Multiple authorities including the People’s Bank of China, the Ministry of Science and Technology, the State Administration of Financial Regulation and the China Securities Regulatory Commission issued the Guiding Opinions on Financial Support for Building International Science and Technology Innovation Centers in Beijing (Beijing-Tianjin-Hebei Region), Shanghai (Yangtze River Delta) and the Guangdong-Hong Kong-Macao Greater Bay Area (hereinafter referred to as the Guiding Opinions) on October 19. Catering to the needs of regional collaborative innovation and industrial cooperation, the document supports and promotes the Beijing-Tianjin-Hebei Region, the Yangtze River Delta and the Guangdong-Hong Kong-Macao Greater Bay Area to build highlands for coordinated development of sci-tech finance.
The Central Economic Work Conference held in December 2025 proposed to develop international science and technology innovation centers in Beijing (Beijing-Tianjin-Hebei Region), Shanghai (Yangtze River Delta) and the Guangdong-Hong Kong-Macao Greater Bay Area. The Guiding Opinions serve to deliver such arrangements.
The Guiding Opinions put forward 19 measures. In terms of general requirements, it clarifies that by 2030, a sci-tech financial service system compatible with international sci-tech innovation centers will be established, featuring higher standards in diversification, adaptability, coordination and internationalization. The full-chain financial service system for sci-tech innovation will be further improved, with the proportion of direct financing rising markedly.
As stipulated in the document: for diversification, authorities shall coordinate equity, loan, bond, insurance, guarantee and other instruments to improve the full-chain financial service system supporting sci-tech innovation. For adaptability, financial institutions shall enhance service capacity tailored to the financing characteristics of sci-tech enterprises. For coordination, efforts will be made to accelerate the formation of integrated regional financial services, featuring highly coordinated policies, efficient flow of resources and mutual recognition and sharing of information. For internationalization, high-level opening-up of sci-tech finance will be advanced in an active and prudent manner.
It also sets the target that by 2035, a sci-tech financial regime matching globally influential international sci-tech innovation centers will be built. Direct and indirect financing will develop in tandem; financial supply will be well-aligned with the demand for sci-tech innovation; international competitiveness and influence will be significantly boosted. The sci-tech finance ecosystem will be further optimized to play an exemplary role and help realize the goals of building a strong country in science and technology and in finance.
To foster regionally distinctive sci-tech financial systems, the Guiding Opinions defines respective priorities for the three regions. Beijing and the Beijing-Tianjin-Hebei Region focus on original innovation and regional collaborative innovation, with stronger financial support for major sci-tech infrastructure. Shanghai and the Yangtze River Delta leverage the strengths of industrial clusters to build a co-constructed and shared sci-tech finance ecosystem with multi-party participation. The Guangdong-Hong Kong-Macao Greater Bay Area will develop an open sci-tech finance system and deepen high-level financial exchanges and rule alignment among Guangdong, Hong Kong and Macao.
A host of innovative measures are rolled out to facilitate financing for sci-tech enterprises.
On lending services: pilots will be launched within the international sci-tech innovation centers to include private small and medium-sized enterprises with robust R&D investment into the scope of the re-lending program for sci-tech innovation and technological upgrading. Policies on student loans and guaranteed entrepreneurship loans will be leveraged to support young sci-tech talents in further study, innovation and entrepreneurship.
On equity financing: the National Venture Capital Guiding Fund will play the role of patient capital by investing in a batch of sub-funds and projects in emerging and future industries. Development of M&A funds will be encouraged, and regional coordination of M&A financial services will be strengthened to remove bottlenecks in M&A transactions and galvanize mergers and restructuring. Government-backed venture capital funds and angel investment will back the incubation and entrepreneurship of strategic scientists, leading sci-tech talents, young sci-tech talents, outstanding engineers and high-caliber innovation teams.
Industry experts said the issuance of the Guiding Opinions will generate multiple positive effects. It strengthens overall planning and clarifies development goals and key tasks. It advances coordination of regional sci-tech financial services through policy linkage, mutual recognition of standards, information sharing and connectivity of supporting facilities, and supports the coordinated allocation of innovation resources covering R&D, pilot testing and industrial transformation of sci-tech achievements. It develops regionally tailored sci-tech finance systems to support the growth of new-quality productive forces in line with local conditions. It also promotes joint risk prevention and control to forestall systemic financial risks.
Source: Shanghai Securities News
