The PBOC and multiple ministries issued guidance to finance international
tech-innovation centres in Beijing (Jing-Jin-Ji), Shanghai (Yangtze River Delta)
and the Guangdong-Hong Kong-Macao Greater Bay Area. The document calls for
expanding patient capital to lead high-end industries and building international
venture-capital centres in the three regions. It directs the National Venture
Capital Guiding Fund to back sub-funds and projects in emerging and future
industries and to deploy the already established social-security sci-tech fund
to provide steady, orderly funding for the tech sector. It urges active matching
of high-quality startups with patient capital, stronger coordination between
patient capital and incubators, and targeted investment support for incubating
firms and teams. The guidance also supports developing M&A funds, strengthening
regional coordination of M&A financial services, removing implementation
bottlenecks and reviving merger-and-acquisition activity.
