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Must Read! Chongqing Issues 64 Financial Policies to Support the Construction of Western (Chongqing) Science City

By VIVIAN YANICHONGQING|Oct 28,2020

Chongqing High-tech Zone has recently issued relevant policies on financial support for the construction of the Western (Chongqing) Science City, mainly covering a total of 64 policy opinions.

Specifically, the policy opinions cover the Action Plan of Financially-Supported Construction of Western (Chongqing) Science City, Implementation Opinions on the Development of Equity Investment to Promote Innovation and Entrepreneurship, Measures of Chongqing High-Tech Industrial Development Zone to Develop Scientific and Technological Finance, as well as Measures for Supporting the Listing of Enterprises in Chongqing High-tech Zone.

Action Plan of Financially-Supported Construction of Western (Chongqing) Science City revealed a total of 20 policies, intending to offer financial support to the development of the Western (Chongqing) Science City. The Plan encourages wealth management subsidiaries of banks to work as the capital source of entrepreneurship and investment; supports the innovative science and technology credit based on “loan + long-term interests” and encourages the independent evaluation of financial institutions’ performance.

These moves are conducive to building a creative ecosystem of “science and technology + finance” and pooling the private sector to join the Western (Chongqing) Science City construction. As a result, it can grow faster into a place with appealing policies, a focus on financial development, and a center of innovation and entrepreneurship.

The moves are conducive to building a creative ecosystem of “science and technology + finance,” and pooling the private sector to join the Western (Chongqing) Science City construction.

In addition, Implementation Opinions on the Development of Equity Investment to Promote Innovation and Entrepreneurship revealed a total of 16 policies, which further supports the rapid growth of equity investment. This is to turn the Western (Chongqing) Science City into a new engine for high-quality development, which appeals to innovative resources,  intensive, innovative activities, and abundant innovative fruits.

The document incorporates policies to lower the requirement on the ratio of local investment in funds with governments’ shares, pilot transfer of fund shares in regional equity markets, and pilot income tax reduction for venture capital companies. With such efforts, the Western (Chongqing) Science City is expected to introduce and cultivate a stream of top-notch investment institutions, drive deep integration of finance and industries, and build itself into a center for equity investment with international competitiveness in West China.

Furthermore, Measures of Chongqing High-Tech Industrial Development Zone to Develop Scientific and Technological Finance revealed a total of 17 policies, with a plan to drive the integration of industries with capital and transformation of scientific and technological fruits. According to them, institutions obtaining varied financial licenses will be rewarded; institutions, including banks, insurance companies, and equity investment and fund companies, settling down will be subsidized; equity investment institutions will receive up to 50% risk compensation in case of investment failures.

These efforts contribute to stimulating financial vitality, accelerating financial innovation, drawing more financial institutions to be headquartered in the Western (Chongqing) Science City, and building a distinctive cluster for scientific and technological finance.

Measures for Supporting the Listing of Enterprises in Chongqing High-tech Zone released a total of 11 policies. Those are designed to establish a whole-cycle rewarding system for companies, covering being included in the infancy pool, realizing shareholding reforming, going public, and operating. It also can further enhance the ability of entities to provide financial services.

Polices include offering loans with discounted interest to companies in the infancy period, subsidizing companies at different stages when going public, rewarding companies when they first use their raised funds after going public, and when they seek subsequent financing. With such efforts, local companies are expected to capitalize on capital markets at different levels to grow stronger. The Western (Chongqing) Science City will realize cluster development of hi-tech industries.

Guests the opening ceremony of the Chongqing International Venture Conference.

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