A top meeting attended by China’s top officials on Tuesday stressed the need to accelerate the construction of a financial support system for innovation with focus on core technologies and take various measures to increase incentives for innovation.
The 25th meeting of the central commission for deepening overall reform stressed the need to focus on facilitating corresponding financial support, like banking and insurance services, on key areas of core technology research, transformation of scientific and technological achievements, technology-based and innovative small and medium-sized enterprises and high-tech enterprises.
Among the measures highlighted in the meeting, the government pledged to enhance the ability of banking financial institutions to serve enterprises that undertake major national scientific and technological innovation tasks while improving the direct financing of the multi-level capital market.
The government will also give full play to the risk sharing role of insurance and financing guarantee institutions to encourage market support of financial innovation, especially in industrial supply chain and finance sectors.
The meeting asked to ensure the security and stability of the industrial supply chain and prevent financial risks.
To further provide incentives to technology innovation and fully unleash its potential, the meeting noted several key approaches for groups and individuals to give a full play to the innovation works.
Such approaches involved the inspiration of scientific and technological personnel to strengthen their patriotism and ambition to serve the country, with the combination of both spiritual and material incentives, and rewarding those who have made significant contributions to scientific and technological progress, economic and social development, and national strategic security based on the urgent and long-term needs of the country.
It is necessary to increase incentives for young personnel by providing them with the opportunity to take on major responsibilities, the meeting said.