'Pilot city' services for high-tech enterprises

(China Daily)
Updated: 2012-06-12

Tianjin authorities are accelerating development of a national pilot city focused on financial innovation for tech companies, said Deputy Mayor Cui Jindu.

"The integration of technology and finance is of profound significance to promote commercialization and industrialization of research results, fostering emerging industries and transforming the economic model through proprietary innovation," Cui stressed.

Tech companies now stand at the forefront of the nation's ongoing transformation, said Chen Zongsheng, deputy secretary-general of the Tianjin city government.

Services for tech-driven firms will be a highlight at this year's three-day China International Private Equity Forum that began yesterday in the northern coastal city, Chen said.

Technology finance has been a focus of the annual event since the Ministry of Science and Technology became a co-host in 2011. It joins the existing organizers - the city government, the All China Federation of Industry and Commerce and the Association for Corporate Growth, an international organization.

A growing number of tech companies over a diverse range have begun to participate in the international financial forum, bringing with them more competitive high-tech projects, according to organizers.

With the forum's reputation rising, more than half of participants were from outside Tianjin last year.

Among those showcasing their latest research results at a tech company hall during this year's event are the host city Tianjin, companies from high-tech zones in other municipalities and provinces, and universities and colleges.

A special section at the hall is designed to promote financial products and services, with more than 10 banks offering consultancy services.

The CIPEF has gained acceptance in the industry as an effective channel to develop technology finance, organizers said. It helps spread the concept while increasing funding for research, diversifying risk in innovation and expanding financing channels for highly driven small businesses, they noted.

It also helps financial institutions benefit from innovation and find new projects to invest in, they added.

"The CIPEF is expected to further promote faster growth in the city's real economy and make a greater contribution to the national economy," Chen said.

(China Daily 06/11/2012 page24)