State Council: establish a full life cycle financing system for early, small, long-term and hard technology investment.

The State Council issued opinions on promoting the expansion and improvement of the service industry. The opinions pointed out that in the banking, securities, and insurance sectors, financial institutions should be guided to carry out movable property and rights pledge financing based on inventory, orders, warehouse receipts, etc. under the premise of compliance with laws and regulations and controllable risks. Establish a full life cycle financing system for early investment, small investment, long-term investment, and investment in hard technology. Give full play to the role of national venture capital guidance funds, optimize the promotion of the "innovation credit system", and evaluate the development of small and medium-sized enterprises with special expertise and innovation. Promote new financial service tools such as supply chain bills. Expand the scope of product research and development liability insurance, promote trial service insurance, and implement the compensation policy for the first insurance claim. Carry out the empowerment action of digital currency. Explore mutual recognition of cross-border supply chain finance standards.