Innovation is the engine, finance is the fuel. On June 12, the second "Belt and Road" Science and Technology Exchange Conference was held. The reporter learned from the scene that Chongqing fully plays the institutional guarantee role of fiscal funds in supporting scientific and technological innovation, and concentrates financial resources to support the development of key and core technologies. In the past three years, it has invested more than 1 billion yuan, driving more than 5 billion yuan in corporate supporting funds, and promoting the deep integration of the capital chain and innovation chain.

On June 12, at the Second Belt and Road Science and Technology Exchange Conference, Chengdu City, Sichuan Province, a roundtable meeting on technology and finance empowerment innovation cooperation was held. Photo by reporter Li Yukun

Qiu Yong, Vice Minister of Science and Technology, Carlos Antonio Mondragorn Verasquez, Advisor to the Chairman of the National Science, Technology and Technology Innovation Committee of Peru, Ma Zhen, Deputy Mayor of Chongqing Municipal Government, and Ouyang Zehua, Vice Chairman of the Sichuan Provincial Committee of the Chinese People's Political Consultative Conference, attended the roundtable and delivered speeches.

Technology-based enterprises in Chongqing in 2024

Loan balance is higher than 700 billion yuan

"In the field of innovation, it is extremely important to build an innovative and friendly financial system." At the roundtable meeting, Zhao Changwen, dean of the National Development Institute of Sun Yat-sen University, said that scientific and technological innovation requires large-scale and long-term patient capital. An innovative and friendly financial system is open and requires the government to provide financial infrastructure and improve the risk-return structure of the market through policy tools.

This is exactly what Chongqing is promoting.

Judging from the scale, Chongqing has built a state-owned private equity fund structure at the municipal and district levels with a scale of 120 billion yuan, fully ensuring the needs of innovative financing and providing strong financial support for technology-based enterprises. In 2024, the loan balance of technology-based enterprises in the city was higher than 700 billion yuan, an increase of 44% year-on-year.

Looking at the cycle, Chongqing's science and technology finance related policies cover the entire life cycle of enterprises and provide tax and fee preferential policies covering the entire chain of innovation. Qing'an Energy Storage Technology (Chongqing) Co., Ltd., located in Western Science City, enjoyed an additional deduction of R&D expenses before tax in 2024. In addition to various policy support, the company launched new products in 2024, achieving sales revenue of 370 million yuan, a 40% increase from 2023.

In the next step, Chongqing will work with Sichuan to work with the Ministry of Science and Technology under the guidance of the Ministry of Science and Technology, taking the opportunity of applying for the creation of a science and technology innovation financial reform pilot zone, we will do our best to do a good job in science and technology finance.

The theme roundtable forum on “How Science and Technology Finance Empowers International Innovation Cooperation”. Photo by reporter Li Yukun

All parties use their "special skills"

Help the "Belt and Road" scientific and technological innovation cooperation

From the Chengdu-Chongqing Twin Cities Economic Circle to the "Belt and Road" route, the importance of financial power to scientific and technological innovation is self-evident. All parties also used their "special skills" to help the "Belt and Road" scientific and technological innovation cooperation.

"The Ministry of Commerce actively crosses national boundaries and promotes the precise docking of supply and demand of science and technology finance." Liang Haofei, deputy director of the Finance Department of the Ministry of Commerce, introduced that, for example, in December 2024, the Ministry of Commerce held a special "Invest in China" Middle East promotion and China-Middle East industrial capital docking event in Abu Dhabi, the capital of the UAE. 40 Chinese companies from new energy, advanced manufacturing, biomedicine, information technology and other fields negotiated docking with more than 70 Middle East sovereign wealth funds and investment institutions.

"CATL and BYD are both investing in Hungary, and we will do a good job in financial support." Adam Egerseghi, chief digital operations officer of Hungary MBH Bank, is optimistic about the prospects. He said that China is the world's leading economy, and Hungary has the geographical advantage of "European portal" and there is a bright future for cooperation between the two sides. As a leading financial institution in Hungary, MBH Bank will seize the opportunity to serve the development of global science and technology economic cooperation.

"While seeing technology finance empowering technological innovation, we must also be prepared to deal with risks." Gong Xiaojun, chief information officer of DBS Bank (China) Co., Ltd., said that DBS Bank's business network covers more than 70% of the "Belt and Road" co-built national markets. In order to ensure cross-border financial security, DBS Bank applies advanced technologies such as blockchain and big data risk assessment models to financial services to make financial activities safer.

"Consensus on Science and Technology Financial Cooperation in the Belt and Road" was officially released

Historical experience shows that every scientific and technological revolution and industrial transformation cannot be separated from financial innovation, guarantee and support. At the roundtable meeting, the "Belt and Road" Science and Technology Financial Cooperation Consensus (hereinafter referred to as the "Consensus") was officially released.

At the roundtable meeting on the empowerment of innovation cooperation in science and technology finance, the "Belt and Road" Science and Technology Finance Cooperation Consensus" was officially released. Photo by reporter Li Yukun

The "Consensus" calls for the "Belt and Road" Science and Technology Exchange Conference as a platform to hold science and technology finance forums, continue to carry out exchanges and discussions on science and technology finance policies, industry development information, and corporate innovation needs, and share practical experience and innovative achievements; hold professional and thematic academic exchange activities for science and technology finance, promote the development of science and technology finance think tanks, jointly carry out forward-looking research, carry out exchanges and visits, enhance trust and consensus, and cultivate international science and technology finance compound talents.

In addition, we must improve the level of development of science and technology finance, learn from the mature experience and models of various countries, and compile a batch of method guidelines and operating standards in the fields of angel investment, venture capital, bank credit, etc. for industry cooperation reference; establish a long-term mechanism for science and technology finance cooperation, promote the interconnection of government departments, financial institutions, and technology enterprises, expand the "circle of friends" of science and technology finance, promote the establishment of an international cooperation organization for science and technology finance, build consensus among all parties, and contribute smart solutions.

Stones from other mountains>>

Shenzhen’s “6 90%” and Hangzhou’s “3 15%”

Objectively speaking, the levels of industrialization and modernization of countries jointly built by the "Belt and Road" are uneven. Some countries, regions and cities have good economic conditions and abundant capital and talent resources, but their innovation is insufficient. What can we learn from it?

At the roundtable meeting on the empowerment of innovation cooperation in science and technology finance, Zhao Changwen, dean of the National Development Institute of Sun Yat-sen University, analyzed innovative examples from Shenzhen and Hangzhou.

Zhao Changwen introduced that Shenzhen enterprises have a stronger position in innovation. More than 90% of innovative companies are local enterprises, 90% of R&D institutions are located within the enterprise, 90% of R&D personnel work in the enterprise, 90% of R&D funds come from enterprises, 90% of important patents come from enterprises, and 90% of patents for major scientific and technological projects also come from enterprises. It is these "6 90%" and the strong government's market awareness that actively makes up for the shortcomings of talents, which has given birth to Shenzhen's "four major dragons": Huawei, Tencent, BYD, and DJI.

Hangzhou, which has the "six little dragons" such as Yushu Technology, has the "three 15%" that the city's fiscal science and technology investment will increase by more than 15% annually. More than 15% of the new financial resources at the municipal level will be used for science and technology revenue. 15% of the existing industrial policy funds will be concentrated on cultivating and developing new quality productivity, such as cutting-edge industries such as general artificial intelligence and humanoid robots. Zhao Changwen analyzed that this reflects "a promising government and an effective market." In the field of innovation, we must not only play the leading role of the market, but also rely on the guidance and support of the government.

New Chongqing-Chongqing Daily reporter Shen Xiaojia and Li Yukun