The link between stocks and bonds brings financial "living water" to nourish technological innovation.

Technological innovation requires the support of financial "vitality". Wu Qing, chairman of the China Securities Regulatory Commission, recently stated at the Lujiazui Forum that it is necessary to further strengthen the advantages of linking stocks and bonds to serve technological innovation. It is important to vigorously develop innovation-driven bonds, optimize issuance and trading systems, support the creation of more technology innovation indices, develop more technology innovation themed public funds, and encourage more long-term funds to participate in investing in technology companies. Ming Ming, chief economist at CITIC Securities, stated that the policy support for innovation-driven bonds has significantly increased, the credit enhancement mechanism has lowered the threshold for small and medium-sized technology companies to issue bonds, matching long-term bonds with research and development cycles, enhancing liquidity support measures has increased attractiveness in the secondary market, and policy interventions have effectively addressed the financing difficulties of technology companies. Innovation-driven bonds also have the potential to become the core hub of a "technology-industry-finance" virtuous cycle.