China Launches Guidelines to Strengthen Sci-Tech Innovation Hubs

On October 19, China unveiled a comprehensive guideline focused on augmenting financial backing for the development of international science and technology centers situated in key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

Goals for 2030

The guideline, issued by the People's Bank of China (PBOC) in collaboration with ten other government departments, sets ambitious objectives. By the year 2030, China targets the establishment of a robust financial service framework that aligns closely with the unique roles and international status of these innovation hubs.

The initiative aims for a significant rise in direct financing and the formation of an integrated financial service model across these three dynamic regions, ensuring a cohesive approach to technological advancement.

Key Measures Introduced

Among the various strategies highlighted in the guideline is the enhancement of policies surrounding foreign exchange business for qualified foreign limited partners (QFLP). This adjustment is anticipated to ease the path for foreign entities looking to invest in China.

Furthermore, the guidelines intend to streamline cross-border fund management, benefiting both multinational tech firms and Chinese companies investing in overseas research and development centers.

Regional Focus Areas

The document delineates specific priorities tailored to each region:

• Beijing-Tianjin-Hebei Region: This area will prioritize original innovation and coordinated development, requiring enhanced financial support for significant science and technology infrastructures.
• Yangtze River Delta: Building on its robust industrial clusters, this region aims to cultivate a technology finance ecosystem characterized by collaboration and shared rewards.
• Guangdong-Hong Kong-Macao Greater Bay Area: Here, the focus will be on establishing an open technology finance system that promotes high-level financial interactions and regulatory coherence among the three regions.

Additionally, the guideline emphasizes constructing mechanisms for risk prevention and control to mitigate systemic financial risks.

Strategic Importance

During the Annual Conference of the Financial Street Forum 2026, held in Beijing on the same day, PBOC Governor Pan Gongsheng underscored the significance of establishing these international science and technology innovation centers as a cornerstone strategy of the central government. He highlighted plans to intensify pilot efforts in various areas, including relending, the sci-tech bond market, and international investment and financing.

The initiative aligns with China's 14th Five-Year Plan (2021-2025), which explicitly calls for the empowerment of Beijing, Shanghai, and the GBA as leading global centers for science and technology innovation. This guiding vision has informed the progress made over the past five years.

The recent guidelines indicate a shift in strategy, expanding the influence of the centers in Beijing and Shanghai into their respective regions. This denotes a transition from isolated achievements to a broader focus on coordinated regional development, reflecting directives established during the 2025 Central Economic Work Conference.