China announces a series of policy steps to back private firms and venture capital

China rolled out a series of policy measures to support private enterprises and venture capital on Wednesday at the 2025 China Private Enterprises Investment and Financing Conference, covering sci-tech innovation, financial empowerment, and industrial upgrading to promote the healthy and high-quality development of the private economy.

During the conference, 330 financing projects were collected from participating enterprises, along with 165 investment intentions from financial and investment institutions. A total of 49 projects were signed, with agreements exceeding 14 billion yuan ($1.97 billion).

The conference, supported by the National Development and Reform Commission and jointly held by China's Ministry of Science and Technology and the Tianjin municipal government, brought together some 1,200 enterprises, including Fortune China 500 companies, China's Top 500 private firms, and major financial institutions.

The newly released Measures of Tianjin on Supporting the High-Quality Development of Venture Capital encompass 24 policies across six dimensions, addressing bottlenecks and challenges in fundraising, investment, management, and exit, Dai Yongkang, director of the Tianjin Development and Reform Commission, said.

"The Tianjin Action Plan for Implementing 'Policy Measures to Accelerate the Construction of a Sci-Tech Finance System and Strongly Support High-Level Sci-Tech Self-Reliance' (2025-2027) will advance investment system refinement, leverage government funds' leading role, and actively promote sci-tech-finance integration," Zhu Yubing, director of the Tianjin Science and Technology Bureau, said.

"We will continue to prioritize the development of the private economy, creating fertile ground for private enterprises to thrive," Ji Guoqiang, a member of the Standing Committee of the Tianjin Committee of the CPC and head of the provincial united front work department, said.

During the conference, Wu Wensheng, chairman of Great Wall Strategy Consultants, and the Tianjin Development and Reform Commission jointly released the GEI China Neo-Unicorn Enterprise Development Report 2025, unveiling growth characteristics and highlights of these firms across dimensions, including enterprise count, innovation leadership, and regional distribution.

Neo-unicorns, or "Nezha enterprises", refer to tech-driven startups established within the past three years that have raised at least 100 million yuan in private financing before Series A, and are characterized by disruptive technologies and emerging sectors.

"These enterprises now span 35 industries, with over 60 percent concentrated in integrated circuits, innovative pharmaceuticals, clean energy, robotics, and AI," Wu said. "We aim to collaborate with governments to optimize the ecosystem for new-economy enterprises, mobilizing resources to empower Beijing-Tianjin-Hebei enterprises."

Wei Zhuoran contributed to this story.