China's Ministry of Technology, along with six other departments, issued the "Certain Policy Measures to Accelerate the Construction of a Science and Technology Financial System to Strongly Bolster High-Level Technological Self-Reliance and Self-Strengthening", which mentions the establishment of the "National Venture Capital Guidance Fund".

This fund will promote the growth of technology-based enterprises, cultivate and develop strategic emerging industries, especially future industries, and facilitate the transformation of major technological achievements into real productive forces, accelerating the realization of high-level technological self-reliance and self-strengthening, and fostering the development of new quality productive forces.

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In parallel, it aims to further enhance the capital market's support for technology innovation enterprises, including refining the counter-cyclical adjustment mechanism for new stock issuance, prioritizing support for technology-based enterprises that achieve breakthroughs in key core technologies to list and finance, continuously supporting high-quality not-yet-making-profit technology-based enterprises in issuing and listing, and optimizing systems for mergers, acquisitions, and equity incentives of technology-based listed companies.

The policy measures also mention promoting the high-quality development of technology innovation company bonds, incorporating high-quality enterprise technology innovation bonds into benchmark market-making varieties, guiding and encouraging investors to amplify investment in technology innovation bonds. It aims to enrich the technology innovation bond products in the interbank bond market and improve the financing support mechanism for technology innovation bonds.

The measures will beef up the support for technology-based enterprises, venture capital institutions, and financial institutions in issuing technology innovation bonds, raising long-term, low-interest, and easily accessible bond funds for technology innovation. It also supports foreign investment in domestic technology-based enterprises, enhancing the convenience of foreign equity and venture capital investment in China.

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Utilizing the Qualified Foreign Limited Partner (QFLP) pilot and cross-border financing facilitation pilot policies, it broadens the cross-border financing channels for technology-based enterprises. It supports technology-based enterprises to list abroad in compliance with laws and regulations.

The document also mentioned enhancing the bond market’s mechanisms to support technological innovation, including the establishment of a "Technology Board" in the bond market.