People visit the 34th Harbin International Economic and Trade Fair in Harbin, capital of northeast China’s Heilongjiang Province, May 19, 2025. The fair showcased cutting-edge technologies such as autonomous driving, commercial satellites and humanoid robots from over 100 tech firms. (Xinhua/Zhang Tao)
The cumulative bond financing of technology-based enterprises on China’s bourses stood at 1.2 trillion yuan ($166.61 billion) as of end-2024, with 539 bonds issued in 2024 at a combined value of 610 billion yuan with an annual growth rate of 64 percent, according to a China Securities Regulatory Commission (CSRC) official.
The majority of raised funds went into the semiconductor, artificial intelligence, new energy and high-end manufacturing sectors, Yan Bojin, chief risk officer and director general of the Department of Public Offering Supervision of the CSRC, said at a press conference on Thursday.
Zhu Hexin, deputy governor of the People’s Bank of China (PBC), the central bank, said that according to PBC calculations, 100 financial institutions have issued bonds for tech-based firms with a total value of more than 250 billion yuan at the "sci-tech board" in the bond market since its introduction in early May.
As of the end of the first quarter, outstanding bank loans to technology-based companies reached 17.7 trillion yuan, up 20 percent year-on-year, higher than the average loan growth rate, according to an official with the National Financial Regulatory Administration (NFRA).
These updates were announced at a press conference at the State Council Information Office on Thursday amid China’s efforts to increase financial support for sci-tech innovation to improve the country’s self-reliance and strength in science and technology.
On May 14, seven authorities, including the Ministry of Science and Technology, the PBC and the National Development and Reform Commission, issued a document containing 15 concrete measures to promote financial services to support sci-tech innovation, including those to boost venture investment, credit supply and insurance support.
China will leverage the role of its national venture capital guidance fund, encourage the development of secondary-market private equity funds, and optimize structural monetary policy tools such as re-lending loans for sci-tech innovation, per the May document.
According to the document, the country will take advantage of the capital market in serving sci-tech innovation, and prioritize the public offerings of enterprises that achieve breakthroughs in critical core technologies.
It is expected that these financial support initiatives can truly fulfill the objectives of targeting small-scale ventures, supporting early-stage projects, committing to long-term investments, and funding core technologies, thereby genuinely assisting projects that demand substantial capital input, require prolonged cultivation and lengthy trial-and-error processes, Tian Xuan, associate dean of Tsinghua University’s PBC School of Finance, told the Global Times.
The measures announced in May followed a plan unveiled on April 1 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 aims to promote the establishment of a financial services 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 services ecosystem.
原文地址：http://en.people.cn/n3/2025/0523/c90000-20318692.html