The 25th meeting of the Central Commission for comprehensively deepening reform was held a few days ago. The meeting deliberated and adopted the work plan for improving the financial support innovation system during the 14th Five Year Plan period. The meeting stressed that "accelerating the construction of financial support innovation system", "promoting the construction of scientific and technological credit service capacity", "improving the direct financing function of multi-level capital market" and "coordinating finance to support scientific and technological innovation and prevent financial risks". Industry insiders said that innovation is the first driving force leading development. During the 14th Five Year Plan period, we must continue to optimize the allocation of financial resources, make two-way efforts in direct and indirect financing, dredge "blocking points" and "blocking points", and inject stronger financial power into scientific and technological innovation. With regard to the key areas of the financial support innovation system, the meeting proposed that "we should focus on key core technology research, the transformation of scientific and technological achievements, scientific and technological and innovative small and medium-sized enterprises, high-tech enterprises and other key areas". With regard to the channels and methods of financial support innovation system, the meeting proposed to "promote the construction of scientific and technological credit service capacity", "strengthen the role of development and policy financial institutions in serving scientific and technological innovation within the scope of their responsibilities", "improve the direct financing function of multi-level capital market" and "play the risk sharing role of insurance and financing guarantee institutions". In terms of credit support for scientific and technological innovation, at present, the bank's trust in scientific and technological innovation is increasing, and began to actively intervene in the development of small and medium-sized scientific and technological enterprises, and actively innovate products to provide financing. Pan Helin, CO director and researcher of the digital economy and financial innovation research center of the International United Business School of Zhejiang University, said that in the future, we should further encourage financial institutions to provide credit support to small and medium-sized science and technology enterprises, increase financial institutions' confidence in small and medium-sized science and technology enterprises, and promote financial institutions to reduce the credit threshold for small and medium-sized science and technology enterprises through incentive policies. In fact, relevant support policies are already being promoted. For example, the people's Bank of China guides financial institutions to further increase their support for scientific and technological innovation enterprises through scientific and technological innovation refinancing. According to sun Guofeng, director of the Monetary Policy Department of the people's Bank of China, the scope of enterprises supported by the tool includes "high-tech enterprises", "specialized special and new small and medium-sized enterprises", national technological innovation demonstration enterprises, manufacturing one-way champion enterprises and other science and technology enterprises. "The total amount is 200 billion yuan, the interest rate is 1.75%, and the direct mechanism of 'loan first and then loan' is adopted. After financial institutions issue loans to enterprises, the people's Bank of China provides financial support for 60% of the loan principal of science and technology enterprises with a required loan term of 6 months or more on a quarterly basis." He said. In terms of capital market support for scientific and technological innovation, at present, the ability of China's multi-level capital market to serve innovative small and medium-sized enterprises, especially "specialized and special new" enterprises, is also gradually improving. In particular, the opening of the Beijing stock exchange in November last year opened a new path for the listing and financing of "specialized and new" enterprises. Dong ximiao, chief researcher of Zhaolian finance, said that priority can be given to supporting "specialized and special new" enterprises with strong innovation ability and great development potential to be listed on the main board market to reduce financing costs and enterprise leverage; Highlight "earlier, smaller and newer", promote more "specialized and special new" small and medium-sized enterprises to be listed on the Beijing stock exchange, the science and innovation board and the new third board, and increase the proportion of direct financing. The meeting also proposed to adhere to the bottom line thinking and problem orientation, based on ensuring the safety and stability of the industrial chain and supply chain, coordinate finance, support scientific and technological innovation and prevent financial risks, and consolidate the main responsibility of risk prevention and control. Pan Helin said that there are certain risks in innovation. The credit support and financing support for small and medium-sized science and technology enterprises should still respect the objective laws of the market, market subjects should make objective judgments on risks, and financial institutions should follow up risk control measures. (Xinhua News Agency)