In May 2025 alone, bond offerings hit a record 363.8 billion yuan, supported by lower average financing costs that fell to 1.77%.

This bond issuance is part of Beijing's broader strategy to enhance access to long-term capital and promote technological self-reliance in the country.

Additionally, the Sci-Tech Bond Board, a new dedicated issuance platform, is set to launch soon, with expectations of over 300 billion yuan in near-term offerings.

This initiative is also aimed at improving direct financing options for critical industries such as artificial intelligence, semiconductors, and biotech, which have historically faced challenges in accessing traditional loans.

For instance, Oriental Fortune Capital issued 10-year bonds worth 400 million yuan, fully guaranteed by China Bond Insurance Co. Ltd., and garnered significant investor interest with a subscription rate of 6.3 times.

China has launched its inaugural bond issuance backed by state-supported risk-sharing mechanisms, successfully raising 1.35 billion yuan (approximately $188 million) to bolster its strategic technology sector.

This initiative saw participation from five private venture capital firms, including notable names like Legend Capital and Oriental Fortune Capital.

The bond issuance aims to alleviate the fundraising challenges faced by private investment firms, which are essential for financing early-stage, high-tech ventures.

The push for market-based financing began in early 2021, with technology innovation bonds gaining traction and eligibility expanding in May 2025 to include private equity and venture capital firms.

As of mid-June 2025, there have been 722 technology innovation bonds issued this year, reflecting a substantial increase in issuance volume, which reached 756.5 billion yuan in the first five months, marking a 76.4% rise from the previous year.