加快科技金融体系建设大力支持科技高度自主的若干政策措施

Certain Policy Measures to Accelerate the Construction of the Scienceand Technology Finance System and Strongly Support a High Level of Developing science and technology (S&T)finance is the essential path todeepening the integration of S&T innovation with industrial innovation, andfinancial following policy measures are hereby proposed to accelerate the construction of a S&Tfinance system adapted to S&T innovation, and to support a high level of self-reliance1 A.Overall Requirements In order to thoroughly implement the spirit of the 20th Party Congress and theThird Plenum of the 20th Central Committee, conscientiously implement thearrangements made by the National Science and Technology Conference and theCentral Financial Work Conference, and advance the great task of S&Tfinance, weshall coordinate the development of policy instruments including venture capital, bankloans, the capital market, S&T insurance, and bond issuance, to provide total life-cycle, B.Leveraging venture capital’s role as a provider of new fresh forces (新生力 1)Establish a “National Venture Capital Guidance Fund.” Leverage the important roleof the National Venture Capital Guidance Fund in supporting S&T innovation,prioritize the growth of S&T enterprises as a key direction, incubate and develop 2)Broaden funding sources for venture capital funds. Expand the scope of the pilotprogram for equity investments byfinancial asset investment companies (AICs)2the provinces where the 18 cities [currently in the pilot] are located, and support insurance funding in participating in AIC equity investment pilot programs. Supportventure capital institutions and industrial investment institutions in raising funds byissuing bonds, so as to broaden directfinancing channels. Encourage social securityfunds to invest in equity funds—within their operational scope and subject to their 3)Optimize assessment and evaluation mechanisms for state-owned venture capital.Properly implement policy measures supporting the high-quality development ofcentral enterprise3venture capital funds, improve policy mechanisms forinvestment, assessment, error tolerance (容错), and exit of state-owned capital that 4)Improve exit channels for venture capital. Evaluate the effectiveness of pilotprograms for the transfer of private equity fund shares in regional equity marketssuch as Beijing, Shanghai, and Guangdong, and further optimize business processesand pricing mechanisms for share transfers. Launch pilot programs for physical C.Leveraging the important role of monetary and credit policies in 5)Use structural monetary policy instruments fully and effectively. Optimize structural guiding role of relending facilities for S&T innovation and technologicaltransformation, increase relending quotas, optimize support scope and processmechanisms, and incentivizefinancial institutions to increase support for major 6)Establish a dedicated bank credit mechanism for supporting S&T innovation.Formulate standards to identify S&T enterprises for S&Tfinance support, andestablish a mechanism for recommending S&T enterprises, so as to facilitateprecisely targeted and effective support from banking and insurance industryinstitutions. Encourage commercial banks to establish specialized S&Tfinance 7)Encouragefinancial institutions to step up support for S&T innovation. Guidefinancial institutions to further streamline internal loan implementation mechanismsbased on thefinancing characteristics of projects in S&Tfields, and to rationally determine loan pricing, terms, and performance review incentives according to D.Leveraging the crucial pivotal role of the capital market in supporting S&T 8)Further strengthen the capital market’s support for S&T innovation-orientedenterprises. Improve countercyclical adjustment mechanisms for new share public listingfinancing by S&T enterprises that achieve breakthroughs in key andcore technologies (关键核心技术). Continue supporting high-quality but not yetprofitable S&T enterprises in going public, and optimize the M&A, equity incentive,and other systems for listed S&T companies. Give greater play to the Beijing Stock 9)Improve mechanisms to support the bond market’s service to S&T innovation.Establish a “Science and Technology Board” within the bond market. Promotehigh-quality development of S&T innovation corporate bonds, incorporatehigh-quality S&T innovation bonds (科创债) into the benchmark and market makervarieties [of bonds] (基准做市品种), and guide and encourage investors to increase E.Leveraging the shock absorber and stabilizer roles of S&T insurance in 10)Promote innovation in S&T insurance products and services. Formulate a set ofopinions on promoting the high-quality development of S&T insurance, establish amechanism for coordinating S&T insurance development, optimize support policies,and accelerate the formation of policy support approaches for keyfields, critical 11)Give full play to the role offiscal and tax policies in mobilizing morefinanc