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China's 11 Government Departments Set Tech-Finance Roadmap
China's 11 government departments launch tech-finance roadmap targeting 2030 direct financing growth and international venture capital hubs in Beijing, Shanghai, and Shenzhen.
In brief
China's 11 government departments launch tech-finance roadmap targeting 2030 direct financing growth and international venture capital hubs in Beijing, Shanghai, and Shenzhen. China's 11 government departments will increase direct financing share by 2030 and build international venture capital hubs in Beijing…
China's 11 Government Departments Issue Tech-Finance Roadmap
China's People's Bank of China and 10 other government departments jointly issued guidance on Oct. 19 setting out a tech-finance roadmap for China's three international science and technology innovation centers.
Direct Financing Share to Rise Notably by 2030
The document calls for a notable increase in the share of direct financing by 2030 and the basic formation of integrated regional financial services.
World-Class Venture Capital Hubs Targeted
Beijing, Shanghai and the Guangdong-Hong Kong-Macao Greater Bay Area are required to build world-class venture capital hubs with differentiated positioning and coordinated efforts.
National Venture Capital Guidance Fund as Patient Capital
The National Venture Capital Guidance Fund will play the role of patient capital by investing in sub-funds and projects in emerging and future industries.
Shenzhen Stock Exchange Builds Global Asset Allocation Platform
The Shenzhen Stock Exchange is required to accelerate building a global asset allocation platform with innovative market features.
Greater Bay Area Focuses on Open Tech-Finance System
The Guangdong-Hong Kong-Macao Greater Bay Area is tasked with building an open tech-finance system with cross-border credit reporting cooperation and fintech regulatory sandboxes.
Cross-Regional Tech-Finance Service Alliances
The document proposes building cross-regional tech-finance service alliances to strengthen cooperation among banks, securities firms, insurers, and venture capital firms.
Innovation Points System for Mutual Recognition
The Innovation Points System will achieve interconnection and mutual recognition across Beijing-Tianjin-Hebei, Yangtze River Delta, and Greater Bay Area.
Qualified Foreign Limited Partners (QFLP) Policy
The document proposes studying and improving policies to facilitate foreign exchange business for Qualified Foreign Limited Partners (QFLP).
Shenzhen Listings for Hong Kong Companies
The Greater Bay Area supports promoting Shenzhen listings by Hong Kong-listed companies in compliance with regulations.
Cross-Border Credit Reporting Cooperation
The document explicitly promotes cross-border credit reporting cooperation among Guangdong, Hong Kong and Macao.
2030 Tech-Finance System Goals
By 2030, the tech-finance services system will reach higher levels in diversification, adaptability, coordination and internationalization.
2035 Tech-Finance System Goals
By 2035, a tech-finance system commensurate with international science and technology innovation centers of global influence will be established.
The essence
China's 11 government departments will increase direct financing share by 2030 and build international venture capital hubs in Beijing, Shanghai, and Shenzhen.
