The People's Bank of China, together with the Ministry of Science and Technology and other agencies, held the first meeting of a new technology finance coordination and advancement mechanism, setting out priorities to strengthen a technology finance system aligned with national innovation objectives and the start of the 15th Five-Year Plan period. The meeting reviewed progress during the 14th Five-Year Plan period, pointing to closer inter-agency coordination and combined central-local efforts, fuller use of both direct and indirect financing, and a more multi-layered financial services system. It also highlighted a differentiated support approach across the full innovation chain and the full lifecycle of technology firms, including a focus on investing early, in smaller firms, over longer horizons, and in “hard technology”. For 2026, the agencies committed to operating the mechanism on a regular basis and further optimising policies, including better use of the relending facility for technological innovation and equipment upgrading, building a high-quality bond market “technology board”, improving the fundraising-investment-management-exit cycle for private equity and venture capital, and strengthening technology insurance. The agenda also includes enhanced evaluation of financial institutions’ delivery of the financial “five key areas” work and improvements to supporting arrangements such as financing matchmaking, information sharing, and mechanisms for transforming and using intellectual property.

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