Guideline to boost international sci-tech innovation centers

China has issued a guideline to boost financial support for building international science and technology centers in Beijing, Shanghai and the Guangdong-Hong Kong-Macao Greater Bay Area.

By 2030, the country aims to establish a sound full-chain financial service system for technological innovation, achieve a "notable increase" in the proportion of direct financing, and basically form a pattern of integrated financial services in the three regions, according to the guideline.

The guideline was released by the People's Bank of China along with 10 other departments.

It aims to build a financial service system that better matches the core functions and international positioning of the three innovation hubs.

It also vows to make cross-border fund management simpler for multinational tech companies and for Chinese firms funding their overseas R&D centers.

The document sets out differentiated priorities for each region. The Beijing-Tianjin-Hebei region will focus on original innovation and coordinated regional innovation, with stronger financial support for major science and technology infrastructure.

The Yangtze River Delta will leverage its industrial cluster advantages to build a technology finance ecosystem featuring multi-party participation and shared benefits.

The GBA will develop an open technology finance system, with an emphasis on deepening high-level financial interaction and regulatory alignment among Guangdong, Hong Kong and Macao.