Abstract: From the building process of the S&T investment system during the catch-up stage in Korea and Taiwan, this paper studies the evolution characteristic of the S&T investment system and summarizes the practice and experiences of the S&T investment policies in the catch-up stage. On this basis, it proposes suggestions to construct China's S&T investment system. In the orientation of the fiscal and taxation policy, we should better the fiscal budget system, increase the national fiscal investment in science and technology, innovate the patterns of expenditure, and optimize the spatial configuration of the investment. In the orientation of the financial policy, we should speed up the establishment of the financial system of science and technology with diversification, multi-levels and multi-channels, and build up the sound financial and ecological environment of science and technology.

Key words: Experiences in the catch-up stage, S&T investment, S&T finance, mechanism innovation