In 2021, China Development Bank (CDB) granted special loans of 70 billion yuan to support scientific and technological innovation and basic research in China. Focusing on major national scientific and technological innovation tasks, breakthroughs in key and core technologies, cutting-edge basic research, applied research and commercialization of scientific and research findings, the loans provided great impetus to the virtuous circle of science, technology, industry and finance. Initiated in March 2021, the total amount of such loans reached 300 billion yuan during the 14th Five-Year Plan period.
These special loans issued by CDB for scientific and technological innovation and basic research targeted at boosting sci-tech self-reliance and self-strengthening with development finance, focusing on improving China’s strategic scientific and technological strength. CDB actively studied the 10-year action plan for national basic research, the strategic scientific plans, and the major national scientific and technological projects and supported a number of major national scientific and technological projects of forward-looking and strategic importance in the fields of integrated circuits, new energy, biological breeding, and deep underground and sea. In this process, CDB made great efforts to improve its financial services and provided differentiated preferential policy support to the scientific and technological enterprises meeting the requirements. Meanwhile, CDB strove unceasingly to improve financing modes and means of financial services. It broke the bottlenecks in basic research by market-oriented measures, customized financing plans for enterprises, and provided stable long-term funding to research and development, which effectively solved the problems of basic research at the initial stage such as long development cycle, shortage of collateral, and large demand for investment.
To finish the “last mile” on the road of commercialization of scientific and research findings to promote their application, CDB, following the direction of market application value, integrated financing with intellectual support, closely cooperated with innovation entities such as enterprises, universities, research institutes, laboratories, and technological innovation platforms to assemble all kinds of innovative elements. It realized the commercial sustainability of financing by means of enterprise loans, entrusted research and development by research institutes, enterprise purchase and industrial application of scientific and research findings. It cooperated with different entities to support the commercialization of basic research findings, which strongly promoted the scientific and research findings to be transferred from the “laboratories” to the “production lines”.
According to sources from CBD, the bank will thoroughly implement the decisions and instructions of the CPC Central Committee and the State Council, focus on its main operations and responsibilities, and actively play its competitive edges in medium- and long-term investment and financing. It will further enrich the system of supporting scientific and technological innovation with finance, continuously improve its comprehensive financial service capabilities, and constantly strengthen its support to scientific and technological innovation and basic research, so as to step up China’s efforts to develop itself into a science and technology power.
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