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People's Daily Online>>China Business

Major push for high-tech firms

(Shanghai Daily)

09:17, December 08, 2011

Shanghai will pull out all the stops to support high-tech start-ups and overseas angel investors as part of its efforts to boost technology innovation, city officials said yesterday.

The city will establish several new innovation incubation funds, set up 17 new bank outlets in the high-tech industry zone and provide a new US$1.5 billion quota for overseas angel investment within several months, which aim to encourage technology innovation through finance.

The financing of local high-tech firms, especially start-ups in the early stage, has become the biggest innovation challenge for the city, Fang Xinghai, director of the Shanghai Financial Services Office, said yesterday.

"Shanghai is going to establish a good financial system to push technology development and encourage innovation. That's our long-term target," Fang said.

In the first nine months of this year, banks lent 61.9 billion yuan (US$9.6 billion) to small high-tech firms in Shanghai, up 18 percent year on year.

Five banks will set up 17 outlets in the city's high-tech industry zones in Zhangjiang in Pudong New Area, Yangpu District and Zizhu in Minhang District. The bank outlets will provide specific services to high-tech firms such as low-interest loans.

Meanwhile, Shanghai Pudong Development Bank's 50-50 joint venture with the United States-based Sillicon Valley Bank, which focuses on providing services to high-tech firms, will open in the first half of next year. The new bank has a registered capital of 1 billion yuan, Jiang Mingsheng, the local chief of the Pudong bank, said.

The city has also approved US$1.5 billion for overseas angel investors, who invest in early-stage high-tech firms, Fang said.

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