China will launch a science and technology board in the bond market this year as the country sharpens its commitment to providing financial support for technological innovation, according to Pan Gongsheng, governor of the People's Bank of China, the country's central bank.

Speaking at a news conference of the third session of the 14th National People's Congress, Pan said the initiative aims to facilitate financial institutions, technology enterprises and private equity investment funds in issuing specialized bonds that support scientific and technological innovation.

In partnership with the China Securities Regulatory Commission and the Ministry of Science and Technology, the PBOC will provide refined rules for issuance and trading on this board, optimize risk-sharing mechanisms and lower issuance costs.

In addition, the central bank will optimize the central bank lending program for technological innovation and technical transformation, increasing the program size from 500 billion yuan ($69 billion) to between 800 billion and 1 trillion yuan.

Interest rates of the program will be reduced, and coverage will be significantly expanded with streamlined policy implementation, Pan said, adding that coordination with fiscal authorities will ensure continued interest subsidies for the program.