Abstract: Tianjin City pays attention to the transformation of government function in the procedure of fiscal investment in science and technology. It fully plays the role of market in the allocation of resources. It attracts social capital through packing credit, angel investment, guidance fund and etc., to provide debt financing and equity financing for S&T SMEs. It attracts private capital through post subsidies to participate in the construction of S&T and finance platform and S&T enterprise incubator, in order to promote the development of innovation environment by the government and the society together.