China issues financial support guideline for three international tech innovation centres
In short
The People's Bank of China and other departments issued a guideline on financial support for the international sci-tech innovation centres in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta) and the Guangdong-Hong Kong-Macao Greater Bay Area. It sets goals for 2030 and 2035. A Beijing implementation plan with 15 articles in six areas was then published at the Financial Street Forum.
Read the full story 2 min read
The People's Bank of China and other departments issued a guideline on financial support for building international sci-tech innovation centres in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta) and the Guangdong-Hong Kong-Macao Greater Bay Area, CLS and Yicai reported on 19 October. Jiemian, citing the central bank's website, said the document was jointly issued by eleven bodies, including the Ministry of Science and Technology, the securities regulator, the National Development and Reform Commission, the Ministry of Finance and the foreign exchange regulator. Caixin described it as issued by the central bank together with 10 other departments. [ 1 , 2 , 11 , 16 ]
The guideline says that by 2030 a sci-tech finance service system suited to the centres will be built, with a clearly higher share of direct financing, stronger professional capacity at financial institutions and a largely formed regional framework for financial services. By 2035, it aims for a sci-tech finance system suited to globally influential innovation centres, with direct and indirect financing developed in step and with improved international competitiveness. [ 1 , 2 , 11 ]
Each region is given its own goal. Beijing is to have an integrated sci-tech finance system suited to its role in original innovation, combined with the strengths of the national financial management centre. Shanghai's system is to match its position as an international financial centre. The Greater Bay Area is to deepen financial connectivity between the mainland and Hong Kong. Jiemian added that Beijing is to focus on original innovation and financial support for major science infrastructure. [ 1 , 2 , 11 ]
Among the measures, the guideline backs patient capital. It calls for the national venture capital guidance fund to invest in sub-funds and projects in emerging and future industries, for the already established social security sci-tech fund to be used, and for support to merger and acquisition funds. It also supports the Beijing Stock Exchange and the NEEQ, the Shanghai Stock Exchange and the Shenzhen Stock Exchange in their respective roles, and for Shanghai it calls for faster implementation of STAR Market reforms. [ 3 , 9 , 12 , 13 , 15 ]
On cross-border finance, the guideline asks financial institutions to give firms in R&D, intellectual property, software and computing services more efficient cross-border settlement. It supports foreign exchange accounts for overseas R&D centres of domestic tech firms and calls for a mechanism for convenient cross-border payments for firms in key sci-tech fields. [ 6 , 8 , 14 ]
On 20 October, China News Service reported, the Beijing (Beijing-Tianjin-Hebei) implementation plan was published at a special session of the 2026 Financial Street Forum, jointly by the central bank branches, science and technology bodies, financial offices and regulators of the three places. CLS, 36Kr and China News Service reported on 21 October that the plan has six areas and 15 articles. Jiemian reported that it targets a sci-tech finance service system by 2030 and a globally leading level of comprehensive sci-tech finance services by 2035. [ 19 , 21 , 22 , 23 , 24 ]
Why it matters
The outlets present the guideline as a policy framework for how financial resources and services are to be directed to the three regions' innovation centres. The documents give no figures on funding or on how the measures will be put into effect.
Key facts
- On 19 October, CLS and Yicai reported that the People's Bank of China and other departments had issued a guideline on financial support for building international sci-tech innovation centres in Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta) and the Guangdong-Hong Kong-Macao Greater Bay Area. [ 1 , 2 ]
- Jiemian, citing the central bank's website, listed eleven issuing bodies: the People's Bank of China, the Ministry of Science and Technology, the financial regulator, the securities regulator, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the human resources ministry, the State-owned Assets Supervision and Administration Commission, the National Intellectual Property Administration and the foreign exchange regulator. [ 11 ]
- By 2030 the guideline calls for a sci-tech finance service system suited to the centres, with a clearly higher share of direct financing and a largely formed regional financial services framework. [ 1 , 2 , 4 , 11 ]
- By 2035 the guideline aims for a sci-tech finance system suited to globally influential innovation centres, with direct and indirect financing developed in step. [ 1 , 2 , 11 ]
- The guideline backs patient capital, including the national venture capital guidance fund and the already established social security sci-tech fund. [ 3 , 13 ]
- It calls for a mechanism for convenient cross-border payments for firms in key sci-tech fields and for more efficient cross-border settlement for firms in R&D, intellectual property, software and computing services. [ 6 , 8 , 14 ]
- A Beijing (Beijing-Tianjin-Hebei) implementation plan, made up of 15 articles in six areas, was published at the 2026 Financial Street Forum. [ 19 , 21 , 22 , 24 ]
Confirmed by several sources
- The People's Bank of China and other departments issued the guideline on financial support for the Beijing (Beijing-Tianjin-Hebei), Shanghai (Yangtze River Delta) and Greater Bay Area international sci-tech innovation centres. [ 1 , 2 , 4 , 11 , 16 ]
- The guideline sets targets for 2030 and 2035 for sci-tech finance, including a higher share of direct financing by 2030. [ 1 , 2 , 4 , 11 ]
- The Beijing (Beijing-Tianjin-Hebei) implementation plan was published and consists of six areas and 15 articles. [ 21 , 22 , 24 ]
- The guideline calls for convenient cross-border payment and settlement services for sci-tech firms. [ 6 , 8 , 14 ]
Still unclear
- Whether the guideline was issued by 10 or 11 departments. CLS and Jiemian refer to 11 departments and Jiemian lists eleven bodies; Caixin and a Jiemian item on the forum refer to the central bank together with 10 departments or to 10 departments.
- When the Beijing implementation plan was released. China News Service dated the release to 20 October at the forum; CLS, 36Kr and a second China News Service item reported it on 21 October.
- Whether the Beijing plan is the first regional plan under the guideline. Only 36Kr, citing CCTV News, describes it as the first regional implementation plan and the first systematic financial support plan since the Beijing centre was widened.
- That the guideline contains 19 articles. Only Caixin's headline gives this number.
What local media are saying
Timeline, local time
- CLS reported on 19 October that the central bank and other departments had issued the guideline. [ 1 ]
- Yicai carried the same report on 19 October. [ 2 ]
- Jiemian published the text of the guideline on 19 October, citing the central bank's website. [ 11 ]
- Caixin reported on 19 October that the central bank and 10 other departments had issued the guideline. [ 16 ]
- China News Service reported on 20 October that the Beijing implementation plan had been published at the Financial Street Forum. [ 19 ]
- CLS reported on 21 October that the Beijing plan had been officially published, with six areas and 15 articles. [ 21 ]