Key points

On October 19, 2026, 11 departments including the People's Bank of China jointly issued guiding opinions to strengthen financial support for the three major international science and technology innovation centers located in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area. The guidance aims to establish a financial service system covering the entire chain of scientific and technological innovation, significantly increase the proportion of direct financing, and promote integrated regional financial services by 2030. It also includes differentiated support measures tailored to the characteristics of each region and enhanced risk management. [1] [2]

Announcement of Guiding Opinions to Strengthen Financial Support for China's Three Major International Science and Technology Innovation Hubs

On October 19, 2026, 11 departments including the People's Bank of China jointly issued guiding opinions to strengthen financial support for the three major international science and technology innovation centers in the Beijing-Tianjin-Hebei (Jing-Jin-Ji) region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area. This policy is an important measure aimed at promoting scientific and technological innovation in these regions. The guiding opinions seek to build a financial service system aligned with the international positioning and core functions of these hubs, with a particular focus on improving both the quality and quantity of financial services. [1]

The guiding opinions set a goal to complete the establishment of a financial service system covering the entire chain of scientific and technological innovation by 2030 and to substantially increase the proportion of direct financing. They also aim to establish an integrated regional financial service system to improve the efficiency and expansion of financial support for innovation activities. These measures are positioned as part of the central government's strategic policies to promote science and technology. [2]

Region-Specific Specialized Financial Support Measures and Multifaceted Assistance

The guiding opinions propose differentiated financial support measures based on the distinct goals and industrial structures of the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area. The Beijing-Tianjin-Hebei region focuses on original innovation and collaborative innovation, strengthening strategic scientific and technological foundations. The Yangtze River Delta leverages the coordinated advantages of industrial clusters to build a financial service ecosystem involving diverse participants. The Guangdong-Hong Kong-Macao Greater Bay Area aims to develop an open financial system and promote financial cooperation and regulatory harmonization among Guangdong, Hong Kong, and Macao. [3] [4]

Furthermore, the guiding opinions include multifaceted support measures such as enhancing the professional capabilities of financial institutions, promoting interregional policy coordination, and reflecting innovation achievements in financial services. Examples include strengthening patient capital, expanding medium- and long-term funds through insurance and investment companies, providing financial support to young scientific and technological talents, and promoting cross-border investment. These efforts aim to meet funding needs at various stages of scientific and technological innovation and support sustainable development. [5]

Strengthening Financial Risk Management and Prevention of Systemic Risks

The guiding opinions emphasize strengthening the establishment of joint mechanisms for financial risk prevention and management to prevent the occurrence of systemic risks. Based on principles of marketization and rule of law, they clarify the risk management responsibilities of all stakeholders and focus on preventing blind investments and low-level redundant construction. This approach aims to ensure the stability of the overall financial system while maintaining sustainable funding for scientific and technological innovation. [4]

Financial institutions bear primary responsibility for risk prevention, enhancing credit risk management and supervision of fund usage. Financial regulatory authorities conduct risk assessments and early warnings in key areas and assist financial institutions in distinguishing genuine projects. These measures ensure that financial innovation proceeds in an orderly manner under market and legal frameworks and aim to avoid excessive competition. They are designed to balance financial system stability with healthy development in the science and technology sector. [4]

Emphasis by People's Bank Governor on the Importance of the Guiding Opinions and Promotion of Pilot Financial Policies

On October 19, 2026, at the 2026 Financial Street Forum Annual Meeting held in Beijing, People's Bank of China Governor Pan Gongsheng emphasized that the construction of the three major international science and technology innovation centers is a key strategy of the central government. Governor Pan announced the promotion of pilot financial policies in areas such as relending, the 'Science and Technology Board' in the bond market, and cross-border investment and financing. These initiatives are expected to facilitate effective financial support and introduce innovative financial methods. [1] [2]

Governor Pan also indicated that the guiding opinions include measures to strengthen financial service cooperation among the three regions, promote policy coordination, mutual recognition of standards, information sharing, and interconnection of related facilities. These efforts are expected to deepen interregional financial cooperation and accelerate the establishment of international science and technology innovation hubs. The measures are regarded as an important step toward building China into a strong country in science, technology, and finance. [1]