Policy measures now in practice are f ar from meeting the long team need of n ew and high technology development.A strategic mission fa cing China today is to facilitate the integration of finance with science and technology,so as to create an enviro nment and a financial system favorab le to new and high technology develop-ment.Based on studies of the present situation in new and high technology development,and in drawing up devel-opment experience abroad,the paper dwells upon necessary policies and e nvironment for new and high technolo gy development.