Xinhua Briefing | Seven Departments Take Action: 15 Measures to Accelerate the Development of a Science-and-Technology-Finance System

Release Date:

2025-05-15

　　BEIJING, May 14 (Xinhua) — By reporters Wen Jinghua and Wu Yu: The blossoming of innovation cannot thrive without the nourishing support of financial resources. Recently, seven departments, including the Ministry of Science and Technology and the People’s Bank of China, jointly issued the “Several Policy Measures to Accelerate the Development of a Science-and-Technology-Finance System and Strongly Support High-Level Scientific and Technological Self-Reliance,” introducing 15 policy measures to provide end-to-end, full‑cycle financial services for technological innovation.

　　In the face of the pressing challenges posed by building a science and technology powerhouse and intensifying international competition, robust investment in science and technology is an indispensable prerequisite for advancing cutting-edge research and fostering the development of future‑oriented industries. From tackling critical core technologies to accelerating the commercialization of scientific and technological成果, from driving the implementation of major national science and technology initiatives to supporting the growth of tech‑focused enterprises—how to enhance the precision and effectiveness of financial services and provide solid support for innovation has long been a central question that science‑and‑technology finance has been actively addressing.

　　The Third Plenary Session of the 20th CPC Central Committee proposed “building a science-and‑technology‑finance system that is aligned with scientific and technological innovation,” thereby setting higher standards for advancing the development of science‑and‑technology finance.

　　The 15 policy measures jointly issued by seven departments this time strengthen coordination across seven key areas—venture capital, monetary and credit policies, capital markets, technology insurance, fiscal policy, central–local collaboration, and ecological development—thereby channeling greater financial resources into every stage of the innovation‑driven economy and guiding more financial capital to invest early, in small enterprises, over the long term, and in hard‑tech sectors.

　　Venture capital is a vital force in supporting technological innovation. The document proposes establishing a national venture capital guidance fund and enabling venture capital and industrial investment institutions to raise funds through bond issuance, among other measures. At the same time, it underscores the importance of monetary and credit policies, refining structural monetary policy tools such as relending for technological innovation and technological upgrading, and encouraging banks to explore performance‑based assessment frameworks for long‑term technology‑innovation loans.

　　To better leverage the capital market’s pivotal role in supporting technological innovation, the document proposes policy measures such as giving priority to technology firms that have achieved breakthroughs in critical core technologies for IPO financing and establishing a “Science and Technology Board” in the bond market. The document also clarifies that science-and‑technology insurance should serve as a shock absorber and stabilizer for innovation, explores risk‑mitigation mechanisms through co‑insurance arrangements in key areas, and encourages insurance capital to participate in major national scientific and technological initiatives.

　　The development of science and technology finance is inseparable from the guidance and support of fiscal policies. The document proposes making full and effective use of policy measures such as loan interest subsidies and risk compensation to support enterprises’ technological innovation, implementing a special guarantee program for technological innovation, and ensuring the proper implementation of tax policies related to angel investment and venture capital.

　　Financial resources are flowing freely, and innovative vitality is flourishing. Going forward, the Ministry of Science and Technology, in coordination with relevant departments, will ensure the thorough and meticulous implementation of all measures, providing robust financial support for achieving a high level of scientific and technological self-reliance and for building China into a science and technology powerhouse.