Storyline: China's sci-tech bonds fund innovation [Voice_over] China's new science and technology innovation bonds have been gaining momentum since their launch last month, providing companies with low-cost, long-term R&D funding in key sectors. One notable example is Bohai Chemical Industry Group in Tianjin, who recently issued its first sci-tech bonds, and ended up earning 30 million yuan more than they expected. The director of the company's tech and innovation department said that since the bonds have long maturities, they will get a steady flow of funds. [Sound_bite] Yin Yilin, director, technology innovation department, Bohai Chemical Industry Group: "Sci-tech innovation bonds have longer maturities, which provides a stable flow of funds for long-term R and D projects. They are better suited to the lengthy development and commercialization cycles typical of tech enterprises, and they further reduce actual financing costs. Compared to our traditional financing methods, this bond has saved us over 11 million yuan." [Voice_over] To help speed up the review and issuance process, and to ensure that the support reaches the right companies, the local governments have created whitelists of eligible enterprises with priority going to those that meet policy requirements, and those with strong issuance intentions. [Sound_bite] Li Jing, general manager, corporate finance department, Postal Savings Bank of China's Tianjin branch: "We start with in-depth screening of the whitelist, then move through pre-assessments, bond design, registration with the National Association of Financial Market Institutional Investors, and finally public disclosure. The entire process significantly improves the review efficiency, shortening the process by nearly three working days." [Voice_over] According to the People's Bank of China, 119 issuers entered the market in the first three weeks since the bonds launched on May 7th, with a combined issuance of about 47 billion U.S. dollars. [Restrictions : No access Chinese mainland]