China to strengthen financial support for sci-tech innovation

BEIJING, May 14 (Xinhua) -- China will increase its financial support for sci-tech innovation to improve the country's self-reliance and strength in science and technology, according to a set of guidelines issued by seven authorities on Wednesday.

The document -- issued by the Ministry of Science and Technology, the People's Bank of China, the National Development and Reform Commission, and other authorities -- proposes 15 concrete measures to promote financial services for sci-tech innovation, including those to boost venture investment, credit supply and insurance support.

Among efforts to serve the country's key strategies in the field of science and technology, China will scale up financial support for enterprises that undertake major national sci-tech tasks, and for sci-tech-oriented small and medium-sized enterprises, according to the guidelines.

China will leverage the role of its national venture capital guidance fund, encourage the development of secondary-market private equity funds, and optimize structural monetary policy tools such as re-lending loans for sci-tech innovation, per the document.

The country will take advantage of the capital market in serving sci-tech innovation, and prioritize the public offerings of enterprises that achieve breakthroughs in critical core technologies.

In terms of enhancing fiscal policies, the guidelines call for the full use of fiscal tools such as loan interest subsidies and risk compensation to support enterprises in sci-tech innovation, and for the effective implementation of related tax policies for angel investment and venture capital.