央行：着力培育支持科技创新的金融市场生态

Core Viewpoint - The People's Bank of China emphasizes the need for a financial system that aligns with the country's technological development stage, advocating for direct financing and a multi-tiered capital market to support innovation-driven development [1] Group 1: Financial System Development - The development of a financial system tailored to technological advancement is crucial for deepening supply-side structural reforms in finance [1] - The People's Bank of China aims to enhance the financial market ecosystem that supports technological innovation, improving the capacity, intensity, and level of financial support [1] Group 2: Bond Market Innovations - The introduction of the "Technology Board" in the bond market is a key policy to support equity investment institutions in financing [1] - The "Technology Board" has facilitated the issuance of approximately 670 billion yuan in technology innovation bonds by around 280 entities in the interbank bond market over the past five months [1] Group 3: Characteristics of Technology Innovation Bonds - A diverse range of 191 technology enterprises has issued 377 billion yuan in technology innovation bonds, covering sectors such as integrated circuits, high-end manufacturing, and biomedicine [1] - Nearly half of the technology enterprises have issued bonds with a maturity of three years or more, with equity investment institutions averaging a bond maturity of 5.8 years [1] - The average coupon rate for technology innovation bonds is approximately 2%, indicating strong market demand and active trading [1]