BEIJING, Feb. 27 (Xinhua) — China has made substantial progress in strengthening financial support for technological self-reliance, launching a nationwide enterprise capital steering fund with an estimated complete scale of 1 trillion yuan (about 144.45 billion U.S. {dollars}), a senior official stated on Friday.
Pan Xiaodong, secretary normal of the Ministry of Science and Technology, informed a press convention in Beijing that the fund will give attention to funding in early-stage, small, long-term and hard-tech enterprises.
Pan famous that the ministry, along with the People’s Bank of China and 6 different authorities departments, final 12 months issued a coverage doc to speed up the institution of a technology-finance system. A coordination mechanism has since been launched to make sure efficient implementation, already attaining notable outcomes.
Additionally, the ministry has collaborated with financial establishments and native governments to determine varied funds totaling over 350 billion yuan, together with tech-industry integration funds and secondary market funds, to streamline enterprise capital circulation.
Bank credit score support for tech innovation has additionally been enhanced considerably. The scale of relending for technological innovation and technological transformation has been elevated to 1.2 trillion yuan, with rates of interest lowered to 1.25 % and a broader scope of support, Pan stated.
By implementing a particular assure plan for technological innovation, 26 banks have signed contracts with tech enterprises exceeding 390 billion yuan in complete. By the top of 2025, excellent loans to tech-based small- and medium-sized enterprises had reached 3.63 trillion yuan — a 19.8 % year-on-year improve.
Pan famous that the capital market’s capability to serve technological innovation has been strengthened, with reform measures for the Science and Technology Innovation Board (STAR) market applied to boost its inclusiveness and adaptableness.
The bond market has additionally opened a long-term, low-interest direct financing channel for financial establishments and sci-tech enterprises, with a complete of 1.8 trillion yuan in expertise innovation bonds issued by varied entities in 2025, in response to the official. ■