Multi-layer support lifts investment and finance
Print Edition
SHANGHAI’S investment and finance environment has been improving thanks to multi-layer support and the integration of technological developments, industry officials told a finance technology sub-forum of the Pujiang Innovation Forum yesterday.
In 2017, Shanghai’s research and development spending hit 120.5 billion yuan (US$17.5 billion), with about 30 percent coming from local government.
In total, 3,835 firms in Shanghai, mostly small and medium-sized enterprises, received financial support for research spending.
In 2017, science-related loans reached 207.1 billion yuan in Shanghai, a nation leading 38 percent growth year on year, according to a report of CASTED (the Chinese Academy of Science and Technology for Development).
“Multi-layor backing of technology finance means Shanghai has established an eco-system to support innovation,” said Zhang Mingxi, deputy director of the Institute of Science and Technology Investment of CASTED.
Other means of providing financial backing for high-tech firms include issuing licenses to specific high-tech-oriented banks, offering innovation insurance for startups, establishing incubation funds to attract more capital and angel investment support for student entrepreneurs.
Speakers told the forum that the combination of science and technological innovation with financial innovation plays a crucial role in economic development.
Key areas include artificial intelligence, blockchain, big data and biometric identification.
Technology development and innovation can be seen as “knowledge assets,” said Fang Hanting, an official with Science and Technology Daily.
Sun Dongsheng, president of Shenzhen Capital Group Co, also covered the challenges faced by investment firms. These included the high valuation of firms and the “winter” environment of the capital market.
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