近日，科技部会同中国人民银行、金融监管总局、中国证监会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《若干政策举措》）。5月22日， 国新办举行新闻发布会，科技部副部长邱勇，中国人民银行副行长、国家外汇管理局局长朱鹤新，国家 金融监督管理总局新闻发言人、政策研究司司长郭武平，中国证监会首席风险官、发行监管司司长严伯 进介绍科技金融政策有关情况并答记者问。 "《若干政策举措》是一项实现科技和金融'双向奔赴'的基础性、引领性制度安排，起草过程中各 相关部门高度重视，密切配合、通力合作，推动科技创新需求侧和金融供给侧同向发力、同题共答、同 责共担，建立了科技金融的政策框架体系，构建了科技金融发展的'四梁八柱'。"邱勇表示，《若干政 策举措》聚焦创业投资、货币信贷、资本市场、科技保险、债券市场等七个方面，提出了15项政策举 措，既有存量政策的迭代升级，也有增量政策的创新供给。 机构在发行科技创新债券，已超过了2500亿元。下一步，要密切关注，继续推进，共同建设好债券市 场"科技板"。 《若干政策举措》中有一些关于科技金融的配套政策，对此，朱鹤新表示，推进科技金融工作， ...

Core Viewpoint - The article discusses the recent issuance of the "Several Policy Measures to Accelerate the Construction of a Technology Finance System" by multiple Chinese regulatory bodies, aiming to enhance the synergy between technology and finance to support high-level technological self-reliance and strength. Group 1: Policy Framework and Objectives - The "Several Policy Measures" focus on seven areas including venture capital, monetary credit, capital markets, technology insurance, and bond markets, proposing 15 policy measures that include both upgrades to existing policies and innovative new measures [1][3]. - The measures aim to establish a long-term financial support mechanism for technological innovation, enhance financing arrangements for major national technology tasks, and address the financing difficulties faced by technology-based SMEs [3][4]. Group 2: Financial Support Mechanisms - The People's Bank of China has increased the scale of re-loans for technological innovation from 500 billion to 800 billion yuan and reduced the re-loan interest rate from 1.75% to 1.5% to provide more substantial and precise loan support for enterprises [4][5]. - A "Technology Board" in the bond market is being developed to facilitate the issuance of technology innovation bonds, with around 100 institutions already issuing bonds exceeding 250 billion yuan [5][9]. Group 3: Capital Market Role - The capital market is emphasized as a key hub for supporting technological innovation, with measures to optimize the environment for domestic listings of technology companies and enhance the functions of various market segments [8][9]. - Specific policies are being implemented to support high-quality technology companies, including a "green channel" for those breaking through key core technologies and promoting mergers and acquisitions in the technology sector [9][10]. Group 4: Financial Ecosystem Development - The article highlights the need to cultivate a comprehensive technology finance ecosystem by promoting collaboration among banks, insurance, securities, and equity investment institutions [5][6]. - Financial institutions are encouraged to adopt differentiated strategies for technology finance, including the establishment of independent management mechanisms and the use of technology enterprise innovation points to improve loan approval rates [6][7].

Group 1: Policy Initiatives - The recent policy measures focus on seven areas including venture capital, monetary credit, capital markets, technology insurance, and bond markets, proposing 15 specific initiatives [1] - Key initiatives include establishing a "National Venture Capital Guidance Fund" to encourage early, small, long-term investments in hard technology [1] - The policy aims to enhance credit support for technology enterprises through structural monetary policy tools and to leverage capital markets for direct financing [1] Group 2: Financial Support Mechanisms - The Ministry of Science and Technology aims to create a long-term financial support mechanism for technological innovation and address the financing difficulties faced by small and medium-sized technology enterprises [2] - The People's Bank of China emphasizes the importance of supporting top-tier equity investment institutions in issuing bonds to promote innovation capital formation [4][5] - The central bank plans to enhance cross-border financial services for technology enterprises and promote the Qualified Foreign Limited Partner (QFLP) pilot program [6] Group 3: Regional Focus and Implementation - The policy encourages targeted regional innovation practices in major technology innovation centers such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area [3] - Local governments and financial institutions are urged to actively explore unique innovative practices that can be replicated and promoted [3] Group 4: Insurance and Risk Management - The financial regulatory authority is promoting technology insurance to provide risk coverage for technology achievements and enhance the financial service mechanism for technology enterprises [8][10] - The authority is also working on a high-quality development policy for technology insurance to better leverage the insurance industry's risk compensation and funding capabilities [11] Group 5: Capital Market Regulations - The China Securities Regulatory Commission is committed to enhancing the safety and regulatory compliance of funds raised by listed companies, ensuring funds are used for their intended purposes [12] - The commission supports the return of quality red-chip technology companies to domestic listings and aims to optimize the listing environment for technology enterprises [13][14]

Core Viewpoint - The article emphasizes the need to support equity investment institutions among the three types of entities issuing technology innovation bonds, highlighting their crucial role in early-stage investments in hard technology [2][4]. Group 1: Policy Measures - The recent joint issuance of the policy measures by seven departments aims to address the challenges in technology finance, focusing on venture capital, monetary credit, and capital markets, with 15 specific measures proposed [2][3]. - The policy encourages the development of private equity secondary market funds (S funds) and supports venture capital and industrial investment in bond financing [2][3]. Group 2: Financial Data - As of March this year, loans to technology-based small and medium-sized enterprises exceeded 3.3 trillion yuan, marking a 24% year-on-year increase, with growth rates above 20% for three consecutive years [4]. - The loan balance for "specialized, refined, characteristic, and innovative" enterprises surpassed 6.3 trillion yuan, with a year-on-year growth of 15.1% [4]. Group 3: Support for Equity Investment Institutions - Equity investment institutions are identified as key players in early-stage investments in hard technology, but they face challenges such as short financing terms and high costs when relying on self-issued bonds [4]. - The article suggests that the establishment of a "technology board" in the bond market could help alleviate these issues by providing longer financing terms and lower costs [4]. Group 4: Insurance and Long-term Capital - The policy encourages insurance companies to develop insurance products that cover the entire lifecycle of technology enterprises, providing risk protection for technology transfer and commercialization [5]. - A pilot program for long-term investment by insurance funds has been initiated, with the first batch of 500 billion yuan and a second batch of 1,120 billion yuan approved, with a third batch of 600 billion yuan expected soon [5]. Group 5: Cross-border Listings - The China Securities Regulatory Commission (CSRC) supports technology enterprises in utilizing both domestic and international capital markets, with 242 domestic companies completing overseas listing filings since the new regulations were implemented [5]. - Among these, 83 are technology enterprises, primarily in sectors such as information technology, new energy, and advanced manufacturing [5].

Group 1 - The core viewpoint of the news is the introduction of a comprehensive policy document aimed at enhancing financial support for technological innovation, which is a collaborative effort by seven departments to address new challenges in the tech innovation sector [1] - The first initiative focuses on strengthening the service mechanism for technology finance, guiding financial institutions to incorporate technology finance services into their strategic planning and annual priorities [1] - The second initiative emphasizes the development of a technology finance product system, encouraging banks to utilize various information to improve the first loan rate for tech enterprises and allowing for extended loan terms for certain types of loans [2] Group 2 - The third initiative aims to enhance the professional capabilities in technology finance, guiding banks and insurance institutions to establish a differentiated evaluation system that highlights innovation factors suitable for tech companies [2] - The policy encourages the use of new information technologies to promote the digital and intelligent transformation of technology finance services, while also improving collaboration with third parties [2] - The establishment of a risk-sharing mechanism for technology finance business and the implementation of a special guarantee plan to support technological innovation are also key components of the policy [2]