Core Viewpoint - The recent joint issuance of policies by multiple Chinese government departments aims to accelerate the construction of a technology finance system to support high-level technological self-reliance and strength, which has garnered market attention [1][3]. Group 1: Financial Mechanisms for Technology Innovation - The new policies shift focus from the supply side of finance to the demand side of technological innovation, facilitating faster and cheaper financial support for technology innovation [3]. - A "green channel" mechanism for capital markets is established to enhance direct financing for technology enterprises, alongside the innovative proposal of a "technology board" in the bond market to raise long-term, low-interest, and easily accessible bond funds [3][4]. - The China Securities Regulatory Commission has signaled a push for high-quality red-chip technology companies to return to domestic capital markets, indicating readiness to welcome back companies previously listed abroad [3]. Group 2: Credit Support and Investment - The policies address the challenges faced by technology enterprises, particularly small and medium-sized private tech firms, in securing loans due to their asset-light nature and the difficulty in assessing the "expected value" of technological achievements [4]. - Structural monetary policy tools will be utilized to encourage financial institutions to increase support for technological innovation, addressing the pain points of financing for tech startups [4]. - A series of new measures will enhance the entire chain of venture capital fundraising, investment, management, and exit, while also establishing a comprehensive technology insurance product and service system to stabilize technology insurance [4].

近日，科技部会同中国人民银行、国家金融监管总局、中国证监会、国家发展改革委、财政部、国务院 国资委等七部门联合印发了《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》 （以下简称《政策举措》），旨在通过系统性部署和安排，加快突破金融支持高水平科技自立自强的难 点堵点，为科技创新提供强有力的金融支撑。 5月22日下午，国务院新闻办公室举行新闻发布会，科技部副部长丘勇围绕《政策举措》出台背景和重 点内容进行了详细介绍，中国人民银行副行长兼国家外汇局局长朱鹤新、金融监管总局新闻发言人及政 策研究司司长郭武平、中国证监会首席风险官兼发行司司长严伯进参会并现场回答了记者的提问。 对于政策制定背景，丘勇介绍，党的二十届三中全会明确指出，要构建与科技创新相适应的科技金融体 制，加强对国家重大科技任务和中小型企业的金融支持。中央金融工作会以及去年6月份召开的全国科 技大会也强调，要做好科技金融这篇大文章，引导金融资本投资早、投小、长期投硬科技。在此背景 下，七部门联合印发《政策举措》，旨在以科技创新需求侧为牵引，加快突破金融支持科技创新的难点 堵点，推动科技金融体制的系统性改革。 丘勇在发布会上表示，这次印发 ...

Group 1 - The core viewpoint of the news is the introduction of a new policy initiative aimed at accelerating the construction of a technology finance system to support high-level technological self-reliance and innovation in China [1][2][3] - The policy initiative includes 15 measures across 7 areas, focusing on venture capital, bank credit, capital markets, technology insurance, fiscal policies, central-local collaboration, and creating an open innovation ecosystem for technology finance [1][2] - A notable measure is the establishment of a "National Venture Capital Guidance Fund" to promote the growth of technology-based enterprises and support the development of strategic emerging industries [1][2] Group 2 - The initiative emphasizes the importance of bank credit in supporting technological innovation, encouraging financial institutions to increase support for major national technology tasks and technology-based SMEs [2][3] - It proposes a special mechanism for bank credit support for technology innovation, including the establishment of identification standards for technology-based enterprises and a recommendation mechanism to facilitate effective support from financial institutions [2] - The policy also highlights the role of capital markets in supporting technology innovation, advocating for a counter-cyclical adjustment mechanism for new stock issuances and prioritizing financing for technology-based enterprises that achieve core technological breakthroughs [2][3] Group 3 - The initiative outlines the role of technology insurance as a stabilizing factor in supporting innovation, proposing the development of a comprehensive insurance product and service system covering the entire lifecycle of technology-based enterprises [2][3] - It encourages the participation of insurance funds in implementing major national technology tasks and explores risk-sharing pilot projects in key technology areas [2][3] - The policy aims to leverage fiscal policies to mobilize more financial resources for technology innovation, utilizing existing loan interest subsidies, insurance subsidies, and risk compensation policies [3] Group 4 - The initiative promotes central-local collaboration in advancing national technology finance efforts, including the establishment of innovation point systems and the implementation of special guarantee plans linked to technology innovation [3] - It supports foreign investment in domestic technology-based enterprises and the lawful overseas listing of technology-based companies [3] - A coordinated mechanism among the People's Bank of China, the Ministry of Science and Technology, and other regulatory bodies will be established to enhance policy coordination and information sharing in technology finance [3]

加大力度支持符合条件的科技型企业上市融资 （上接1版） 发挥货币信贷支持科技创新的重要作用方面，《政策举措》提出，用好用足结构性货币政策工具。优化 支持科技创新的结构性货币政策工具。发挥科技创新和技术改造再贷款等引导作用，扩大再贷款额度规 模，优化支持范围和流程机制，激励金融机构加大力度支持国家重大科技任务和科技型中小企业以及重 点领域技术改造和设备更新项目。 发挥科技保险支持创新的减震器和稳定器作用方面，《政策举措》提出，推动科技保险产品和服务创 新。制定推动科技保险高质量发展的意见，建立科技保险发展协调机制，优化支持政策，加快形成重点 领域、关键环节、重点地区的政策支持方式。健全覆盖科技型企业全生命周期的保险产品和服务体系， 完善产品、服务创新机制和监管激励保障政策。 加强财政政策对科技金融的引导和支持方面，《政策举措》提到，创新财政科技投入方式，用好用足现 有的贷款贴息、保险补贴、风险补偿等政策，支持企业科技创新。充分发挥政府投资基金绩效评价作 用，引导基金投早、投小、投长期、投硬科技。实施科技创新专项担保计划，有效发挥政府性融资担保 体系作用。 发挥资本市场支持科技创新的关键枢纽作用方面，《政策举措》 ...