China’s interbank market regulator has unveiled new rules for technology and innovation bonds, aiming to steer more funding into “hard tech” sectors and address a structural imbalance that has favored state-owned giants over private firms.
The National Association of Financial Market Institutional Investors (NAFMII) on Monday released updated guidelines, set to take effect March 9. The measures build on a framework introduced in May 2025 that established a dedicated “sci-tech board” in the bond market. The changes are intended to better support technology companies at various stages of growth, NAFMII said in a notice.
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