王 刚：科技金融是推动科技与金融双向促进的重要支撑

Core Viewpoint - The development of technology finance is crucial for achieving high-level technological self-reliance and building a strong technological nation, serving as a solid support for these goals [1][2]. Group 1: Historical Context and Development - Technology finance in China dates back to 1985, when the Central Committee encouraged investment in science and technology, emphasizing the need for banks to engage in technology credit business [1]. - Technology finance is not merely a combination of technology and finance but involves multidimensional innovation in financial systems, products, tools, service models, and ecosystems to create a comprehensive financial service system that efficiently connects financial resources with technological elements [1]. Group 2: Importance and Strategic Significance - The "14th Five-Year Plan" period is critical for achieving socialist modernization, where developing technology finance is significant for accelerating technological self-reliance and addressing key technological challenges [2]. - Technology finance supports the structural reform of the financial supply side by facilitating the industrial application and market promotion of R&D results, thus providing financial support for the transformation and upgrading of traditional industries [2]. - In the context of narrowing net interest margins, the development of technology finance opens new growth points for financial institutions, such as the integration of investment and lending [2]. Group 3: Policy Framework and Support - The Central Committee's decisions emphasize building a technology finance system that aligns with technological innovation, enhancing financial support for major national technology tasks and technology-based SMEs [3]. - By the end of Q3 2025, loans to high-tech enterprises reached 18.84 trillion yuan, with technology-based SMEs receiving 3.56 trillion yuan, both growing faster than the average loan growth rate [3]. - The number of companies listed on the Sci-Tech Innovation Board reached 600, with a total market value exceeding 10 trillion yuan and total financing exceeding 1.1 trillion yuan by January 6, 2026 [3]. Group 4: Service Quality and Sectoral Breakthroughs - The People's Bank of China has established special re-loans to support major technology projects and technology-based SMEs, particularly in key areas such as digitalization and green technology [4]. - During the "14th Five-Year Plan" period, loans for scientific research, manufacturing, and infrastructure grew annually by 27.2%, 21.7%, and 10.1%, respectively, with increasing financial support for advanced manufacturing and strategic emerging industries [4]. Group 5: Future Directions for Development - To promote high-quality development of technology finance, it is essential to enhance foresight and inclusiveness, allowing patient capital to engage deeply in foundational research [5]. - There is a need for differentiated and precise financial products to meet the diverse risk characteristics and financing needs of technology enterprises throughout their lifecycle [6]. - A multi-faceted financial service system, including bank credit, capital markets, and insurance guarantees, is necessary to effectively support the deep integration of technological and industrial innovation [6].