The People's Bank of China, the Ministry of Science and Technology, and other departments jointly held the first meeting of the mechanism for overall promotion of science and technology finance.

On November 27th, the People's Bank of China, the Ministry of Science and other departments jointly held the first meeting of the Science and Technology Financial Coordination and Promotion Mechanism. The meeting emphasized that next year is the beginning year of the "14th Five-Year Plan". Relevant departments should solidly promote the implementation of various work tasks, operate the Science and Technology Financial Coordination and Promotion Mechanism on a regular basis, strengthen the coordination between science and finance, and optimize policies further. It advocated for the effective implementation of technology innovation and technical transformation re-lending policies, the high-quality construction of the bond market's "technology board", promoting the "fundraising, investment, management, and exit" cycle of private equity investment and venture capital, strengthening the high-quality development of technology insurance, guiding and promoting the scientific and efficient allocation of financial resources, evaluating the effectiveness of the work of financial institutions in the "five major articles", improving the matching mechanisms such as financing docking, information sharing, and utilization of intellectual property rights, and assisting in achieving high-level self-reliance and self-improvement in technology. The original text is as follows: The People's Bank of China and the Ministry of Science and other departments jointly held the first meeting of the Science and Technology Financial Coordination Promotion Mechanism To thoroughly implement the spirit of the fourth plenary session of the 20th Central Committee of the Party, accelerate the achievement of high-level self-reliance and self-improvement in science and technology, and implement the "Accelerating the Construction of a Scientific and Technological Financial System to support high-level self-reliance and self-improvement in science and technology" policies, on November 27th, the People's Bank of China, the Ministry of Science, and other departments jointly convened the first meeting of the Science and Technology Financial Coordination and Promotion Mechanism. The President of the People's Bank of China, Pan Gongsheng, and the Minister of Science and Technology, Yin Hejun, attended the meeting and delivered speeches. The Vice President of the People's Bank of China, Zhu Hexin, presided over the meeting, and Deputy Minister of Science and Technology, Qiu Yong, Deputy Director of the China Banking Regulatory Commission, Zhou Liang, Deputy Chairman of the China Securities Regulatory Commission, Chen Huaping, and Member of the Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council, Xiao Zonghui, attended the meeting. The meeting pointed out that the fourth plenary session of the 20th Central Committee of the Party made top-level designs and strategic plans for the development in the next five years, adhering to the strategic core status of scientific and technological innovation in national development. It required accelerating high-level self-reliance and self-improvement in science and technology, leading the development of new productive forces, vigorously developing the "five major articles of finance", and defining the direction for science and technology finance work in the "14th Five-Year Plan". Relevant departments should thoroughly study and implement the spirit of the plenary session, highlight the leading role of scientific and technological innovation, accelerate the construction of a scientific and technological financial system that is compatible with scientific and technological innovation, continuously deepen the structural reform of financial supply-side, promote a virtuous cycle of science, industry, and finance, and provide solid support for building a strong technological country. The meeting believed that during the "14th Five-Year Plan" period, various relevant departments cooperated closely, and central and local governments exerted force together, achieving significant results in financial support for scientific and technological innovation, exploring a series of important experiences, and significantly improving enterprises' sense of gain. The advantages of various financial formats such as direct financing and indirect financing have been brought into play, perfecting a multi-level financial service system. Targeted at the entire chain of scientific and technological innovation and the entire life cycle of technology-based enterprises, a differentiated path of financial support has been constructed, focusing on early investment, small investment, long-term investment, and hard technology investment. It is necessary to strengthen cross-departmental policy coordination and create a favorable environment for the development of science and technology finance. The meeting emphasized that next year is the beginning year of the "14th Five-Year Plan". Relevant departments should solidly promote the implementation of various work tasks, operate the Science and Technology Financial Coordination and Promotion Mechanism on a regular basis, strengthen the coordination between science and finance, optimize policies further. It advocated for the effective implementation of technology innovation and technical transformation re-lending policies, the high-quality construction of the bond market's "technology board", promoting the "fundraising, investment, management, and exit" cycle of private equity investment and venture capital, strengthening the high-quality development of technology insurance, guiding and promoting the scientific and efficient allocation of financial resources, evaluating the effectiveness of the work of financial institutions in the "five major articles", improving the matching mechanisms such as financing docking, information sharing, and utilization of intellectual property rights, and assisting in achieving high-level self-reliance and self-improvement in technology. The heads of relevant departments of the People's Bank of China, the Ministry of Science and Technology, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the State-owned Assets Supervision and Administration Commission of the State Council, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the State Intellectual Property Office, the National Bureau of Statistics, and the State Administration of Foreign Exchange participated in the meeting. This article is selected from the WeChat public account of the People's Bank of China, edited by GMTEight: Liu Jiayin.