Venture(US:VEMLY) Sou Hu Cai Jing·2025-09-19 08:40Core Viewpoint - The Chinese government is actively promoting financial support for technological innovation during the "14th Five-Year Plan" period, focusing on collaboration between financial and technological sectors to enhance the development of a robust technology finance system [3][4][5]. Group 1: Policy Initiatives - A comprehensive policy framework has been established to support high-quality development in technology finance, including the issuance of the "Several Policy Measures to Accelerate the Construction of a Technology Finance System" by seven ministries [3]. - The National Venture Capital Guidance Fund is being set up to attract nearly 1 trillion yuan in local and social capital, with agreements signed exceeding 380 billion yuan [3][4]. Group 2: Financial Support Mechanisms - The scale of re-loans for technological innovation and technological transformation has increased to 800 billion yuan, with a reduced interest rate of 1.5%, enhancing the accessibility of loans for technology-oriented SMEs [4]. - A total of 3.46 trillion yuan in loans has been provided to technology-oriented SMEs, reflecting a year-on-year growth of 22.9%, significantly outpacing the growth of other loan categories [4]. Group 3: Capital Market Enhancements - The establishment of a "green channel" mechanism in the capital market aims to facilitate financing for leading technology enterprises through listings, mergers, and bond issuances [4]. - The introduction of the "Technology Board" in the bond market provides long-term, low-interest financing options for technology companies, with over 288 entities issuing more than 600 billion yuan in technology innovation bonds [4]. Group 4: Collaborative Efforts - A cross-departmental mechanism has been established to coordinate technology finance efforts, with pilot programs initiated in 13 key regions to promote high-quality development in technology finance [5]. - Ongoing efforts will focus on aligning financial support with the needs of technological innovation, ensuring effective policy implementation [6].