The PBOC and multiple ministries issued guidance to support development of
international tech-innovation centers in Beijing-Tianjin-Hebei, the Yangtze
River Delta and the Greater Bay Area, directing bond-market measures to finance
tech. Key measures: encourage market creation of tech-innovation bond index
products to broaden institutional allocation; promote use of credit risk
mitigation certificates (CRMW) and other credit-protection tools to support
issuance and investment in tech-innovation bonds; deploy tech-innovation and
private-enterprise bond risk-sharing instruments and policy risk-sharing
mechanisms to provide guarantees and credit enhancement for eligible private
tech firms and private equity issuers; encourage local one-stop issuance service
platforms offering roadshows and credit enhancement; and support development of
credit-rating industry standards for tech-innovation bonds.
