China says to accelerate financial support for sci-tech innovation

BEIJING (Reuters) -China said on Wednesday it would further enhance capital market support for science and technology innovation enterprises and would expand bank credit support for firms in the sector.

The move comes as the nation steps up efforts to reduce dependence on foreign technology amid rising China-U.S. geopolitical tensions.

It aims to strengthen financial support for the national key science and technology programmes and small and medium-sized tech enterprises, according to guidelines jointly released by seven authorities including China's science and technology ministry and the central bank.

China would encourage qualified tech firms to go public domestically and abroad in accordance with the law, it said.

China would also expand its pilot programme for financial asset investment companies to 18 cities and provinces, which aims to guide more equity investment in tech innovation firms.

Banks in pilot cities would be allowed to extend the loan term of merger and acquisition loans for tech firms to up to 10 years, it said.

(Reporting by Ziyi Tang, Ryan Woo and Beijing Newsroom; Editing by Alex Richardson)

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