Under policy promotion, the scale and issuing entities of sci-tech innovation bonds continue to expand. According to incomplete statistics, 47 banking institutions have successfully issued Sci Tech Innovation Bonds since the beginning of this year, with a total of 52 Sci Tech Innovation Bonds issued and a total issuance scale of 261.5 billion yuan. In May of this year, the People's Bank of China and the China Securities Regulatory Commission jointly issued a notice on supporting the issuance of technology innovation bonds, which stated that financial institutions, technology-based enterprises, private equity investment institutions, and venture capital institutions should be supported in issuing technology innovation bonds. The issuer can flexibly set the bond terms, encourage the issuance of long-term limited bonds, better match the characteristics and needs of the use of funds in the field of technological innovation, and include technological innovation bonds in the quality and efficiency evaluation of financial institutions' technological financial services. Data shows that there are over 30 local small and medium-sized banks among the issuers of science and technology innovation bonds. Among the 52 sci-tech innovation bonds issued by banking institutions, 4 were issued by policy banks, 9 were issued by state-owned large banks, 6 were issued by joint-stock banks, 25 were issued by rural commercial banks, and 8 were issued by city commercial banks. Local small and medium-sized banks account for over 60% of the issuance volume, becoming the main force in the issuance of scientific and technological innovation bonds in the banking industry. Small and medium-sized banks are close to the county economy and understand the pain points of local specialized, refined, and new enterprises the most. They can not only reduce their own financing costs by issuing bonds, but also bring long-term funds into the forefront of grassroots innovation, forming a good situation where small banks support big technology. ”Professor Tian Lihui of Finance at Nankai University said. From the perspective of issuance interest rates, the interest rates of science and technology innovation bonds issued by state-owned large banks and joint-stock banks are mostly concentrated between 1.65% and 1.78%, with the three-year interest rates of the five major state-owned banks all being 1.65%. The issuance interest rate of Postal Savings Bank's Sci Tech Innovation Bond is relatively high, with a 3-year interest rate of 1.8% and a 5-year interest rate of 1.82%. From the perspective of issuance scale, there are a total of 10 banks with no less than 10 billion yuan in science and technology innovation bonds. State owned large banks remain the main force in terms of issuance scale, with a total issuance scale of 115 billion yuan, accounting for over 40% of the total issuance scale of all banks. Dong Ximiao, Chief Researcher of Zhaopin, stated that with increased policy support, the issuance of sci-tech innovation bonds has entered a "green channel" and "highway", with high issuance efficiency and market recognition. Its issuance interest rate is significantly lower than that of ordinary financial bonds of the same period, providing banks with a stable, long-term, and low-cost source of funds and enhancing their willingness and ability to serve technology-based enterprises and do a good job in technology finance. Regarding the use of funds raised by sci-tech innovation bonds, multiple banks have stated that they will be used specifically for issuing technology loans and other businesses in the field of technology innovation in accordance with applicable laws and regulatory approvals. The raised funds will be invested in the science and technology innovation fields specified in the "Five Major Articles of Finance Overall Statistical System (Trial)", including issuing technology loans, investing in bonds issued by technology innovation enterprises, etc. Tian Lihui believes that the key to whether funds can effectively flow towards technological innovation lies in regulation. We need to be wary of individual institutions using the name of 'science and technology innovation' and practicing traditional practices. In terms of regulation, we need to penetrate to the bottom, identify the flow of funds, and strictly prevent 'greenwashing' behavior