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E-mail China.org.cn, January 31, 2024
Phoenix TV:
General Secretary Xi Jinping emphasized once again in his important speech at the opening of a study session on boosting the high-quality development of the financial sector, attended by principal officials at the provincial and ministerial levels, that the fundamental principle that finance serves the real economy must be upheld. Can you please provide a detailed introduction to the relevant work of the MIIT in promoting the positive cycle of "technology-industry-finance"? Thank you.
Xin Guobin:
Thank you for your question. The central financial work conference was held at the end of last year. General Secretary Xi Jinping attended the conference and delivered an important speech, emphasizing the need to adhere to the fundamental principle of providing financial support for the real economy. Over the past year, the MIIT has taken the initiative and actively collaborated with the Ministry of Finance, the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission to carry out exploratory work. This has further guided financial resources to better support major strategies, key areas, and weak links in the manufacturing industry. At present, we have engaged in strategic cooperation with 22 financial institutions nationwide, forming a preliminary pattern of industry and finance cooperation featuring departmental collaboration, vertical linkage between the central and local governments, and policy coordination and cooperation, with extensive participation from financial institutions. This collaboration has yielded positive results, with the outstanding medium- and long-term loans to the manufacturing sector growing around 30% for three consecutive years. And that was not an easy task. The scale of financing assisted by the national industry-finance cooperation platform increased 68% year on year and is still expanding.
To deepen the cooperation between industry and finance and support the industrial application of scientific and technological advances, we have led the implementation of a special pilot project called "Integration of Science, Technology, Industry, and Finance." We are actively exploring an integrated resource allocation path where "enterprises pose questions, the market provides answers, capital selects projects, and local governments assume responsibilities." Relying on the mechanism for evaluation of key and core technologies and cultivation of listed companies — jointly established with securities exchanges — as well as local policy support, we guide social capital to invest early, in small amounts, and in key and core technologies. This creates a sustained and stable mechanism for innovative investment to address weaknesses, enhance strengths, and strengthen foundational components. During the project-oriented stage, R&D needs are proposed by leading or competitive enterprises in the industrial chain, and an open competition mechanism is introduced to select the best candidates to undertake such projects. With these R&D projects included in the scope of key and core technologies, we encourage investment institutions to support them and local governments to provide further preferential policies .
In the industrial production and market application phase, corresponding policies such as preferential loans, industrial investment, and insurance compensation are implemented to help innovative achievements rapidly tap the market, facilitating market validation and technological iteration. Meanwhile, qualified enterprises are recommended for inclusion in the incubation system for listing. We will strengthen guidance on their expectations for listing, and encourage them to leverage the capital market to grow larger, better, and stronger. Last year, a multi-directional docking event for industry and finance cooperation, among industries, and for industrial and urban integration was held in Xiongan New Area. In four key sectors — aerospace information, artificial intelligence and robotics, biomedicine, and advanced new materials — a total of 58 early-stage projects involving core technologies participated in roadshows. Of these, 55 projects signed cooperation intention agreements with investment institutions or local entities, achieving a financing amount of 11 billion yuan. We pushed forward the establishment of the Beijing-Tianjin-Hebei Enterprise Incubator for the STAR Market in Xiongan, aiming to provide services from the very beginning to cultivate innovative high-tech enterprises that could list on the STAR Market. These are some of the innovative explorations in promoting integration.
This year, we will continue to deepen the cooperation between industry and finance and strengthen our collaboration with financial regulatory authorities. We plan to expand the scope of the "Integration of Science, Technology, Industry, and Finance" special project, and organize special roadshows for the transformation of scientific and technological achievements in universities and industrial parks. We will continue to establish the evaluation standards for key and core technologies in segmented fields and carry out evaluation work in this regard. Focusing on areas such as biomanufacturing, artificial intelligence, inland waterway vessels, and the low-altitude economy, we will explore early-stage projects involving core technologies, and guide financial, social, and industrial capital to continue investing. We will continue to collaborate with securities exchanges to promote the incubation of listed enterprises. We will make efforts to ensure smooth channels for capital exit and promote a further positive cycle of "technology-industry-finance," in a bid to advance the construction of a modern industrial system.
That's all I have to say. Thank you!
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