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Guiding Resources Toward the Main Battlefield of Scientific and Technological Innovation
Guangming Daily | Local Language | News | Nov. 18, 2025 | UndeterminedTech Development/Adoption
At the end of the third quarter of 2025, the People’s Bank of China reported significant growth in technology finance, with the loan access rate for technology-based SMEs surpassing 50% and loan balances increasing by 22.3% year-on-year. Loans to high-tech enterprises have stabilized around 18 trillion yuan, reflecting a robust inflow of credit into technological innovation. This progress is attributed to combined policy support and market efforts, including increased re-lending of 800 billion yuan at reduced interest rates and new policy measures from seven departments to strengthen the technology-finance system.
Financial institutions have responded by creating specialized service systems and innovative credit evaluations that allow technology firms to secure funding based on R&D capabilities rather than traditional asset collateral. However, challenges remain, such as aligning risks with financial mechanisms, cultivating patient capital for long-term tech projects, and addressing gaps in intellectual property valuation and policy incentives. Banks still focus credit on mature enterprises, leaving early-stage startups underfunded due to high risk and identification difficulties.
To further channel resources into technological innovation, the article emphasizes the need for continuous financial product and service innovation. This includes reducing collateral dependence, adopting credit models tied to innovation outputs such as patents, and developing products spanning all stages of tech enterprise growth. The recent regulatory approval of Xingyin Investment as the first joint-stock-bank financial asset investment company marks a step toward enabling banks to participate in early-stage equity investments by balancing risk and return.
Overall, technology finance is key to advancing China’s technological self-reliance amid ongoing structural barriers and financing difficulties. Sustained reform and innovation in institutional mechanisms are essential to translate the scale of technology loans into qualitative growth, foster the integration of finance and technology, and accelerate the modernization process guided by innovation-driven development strategies.