央行答21记者：用好科技创新债券风险分担工具推动市场发展

Core Viewpoint - The People's Bank of China (PBOC) has implemented a series of incremental policies to support technology finance, including optimizing loans for technological innovation and establishing a "Technology Board" in the bond market, which has shown positive results in promoting the development of emerging industries and supporting traditional industries with new technologies [1][2]. Summary by Sections Technology Innovation Loans - As of May 2025, the amount of loans signed for technological innovation and technological transformation reached 1.7 trillion yuan, which is 1.9 times that of the end of 2024; the loan balance issued was 614 billion yuan, supporting 15,000 technology-based SMEs with their first loans and funding 3,983 key equipment upgrade projects [1]. Establishment of the Technology Board - The Technology Board in the bond market has allowed 288 entities to issue technology innovation bonds totaling approximately 600 billion yuan, with over 400 billion yuan issued in the interbank market, effectively fostering the development of emerging industries and aiding traditional industries in adopting new technologies [2]. Support for Equity Investment Institutions - The PBOC has created a risk-sharing tool for technology innovation bonds to support equity investment institutions in issuing bonds, providing low-cost refinancing and guarantees in collaboration with local governments and credit enhancement institutions [3]. Benefits of the Risk-Sharing Tool - The risk-sharing tool has enabled equity investment institutions to issue bonds with longer maturities (up to 10 years), lower issuance costs (interest rates between 1.85% and 2.69%), and has effectively promoted the formation of innovative capital by allowing successful institutions to utilize bond funds for private equity investment fund establishment and expansion [4]. Future Plans - The PBOC plans to continue utilizing the risk-sharing tool for technology innovation bonds and work with relevant departments to further develop the technology innovation bond market, aiming to create a robust financial ecosystem that supports high-level technological self-reliance [4].