News about innovation

On October 19, China issued a guideline to strengthen financial support for building international science and technology centers in Beijing-Tianjin-Hebei, Shanghai's Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area. Released by the People's Bank of China with ten other departments, it targets a full-chain financial service system for tech innovation by 2030, a notable increase in direct financing, and integrated financial services across the three regions. Measures include easing foreign exchange rules for qualified foreign limited partners (QFLP) and simplifying cross-border fund management for multinational tech firms and Chinese companies funding overseas R&D. Each region has its own priorities, and the document stresses guarding against systemic financial risk.