The 2026 Zhongguancun Forum Annual Meeting focused on “in-depth integration of technological innovation and industrial innovation”, becoming an important window to observe the development of China’s sci-tech finance. At present, the logic of the capital market serving technological innovation has shifted from “whether there is money to invest” to “whether money can flow to technological innovation intelligently, patiently and systematically”, and policy support has been continuously strengthened.

The Outline of the 15th Five-Year Plan clearly proposes to “build a sci-tech finance system compatible with technological innovation”, support high-quality sci-tech enterprises to list for financing and issue bonds, and for the first time include “high-quality construction of the ‘Sci-Tech Board’ in the bond market” into the national strategy. The policy focus has shifted from “single advancement” of equity financing to “dual-drive” of equity and debt coordination, providing more refined institutional supply for the entire life cycle of sci-tech enterprises.

Recently, a number of supporting policies have been implemented. The Shanghai and Shenzhen Stock Exchanges have extended the identification standards for “light assets and high R&D investment” from the Sci-Tech Innovation Board and ChiNext Board to the Main Board. Main Board companies that meet the standards can break the limit for refinancing to be used for R&D. Relevant policies issued in Beijing have clearly established an evaluation mechanism of “calculating the total account over a long cycle” for state-owned venture capital funds, supporting foreign asset management institutions to invest in technological innovation. These measures have promoted the capital market to leap from a “resource allocation platform” to a “core hub supporting the modern industrial system”, helping the in-depth integration of technology and industry.