The grand vision of Chinese path to modernization was laid out at the 20th CPC National Congress. It is set as a primary benchmark for the high-quality development of China and the economy via financial services. 2023 is the first year to fully implement the guiding principles of the 20th CPC National Congress. In order to put the major decisions and plans made at the 20th CPC National Congress into action and bear fruits, the financial sector is forging ahead to open up a new chapter on the new journey of Chinese path to modernization this year.

As we all know, the commercialization of scientific and technological achievements is a highly complicated systematic task, which involves many difficulties and problems in socioeconomic development. To make scientific and technological advantages genuinely become a power for development, we must not only deepen institutional reforms and untie the rope that fetters the commercialization of scientific and technological achievements but also persistently improve the ecology of technological trade and services and open a road for the commercialization of scientific and technological achievements. The Secretariat of "Innovation China" Consortium of the China Association for Science and Technology (CAST) and Beijing Fund Town have jointly launched a range of activities under the "Innovation China" Financial Services Online Course in order to advance the implementation of the "Innovation China" Financial Partnership Plan, and guide enterprises to take full advantage of various financial tools to improve their core competitiveness and proactively prevent and defuse risks. Besides, professional institutions providing services in investment and financing, intellectual property, law, and human resources have been introduced to offer non-profit regular and specialized services for scientific and technological enterprises and workers.

Our first online course session, "Biomedicine Special Session Phase I", was delivered via the WeChat channels of "Innovation China" and "Beijing Fund Town" on July 7. Wang Xiaodong and Zhu Zan, Partner Lawyers of Shihui Partners, gave an in-depth interpretation of the general issues concerned by three types of innovative entities (i.e., universities, scientific research institutes, and enterprises) in the field of biomedicine, and shared their understanding the following two aspects: firstly, legal risks of and countermeasures for the incorporation of biomedical companies by employees of universities and scientific research institutes; and secondly, the rules and recent practical points relevant to human genetic resources.

Wang Xiaodong explained the regulations on the entrepreneurship of employees in universities and scientific research institutes. He suggested that university teachers should take into account relevant national laws, regulations and administrative provisions, as well as specific systems and guidelines implemented in their respective universities when they start businesses and hold shares. When the employees of universities and scientific research institutes start businesses, priority attention shall be given to if they assume leadership positions in their universities and scientific research institutes, and careful evaluation shall be made on if the startup falls within the scope of restrictions prescribed by law (if so, they are required to make a choice between the withdrawal of shares or retirement, or they shall report their shareholdings to the CCP organizations of their universities and scientific research institutes and receive no objections. Besides, different solutions shall be available for business startups in the early, middle, and Pre-IPO stages.

Zhu Zan introduced the evolution of regulatory policies concerning human genetic resources, and analyzed the essential regulatory changes brought about by the entry into force of relevant rules, from the perspective of pharmaceutical companies engaged in activities subject to human genetic resources regulation in China.