New policies to spur financial innovation
Print Edition
Shanghai unveiled new financial policies yesterday that encompass financial entities to help transform the city into a global science and innovation center.
The new policies, which cover lenders, insurers and guarantee firms, seek to encourage financial innovation in share-ownership investment, the use of private and foreign funds, the creation of a multi-level capital market and inventing financial products catered specifically for innovative startup companies.
“We aim to provide support for technology-driven innovative firms in their full life cycle,” said Zheng Yang, director at the Shanghai Financial Services Office. “The policies are created to meet real demand from companies ... they are innovative while staying practical.”
One example will allow eligible commercial banks to set up their fully owned share-ownership investment company so that they can integrate investing and lending in these innovative startup firms.
Private and foreign funds may also find it easier to lend to innovative startups that have growth potential but lack capital.
“Banks, insurers and financial guarantee firms should develop more products for innovative startups,” Zheng said.
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