China's New Strategy for International Sci-Tech Innovation Hubs
China aims to enhance international sci-tech innovation centers with comprehensive financial support across key regions.
Recently, China unveiled a new guideline aimed at bolstering financial backing for the development of international sci-tech innovation centers in three critical areas: the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).
Strategic Goals by 2035
This initiative, released collaboratively by the People's Bank of China and ten other governmental bodies, is structured around a two-phase approach. By the year 2030, the plan sets out to enhance a comprehensive financial service system catering to sci-tech innovation. This will involve reinforced support for key areas including applied basic research, technological innovation, the commercialization of research findings, industrial upgrades, and talent acquisition. Looking further ahead, by 2035, China aims to establish a specialized sci-tech finance system designed to empower internationally significant innovation centers.
Regional Focus and Financial Services
The guideline emphasizes creating financial support systems that align with the unique characteristics of each region, outlining specific service objectives and priority projects.
In the Beijing-Tianjin-Hebei area, the emphasis will be on fostering original and collaborative innovations. Financial assistance will be particularly directed towards major sci-tech infrastructure. The initiative suggests enhancing the capabilities of the Zhongguancun sci-tech innovation finance reform pilot zone and exploring the establishment of substantial research insurance consortia, particularly in fields like intelligent driving, humanoid robotics, and biomedicine.
Conversely, the Yangtze River Delta is set to leverage the strength of its industrial clusters to develop a collaborative sci-tech finance ecosystem. This will entail deepening reforms within the sci-tech innovation finance pilot zones located in cities like Shanghai, Nanjing, and Hangzhou. Additionally, the G60 Sci-Tech Innovation Corridor will be optimized with region-specific financial services to expedite these advancements.
Global Integration in the GBA
In the Guangdong-Hong Kong-Macao Greater Bay Area, the focus will be on financial reform and promoting an open sci-tech finance service framework. The guideline includes measures to facilitate cross-border credit cooperation, assisting both domestic and international businesses in accessing capital markets.
Furthermore, the strategic allocation of financial resources will direct investment towards essential national sci-tech assets. This may encompass national laboratories, prestigious research institutions, elite research universities, and leading enterprises in the technology sector.
Supporting Talents and Cross-Border Collaboration
With regards to talent, the guideline suggests developing an insurance system to address professional liability, as well as medical and health needs for sci-tech professionals. Special provisions will be explored to assist returnees and entrepreneurs in tech fields who qualify under national or local talent programs, including potential foreign exchange facilitation.
To foster cross-border cooperation, a suite of new measures will be rolled out. High-caliber companies involved in sectors such as R&D, intellectual property, and software services will benefit from streamlined cross-border fund settlement services provided by financial institutions.