services. Accelerate the construction of the Shanghai International Financial Center, improve financial infrastructure, enhance the global competitiveness of financial institutions, expand a high level of two-way financial openness, support the Shanghai Stock Exchange to build a global pricing hub for science and innovation transactions, build a science and innovation investment ecosystem adapted to global institutional investors, and focus on improving investment and financing service functions covering the entire life cycle of technology-based enterprises. Relying on the advantages of Hong Kong's international financial center and the Greater Bay Area as an international financial hub, the Shenzhen Stock Exchange will accelerate the construction of a global asset allocation platform with innovative market characteristics, and support the Guangdong-Hong Kong-Macao Greater Bay Area to build an industrial finance center integrating Hong Kong and Macao and a patient capital formation center linked to the world.
3. Collaborate to build a highland of high-level technology financial services
(5) Establishing a cross-regional technology finance service alliance. On the premise of effectively preventing cross-cutting financial risks, banks, securities, insurance, venture capital, guarantee, leasing and other institutions are guided to strengthen cooperation, explore and improve service models, establish risk sharing models for major scientific and technological research projects, collaborate to provide financial services for technology-based enterprises, and provide financial support for major science and technology projects, upstream and downstream industrial chains, and offsite transformation of scientific and technological achievements. Build a cross-regional science and technology innovation fund matrix to support original innovation cooperation and industrial implementation collaboration. Build a comprehensive regional technology finance service platform integrating enterprise needs, financial services, and supporting policies.
(6) Establish a mechanism for sharing science and technology public information across regions. The “Central and Local Government Cooperation” formulates a catalogue of open data indicators in the field of technology finance, and supports international science and technology innovation centers to take the lead in promoting cross-regional information sharing and further opening up to financial institutions. Promote the “innovation credit system” to take the lead in achieving mutual recognition of connectivity within the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area regions, open the underlying data to financial institutions in accordance with the law, and support financial institutions in a position to do so to use “innovation points”. Guide credit reporting agencies to strengthen the collection and application of credit information such as public information on science and technology, build databases for technology-based enterprises, and develop high-quality credit reporting products for technology-based enterprises. Give better play to the role of a basic financial credit information database, a financial credit service platform, a national financial flow credit information sharing platform for micro, small and medium-sized enterprises, and a unified registration and publicity system for movable property financing.
(7) Improve financial service models that promote the transformation of results. Strengthen the connection and linkage of financial services in research and development sites for scientific and technological achievements, pilot sites, and industrial transformation sites. Relying on technology trading platforms such as the China Technology Exchange, the Shanghai Technology Exchange, and the Shenzhen Stock Exchange Science and Technology Exchange Center, we explore full-chain service mechanisms for the recognition, evaluation, pledge and disposal of scientific and technological assets, promote the interconnection of the three major technology exchanges with the national unified technology trading service platform, and accelerate the improvement of mutual recognition and exchange mechanisms for scientific and technological achievements value assessment and circulation transactions. Encourage financial institutions that are in a position to do so to deepen cooperation with technology trading platforms to enrich the supply of accurately adapted technology and intellectual property financial products. Strengthen financial support for the construction of pilot platforms, regional technology transfer and transformation centers in universities, and national university science and technology parks, improve the insurance system to guarantee the risk of transformation of achievements, promote the promotion and implementation of products such as cost loss insurance for the transformation of scientific and technological achievements, and encourage the provision of product quality and liability, and cost compensation insurance guarantees for pilot verification of scientific and technological achievements.
(8) Optimizing the technology finance organization system. Guide financial institution headquarters to increase resource allocation and incentives for branches that focus on professional services and scientific and technological innovation, risk control, and implement loan policies for scientific and technological innovation, and develop demonstration effects in optimizing assessment incentive mechanisms, implementing due diligence exemption requirements, improving risk management systems, and cultivating complex talents. Science and technology departments at all levels are encouraged to give corresponding policy and resource preferences.
(9) Improve the special products and services of technology finance. Under the premise of legal compliance and manageable risks, financial institutions are encouraged to improve financial specialty products and services suited to scenarios such as R&D, technical services, and transformation of achievements of technology-based enterprises. Support banks and enterprises that are in a position to do so to establish strategic cooperation models. Encourage insurance companies and guarantee companies that are in a position to do so to explore the development of relevant insurance and guarantee products for scientific and technological achievements to be used first and then paid later. Deepen the comprehensive pilot work on the intellectual property finance ecosystem.
(10) Give full play to the effectiveness of scientific and technological innovation in the bond market. Market institutions are encouraged to create indexed science and technology innovation bond products to provide diversified asset allocation tools in the field of science and technology innovation. Encourage the application of credit risk mitigation certificates (CRMW), credit protection tools, etc. to support the issuance and investment of science and technology innovation bonds. Make good use of technological innovation and private enterprise bond risk sharing tools, support private enterprise bond risk sharing mechanism policies, and provide guarantees and credit enhancement for eligible private technology-based enterprises and private equity investment institutions in debt issuance and financing. Encourage local authorities to establish comprehensive service windows or platforms for issuing science and technology innovation bonds to support the provision of “one-stop” comprehensive services such as publicity roadshows, credit enhancement and empowerment. Support research and formulation of technology innovation bond credit rating industry standards.
4. Actively and steadily promote the opening up of technology finance to the outside world at a high level
(11) Build a highland for global investment and financing in the field of scientific and technological innovation. Research, standardize and improve foreign exchange business facilitation policies for relevant qualified overseas limited partners. Eligible “Innovation Credit System” enterprises are supported to independently borrow foreign debt within the amount stipulated in the cross-border financing facilitation pilot with reference to high-tech enterprises, etc., and increase the amount appropriately. Support eligible technology-based enterprises to carry out multinational companies' integrated local and foreign currency fund pools and centralized local and foreign currency cross-border capital operations.
(12) Try first to facilitate cross-border trade investment and financing for technology-based enterprises. Guide financial institutions to provide more efficient and convenient cross-border capital settlement services for high-quality enterprises engaged in trade in services such as R&D services, intellectual property services, software services, and computing power services. Support overseas R&D centers, offshore innovation platforms, overseas technology subsidiaries, etc. of domestic technology-based enterprises to establish relevant domestic foreign exchange accounts to facilitate the cross-border transfer of scientific research funds for technology-based enterprises. Establish a convenient cross-border payment service mechanism for enterprises in key fields of science and technology innovation. Optimize the management of overseas loans from domestic banks and broaden overseas financing channels for domestic technology-based enterprises. Support domestic non-enterprise scientific research institutions to receive and use foreign funds to complete exchange procedures with reference to foreign direct investment.
(13) Deepen the integration of cross-border financial rules and market connectivity. Benchmark high-standard international economic and trade rules, explore mechanisms to facilitate the cross-border flow of elements such as scientific data and intellectual property rights, and improve the cross-border intellectual property rights protection and financing service system. Deepen cross-border technology finance cooperation on the premise of legal compliance and manageable risks, and support financial institutions to participate in services such as cross-border credit, mergers and acquisitions, and syndicated loans. Steadily promote capital market connectivity. Support eligible technology-based enterprises to issue bonds and finance through models such as “Magnolia Bonds” and “Shanghai Free Trade Offshore Bonds.”
5. Adapt to local conditions and improve the technology finance service system in line with regional characteristics
(14) Focus on original innovation and Beijing-Tianjin-Hebei collaborative innovation to build a regional technology finance service system. Beijing is focusing on building a world-class source of original innovation strategies and a main position for independent innovation, and strengthening financial support for strategic scientific and technological power clusters and the construction of major science and technology infrastructure. Focusing on innovative networks such as Beijing, Tianjin, Hebei Shijiazhuang, and Xiong'an New Area, we will raise the level of financial service collaboration within the region, open up the entire financial service chain of “basic research - transformation of achievements - industry cultivation”, and promote the cultivation of world-class advanced industrial clusters. Give full play to the leading role of the Zhongguancun Science and Innovation Finance Reform Pilot Zone, and support the promotion of relevant technology finance business experience to Xiong'an New Area Science and Technology Innovation Park and other places in accordance with the law. Promote central enterprise venture capital funds to actively carry out investment support around key areas, and establish and improve an evaluation mechanism for the “long-term settlement account” of central enterprise venture capital. Raise the level of innovation and development of the Beijing Stock Exchange, and experiment first in optimizing the issuance and listing system, guiding public funds to expand market investment, and enrich the bond market product system. Improve the pilot working mechanism of the Zhongguancun Science and Technology Innovation Financial Service Center. Explore the establishment of major scientific and technological research insurance communities in the fields of intelligent driving, humanoid robots, biomedicine, etc. Explore financial leasing to support technological innovation. Encourage financial institutions to strengthen cooperation and optimize services with high-quality private equity investment institutions on the premise that they comply with the law and that risks are manageable.
(15) Build an integrated full-chain technology financial service system based on the collaborative advantages of the Yangtze River Delta industrial cluster. Shanghai focuses on playing a leading and driving role in the Yangtze River Delta, building a technology financial service ecosystem with multi-party participation and sharing, and deepening the integration of capital chains with innovation chains, industrial chains, and talent chains. Focusing on key cities such as Shanghai, Nanjing, Suzhou, Hangzhou, Ningbo, and Hefei, we will deepen the construction of science and innovation finance reform pilot zones in the Yangtze River Delta, strengthen the circulation of factors across regions, and promote the efficient and balanced allocation of high-quality financial resources in the Yangtze River Delta. Accelerate the implementation of science and technology innovation board reform initiatives, and improve the issuance and listing mechanism for technology-based enterprises. Focus on scenarios such as key industrial chain extension, optimize regional characteristic financial services of the G60 Science and Technology Innovation Corridor, and strengthen the G60 Science and Technology Innovation Corridor Science and Technology Achievement Transformation Fund. Improve risk insurance sharing mechanisms, support innovation in technology insurance products and services, and promote the co-insurance model. Promote mutual recognition and exchange of standards related to technology finance across regions, and support the cross-regional operation of technology-based enterprises and the construction of “science and innovation enclaves”. Make good use of cross-border financing facilitation policies.
(16) Give full play to the advantages of cross-border collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area and build an open technology finance system. Play the leading role of the “Shenzhen-Hong Kong-Guangzhou” science and technology innovation cluster, strengthen high-level financial interaction and rule interface between Guangdong, Hong Kong and Macao, and promote the integration of industrial innovation and technological resources to unleash greater efficiency. Focusing on raising the innovation level of comprehensive national science centers in the Greater Bay Area, we support cross-regional collaborative innovation between industry, education and research in key regions such as Shenzhen Guangming Science City, Dongguan Songshan Lake Science City, and Guangzhou Nansha Science City. Support major cooperation platforms in Qianhai, Hetao, Nansha, and Hengqin first, actively promote institutions from the two regions to make more use of mainland fintech innovation supervision tools to connect to the Hong Kong Fintech Supervisory Sandbox, deepen cross-border credit reporting cooperation between Guangdong, Hong Kong and Macao, and explore mechanisms such as the cross-border flow of data elements and the cross-border transformation of intellectual property rights. Implement the Mainland and Hong Kong and Macao Closer Economic Partnership Arrangement (CEPA), support cooperation between Hong Kong and Macao licensed institutions and mainland financial institutions, and explore the improvement of technology finance services in accordance with the law on cooperation platforms. Support enterprises to make good use of “two markets” and “two resources” at home and abroad to go public in the capital market, and promote Hong Kong stock companies in the Greater Bay Area to go public in Shenzhen in accordance with regulations.
6. Strengthen organizational implementation
(17) Strengthen multi-departmental coordination. The People's Bank of China, the Ministry of Science and Technology, the General Administration of Financial Regulation, the China Securities Regulatory Commission, the National Development and Reform Commission, the Ministry of Education, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Human Resources and Social Security, the State Council's State-owned Assets Administration Commission, the State Intellectual Property Office, the State Administration of Foreign Exchange and other departments have strengthened coordination and coordination to provide financial support to the International Science and Technology Innovation Center, and monitor and evaluate the construction of the science and technology finance ecosystem of the International Science and Technology Innovation Center. Support relevant provinces (cities) in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area to participate in the overall technology finance promotion mechanism and participate in technology finance policy design and work coordination. Support forward-looking research on technology finance around international science and technology innovation centers, and develop complex talent development in technology finance.
(18) Strengthen the implementation and coordination of regional work. The relevant departments of Beijing, Shanghai, and Guangdong Province respectively promoted strengthened financial support for the implementation and coordination of the construction of the Beijing (Beijing-Tianjin-Hebei) International Science and Technology Innovation Center, the Shanghai (Yangtze River Delta) International Science and Technology Innovation Center, and the Guangdong-Hong Kong-Macao Greater Bay Area. Relevant provincial (municipal) financial management, science and technology, development reform, industry, credit, finance and other departments participated to formulate regional implementation rules, clarify key tasks, strengthen division of labor and collaboration, do follow-up and evaluation, and promote the gradual unification of standards related to technology finance within the region and break down barriers to the flow of factors across provinces. Summarize experiences and practices in a timely manner, and replicate and promote good practices.
(19) Strengthen joint risk prevention and control. In accordance with the principles of marketization and rule of law, the risk management responsibilities of all parties are compacted to prevent rushing up, blind investment, and repeated construction at a low level, and strictly adhering to the bottom line that systemic financial risks do not occur. Financial institutions should implement the main responsibility for risk prevention and control, adhere to independent decision-making, bear their own risks, operate steadily, and strengthen credit risk management and supervision of the use of funds. Industry authorities strengthen risk assessment and early warning in key areas of scientific and technological innovation to help financial institutions effectively discern true and false innovations. Financial management departments should guide financial institutions to combine their functional positioning and business strategies to develop technology finance services in a differentiated manner, ensure that financial innovation progresses in an orderly manner on the path of marketization and legalization, and avoid “internal rolling” competition. Strengthen daily supervision and guidance, and strengthen technology finance risk information sharing, consultation and judgment.
People's Bank of China
Ministry of Science and Technology
General Financial Supervisory Authority
China Securities Regulatory Commission
National Development and Reform Commission
Ministry of Industry and Information Technology
Treasury
Ministry of Human Resources and Social Security
State Council State-owned Assets Administration Commission
State Intellectual Property Office
State Administration of Foreign Exchange
October 19, 2026
This article was selected from the official website of the “People's Bank of China”, Zhitong Finance Editor: Liu Jiayin.