①During the preliminary stage of science and technology innovation enterprises, banks present substantial monetary assist. However, as some of these enterprises develop and increase, they require extra diversified funding assist. Long-term funds and affected person capital can be extra aligned with their monetary wants. ②Therefore, how to mobilize a broader vary of capital to collectively assist progressive enterprises has turn out to be one of the key challenges that want to be addressed.
Cailian Press reporter Li Ting and Gao Ping just lately discovered in analysis that monetary regulatory authorities and monetary establishments throughout numerous regions are accelerating the exploration of new fashions to improve monetary assist for science and technology innovation enterprises.
The Central Economic Work Conference held the different day listed “adhering to innovation-driven development and intensifying efforts to foster and strengthen new growth drivers” as one of the key duties for subsequent 12 months’s financial work, explicitly requiring “innovative financial services for science and technology.” Previously, the People’s Bank of China, the Ministry of Science and Technology, and different departments collectively convened the first assembly of the coordinated promotion mechanism for science and technology finance, emphasizing the acceleration of constructing a science and technology monetary system suitable with scientific and technological innovation, repeatedly deepening structural reforms on the monetary provide aspect, and selling the virtuous cycle of technology, trade, and finance.
During the analysis, a number of founders of science and technology innovation enterprises informed Cailian Press reporters that science and technology innovation enterprises, such as biopharmaceutical firms and AI synthetic intelligence corporations, nonetheless face multiple challenges in the financing course of. For occasion, restricted enterprise capital and funding channels, inadequate alignment of banking merchandise, and the want for extra affected person capital after growth.
In this context, Cailian Press reporters discovered from multiple branches of the People’s Bank of China that numerous regions are actively holding discussions with science and technology innovation enterprises to perceive their wants, promote collaborative innovation in monetary merchandise, and additional enhance assist for science and technology finance.
Science and technology innovation enterprises are burgeoning nationwide, however monetary assist nonetheless wants additional enhancement.
During the analysis course of, Cailian Press reporters discovered that the accessibility of monetary companies for science and technology innovation enterprises nonetheless wants steady enchancment.
Currently, exterior funding channels such as enterprise capital for science and technology innovation enterprises are comparatively restricted, unable to successfully meet the calls for of the quite a few science and technology groups rising throughout the nation in latest years. Additionally, due to the excessive uncertainty of market prospects throughout the start-up part, it’s tough for science and technology innovation enterprises to receive enterprise capital assist.” Knowledgeable in the science and technology innovation trade informed Cailian Press.
From the perspective of financial institution assist, a banking trade insider informed Cailian Press that, general, the present alignment of banking merchandise stays insufficient, and dangers don’t match returns. “Most science and technology innovation enterprises have few assets available for collateral, making it difficult for existing bank loan products to meet their needs. Entrepreneurs often need to add personal guarantees and other credit enhancement methods.
Although banks have incorporated evaluation criteria such as the number of patents, R&D investment, and research teams into the traditional financial indicator evaluation system, practical challenges remain.” A banking trade insider informed Cailian Press.
In this regard, a related particular person in cost of Hefei Wanhao Energy Equipment Co., Ltd. said to the Financial Association reporter that the firm is a key “little giant” enterprise acknowledged by the state for its specialization and innovation. The market prospects for the biogas manufacturing and liquefaction trade it’s concerned in are good, however it requires important funding and has a longer output cycle for outcomes.
“We have faced challenges during our development process, such as a high debt-to-asset ratio and financing income ratio, as well as the difficulty of liquidating a large portion of our fixed assets, which are mainly machinery and equipment. Traditional bank credit products can no longer provide new loans to resolve our operational difficulties,” the particular person said.
Innovative enterprises in totally different industrial chains face totally different monetary challenges. During the analysis course of, some banks additionally reported to the Financial Alliance News that in the startup part of technology innovation enterprises, banks present important monetary assist. However, as some technology innovation enterprises develop and increase, they require extra diversified funding assist. Long-term funds and affected person capital are extra aligned with the monetary wants of these enterprises. Therefore, how to mobilize a broader vary of funds to collectively assist progressive enterprises has turn out to be one of the key challenges that want to be addressed.
Kanglin Biotechnology (Hangzhou) Co., Ltd., which has been rated as a national-level specialised and progressive “little giant” enterprise, has encountered such a dilemma. The firm is one of the earliest in the nation engaged in progressive gene remedy. By the finish of 2024, Kanglin’s core pipeline will enter the medical trial stage, and the demand for funds will additional increase. However, the biopharmaceutical trade is in a winter in 2024, and biopharmaceutical firms are dealing with a chill in the capital market. In the face of this “difficult moment” for growth, Kanglin Biotechnology wants not solely financial institution credit score but in addition the involvement of affected person capital.
In reality, the answer for Kanglin Biotech to emerge from its predicament can be attributed to the synergy of diversified capital. As its credit score financial institution, Zhejiang Commercial Bank efficiently facilitated funding establishments for Kanglin Biotech, attaining an fairness funding of 40 million yuan, whereas additionally growing its credit score line to 30 million yuan. “For a biotech startup like ours, which has light assets and has not yet realized operating income, being able to secure bank loans in the tens of millions during the most difficult times and gaining the favor of patient capital was something we never dared to imagine before,” mentioned the chairman of Kanglin Biotech in Hangzhou, Zhejiang.
“In order to promote closer cooperation between banks and enterprises after a company goes public, the cultivation of patient capital requires a system arrangement for joint growth, achieving a balance of returns and risks across cycles,” a number of financial institution enterprise division personnel admitted. According to these people, monetary administration departments throughout numerous regions are additionally strengthening inter-departmental coordination and enhancing multi-format cooperation to deal with the difficulties and bottlenecks in monetary assist for technological innovation.
The People’s Bank of China branches in numerous regions proceed to take motion: innovating various tools to assist the whole lifecycle of technology innovation enterprises.
The focus of science and technology innovation credit score is totally on the concern of mismatched threat and return. In this regard, a related particular person from the Anhui department of the People’s Bank of China informed a reporter from Caixin that the financial institution has explored the “Co-Growth Plan” monetary service mannequin round this concern, selling a virtuous cycle of “technology-industry-finance.”
“We have organized multiple discussions, and after fully listening to the opinions and suggestions of technology innovation enterprises, banks, and other financial institutions, we attempted to systematically integrate the spontaneous and fragmented technology innovation financial services of banks, and established the ‘cross-cycle dynamic balance of bank-enterprise income and risk’ plan, which is the ‘Joint Growth Plan,'” the aforementioned particular person launched.
Data reveals that since the implementation of the “Common Growth Plan,” 107 firms have joined. By the finish of November 2025, the quantity of signed enterprises below the “Common Growth Plan” has exceeded 15,000, with a mortgage stability of over 210 billion yuan.
“The plan is still under continuous optimization.” Relevant personnel from the Anhui Branch of the People’s Bank of China said that, since this 12 months, below the monetary assist mannequin for technology innovation enterprises often known as the “Joint Growth Plan,” the Anhui Branch of the People’s Bank of China has innovated the “Revenue Swap Model,” forming a technology finance service system that integrates fairness, loans, bonds, insurance coverage, and ensures.
Data reveals that, to date, all 16 cities in Anhui Province have totally promoted and carried out the “Revenue Swap Model.” As of the finish of November 2025, Anhui Province had accomplished 1,172 transactions utilizing the “Revenue Swap Model,” facilitating agreements between banks and technology innovation enterprises with an fairness subscription quantity exceeding 6 billion yuan.
“Jiangsu Province has 89,000 small and medium-sized science and technology enterprises and 57,000 high-tech enterprises, ranking first and second nationwide respectively.” Relevant personnel from the Jiangsu Branch of the People’s Bank of China informed Caixin Media.
It was reported that the Jiangsu Branch of the People’s Bank of China, in collaboration with the Jiangsu Provincial Department of Science and Technology, created a government-bank product referred to as “Su Chuang Rong” particularly serving small and medium-sized science and technology enterprises. By allocating separate re-lending and rediscount quotas, it guided monetary establishments to enhance credit score issuance to such enterprises. Data signifies that by the finish of the third quarter of 2025, by “Su Chuang Rong,” Jiangsu Province had cumulatively supported small and medium-sized science and technology enterprises in securing loans totaling 397.8 billion yuan.
“We are also increasingly focusing on overcoming barriers related to ‘willingness to lend’ and ‘readiness to lend,’ as well as enhancing capabilities for ‘ability to lend’ and ‘expertise in lending.’” Personnel from the Jiangsu Branch of the People’s Bank of China acknowledged that, in addressing obstacles to “willingness and readiness to lend,” the department developed a government-bank product referred to as “Su Chuang Points Loan” in collaboration with the Jiangsu Provincial Department of Science and Technology to set up an innovation growth factors analysis system, quantitatively assessing the innovation and growth capabilities of science and technology enterprises to resolve points the place monetary establishments wrestle to perceive numerous technological tracks. By the finish of the third quarter of 2025, Jiangsu Province had evaluated almost 40,000 enterprises as “priority support” or “recommended support” classes, with a mortgage stability below “Su Chuang Points Loan” reaching 381.2 billion yuan.
In phrases of enhancing ‘ability to lend’ and ‘expertise in lending,’ the Jiangsu Branch of the People’s Bank of China promoted mental property pledge financing for science and technology enterprises, which regularly lack collateral however have various financing wants, turning idle emblems and patents into tangible belongings and really realizing the transformation of “intellectual property” into “assets.” To deal with inadequate income capability amongst science and technology enterprises, the department guided monetary establishments in creating the “Technology Achievement Transformation Loan,” a specialised product supporting college analysis undertaking commercialization. Additionally, the Jiangsu Branch bolstered full-chain monetary assist, main banks to strengthen cooperation with non-banking monetary establishments such as belief firms, insurers, guarantors, and leasing corporations, implementing “investment-triggered lending” for science and technology enterprises, integrating the strengths of numerous monetary establishments, and broadening diversified funding channels.
In 2025, Zhejiang, as a hub for scientific and technological innovation, garnered important market consideration. During the analysis course of, Caixin Media reporters discovered that the Zhejiang Branch of the People’s Bank of China positioned larger emphasis on effectively using relending for scientific and technological innovation and technological upgrades, guiding monetary establishments to enhance monetary assist for small and medium-sized science and technology enterprises and key tasks involving technological upgrades and gear renewal. By the finish of September 2025, Zhejiang’s stability of loans for scientific and technological innovation and technological upgrades ranked amongst the highest nationwide, driving the stability of science and technology loans to develop by 14.8% year-over-year, surpassing the growth charge of general loans.
“The field of technology finance is facing increasing challenges due to intensified ‘internal competition.’” Relevant personnel from the Zhejiang Branch of the People’s Bank of China famous that particular person banks have restricted service capabilities and wrestle to meet the full lifecycle wants of science and technology enterprises, notably large-scale and long-term analysis and growth investments. Therefore, Zhejiang launched the “Zhe Ke Joint Loan” service mannequin, primarily by establishing long-term partnership collaborations amongst banks, introducing three tiers of devoted companies—“Zhe Ke Pu Hui Joint Loan,” “Zhe Ke Growth Joint Loan,” and “Zhe Ke Leading Joint Loan”—to alleviate bottlenecks such as figuring out and offering preliminary loans to startups not on typical lists, in addition to addressing inadequate credit score limits and maturity mismatches for growth-stage and mature enterprises, providing extra affected person mortgage provisions, and steering banks away from inside competitors towards collaboration.
It was reported that “Zhe Ke Joint Loan” additionally strongly helps banks in “lending early and lending small.” On one hand, “Zhe Ke Pu Hui Joint Loan,” with its versatile credit score strains and environment friendly approval processes, meets the capital calls for of extra conventional list-excluded startups for money circulate, analysis and growth, and gear procurement, shifting monetary companies from “passive response” to “proactive engagement.” On the different hand, by financing consortia fashioned by multiple banks, “Zhe Ke Growth Joint Loan” and “Zhe Ke Leading Joint Loan” break by the conventional limitations of credit score granting capacities for technology loans, elevating the credit score restrict for growth-stage enterprises to over 50 million yuan, with star tasks eligible for up to 200 million yuan. More importantly, below this mannequin, taking part banks share threat losses proportionally, serving to scale back particular person financial institution threat publicity.
It might be seen that native branches of the People’s Bank of China have just lately aligned themselves with new productive forces, repeatedly advancing monetary improvements for technology, guiding exact monetary assist, upgrading product and service methods, and unblocking channels for various monetary assets to circulate into the science and technology sector. “Further advancement and specialization, deepening and broadening non-financial services, allowing technology enterprises to focus on research and industrial transformation, will be a crucial direction for technology finance,” trade insiders summarized to Caixin Media.