The General Office of the CPC Central Committee and the General Office of the
State Council issued opinions urging deeper integration of tech innovation,
industrial innovation and finance and promoting a tech–industry–finance virtuous
cycle. They call for a tech-finance system aligned with tech firms’ full
life-cycle financing needs and for use of the national venture capital guiding
fund. Government-backed venture funds and state-capital VC are to prioritise
early-stage, smaller-ticket, long-duration and hard‑tech investments and to
strengthen long-cycle performance assessment, differentiated supervision and
exit mechanisms. The paper promotes an "innovation points system" to quantify
tech SME innovation capacity, mandates high-quality construction of a
bond-market "technology board", and seeks to establish a technology insurance
policy framework.
