In Depth: China’s Sci-Tech Bond Boom Conceals Sidelined Private Sector

In 2025, China witnessed an explosion of “sci-tech innovation bonds,” with issuance climbing to about 2.3 trillion yuan ($326 billion), an 87.5% increase from the previous year. The boom was catalyzed by a major policy push in May with the launch of a sci-tech innovation board for the bond market, creating a frenzy of activity among investors and state-backed issuers.