Developing technology finance is the only way to promote the deep integration of technological innovation and industrial innovation. Recently, policy measures related to the development of technology finance have been intensively introduced. On May 22nd, officials from multiple departments introduced the relevant situation of technology finance policies at the press conference of the State Council Information Office, stating that they will strive to improve the multi-level technology finance service system and open up channels for the transformation of scientific and technological achievements into real productivity. Zhu Hexin, Vice President of the People's Bank of China and Director of the State Administration of Foreign Exchange, said in response to our reporter's question that we should improve the intensity and service capacity of science and technology loans and build a "science and technology board" in the bond market. Yan Bojin, Chief Risk Officer and Director of the Issuance Supervision Department of the China Securities Regulatory Commission, stated at the press conference that he supports high-quality red chip technology companies to return to domestic listing and actively and steadily promotes the implementation of new cases for the fifth set of listing standards on the Science and Technology Innovation Board. Recently, the Ministry of Science and Technology and seven other departments jointly issued the "Several Policy Measures to Accelerate the Construction of a Technology Financial System to Strongly Support High level Technological Independence and Self improvement" to build a sound bond market "Science and Technology Board". Vice Minister of Science and Technology Qiu Yong expressed the hope to establish financial support arrangements for major national scientific and technological tasks through the in-depth implementation of the Policy Measures. Guide various financial resources to increase financing support for national science and technology major projects, leading technology enterprises, national scientific research platform bases, etc., create more powerful, breakthrough, and innovative science and technology financial policy tools, and effectively support high-level scientific and technological self-reliance and self-improvement. To build a technology finance system that is compatible with technological innovation, Zhu Hexin stated that it is necessary to enhance the intensity and service capabilities of technology loans. More efforts should be made in terms of scale. The People's Bank of China has increased the scale of re lending for technological innovation and technological transformation to 800 billion yuan, while lowering the re lending interest rate to 1.5%, with the aim of guiding financial institutions to provide greater and more accurate loan support for enterprise research and development innovation and equipment updates; We need to provide more warmth in our services, promote banks to deepen their ability to provide technology credit services, and enable more small and medium-sized technology enterprises to obtain high-quality credit services. When it comes to the progress of building the "technology board" in the bond market, Zhu Hexin introduced that all parties in the market have responded positively, and many institutions have registered or issued technology innovation bonds. According to statistics, about 100 institutions have issued technology innovation bonds, exceeding 250 billion yuan. Next, relevant departments should closely monitor and continue to promote the construction of a "technology board" in the bond market, while continuously improving the supporting mechanisms to enable the "technology board" to play a greater role. Zhu Hexin stated that we need to cultivate and improve the technology finance ecosystem. Promote the division of labor and cooperation among various financial institutions such as banks, insurance, securities, and equity investment institutions, form a differentiated and specialized development pattern, and encourage development oriented policy oriented financial institutions to provide financing support for major national scientific and technological tasks. We will strengthen cross-border financial services for technology-based enterprises and steadily promote the pilot programs for Qualified Foreign Limited Partners (QFLP) and cross-border financing facilitation. Expand the openness and sharing of public information on science and technology, promote the "Innovation Points System" nationwide, and provide information and data support for science and technology financial services. Yan Bojin stated that the China Securities Regulatory Commission (CSRC) adheres to a reform mindset and approach, focusing on the development of service technology innovation and new quality productivity, and has proposed some targeted and actionable support measures to support the listing of high-quality unprofitable technology companies. Among them, in the continuous optimization of the domestic listing environment for technology enterprises, a more flexible and accurate countercyclical adjustment mechanism for new stock issuance will be implemented, the pace and scale of new stock issuance will be well grasped, and the capital market function that coordinates investment and financing will be improved. Continuously deepen the reform of the issuance and listing system on the Science and Technology Innovation Board and the Growth Enterprise Market, and further enhance the inclusiveness and adaptability of the system. Continue to play a good role in the innovation pilot system and support high-quality red chip technology enterprises to return to domestic listing. In terms of accurately supporting the listing of "hard technology" enterprises, we adhere to the organic combination of government and effective market, more accurately identify and screen high-quality technology enterprises, and apply the "green channel" policy to technology enterprises that break through key core technologies. Based on the characteristics of technology enterprises, we will make full use of existing systems, provide greater support for high-quality non-profit technology enterprises to go public, and actively and steadily promote the implementation of new cases of the fifth set of listing standards on the Science and Technology Innovation Board. In terms of increasing support for the integration of technology enterprises, we will continue to implement the "Six Measures for Mergers and Acquisitions" and better leverage the main channel role of the capital market in corporate mergers and acquisitions. Support listed companies to layout around technological innovation and industrial upgrading, and guide more resource elements to gather in the direction of new quality productivity. Support technology-based listed companies to comprehensively use payment tools such as shares, cash, and targeted convertible bonds to carry out restructuring, improve the inclusiveness of valuation for light asset technology-based enterprises, and promote the implementation of more exemplary cases. In terms of cultivating and strengthening long-term capital and patient capital, we support private equity funds to lawfully acquire listed companies with the aim of promoting industrial integration. Guo Wuping, spokesperson for the Financial Supervision Administration and director of the Policy Research Department, stated that the Financial Supervision Administration continues to build a technology finance system that is compatible with technological innovation. In order to provide technology companies with more long-term and patient capital support, relevant departments have launched four pilot projects in technology finance. Guo Wuping introduced that in terms of equity investment pilot for financial asset investment companies, the pilot scope has been expanded from Shanghai to 18 cities and their provinces across the country, and the current signed intention amount has exceeded 380 billion yuan; In terms of the pilot reform of long-term investment of insurance funds, the third batch of 60 billion yuan pilot scale will be approved soon. Recently, multiple departments have continued to release positive signals of increasing support for technological innovation. For example, the People's Bank of China, the Ministry of Science and Technology, the State Administration for Financial Regulation, and the China Securities Regulatory Commission recently jointly held a meeting to promote the exchange and promotion of science and technology finance work, requiring the implementation and refinement of various policy measures to build a science and technology finance system, exploring the construction of institutional mechanisms that are compatible with science and technology innovation, providing comprehensive support for science and technology innovation, and vigorously investing in early, small, long-term, and hard technology. Zeng Gang, Chief Expert of Shanghai Finance and Development Laboratory, believes that accelerating the construction of a technology finance system with Chinese characteristics will help break through the shortcomings that constrain China's scientific and technological innovation and the development of new quality productivity, and provide a more solid foundation for enhancing the supply of innovative capital, serving enterprise growth, accelerating the cultivation of new quality productivity, and transforming major scientific and technological achievements. (New Society)