By LI Linxu

In its latest move to spur sci-tech innovation, China is stepping up efforts to pool more financial resources to support the innovation-oriented sectors.

A specialized campaign focusing on boosting the capabilities of sci-tech financial services will be launched, according to a meeting jointly held by four government bodies, including the People's Bank of China (PBC) and the Ministry of Science and Technology (MOST).

Priorities will be given to the key areas such as national major sci-tech tasks and sci-tech SMEs, so as to bolster the quality and efficiency of finance serving the real economy.

The meeting called for improving and perfecting of an all-round and multi-level sci-tech financial service system, including credit and loans, bonds, equity, insurance, venture capital, and financing guarantees.

A production workshop at an intelligent sensing technology company in Chongqing. (PHOTO: XINHUA)

In recent years, China has rolled out a series of policies to strengthen the sci-tech financial service system, with significant achievements made in supporting sci-tech innovation.

Loans to high-tech manufacturing enterprises, SRDI enterprises, and sci-tech SMEs, have maintained a relatively rapid pace.

Meanwhile, the issuance scale of sci-tech innovation bonds and sci-tech innovation corporate bonds continues to expand.

Of particular note is that the construction of Science and Technology Innovation Board (STAR), Beijing Stock Exchange (BSE) and ChiNext is gaining momentum, while the reform of registration-based IPO system is going deeper.

ChiNext and STAR will continue to rank top by number of deals and proceeds in 2023, according to a report recently released by Ernst & Young, forecasting that listing on the BSE is expected to become a new trend for high-growth SDRI companies, thanks to supportive policies.

Besides the meeting, PBC, together with seven government bodies, have recently unveiled 25 measures to strengthen financial services for private companies, particularly for SMEs, as well as those in high-tech, innovation-driven, green and low-carbon sectors.

The measures focus on the facilitation of the private companies' access to diverse financing channels such as credits, bonds and stock options.

The policies encourage eligible companies to fully leverage both the domestic and overseas capital market, Jane Yang, managing partner of Ernst & Young Beijing Office, told S&T Daily. She advises eligible companies to choose their listing spots in light of their own conditions, as well as the capital markets' preferences.