Science and technology innovation bonds: Underlying logic and development pathway

As new quality productive forces become a core driver of high-quality development in China, science and technology innovation bonds, as a key instrument linking technology and capital, have gradually evolved into an important means to guide financial resources toward strategic sectors and to serve innovative enterprises. This paper systematically reviews the defining features of science and technology innovation bonds and their complementarities with other forms of science and technology finance. It focuses on the mechanisms through which these bonds support new quality productive forces, including financing provision, resource allocation, market incentives, risk sharing, and signal transmission. On this basis, the paper examines differentiated practices in the United States, Japan, and Europe, and discusses their implications for China’s development path. Finally, the paper proposes policy directions such as optimizing product structures, expanding the investor base, promoting market-oriented institutional transformation, and strengthening risk governance, with the aim of providing theoretical support and policy references for improving China’s science and technology financial system and fostering new quality productive forces.