The heads of three departments answer questions from journalists on the Implementation Plan for the High-Quality Development of Banking, Insurance and Financial Technology Industries.

Recently, the heads of the China Banking and Insurance Regulatory Commission, the Ministry of Science and Technology, and the National Development and Reform Commission answered questions from journalists on the "Implementation Plan for the High-Quality Development of Science and Technology Finance in the Banking and Insurance Industries." In terms of strengthening the construction of professional capabilities in science and technology finance, the "Implementation Plan" proposes the following: firstly, strengthening digital empowerment to encourage financial institutions to develop digital operational tools, enhance the ability to identify and select enterprises, improve operational management efficiency and risk prevention levels. Secondly, improving the risk-sharing mechanism of science and technology finance, implementing support for special guarantee plans for technological innovation, and diversifying technology insurance risks through the establishment of co-insurance and reinsurance arrangements. Thirdly, promoting information sharing among enterprises to strengthen the construction of information infrastructure in technology innovation-related areas to provide information support for technology credit assessment and insurance pricing. Fourthly, improving third-party intermediary services, providing credible technology consulting, technology value evaluation, and technical risk assessment services. The original text is as follows: The heads of the China Banking and Insurance Regulatory Commission, the Ministry of Science and Technology, and the National Development and Reform Commission answered questions from journalists on the "Implementation Plan for the High-Quality Development of Science and Technology Finance in the Banking and Insurance Industries." Recently, the China Banking and Insurance Regulatory Commission, the Ministry of Science and Technology, and the National Development and Reform Commission jointly issued the "Implementation Plan for the High-Quality Development of Science and Technology Finance in the Banking and Insurance Industries" (hereinafter referred to as the "Implementation Plan"), and the heads of relevant departments answered questions from reporters on related issues. 1. What is the background of the release of the "Implementation Plan"? The Third Plenary Session of the Twentieth Central Committee of the Party called for the establishment of a science and technology finance system that is in line with technological innovation. The Central Financial Work Conference pointed out the need to use more financial resources to promote technological innovation. The National Science and Technology Conference emphasized the need to do a good job in science and technology finance, guide financial capital to invest early, invest small, invest long-term, and invest in hard technology. The China Banking and Insurance Regulatory Commission, the Ministry of Science and Technology, and the National Development and Reform Commission resolutely implement the decisions and arrangements of the Party Central Committee and the State Council, and have formulated the "Implementation Plan" to guide financial institutions to further strengthen full-lifecycle financial services for technology-based enterprises, make significant achievements in science and technology finance, and support the high-level development of self-reliance in science and technology and the construction of a country strong in science and technology. 2. What are the overall considerations for the formulation of the "Implementation Plan"? Starting from strengthening the mechanism of science and technology financial services, the product system, professional capabilities, and risk control capabilities, the "Implementation Plan" proposes 20 measures in 7 aspects. Firstly, a combination of policies from multiple departments, consolidating the policy efforts of supervisory authorities, technology, and development and reform departments to play a "combination punch" for science and technology financial services. Secondly, increase the supply of financial resources to guide banks and insurance funds to invest early, invest small, invest long-term, and invest in hard technology, and promote the convergence of more financial resources to technological innovation. Thirdly, smooth the circulation of science and technology three elements, remove the obstacles and bottlenecks in the circulation of capital, funds, and assets, and support technology companies, especially "chain-leading" enterprises, to accelerate industrial integration. Fourthly, promote the integration of science and technology and industry, promote deep integration of technological innovation and industrial innovation, and support a virtuous cycle of "science and technology - industry - finance." 3. What are the specific requirements of the "Implementation Plan" for strengthening the construction of the mechanism of science and technology financial services? First, improve the organizational structure of institutions. Encourage financial institutions to improve the internal management structure of science and technology finance services in combination with reality and appropriately authorize science and technology finance professional or characteristic branches. Secondly, optimize internal assessment and incentive constraint mechanisms. Increase the proportion of indicators related to science and technology finance in internal performance evaluations, raise the tolerance for bad loans for technology-based enterprises, and effectively enhance the proactive support of business personnel for technological innovation. Thirdly, provide financial services to key areas and weak links of science and technology innovation. Encourage financial institutions to strengthen financial support for national major scientific and technological tasks and science and technology-based small and medium-sized enterprises. Provide financial services for national major scientific and technological projects, national strategic technological forces, and national-level science and technology innovation platform bases. Serve technology-based enterprises and research and development centers owned by private and foreign-funded enterprises equally. Fourthly, improve the ecological system of science and technology financial services. Support the co-construction of a multi-level science and technology financial services ecological system by governments at all levels, technology-based enterprises, financial institutions, venture capital funds, third-party intermediary service organizations, etc. Support the high-quality development of international science and technology innovation centers, regional science and technology innovation centers, comprehensive national science centers, science and technology finance reform pilot zones, Ningbo National Insurance Innovation Comprehensive Pilot Zone, East Lake Technology Insurance Innovation Demonstration Zone, and the Technology Insurance Innovation Leading Area of the Lingang New Area of China (Shanghai) Free Trade Pilot Zone. 4. How does the "Implementation Plan" require financial institutions to strengthen the construction of the science and technology financial product system? Firstly, increase the issuance of science and technology loans. Increase the credit and medium- to long-term loans for technology-based enterprises, flexibly set loan interest rate pricing and interest payment methods. For working capital loans with long cash flow recovery periods, banks may appropriately extend the loan period, up to a maximum of 5 years. Secondly, optimize technology insurance protection services. Guide insurance companies to improve the mechanism for spreading risks in major technological breakthroughs and provide insurance products that cover the entire process of technological innovation activities. Increase the supply of insurance for technology innovation talents and related practitioners, enhance the effectiveness of insurance protection in health management, pension services, occupational liability, etc. Thirdly, promote science and technology financial policy pilots. The pilot of equity investment by financial asset management companies should be expanded in an orderly manner to regions with strong economic strength, a large number of technology enterprises, significant research and development investments, and active equity investments to support eligible commercial banks in setting up financial asset management companies. Deepen the pilot reform of long-term investment of insurance funds, support insurance companies to initiate the establishment of private equity funds, invest in the stock market, and hold long-term positions. Carry out a pilot project of M&A loans for technology companies, study and expand the scope of pilot banks, regions, and enterprises, support technology companies, especially "chain-leading" enterprises, in industry integration, and facilitate capital circulation. Conduct a comprehensive pilot project of intellectual property finance ecology, develop intellectual property finance business, and study the expansion of pilot internal evaluation of intellectual property. Fourthly, strengthen cooperation with venture capital and other institutions. Encourage banks to cooperate with investment institutions in compliance with the law to carry out "loan + external direct investment" business. Encourage insurance institutions to increase support for venture capital investment, develop long-term capital and patient capital. Fifthly, support the financing of technology-based enterprises through bonds. Encourage banks to provide underwriting services for the issuance of technology innovation notes, asset-backed notes, and asset-backed bonds by eligible technology-based enterprises. Support banks, insurance institutions, asset management institutions, etc., to increase their investment allocation of technology innovation bonds, and promote insurance institutions to invest in asset-backed plans and other securitization products.Fifth, what measures are proposed in the "Implementation Plan" to strengthen the construction of professional skills in science and technology finance? 1. Strengthen digital empowerment, encourage financial institutions to develop digital operational tools, enhance the ability to identify and select enterprises, improve operational management effectiveness, and risk control levels. 2. Improve the risk-sharing mechanism of science and technology finance, implement a special guarantee plan to support technological innovation, and diversify technology insurance risks through the formation of co-insurance bodies, reinsurance, and other means. 3. Promote enterprise information sharing, promote the construction of information infrastructure in the field of technological innovation, and provide information support for technological credit review and insurance pricing. 4. Improve third-party intermediary services, provide credible technological consulting, technological value assessment, and technical risk assessment services. This article is selected from the National Development and Reform Commission's WeChat public account. Editor: Chen Xiaoyi.