China unveils plan to boost financial support for tech innovation

BEIJING -- China on Tuesday unveiled a plan to strengthen financial services for technology-based enterprises, as part of the country's efforts to promote integrated advancements in technological and industrial innovation.

The plan, jointly issued by the National Financial Regulatory Administration, the Ministry of Science and Technology and the National Development and Reform Commission, outlines measures to boost financial services including service mechanism establishment, product supply, specialized services and risk control capabilities.

The plan aims to promote the establishment of a financial service mechanism, supporting parties such as governments at all levels, technology firms, financial institutions, venture capital funds, and third-party intermediary service agencies in building a multi-level technology financial service ecosystem.

Efforts will be made to bolster services in technology credit and insurance, promote the pilot projects of technology finance policies, strengthen cooperation with institutions such as venture capital, and support the bond financing of technology-based enterprises.

Financial institutions are encouraged to leverage advanced technologies including cloud computing, big data and artificial intelligence to develop digital business tools to enhance operational effectiveness and risk control capabilities.

Financing guarantee services will be enhanced for technology-based enterprises, with the establishment of a differentiated assessment and evaluation system, according to the plan.