Shanghai's Financial Sector Boosts SME ScientificTechnological Financing

Shangh's Financial Sector Drives Scientific and Technological Financing for SMEs

In a recent spotlight on the high-quality development of Shangh's financial sector, the city’s banking institutions, including China Construction Bank's Shangh branch, Pudong Development Bank, Industrial and Commercial Bank of China's Shangh office, and China Pacific Property Insurance, have been actively cultivating strategic priorities in scientific and technological finance. These efforts are med at diversifying financing options for small and medium-sized enterprises SMEs, thereby enhancing the city’s position as a global financial powerhouse and innovation hub.

China Construction Bank's Shangh branch reported an impressive 180.1 increase in sci-tech loan balances for 2023, reaching RMB 127.42 billion yuan $17.6 billion by March this year. Meanwhile, Pudong Development Bank has been a pioneer in scientific and technological finance with over 58,000 companies served, mntning a consistent growth rate of more than 30 for three consecutive years, with loan balances exceeding RMB 500 billion yuan.

Industrial and Commercial Bank of China's Shangh branch demonstrated significant progress in supporting key sci-tech innovations through its financial services, with loan balances surpassing RMB 56 billion yuan by 2023, catering to over 80 of Shangh’s leading scientific and technological enterprises. Meanwhile, China Pacific Property Insurance focused on developing tlored insurance products for the needs of innovation-driven SMEs, totaling over RMB 66 trillion yuan in coverage as of 2023.

The Shangh Equity Exchange launched a specialized board for innovation-driven SMEs at the of March, with approximately 203 companies applying for listing on this platform. Established in 2017, the Shangh Sci-Tech Innovation Center Equity Investment Fund has been strategically investing in tech sectors and currently manages over RMB 140 billion yuan, playing a crucial role in bolstering Shangh’s status as a leading scientific and technological innovation center.

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