Econ-focused presser turns into tech-focused presser
Building the high-tech economy of the future requires vision, courage, and talent.
- And also lots of money.
On Thursday, the heads of the macro planner (NDRC), the finance ministry (MoF), the commerce ministry (MofCom), the central bank (PBoC), and the securities regulator (CSRC) held an econ-focused press conference on the sidelines of the Two Sessions.
What stood out: This meeting of financial authorities sounded like a tech-focused presser.
The policymakers signaled that a comprehensive major support package to finance tech innovation is on the way, and will:
- Establish a new national-level venture capital fund
- Greenlight unprofitable tech companies to IPO
- Encourage M&A in the tech sector
- Boost bond issuance for both tech firms and the financial institutions that fund them
- Expand the tech relending program from RMB 500 billion to RMB 800 billion-1 trillion
CSRC chief Wu Qing summed it up pretty well:
- “Technology was ever-present at this year’s Two Sessions. Today’s economic-themed press conference almost feels like a tech-focused one.“
- “These past couple of days, if you’re not talking about DeepSeek, it seems like you’re not keeping up with the trend!”
Get smart: The recent DeepSeek revelation didn’t just boost confidence in China’s tech innovation capabilities – it convinced policymakers that doubling down on tech advancement now is the right move.