The PBOC and other ministries issued guidance to support building international
technology innovation centers in Beijing (Jing-Jin-Ji), Shanghai (Yangtze River
Delta) and the Guangdong‑Hong Kong‑Macao Greater Bay Area. The guidance calls
for deeper cross‑border financial rule alignment and market connectivity, and to
explore mechanisms to facilitate cross‑border flows of scientific data and
intellectual property while improving cross‑border IP protection and financing
services. It instructs, within legal and risk‑controllable limits, deeper
cross‑border tech‑finance cooperation and supports financial institutions’
participation in cross‑border lending, M&A financing and syndicated loans.
Capital‑market connectivity should be advanced steadily, and eligible tech
companies are supported to raise debt via Yulan bonds and Shanghai
free‑trade‑zone offshore bond programs.
