In the new wave of technological innovation and digital economy, technology-based enterprises are becoming a new engine for promoting global economic transformation and industrial upgrading with their innovative business models and high-speed growth. These enterprises, with their characteristics of light assets, high risks, and high returns, have put forward new requirements for the financial market, which requires long-term, sustained, and stable funding support for their research and market expansion. In recent years, China has introduced a series of supportive policies covering credit, insurance, financing guarantees, bonds, venture capital, capital markets, and other aspects, significantly enhancing the flexibility and innovation capabilities of the financial market in adapting to the new economic model. In the indirect financing market dominated by banks, the central bank has effectively guided financial institutions to increase credit to technology-based enterprises by establishing structural monetary policy tools such as technology innovation refinancing. Banks in various regions have also actively responded by launching diversified credit products such as science and technology innovation loans and talent loans through innovative methods such as intellectual property pledge and accounts receivable pledge, in order to meet the financing needs of technology-based enterprises at different stages of development. In the direct financing market, the effectiveness of the "relay style" service for the entire life cycle of science and technology innovation enterprises continues to increase, and a diversified technology financial service system including venture capital, stocks, and bonds is accelerating its formation; The continuously improving regional equity market and the leveraging role of industry funds under government guidance have provided increasingly sufficient financial support for technological innovation and the development of strategic emerging industries. Under the dual driving force of indirect financing and direct financing, the financing amount of technology-based small and medium-sized enterprises in China has continuously increased in the past five years. The loan balance and medium - to long-term loan balance of technology-based small and medium-sized enterprises have both exceeded the 2.5 trillion yuan mark; The loan acquisition rate has increased from 14% to 47%; The proportion of funds led by strategic emerging industries in the government guided fund reaches 50%... The continuously growing number reflects the improvement of the financing environment for technology-based enterprises, as well as the strong support of China's financial system for innovation driven development strategy, injecting new vitality into high-quality economic development. To promote the accelerated formation of new quality productivity and ensure sufficient capital factors for research and development investment, it has become the foundation and prerequisite for enterprise innovation. However, currently, the capital supply of technology-based startups in China still faces many challenges, mainly due to indirect financing, which results in higher financing costs for bank credit; The inclusiveness of technology-based enterprises in the direct financing market is insufficient, the scale of bond financing is limited, the scale of the venture capital market is low, the risk tolerance is low, and there are problems such as difficulty in fundraising and exit. In the future, we should continuously enrich the forms and channels of financial service supply in the balance and optimization of direct and indirect financing. Innovate China's indirect financing system and continuously enrich the bank credit product matrix. Differentiated design of credit models to match enterprise development, strengthen credit guarantees, enhance technology enterprise credit, and reduce financing costs. Support the technology innovation project library, improve credit management mechanisms, and enhance financing guarantees and collateral management. Encourage banks to innovate credit products, such as science and technology innovation loans and research and development loans. Clarify the standards for investment and loan business, promote the popularization of investment loan linkage, encourage bank wealth management subsidiaries to develop long-term equity products, and promote the deep integration of technology and finance. Accelerate the cultivation of a positive and active venture capital market, and improve capital inclusiveness. Strengthen government guidance fund support, optimize assessment standards, enhance inclusiveness towards technology-based projects, establish a shared platform between government funds and industrial capital investment projects, and promote collaboration between government and industry. At the same time, we will improve the design of the "fundraising, investment management, and return" system for venture capital, carry out differentiated supervision for different types of investment institutions, classify and formulate short, medium, and long-term fund plans, increase tax incentives, and encourage "early investment, small investment, long-term investment, and hard technology investment". Intensify efforts to develop science and technology innovation bonds. Moderately relax the regulation on the inclusion of interest bearing liabilities in the assessment of science and technology innovation bonds, as well as excessive requirements for research and development expenses, management expenses, revenue, market share, etc., establish a credit evaluation system for science and technology innovation enterprises, promote the standardization of bond market standards, and promote the equal market position of enterprises of various ownerships. Encourage the pilot of innovative varieties of sci-tech bonds on the Sci Tech Innovation Board, further relax the issuance conditions of sci-tech REITs and other products, and reduce issuance costs. Improve information disclosure and continuous supervision, especially strengthen disclosure of capital flows and corporate operations, and promote market making and trading of high-quality sci-tech innovation bonds. Improve the ecosystem of science and technology innovation capital and strengthen patient capital. Deepen the reform of the issuance and underwriting system, improve the standards for identifying technology enterprises, and optimize the pricing mechanism for new stock issuance. Promote the reform of the trading system, synchronously carry out investor suitability management, and guide various types of medium and long-term funds such as pension funds, insurance funds, and bank wealth management funds to enter the market. Continuously expanding the mechanism for foreign investment interconnection, expanding the scope of trading products, and promoting two-way communication. Improve the standards for mandatory delisting, optimize the delisting process, smooth the subsequent financing channels for enterprise delisting, and promote the accelerated realization of a healthy market ecology of survival of the fittest and recruitment of new talents. (Xinhua News Agency) Author: Tian Xuan (Dean of the National Institute of Finance at Tsinghua University and Distinguished Professor of the Ministry of Education's "Changjiang Scholars" program)