China pledges to boost financial support for tech innovation

The People's Bank of China, along with the Ministry of Science and Technology, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission jointly held the meeting to discuss ways to strengthen and improve the country's tech finance work following the central financial work conference.

The importance of supporting the country's innovation-driven development strategy and allocating more financial resources to promote tech innovation was stressed at the meeting. Further strengthening financial support for two key areas, major national tech tasks and tech-based small and medium-sized enterprises, were advocated for.

In particular, it was proposed to establish a comprehensive and multi-level tech finance service system that includes a wide range of financial products and services, such as loans, bonds, stocks, insurance, venture capital and guarantees.