【Financial Street Release】Four departments: Continue to improve the science and technology finance work mechanism and earnestly advance all key tasks for the year

Sourced from: Xinhua Finance

Xinhua Finance, Beijing, April 1—According to information from the People’s Bank of China on the 1st, on March 31, the People’s Bank of China, the Ministry of Science and Technology, the Financial Regulatory Administration, and the China Securities Regulatory Commission jointly held a video exchange and advancement meeting on science and technology finance work. Pan Gongsheng, governor of the People’s Bank of China, and Yin Hejun, minister of the Ministry of Science and Technology, attended the meeting and delivered remarks. Zhu Huxin, vice governor of the People’s Bank of China, chaired the meeting. Qiu Yong, vice minister of the Ministry of Science and Technology, and Zou Lan, vice governor of the People’s Bank of China, attended the meeting.

The meeting held that over the past year, relevant departments, local governments, and financial institutions have further optimized policy measures, and the ability and effectiveness/quality of financial services for technological innovation have continued to improve. Lending service volume for small and medium-sized technology-based enterprises has increased and expanded. The strength of risk coverage provided by technology insurance has continued to be enhanced. The “technology sector” in the bond market has developed at a relatively fast pace. Venture capital and private equity investment have improved markedly. The organic integration of technology and finance has driven the capital market to remain stable and move in a sound direction. Policy coordination has been strengthened among departments and between the central and local authorities, and innovative practices in science and technology finance with regional characteristics have continued to emerge.

The meeting pointed out that the Fourth Plenary Session of the 20th CPC Central Committee, the Central Economic Work Conference, and the “15th Five-Year Plan” Outline have upheld the strategic core position of scientific and technological innovation in national development, clarified the strategic goal to accelerate high-level self-reliance and self-strengthening in science and technology, optimized and adjusted the regional layout of international science and technology innovation centers, and put forward clear requirements for building a science and technology finance system that is compatible with technological innovation. Relevant departments and institutions should thoroughly study, implement, and carry out the decisions and arrangements made by the CPC Central Committee and the State Council, further deepen structural reform on the financial supply side, improve a diversified financial services system, support international science and technology innovation centers in optimizing the science-and-technology-finance ecosystem, and continuously improve the degree to which the financial services supply matches the needs of technological innovation.

The meeting emphasized that the “15th Five-Year Plan” period is a crucial period for building a strong country in science and technology and for tackling key breakthroughs, and that science and technology finance should provide higher-quality services for building a strong country in science and technology. Relevant departments and institutions should pool efforts to build momentum, continuously improve the working mechanisms for science and technology finance, and solidly advance key tasks throughout the year. Continue to strengthen coordinated and interactive efforts among relevant departments, local governments, financial institutions, and other parties, expand information sharing, accelerate the construction of a market for technology factors, and improve the efficiency of allocating financial resources. Enhance professional capabilities in science and technology finance services and enrich financial products tailored to the characteristics of high-tech fields. Give full play to the policy roles of items such as relending for technology innovation and technological transformation, the equity investment pilot program by financial asset investment companies, merger and acquisition loans, and the “technology sector” in the bond market, so as to promote financial resources to be directed more precisely toward the areas of technological innovation.

The meeting was held via video. Officials responsible for relevant departments and offices, including the Central Financial Work Commission, the National Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the Ministry of Finance, the People’s Bank of China, the State Council’s State-owned Assets Supervision and Administration Commission, the Financial Regulatory Administration, the China Securities Regulatory Commission, and the National Intellectual Property Administration, as well as leaders from some financial institutions, private equity investment institutions, technology-based enterprises, and scientific research institutions, participated in the meeting at the main venue and sub-venues. Responsible officials from People’s Bank of China branches, science and technology departments (bureaus), financial regulatory bureaus, and securities regulatory bureaus in each province (autonomous region/municipality) participated accordingly. Representatives from institutions and some enterprises such as Bank of China, China Pudong Development Bank, PICC Property and Casualty Company, the National Association of Financial Market Institutional Investors, and the Shanghai Stock Exchange, as well as officials responsible for the Hangzhou municipal government and the Beijing Municipal Commission of Science and Technology, exchanged work experience.

Editor: Xing Lisha

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