The meeting to launch the special initiative to offer financial support for hi-tech zones was held in Beijing. (PHOTO: MOST)

By ZHONG Jianli

A special initiative aimed at providing innovative financial support for the development of hi-tech enterprises and industrial zones was launched on September 24 in Beijing.

Jointly launched by the Torch High Technology Industry Development Center of Ministry of Science and Technology (MOST) and the Industrial and Commercial Bank of China (ICBC), the initiative will focus on innovating financial products and improving service modes to empower the high-quality development of national hi-tech industrial zones, hi-tech enterprises and hi-tech industries.

Under the initiative, ten qualified national hi-tech zones will be selected to build sci-tech financing service innovation centers, with the goal of driving more than 100 national hi-tech zones to develop new modes of cooperation with ICBC. Every year, more than 1,000 key hi-tech enterprises will be picked to receive financial support from ICBC, and the financing balance of hi-tech enterprises from ICBC is expected to reach one trillion RMB (about 155 billion USD) by 2025.

Jia Jingdun, director of the Torch High Technology Industry Development Center, said that as the core of innovation, industrial development, opening-up and talent in China, the national high-tech zones are in the best position to carry out pilot practices and explore new mechanisms for integrating the development of science and technology with finance. Modern finance will facilitate the high-quality development of hi-tech zones.

He stressed that the national hi-tech zones should, through the implementation of the special initiative, strive to build a sci-tech financing system that coordinates direct and indirect financing, and accelerate the formation of a modern industrial system in which the real economy, scientific and technological innovation, modern finance and human resources develop together.

After more than 30 years of vigorous development, China's national hi-tech zones have become an important part of its innovation-driven development strategy. According to statistics, the 169 national hi-tech zones produced 13.3 percent of China's GDP and contributed 12.7 percent of national tax revenue in 2020.