The People's Bank of China, the Ministry of Science and Technology, and other relevant departments jointly convened the first meeting of the coordinated advancement mechanism

    To thoroughly implement the spirit of the Fourth Plenary Session of the 20th CPC Central Committee, accelerate the achievement of high-level self-reliance and strength in science and technology, and implement the “Several Policy Measures to Accelerate the Establishment of a Science and Technology Finance System to Powerfully Support High-Level Self-Reliance and Strength in Science and Technology,” the People's Bank of China, the Ministry of Science and Technology, and other departments jointly convened the first meeting of the Science and Technology Finance Coordination and Promotion Mechanism on November 27. Pan Gongsheng, Governor of the People's Bank of China, and Yin Hejun, Minister of Science and Technology, attended the meeting and delivered speeches. Zhu Hesheng, Deputy Governor of the People's Bank of China, presided over the meeting. Also in attendance were Qiu Yong, Vice Minister of Science and Technology; Zhou Liang, Deputy Director of the China Banking and Insurance Regulatory Commission; Chen Huaping, Vice Chairman of the China Securities Regulatory Commission; and Xiao Zonghui, Member of the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council.

    The meeting emphasized that the Fourth Plenary Session of the 20th CPC Central Committee has laid out top-level designs and strategic blueprints for the next five years, upholding the strategic core position of scientific and technological innovation in national development. It calls for accelerating high-level self-reliance and strength in science and technology, leading the development of new productive forces, vigorously advancing the “five major financial initiatives,” and charting the course for science and technology finance work during the 14th Five-Year Plan period. Relevant departments must thoroughly study and implement the spirit of the plenary session, highlight the leading role of scientific and technological innovation, accelerate the establishment of a science and technology finance system compatible with scientific and technological innovation, continuously deepen financial supply-side structural reform, promote a virtuous cycle among science and technology, industry, and finance, and provide solid support for building a science and technology powerhouse.

    The meeting acknowledged that during the 14th Five-Year Plan period, close collaboration among relevant departments and coordinated efforts between central and local governments yielded significant results in financial support for scientific and technological innovation. This collaboration explored and established a series of important experiences, significantly enhancing the sense of gain for enterprises. It leveraged the functional advantages of various financial sectors, including direct and indirect financing, and improved the multi-tiered financial service system. Differentiated financial support pathways were established to address the entire chain of scientific and technological innovation and the full lifecycle of technology-based enterprises, focusing on investing early, investing in small enterprises, investing for the long term, and investing in hard technology. Cross-departmental policy coordination was strengthened to foster an environment conducive to the development of technology finance.

    The meeting emphasized that next year marks the beginning of the 15th Five-Year Plan period. Relevant departments must diligently advance the implementation of all tasks, maintain the regular operation of the technology-finance coordination mechanism, enhance collaboration between science and finance as well as coordination between central and local governments, and further optimize policy measures. Fully leverage the role of re-lending policies for technological innovation and technical transformation. High-quality development of the “Science and Technology Board” in the bond market should be promoted, along with the “fundraising-investment-management-exit” cycle for private equity and venture capital. High-quality development of technology insurance should be strengthened to guide and promote the scientific and efficient allocation of financial resources. The effectiveness of financial institutions' work on the “Five Major Initiatives” should be evaluated, and supporting mechanisms for financing matching, information sharing, and intellectual property conversion and utilization should be improved to support high-level self-reliance and strength in science and technology.

    Attendees included responsible officials from relevant departments of the People's Bank of China, the Ministry of Science and Technology, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the State-owned Assets Supervision and Administration Commission of the State Council, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the National Intellectual Property Administration, the National Data Administration, and the State Administration of Foreign Exchange.