Sci-tech finance in the spotlight at 2025 Tianjin Wudadao Forum

The 2025 Tianjin Wudadao Forum was held in north China's Tianjin on Thursday, attracting guests from academia, government, diplomatic circles, and think tanks to discuss finance in the sci-tech sector.

A report on national innovation and financial development was released at the event, based on in-depth analysis of the finance environment in science and technology.

"The report has effectively analyzed the current landscape of sci-tech finance development in 14 cities and regions in China, their comparative advantages in different dimensions and details, and their useful practices. The report also identifies the gaps in building sci-tech finance ecosystems in these cities and regions and proposes targeted solutions," said Li Zeguang, deputy head of School of Finance, Nankai University.

Insurance institutions are active enablers of sci-tech finance, according to experts, and insurance capital aligns well with the extended research and development cycles of tech innovators. Data from the National Financial Regulatory Administration shows that by the end of 2024, the insurance sector had provided approximately 9 trillion yuan (around 1.25 trillion U.S. dollars) in tech-related risk coverage and invested over 600 billion yuan (around 83.5 billion U.S. dollars) in tech firms.

"For instance, we can invest in top-tier PE/VC firms to leverage their expertise. We can also invest in mergers and acquisitions funds and leading 'chain master' enterprises and set up mergers and acquisitions funds with these enterprises, supporting them to consolidate upstream and downstream supply chains," said Jia Biao, president of China Insurance Investment Co. Ltd.

Guests at the event also discussed the development path of international sci-tech finance.

"Pouring in funds alone might not enhance developing nations' capacities. How to leverage development projects to facilitate technology transfer and technical capability upgrading, thereby laying a solid foundation for their sustainable self-development, is what we really need to think about," said Zhang Wencai, Managing Director and World Bank Group Chief Administrative Officer (MDCAO).

Iraqi citizens held a peaceful demonstration at Liberation Square in the capital Baghdad Saturday afternoon to protest against the five-week-long joint attacks on Iran by the United States and Israel.

They demanded that the U.S. and Israel immediately cease military strikes against Iran and opposed the United States' long-term military presence in Iraq and other Middle Eastern countries.

Since the U.S. and Israel launched military operations against Iran on February 28, security force bases in many parts of Iraq including those of the Popular Mobilization Forces, have been frequently targeted by airstrikes.

The Popular Mobilization Forces have issued multiple statements identifying the U.S. and Israel as the perpetrators of these attacks.