Shenzhen, China’s Silicon Valley, unveils 20-point plan to boost funding for local tech companies amid US investment restrictions
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The city’s municipal government aims to develop an “innovative capital centre” and a “world-class exchange” in the southern metropolis, according to a 20-point plan issued on Sunday by the Shenzhen Financial Regulatory Administration and four other agencies.
“We are clearly aware that the financial development and support for science and technology innovation still face some pain points and difficulties that need to be resolved,” the Shenzhen municipal government said in a separate document. “As technology advances, the financial service system that is compatible with it must continue to be upgraded.”
The trials will enable Shenzhen’s medium-sized and large banking institutions, along with their Hong Kong investment arms, providing financing services to tech companies in the metropolis.
Shenzhen to import more integrated circuits, steel itself against US sanctions
Shenzhen to import more integrated circuits, steel itself against US sanctions
Under its tech funding plan, the Shenzhen municipal government will direct venture capital (VC) firms to make investments in so-called strategic industries, including telecommunications and semiconductors.
The city will also step up financial support for basic research and core technology projects, while expanding the scale of bond issuance by eligible companies and encouraging insurance firms to launch plans specifically for tech firms.
Under its 20-point plan, Shenzhen will also make credit-reference data accessible to the financial industry and explore an exchange mechanism of credit information between the city and Hong Kong.
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