China has taken a major step in financing sci-tech innovation with the successful debut of 36 sci-tech innovation bonds worth 21 billion yuan (approximately 2.9 billion U.S. dollars) on the interbank market on Friday.
This pioneering financial initiative comes just two days after the People's Bank of China (PBOC), the central bank, and the China Securities Regulatory Commission jointly announced new policies to support such bond issuances.
The inaugural batch represents a diverse cross-section of China's innovation ecosystem, comprising 22 sci-tech enterprises and 14 equity investment institutions from 10 provincial-level regions, including major tech hubs like Beijing, Shanghai, Guangdong, Jiangsu and Zhejiang.
The funds will target cutting-edge sectors critical to China's technological advancement, particularly integrated circuits, intelligent computing centers, and advanced materials.
Yang Ting, chief financial officer of Xi'an Zhongke Optical Machinery Investment Holding Co., Ltd., highlighted the unique advantages of this new financing channel, "Bank loans cannot be used for equity investments, but funds raised through these sci-tech bonds can be allocated for such purposes. This enables us to better incubate hard-tech enterprises."
The bonds' favorable terms are drawing strong interest from established tech firms as well. iFLYTEK Senior Vice President Duan Dawei noted, "These instruments offer longer maturities and better costs, helping tech innovators balance liability structures with asset deployment. They'll significantly support our research and development commitments."
In a significant parallel development, the China Development Bank successfully priced 20 billion yuan of its own sci-tech innovation bonds on the same day. These funds will specifically support national-level technology innovation demonstration enterprises, manufacturing leaders, and key players in strategic emerging industries.
The new bond framework represents a strategic innovation in China's financial system, explicitly authorizing three types of institutions, namely financial firms, sci-tech enterprises, and private investment funds, to raise capital dedicated to sci-tech sector investments. Market analysts suggest this addresses a critical funding gap for early-stage, capital-intensive technology projects that traditionally struggled to secure financing through conventional channels.
China launches landmark sci-tech innovation bonds to fuel high-tech development
The Iranian government is focusing on public concerns and maintaining stable supplies of essential goods amid recent protests, Iranian President Masoud Pezeshkian said in a televised interview on Sunday.
In the city of Karaj, northwest of the capital Tehran, daily life has largely continued as normal. A video filmed by a local resident on Sunday shows food stores open and grocery shelves fully stocked.
"This is the block near my home, and there are some food stores here. Daily life continues here. Last night we did not see many protests in Karaj. Right now the city is very safe. This is a grocery store close to my home. All the food is available; nothing is in shortage. Here are noodles and different types of beans. Here are dairy products, cheese, and yogurt. I also checked other grocery stores and didn't see any shortages. Everything is available," said local resident Ali Reza.
Iranian officials have described recent disturbances as acts orchestrated by the "enemy," including some carried out by well-trained and armed "terrorists." The incidents have caused casualties among security personnel and civilians, as well as property damage.
The Secretary of Iran's Supreme National Security Council Ali Larijani has directed authorities to severely punish the "terrorists."
Meanwhile, Iran's police chief Ahmad-Reza Radan said on Sunday that the police had raised alert levels and arrested several leaders of the troublemakers during the operations on Saturday.
President Pezeshkian noted in the interview that the normal demands of the Iranian people are reasonable and justified, but they must realize that triggering riots and carrying out terrorist acts are the enemy's attempts to undermine the country. He urged the public to remain vigilant.
Also on Sunday, Iranian Parliament Speaker Mohammad Baqer Qalibaf warned that Tehran would regard U.S. and Israeli bases and facilities in the Middle East as "legitimate targets" if Washington takes military action against Iran. His remarks followed media reports saying U.S. President Donald Trump is "seriously considering authorizing a strike" against Iran.
Iranian state media reported that at least 109 members of Iran's security forces have been killed in clashes since the protests began 14 days ago. Meanwhile, human rights groups based outside the country said the number of protesters killed has exceeded 200, though the figure could not be independently verified.
The protests initially erupted over a sharp depreciation of the rial and sweeping subsidy reforms. Iranian authorities have blamed the unrest on foreign-linked agents and sanctions imposed by the United States.
Iranian president says government focusing on ensuring supplies amid protests
