China has outlined a basket of measures to support its technology sector, from creating a more flexible and inclusive fundraising ecosystem to boosting demand for hi-tech products.

During a high-profile press conference in Beijing, the country’s top economic officials laid out plans to deepen reforms to ChiNext – China’s board for start-ups – and make it easier and quicker for companies to refinance.

“Technological innovation requires high investment, long cycles, and carries significant risks,” said Wu Qing, chairman of the China Securities Regulatory Commission.

“We hope all market participants will show greater understanding and tolerance, and work together to create an environment that encourages innovation, rewards success and tolerates failure.”

The reforms to the ChiNext market are designed to further strengthen the board’s ability to support the “high-quality development” of China’s real economy, including emerging industries and future industries, according to Wu.

The plans – which Wu said had already been largely finalised – involve broadening listing standards on ChiNext to make them more inclusive, with the aim of supporting companies in emerging industries, firms with new business models and technologies, as well as innovative enterprises in consumption and modern service industries.

Authorities will also extend key reforms from the Star Market – another Nasdaq-style technology board – to ChiNext, including introducing a pre-initial public offering review mechanism for qualified innovative companies, particularly those making breakthroughs in core technologies, according to Wu.