Abstract: The capital chain of scientific and technological innovation activities mainly refers to a country's capital investment in R&D activities， that is， the capital chain of R&D activities. R&D/GDP is one important indicator to measure the amount of R&D investment; however，in order to fully explore the rationality of R&D investment， apart from quantitative investigating the rationality of R&D/GDP， qualitative factors should also be examined， including the rationality of R&D spending sources， the rationality of configuration by activity type and the rationality of user departments. Based on an analysis of the R&D fund allocation index， the goals and specific countermeasures are put forward to improve the fund chain around the innovation chain by 2025， and five control lines are set up to provide the operational standards for China's R&D fund performance assessment and fund chain allocation according to the innovation chain.

Key words: innovation chain, capital chain, R&D fund, allocation index, controlline