China has issued a guideline to strengthen financial support for building international science and technology centers in Shanghai (Yangtze River Delta region), Beijing (Beijing-Tianjin-Hebei region), 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.

For Shanghai and the wider Yangtze River Delta region, the guideline calls for leveraging the advantages of coordinated industrial clusters to build a technology finance ecosystem featuring multi-party participation and shared benefits.

Among the specific measures, the guideline calls for improving foreign exchange facilitation policies for qualified foreign limited partners to facilitate overseas institutions' equity investment in China.

It also seeks to simplify cross-border fund management for multinational technology companies and Chinese companies funding their overseas R&D centers.

The document also calls for deepening supply-side structural reform in the financial sector, improve the allocation of financial resources, and optimize financial service models and supporting mechanisms to strengthen the three regions' roles as sources of scientific and technological innovation, leaders in high-end industries, and magnets for top talent.

It also calls for stronger coordination of financial services within the three regions through policy alignment, mutual recognition of standards, information sharing, and better connectivity among supporting facilities.

The guideline also stresses strengthening joint risk prevention and control mechanisms to prevent systemic financial risks.

Source: General Office of the Shanghai Municipal People's Government