CCTV News: According to the website of the State Administration for Financial Supervision, in order to implement the spirit of the Central Economic Work Conference, the Central Financial Work Conference, and the National Science and Technology Conference, in accordance with the relevant requirements of the "Guiding Opinions of the General Office of the State Council on Doing a Good Job in the "Five Major Articles" of Finance" (Guobanfa [2025] No. 8), explore the construction of a science and technology financial system that is compatible with scientific and technological innovation, promote the deep integration of scientific and technological innovation and industrial innovation, promote the virtuous cycle of "science and technology-industry-financial", and do a good job in science and technology finance, the State Administration for Financial Regulation, the Ministry of Science and Technology, and the National Development and Reform Commission recently jointly issued the "Implementation Plan for the High-Quality Development of Science and Technology Finance in the Banking and Insurance Industry" (hereinafter referred to as the "Implementation Plan"), and proposed 20 measures in 7 aspects from the perspective of strengthening the construction of science and technology financial service mechanisms, product systems, professional capabilities and risk control capabilities.

The "Implementation Plan" focuses on key areas and weak links in financial support for scientific and technological innovation, and combines policies from multiple departments to increase the supply of financial resources, smooth the circulation of science and technology investment, promote the integration of science and technology innovation industries, and continuously promote the quality improvement, expansion and efficiency of science and technology financial services, and accelerate the realization of high-quality development.

The "Implementation Plan" proposes to strengthen the construction of science and technology financial service mechanisms. First, improve the organizational system. Financial institutions are encouraged to improve the internal management structure of science and technology financial services based on actual conditions and appropriately authorize science and technology financial professionals or characteristic branches. The second is to optimize the internal assessment and incentive and constraint mechanism. Appropriately increase the proportion of relevant indicators in internal performance appraisal, appropriately increase the tolerance for bad loans for technology-based enterprises, and effectively enhance the initiative of business personnel to support scientific and technological innovation. The third is to provide financial services in key areas and weak links of scientific and technological innovation. Financial institutions are encouraged to strengthen financial support for major national scientific and technological tasks and technology-based small and medium-sized enterprises. Provide financial services for major national science and technology projects, national strategic scientific and technological forces and national science and technology innovation platform bases. Treat private and foreign-invested technology-based enterprises and R&D centers equally. Fourth, improve the ecological system of science and technology financial services. Support governments at all levels, technology-based enterprises, financial institutions, venture capital funds, third-party intermediary service institutions, etc. to jointly build a multi-level science and technology financial service ecosystem. Support the high-quality development of the International Science and Technology Innovation Center and the Regional Science and Technology Innovation Center, the Comprehensive National Science Center, the Science and Technology Innovation Financial Reform Pilot Zone, the Ningbo National Insurance Innovation Comprehensive Pilot Zone, the Donghu Science and Technology Insurance Innovation Demonstration Zone, and the Lingang New Area Science and Technology Insurance Innovation Leading Zone in the China (Shanghai) Free Trade Pilot Zone.

The "Implementation Plan" requires strengthening the construction of the science and technology financial product system. First, increase the intensity of technology credit supply. Increase the issuance of credit loans and medium- and long-term loans for technology-based enterprises, and flexibly set up loan interest rate pricing and interest repayment methods. For working capital loans with a long operating cash flow recovery cycle, banks can appropriately extend the loan term, up to 5 years. The second is to optimize technology insurance protection services. Guide insurance companies to improve the risk dispersion mechanism for major technical research and development and provide insurance products covering the entire process of scientific and technological innovation activities. Increase the insurance supply of scientific and technological innovation talents and related practitioners, and improve the quality and efficiency of insurance protection in health management, elderly care services, professional responsibilities, etc. The third is to promote the pilot program of science and technology finance policies. The pilot program of equity investment in financial asset investment companies will be expanded in an orderly manner to regions with strong economic strength, a large number of technology companies, a large amount of R&D investment, and active equity investment, and support qualified commercial banks to initiate the establishment of financial asset investment companies. Deepen the pilot reform of long-term investment in insurance funds, support insurance companies to initiate the establishment of private equity securities funds, invest in the stock market and hold it for a long time. Carry out pilot projects for mergers and acquisitions of technology enterprises, study and expand the scope of pilot banks, regions and enterprises, support technology enterprises, especially "chain owners" enterprises to carry out industrial integration, and smooth capital circulation. Carry out comprehensive pilot projects for intellectual property finance ecology, develop intellectual property finance business, and study and expand pilot projects for internal evaluation of intellectual property rights. Fourth, strengthen cooperation with venture capital and other institutions. Banks are encouraged to cooperate with investment institutions in accordance with the law to carry out "loan + external direct investment" business. Insurance institutions are encouraged to increase support for venture capital and develop long-term and patient capital. Fifth, support bond financing for technology-based enterprises. Banking institutions are encouraged to provide underwriting services for qualified technology enterprises to issue science and technology innovation notes, asset-backed notes, asset-backed notes, asset-backed bonds, etc. Support banking and insurance institutions, asset management institutions, etc. to increase investment and allocation of science and technology innovation bonds, and promote insurance institutions to invest in securitization products such as asset-backed plans.

The "Implementation Plan" proposes to strengthen the capacity building of science and technology finance. First, strengthen digital empowerment, encourage financial institutions to develop digital business tools, enhance corporate identification and screening capabilities, and improve the quality and efficiency of business management and risk prevention and control levels. The second is to improve the risk sharing mechanism of science and technology finance, implement special guarantee plans to support science and technology innovation, and diversify science and technology insurance risks through the establishment of a joint insurance body, reinsurance, etc. The third is to promote enterprise information sharing, promote the strengthening of information infrastructure construction in areas related to scientific and technological innovation, and provide information support for science and technology credit review and insurance pricing. Fourth, improve third-party intermediary services and provide credible scientific and technological consulting, scientific and technological value assessment, and technical risk assessment services.