Anchor the Goals of Building a Strong Nation in Science and Technology and a Strong Financial Nation to Develop Sci-Tech Finance

Sci-tech finance is an important pillar for promoting the two-way advancement of science and technology and finance. Among the "five major articles" of finance, sci-tech finance ranks first. General Secretary Xi Jinping pointed out: "We must do a good job in the article of sci-tech finance, guiding financial capital to invest early, invest small, invest long-term, and invest in hard technology." [1]1 "Hard technology" (硬科技) refers to high-tech fields that are difficult to replicate, require deep R&D, and are foundational to industrial upgrading, such as chips, artificial intelligence, and aerospace. At present, China's economy is at a critical juncture of climbing the slope and crossing the hurdles of high-quality development. Accelerating high-level scientific and technological self-reliance and self-strengthening, and leading the development of new quality productive forces, have become strategic choices for transforming the development model, pushing the industrial system toward a higher-order form, and shaping future international competitive advantages. The "Proposal" of the Fourth Plenary Session of the 20th Central Committee of the Party [2]2 The Fourth Plenary Session of the 20th Central Committee of the CPC, held in 2024, focused on further deepening reform and advancing Chinese modernization. called for vigorously developing sci-tech finance. The Central Economic Work Conference held at the end of last year [3]3 The Central Economic Work Conference is an annual high-level meeting that sets economic policy priorities for the following year. required guiding financial institutions to increase support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises, listing "adhering to innovation-driven development and accelerating the cultivation and growth of new growth drivers" as a key task for this year's economic work, and explicitly requiring the innovation of sci-tech financial services, thereby clarifying the direction for accelerating the development of sci-tech finance. During the "15th Five-Year Plan" period, [4]4 The "15th Five-Year Plan" (2026–2030) is the next national five-year development plan for economic and social development. it is necessary to deeply understand and grasp the strategic significance of sci-tech finance for accelerating high-level scientific and technological self-reliance and self-strengthening and supporting Chinese-path modernization with scientific and technological modernization, and to accelerate the construction of a sci-tech financial system that is compatible with technological innovation and can provide strong support.

科技金融是推动科技与金融双向促进的重要支撑。在金融“五篇大文章”中，科技金融位居首位。习近平总书记指出：“要做好科技金融这篇文章，引导金融资本投早、投小、投长期、投硬科技。”当前，我国经济正处在高质量发展爬坡过坎的重要关口，加快高水平科技自立自强，引领发展新质生产力，已成为转变发展方式、推动产业体系向高阶形态跃迁、塑造未来国际竞争优势的战略选择。党的二十届四中全会《建议》要求大力发展科技金融。去年底召开的中央经济工作会议要求引导金融机构加力支持扩大内需、科技创新、中小微企业等重点领域，把“坚持创新驱动，加紧培育壮大新动能”列入今年经济工作要抓好的重点任务并明确要求创新科技金融服务，为加快发展科技金融明确了方向。“十五五”时期，要深刻理解和把握科技金融对于加快高水平科技自立自强、以科技现代化支撑中国式现代化的战略意义，加快构建与科技创新相适配、能充分发挥有力支撑作用的科技金融体系。

Sci-tech finance has rich connotations and strategic attributes

科技金融具有丰富内涵和战略属性

General Secretary Xi Jinping pointed out: "Science and technology are the primary productive forces, providing an inexhaustible driving force for the progress of human civilization" and "Finance is the core of the modern economy." Looking back at the course of each industrial revolution, technological innovation has always been the fundamental driving force for the development of productive forces. At the same time, every breakthrough scientific innovation and technological change has been inseparable from financial support. As a key link connecting technological innovation and financial resources, sci-tech finance is not only an important component of the modern financial system but also an important pillar of a country's innovation ecosystem and an important carrier of the modernization of the national governance system. This is mainly reflected in three aspects. From a functional dimension, sci-tech finance continuously empowers technological innovation activities through multiple channels such as capital supply, asset valuation, and risk management; from a spatial dimension, sci-tech finance relies on knowledge networks, technology diffusion, and industrial agglomeration effects to promote the cross-regional flow of innovation factors, thereby enhancing overall innovation performance; from a temporal dimension, technological innovation, especially original innovation, has a long R&D cycle and high uncertainty, while also having significant cumulative effects. The financial system can effectively mitigate risks in the process of technological progress by improving risk-sharing mechanisms, strengthening integrated innovation, and cultivating and expanding patient capital.

习近平总书记指出：“科技是第一生产力，为人类文明进步提供了不竭动力”“金融是现代经济的核心”。纵观历次工业革命历程，科技创新始终是推动生产力发展的根本动力。同时，每一次突破性科学创新与技术变革都离不开金融支持。作为衔接科技创新与金融资源的关键纽带，科技金融不仅是现代金融体系的重要组成部分，也是一个国家创新生态的重要支柱和国家治理体系现代化的重要载体。这主要体现在3个方面。从功能维度看，科技金融通过资金供给、资产估值、风险管理等多个渠道，为科技创新活动持续赋能；从空间维度看，科技金融依托知识网络、技术扩散与产业集聚效应等，促进创新要素跨区域流动，能够提升整体创新绩效；从时间维度看，科技创新特别是原始创新研发周期长且不确定性较高，同时具有显著的累积效应，金融体系通过完善风险分担机制、强化集成创新、培育壮大耐心资本等，可以有效缓释技术进步过程中的风险。

As a proactive and fundamental institutional construction for deeply implementing the innovation-driven development strategy and accelerating the building of a strong financial nation, sci-tech finance carries responsibilities and missions that transcend traditional financial functions and has rich connotations. Sci-tech finance is a financial form that adapts to the laws of technological innovation and strongly supports the cultivation of new growth drivers and the construction of a modern industrial system. It can promote the historical transformation of China's comparative advantages from factor cost advantages to innovation advantages and knowledge advantages, ensuring that the innovation-driven development strategy is transformed from a blueprint into reality and achieving the transformation and upgrading of old and new growth drivers in economic development. Sci-tech finance is also an important institutional arrangement that balances market laws and national development strategies. By organically combining national will with patient capital and making long-term investments and continuous promotion, it builds a high-level innovation ecosystem. Developing sci-tech finance is a systematic project under the guidance of top-level design, involving cross-departmental coordination and broad participation of market entities. It can unblock the bottlenecks in scientific research, achievement transformation, and industrial upgrading, and leverage financial resources to precisely empower the efficient linkage of innovation chains, industrial chains, and talent chains.

科技金融作为深入实施创新驱动发展战略、加快建设金融强国的主动性和基础性制度构建，承载着超越传统金融功能的职责使命，具有丰富内涵。科技金融是适应科技创新规律、有力支撑新动能培育与现代化产业体系建设的金融形态，能够推动我国比较优势实现从要素成本优势向创新优势、知识优势的历史性转变，确保创新驱动发展战略从蓝图转变为现实、实现经济发展新旧动能转换升级。科技金融也是兼顾市场规律与国家发展战略的重要制度安排，通过把国家意志与耐心资本有机结合并长期投入、持续推进，构筑高水平创新生态。发展科技金融是一项在顶层设计指引下，跨部门协同与经营主体广泛参与的系统工程，能够打通科技研发、成果转化、产业升级的堵点，撬动金融资源精准赋能创新链、产业链、人才链的高效联动。

Precisely because of this, sci-tech finance has strategic attributes, which are conducive to leveraging national will to strategically and directionally guide social resources, especially financial resources. Against the backdrop of the current accelerated evolution of changes unseen in a century, more complex major-country competition, and unprecedentedly fierce global technological competition, anchoring the goals of building a strong nation in science and technology and a strong financial nation to develop sci-tech finance, and constructing a high-level circular ecosystem of "technology-industry-finance," have become an important lever in strategic competition among major countries. This can not only effectively integrate and efficiently mobilize financial forces, guiding financial funds to flow more precisely into key core technology areas, but also better leverage the institutional advantages of the new nationwide system for mobilizing resources in the field of technological innovation, promoting the modernization of national governance.

正因如此，科技金融具有战略属性，有利于发挥国家意志对社会资源特别是金融资源的战略性、方向性牵引。在当前百年变局加速演进、大国博弈更加复杂、全球科技竞争空前激烈的背景下，锚定科技强国与金融强国目标发展科技金融，构建“科技—产业—金融”高水平循环生态，已经成为大国战略竞争的重要抓手，既能够有效整合、高效动员金融力量，引导金融资金更加精准流向关键核心技术领域，又能够更好发挥新型举国体制在科技创新领域的制度优势，推动国家治理现代化。

The "15th Five-Year Plan" period presents a situation where opportunities and challenges coexist for the development of China's sci-tech finance

“十五五”时期我国科技金融发展面临机遇和挑战并存的形势

The "15th Five-Year Plan" period is a critical period for consolidating the foundation and making comprehensive efforts to basically achieve socialist modernization. General Secretary Xi Jinping pointed out: "To advance Chinese-path modernization, science and technology must take the lead. Technological innovation is the only path." [5]5 "Chinese-path modernization" (中国式现代化) is a core concept in Xi Jinping Thought, describing a modernization model distinct from Western capitalism. China's sci-tech finance development has made important progress, but it also faces a situation where opportunities and challenges coexist.

“十五五”时期是基本实现社会主义现代化夯实基础、全面发力的关键时期。习近平总书记指出：“推进中国式现代化，科技要打头阵。科技创新是必由之路。”我国科技金融发展取得重要进展，但也面临机遇和挑战并存的形势。

In terms of opportunities, science and technology and finance empower each other, and China's sci-tech finance development has broad space. During the "14th Five-Year Plan" period, [6]6 The "14th Five-Year Plan" (2021–2025) is the current national five-year development plan. under the strong leadership of the Party Central Committee, the top-level design of China's sci-tech finance policy became clearer, forming a multi-level policy system that coordinates special policies, comprehensive policies, and local policies. For example, the People's Bank of China and six other departments issued the "Work Plan for Solidly Doing a Good Job in the Major Article of Sci-Tech Finance," promoting the construction of a policy framework and working mechanism with departmental coordination and central-local linkage; the Ministry of Science and Technology and other departments jointly issued "Several Policy Measures for Accelerating the Construction of the Sci-Tech Finance System and Strongly Supporting High-Level Scientific and Technological Self-Reliance and Self-Strengthening," providing full life-cycle and full-chain financial services for technological innovation. These policy measures have made the top-level design, guidance direction, and development priorities of sci-tech finance clearer, providing not only a good policy environment for sci-tech financial innovation but also important support for the construction of the national innovation system and the new nationwide system for mobilizing resources. With the implementation of these policies, the capacity, intensity, and level of financial support for technological innovation have continued to improve, striving to meet the financing needs of technology-based enterprises at different stages of their life cycle, achieving good service results, and laying a solid foundation for doing a good job in the major article of sci-tech finance during the "15th Five-Year Plan" period.

从机遇来看，科技和金融双向赋能，我国科技金融发展具有广阔空间。“十四五”时期，在党中央坚强领导下，我国科技金融政策顶层设计更加清晰，形成了专项政策、综合政策、地方政策相协调的多层次政策体系。比如，中国人民银行等7部门出台《关于扎实做好科技金融大文章的工作方案》，推动构建部门协同、央地联动的政策框架和工作机制；科技部等部门联合发布《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》，为科技创新提供全生命周期、全链条的金融服务。这些政策措施，使科技金融的顶层设计、引导方向、发展重点更加明确，既为科技金融创新提供了良好政策环境，也为国家创新体系和新型举国体制建设提供了重要支撑。随着这些政策落地实施，金融支持科技创新的能力、强度和水平持续提升，努力满足科技型企业生命周期不同阶段的融资需求，取得了较好服务效果，为“十五五”时期做好科技金融大文章奠定了扎实基础。

The "Proposal" of the Fourth Plenary Session of the 20th Central Committee of the Party stated that "Chinese-path modernization must be supported by scientific and technological modernization," requiring the enhancement of the overall effectiveness of the national innovation system, the comprehensive strengthening of independent innovation capabilities, and the seizing of the commanding heights of scientific and technological development. Whether it is strengthening original innovation and tackling key core technologies, promoting the deep integration of technological innovation and industrial innovation, or building a modern industrial system and deeply advancing the construction of a digital China, none can be separated from better leveraging the role of finance. This requires financial forces to anchor the "four orientations," [7]7 The "four orientations" (四个面向) refer to the directions for scientific and technological innovation: facing the world's scientific frontiers, facing the main economic battlefield, facing major national needs, and facing people's life and health. starting from the financial needs of technological innovation, optimizing the institutional arrangements and service systems of sci-tech finance, and providing strong financial service guarantees for technological innovation. This will provide broader space for the development of sci-tech finance.

党的二十届四中全会《建议》提出“中国式现代化要靠科技现代化作支撑”，要求提升国家创新体系整体效能，全面增强自主创新能力，抢占科技发展制高点等。无论是加强原始创新和关键核心技术攻关、推动科技创新和产业创新深度融合，还是建设现代化产业体系、深入推进数字中国建设等，都离不开更好发挥金融作用，要求金融力量锚定“四个面向”，从科技创新金融需求出发，优化科技金融制度安排和服务体系，为科技创新提供有力金融服务保障。这将为科技金融发展提供更广阔的空间。

In terms of challenges, China's sci-tech finance still lags behind the requirements of high-quality development, facing not only general problems in the global development of sci-tech finance but also some unique stage-specific constraints. From the perspective of general laws, a major common challenge faced in the practice of global sci-tech finance development is market failure. This is mainly because technological innovation has significant knowledge-sharing and social spillover effects, leading to the benefits obtained by innovation entities being lower than the total social benefits, and relying solely on the market cannot achieve the socially optimal level of innovation investment. At the same time, due to the difficulty in accurately valuing intangible assets such as intellectual property and human capital, innovation entities face insufficient collateral and prominent financing constraints; coupled with the characteristics of frontier technology R&D, such as long cycles, high risk of failure, and uncertainty in achievement transformation, higher requirements are placed on constructing an institutional framework that balances incentive intensity and risk-sharing mechanisms.

从挑战来看，我国科技金融与高质量发展要求相比仍有差距，既面临全球科技金融发展中的一般性问题，也面临一些独有的阶段性的制约因素。从一般规律来看，全球科技金融发展实践中面临的一大共同挑战是市场失灵。这主要是因为科技创新具有显著的知识共享性与社会溢出效应，导致创新主体获得的收益低于社会总收益，仅靠市场无法实现创新投入达到社会最优水平。同时，由于知识产权、人力资本等无形资产难以准确估值，导致创新主体的抵押物不足，融资约束突出；加之前沿科技研发存在周期长、失败风险高、成果转化存在不确定性等特点，对构建兼具激励力度与风险分担机制的制度框架提出了更高要求。

From the actual situation of China’s development, our existing financial system is relatively well adapted to large-scale, standardized industrial production, but there remains a gap in meeting the requirements of scientific and technological innovation activities characterized by high uncertainty and light assets. For example, the legal and policy systems related to sci-tech finance are not yet complete, the institutional framework supporting business entities in carrying out innovation is still imperfect, and some financial institutions face problems such as a shortage of specialized personnel and technical means and an incomplete organizational structure when conducting sci-tech finance-related business. This leads to a low proportion of financial resources being allocated to “early-stage investment, small-scale investment, long-term investment, and investment in hard technology.” At the same time, the development of sci-tech finance involves many dimensions, including technology, institutions, markets, and talent, and is highly complex. All of this requires building consensus among policymakers, regulatory bodies, research institutions, business entities, and all sectors of society, and through top-level design and coordinated promotion, providing full life-cycle financial support for scientific and technological innovation.

从我国发展实际来看，我国现有金融体系与大规模、标准化的工业化生产适配度较高，但与满足以高不确定性、轻资产为特征的科技创新活动的要求相比还存在差距。比如，科技金融相关的法律法规和政策体系还不够完备，支持经营主体开展创新的制度框架尚不完善，一些金融机构开展科技金融相关业务面临专业人才与技术手段较少、组织架构还不完善等问题。这导致金融资源“投早、投小、投长期、投硬科技”的比例偏低。同时，科技金融发展涉及技术、制度、市场和人才等诸多维度，具有高度复杂性。这些都要求凝聚政策制定者、监管机构、科研机构、经营主体和社会各方的共识，通过顶层设计和协同推进，为科技创新提供全生命周期的金融支持。

Grasp the Strategic Priorities for Promoting High-Quality Development of Sci-Tech Finance

把握推动科技金融高质量发展的战略重点

General Secretary Xi Jinping pointed out: “Sci-tech finance must rise to the challenge and focus on key areas. Guide financial institutions to improve incentive and constraint mechanisms, coordinate the use of equity, debt, insurance, and other instruments, provide full-chain, full life-cycle financial services for sci-tech enterprises, and support strengthening the manufacturing industry.” This important exposition clarifies the strategic goals for the development of China’s sci-tech finance. In recent years, with the deepening of the new round of technological revolution and industrial transformation, scientific and technological innovation has increasingly become the main battlefield of competition among major powers, and sci-tech finance has become an important force determining national competitiveness. The Third and Fourth Plenary Sessions of the 20th Central Committee of the Party [8]8 The Third Plenary Session of the 20th Central Committee (July 2024) focused on further deepening reform and promoting Chinese-path modernization; the Fourth Plenary Session (July 2025) focused on improving the socialist system with Chinese characteristics and advancing the modernization of the national governance system and governance capacity. both made clear deployments for the development of sci-tech finance, both outlining the strategic blueprint for the development of sci-tech finance and clarifying the strategic priorities for its development, effectively strengthening the important supporting function of sci-tech finance for high-level scientific and technological self-reliance and self-strengthening.

习近平总书记指出：“科技金融要迎难而上、聚焦重点。引导金融机构健全激励约束机制，统筹运用好股权、债权、保险等手段，为科技型企业提供全链条、全生命周期金融服务，支持做强制造业。”这一重要论述明确了我国科技金融发展的战略目标。近年来，随着新一轮科技革命和产业变革深入发展，科技创新日益成为大国竞争的主战场，科技金融已成为决定国家竞争力的重要力量。党的二十届三中、四中全会都对科技金融发展作出明确部署，既擘画了科技金融发展的战略蓝图，又明确了科技金融发展的战略重点，有力强化了科技金融对高水平科技自立自强的重要支撑功能。

To implement the spirit of General Secretary Xi Jinping’s important speeches and the decisions and deployments of the Party Central Committee, it is necessary to grasp the strategic attributes of sci-tech finance and the challenges facing the development of China’s sci-tech finance, transcend the single goal of overemphasizing efficiency in traditional finance, and, by promoting a better combination of an effective market and a competent government, strengthening forward-looking top-level design and systematic institutional innovation, form a modern sci-tech financial system that fits China’s national conditions, conforms to the laws of scientific and technological innovation, and can efficiently promote high-level scientific and technological self-reliance and self-strengthening, achieving a dynamic balance of “efficiency, fairness, and security” in the course of development. On the efficiency dimension, synergistically leverage the efficiency of the effective market in risk pricing and the role of the competent government in risk compensation and institutional supply, strengthen the construction of digital infrastructure, enhance the allocation efficiency of financial resources in the field of scientific and technological innovation, and increase the conversion efficiency of scientific and technological innovation achievements; on the fairness dimension, optimize the implementation of structural monetary policy and the use of policy-based financial instruments, ensure that small, medium, and micro sci-tech enterprises have fair access to innovation capital, prevent financial resources from excessively concentrating on leading enterprises, and promote the coordinated development of different innovation entities; on the security dimension, coordinate the maintenance of financial stability, the protection of technological security, and the enhancement of the resilience and security level of industrial and supply chains, establish and improve a full life-cycle risk monitoring and early warning mechanism, and effectively prevent potential risks such as technology bubbles and capital arbitrage from evolving into systemic risks.

把习近平总书记重要讲话精神和党中央决策部署落到实处，要把握科技金融的战略属性及我国科技金融发展面临的挑战，超越传统金融过度强调效率的单一目标，通过推动有效市场与有为政府更好结合、加强前瞻性顶层设计和系统性制度创新，形成契合我国国情、符合科技创新规律、能高效促进高水平科技自立自强的现代科技金融体系，在发展中实现“效率—公平—安全”的动态平衡。在效率维度上，协同发挥有效市场在风险定价中的高效性与有为政府在风险补偿、制度供给方面的作用，加强数字基础设施建设，提升金融资源在科技创新领域的配置效率，增强科技创新成果的转化效能；在公平维度上，优化结构性货币政策实施和政策性金融工具使用，保障中小微科技企业公平获取创新资本，防止金融资源过度向头部企业集聚，促进不同创新主体协同发展；在安全维度上，统筹保持金融稳定、维护科技安全、增强产业链供应链韧性和安全水平，建立完善贯穿全生命周期风险监测与预警机制，有效防范科技泡沫、资本套利等潜在风险向系统性风险演化。

In this process, leveraging the advantages of the new nationwide system for mobilizing resources [9]9 The “new nationwide system for mobilizing resources” (新型举国体制) refers to a state-led mechanism that combines centralized resource allocation with market mechanisms to achieve breakthroughs in strategic technologies, updated from the earlier planned-economy version. is an important support for improving the operational efficiency of the sci-tech financial system. Under the new nationwide system for mobilizing resources, the government can, by concentrating resources and coordinating forces, guide innovation entities to achieve breakthroughs in key areas related to national security and long-term development, such as tackling core technologies in key fields and cultivating new quality productive forces, and effectively make up for the shortfall in investment by innovation entities in major original innovation fields caused by market failures, thereby enhancing the efficiency of scientific and technological innovation. It can also, by improving multi-level, networked coordination mechanisms among various departments, promote the concerted efforts and synergy of elements such as policy, market, technology, and talent. In addition, efforts can be made in the following areas.

在这一过程中，发挥新型举国体制优势是提升科技金融体系运行效率的重要支撑。在新型举国体制下，政府既可以通过集中资源、统筹力量，引导创新主体在关键核心技术攻关、新质生产力培育等事关国家安全与长远发展的重点领域实现突破，并有效弥补因市场失灵造成的创新主体在重大原始创新领域投入不足的缺口，提升科技创新效能，还可以通过完善各部门间多层次、网络化的协同机制，推动政策、市场、技术、人才等要素同向发力、形成合力。此外，还可在以下方面着力。

Build a financial service system that conforms to the laws of scientific and technological innovation. Strengthening overall planning, promoting synergy among innovation entities, aggregation of resource elements, and coordinated efforts of policy tools will help better promote the free flow and efficient allocation of innovation elements and facilitate the deep integration of the innovation chain, industrial chain, capital chain, and talent chain. To this end, banks, insurance companies, securities firms, funds, financing guarantee institutions, and financial asset management companies can be encouraged to strengthen information sharing and business cooperation, on the premise of preventing cross-sectoral financial risks and protecting customer privacy, guiding more financial resources to flow into the field of scientific and technological innovation; financial capital can be encouraged to focus on “early-stage investment, small-scale investment, long-term investment, and investment in hard technology,” breaking through the bottlenecks and difficulties that have long plagued the development of sci-tech finance. Given that the assets of China’s banking industry account for a relatively high proportion of the total assets of the financial industry, promoting the deep integration of commercial banks with scientific and technological innovation plays an important role in the development of sci-tech finance. To this end, state-owned commercial banks can be encouraged and guided to comprehensively increase their support for sci-tech finance, serving as the main force serving the real economy; small and medium-sized banks can choose areas that match their own positioning and capabilities to provide specialized and refined financial services.

构建符合科技创新规律的金融服务体系。加强全局统筹，推动创新主体协同、资源要素聚合、政策工具协同发力，有助于更好促进创新要素自由流动与高效配置，助力推动创新链产业链资金链人才链深度融合。为此，可推动银行、保险、证券、基金、融资担保机构、金融资产管理公司等在防范交叉性金融风险、保障客户隐私的前提下，加强信息共享和业务合作，引导更多金融资源流向科技创新领域；鼓励金融资本聚焦“投早、投小、投长期、投硬科技”，破解长期困扰科技金融发展的堵点难点。我国银行业资产占金融业总资产比重较高，推动商业银行与科技创新深度融合对于科技金融发展具有重要促进作用。为此，可鼓励引导国有商业银行全面加大对科技金融支持力度，当好服务实体经济主力军；中小银行选择与自身定位和能力相契合的领域，提供专业化精细化金融服务。

Effectively solve the problem of market failure in the development of sci-tech finance. Coordinating the use of tools such as fiscal interest subsidies, rewards and subsidies, policy-based financing guarantees, and policy-based finance, leveraging the role of fiscal funds as a “lever that moves a thousand pounds with four ounces,” guiding financial resources to invest in key areas such as scientific and technological innovation, can inject “financial living water” into national strategic scientific and technological innovation, effectively solve the problem of market failure in the development of sci-tech finance, and promote a high-level virtuous cycle of technology, industry, and finance. To this end, it is necessary to improve the policy support system for the development of sci-tech finance, encourage financial institutions to comprehensively use financial instruments such as special bonds and ultra-long-term special government bonds to enhance the resilience and vitality of the scientific and technological innovation ecosystem. Follow the laws of fund investment operations, tolerate normal investment risks, encourage government funds to optimize the full-chain, full life-cycle assessment and evaluation system, create a good atmosphere that encourages innovation and tolerates failure, encourage the establishment of a fault-tolerance mechanism centered on the exemption of duty-of-care and compliance responsibilities, and do not simply use a single project or a single year’s profit or loss as the basis for assessment.

有效破解科技金融发展中的市场失灵问题。统筹用好财政贴息、奖补、政策性融资担保、政策性金融等工具，发挥财政资金“四两拨千斤”的作用，引导金融资源投入科技创新等重点领域，能够为国家战略科技创新注入“金融活水”，有效破解科技金融发展中的市场失灵问题，促进科技、产业、金融高水平良性循环。为此，要完善科技金融发展的政策支持体系，鼓励金融机构综合运用发行专项债券、超长期特别国债等金融工具，增强科技创新生态体系的韧性与活力。遵循基金投资运作规律，容忍正常投资风险，鼓励政府基金等优化全链条、全生命周期考核评价体系，营造鼓励创新、宽容失败的良好氛围，鼓励建立以尽职合规责任豁免为核心的容错机制，不简单以单个项目或单一年度盈亏作为考核依据。

Leverage the key hub role of the capital market. The capital market is a key hub for the “living water” of scientific and technological innovation. It can effectively match the characteristics of high risk, high return, and long cycle of scientific and technological innovation enterprises, provide a support model completely different from traditional finance, and play a key hub role in promoting the deep integration of scientific and technological innovation and industrial upgrading. To this end, it is necessary to continue to deepen the reform of the capital market, strengthen long-term investment forces such as equity public funds, insurance funds, and various pension funds, and improve the precision and effectiveness of serving scientific and technological innovation. Steadily advance the reform of the registration-based IPO system, smooth direct financing channels, and provide full-chain, full life-cycle services for sci-tech enterprises. Improve the counter-cyclical adjustment mechanism for new stock issuance, increase support for qualified sci-tech enterprises to list and raise funds, and give priority to supporting sci-tech enterprises that have achieved breakthroughs in core technologies in key fields to list and raise funds. Improve the construction of the market ecological environment, including strengthening investor protection and optimizing the legal environment, cultivate a long-term rational investment culture, and enhance the vitality of the sci-tech finance sector.

发挥资本市场的关键枢纽作用。资本市场是科技创新“活水”的关键枢纽，能够有效匹配科技创新企业高风险、高收益、长周期的特性，提供与传统金融截然不同的支持模式，在促进科技创新与产业升级深度融合方面发挥着关键枢纽作用。为此，要持续深化资本市场改革，壮大权益类公募基金、保险资金、各类养老金等长期投资力量，提升服务科技创新的精准性与有效性。稳步推进注册制改革，畅通直接融资渠道，为科技企业提供全链条全生命周期服务。完善新股发行逆周期调节机制，加大力度支持符合条件的科技型企业上市融资，优先支持取得关键核心技术突破的科技型企业上市融资。完善市场生态环境建设，包括加强投资者保护、优化法治环境等，培育长期理性投资文化，增强科技金融板块活力。

At the same time, strengthen the service functions of financial markets and digital infrastructure, strengthen the construction of technology consulting, intellectual property trading, and credit information systems, promote the “innovation scoring system,” [10]10 The “innovation scoring system” (创新积分制) is a policy tool that assigns quantitative scores to enterprises based on their innovation inputs and outputs, used by Chinese authorities to guide financial support toward innovative firms. create precise profiles for sci-tech enterprises, and improve the convenience of financial resources serving scientific and technological innovation. Deepen the integration of disciplines and collaborative education between industry, academia, and research, and cultivate high-quality composite sci-tech finance talent. Accelerate basic theoretical research on sci-tech finance, guide research forces from universities and industry to jointly promote basic theoretical and empirical research on sci-tech finance, and provide academic support for the construction of the sci-tech financial system.

同时，强化金融市场和数字基础设施服务功能，强化科技咨询、知识产权交易、信用信息系统建设，推广“创新积分制”，为科技企业精准画像，提升金融资源服务科技创新的便利度。深化学科融合和产学研协同育人，培养高素质复合型科技金融人才。加快科技金融基础理论研究，引导高校和产业界的研究力量共同推动科技金融基础理论和实证研究，为科技金融体系建设提供学理支撑。

(The author is the President of Nankai University)

（作者为南开大学校长）