Bulletin of Chinese Academy of Sciences (Chinese Version)


sci-tech finance; enterprise; technological innovation; innovation chain

Document Type

S&T and Financing Integration Framework and Proposal


China has been promoting the combination of science, technology and finance for more than 40 years. A sci-tech finance system covering different links of enterprise technological innovations has been built. However, considering the new situation in the new era of highquality development in China, sci-tech finance is facing major challenges and growing problems, and urgently needs to be further upgraded and developed. This study puts forward four suggestions. First, it suggests improving the financial system based on the law of innovation, so as to build a sci-tech finance system with differentiated positioning and integrated links. Second, it recommends innovating the financial system boldly, such as exploring the establishment of a national policy-oriented science and technology bank, and establishing a lifetime sponsor system on the "New Third Board". Third, it proposes to further clarify the functional positioning of government venture capital funds, cultivate "patient" capital, and guide social capital to invest in science and technology, small, early, and long-term projects. Finally, the study suggests that the innovation-oriented policy environment should be optimized to provide a strong guarantee for the combination of science, technology and finance.

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Bulletin of Chinese Academy of Sciences


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