In a bold move to solidify its position as a global leader in technological innovation, China has released a comprehensive plan aimed at enhancing the development of science and technology finance. The initiative, jointly issued by the People’s Bank of China and six other government agencies, outlines targeted measures to support major national science and technology programs, strategic emerging industries, and the transformation of traditional industries.
The plan proposes the creation of streamlined channels for tech-based enterprises to issue bonds, facilitating easier access to capital markets. It also emphasizes support for technology firms seeking cross-border financing, reflecting China’s commitment to fostering an open and inclusive financial environment for innovation.
To nurture the growth of tech companies, the initiative encourages the development of diversified financial services tailored to the unique needs of the technology sector. This includes improving policy tools such as relending facilities aimed at supporting technological innovation, transformation, and small businesses, as well as issuing special bonds dedicated to tech innovation.
By boosting financial support for the tech industry, China aims to accelerate the upgrading and transformation of traditional industries, paving the way for future industries and strategic emerging sectors. This move is expected to stimulate economic growth, enhance competitiveness, and contribute to global technological advancements.
China’s initiative signals a significant shift in the global technological landscape. By strengthening financial support mechanisms for technology and innovation, the country positions itself to make substantial contributions to global tech development, offering new opportunities for investors, businesses, and innovators worldwide.
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China unveils plan to boost development of technology finance
cgtn.com
