New policy reforms connect academia, finance channels
The Shanghai Zhangjiang National Innovation Demonstration Zone, which has 310 Fortune Global 500 companies, is taking steps to promote innovation and entrepreneurship by developing more specific policies.
The administrative committee of the zone built a Zhangjiang-Boston industrial park together with the government of Massachusetts in the United States to enhance cooperation in human resources, technology, industrial incubation, intellectual property trade, investment, enterprises’ service and market expansion in six industries including biological technology and intelligent manufacturing.
It also set up many research and incubation centers together with California and Silicon Valley. The number of scientific parks co-constructed with other Chinese provinces or cities reached 47 to boost the transfer and industrialization of scientific research among regions.
Industrial-academic cooperation will be encouraged based on its strength in 1,558 scientific institutes, 64.69 percent of Shanghai’s total. The marketization of technological research and financing services are maturing. More platforms for talent cultivation and technological services are still under construction.
More than 100 policies have been set aside to improve the innovative environment, promote industrialization of scientific achievements and incubate new industries with strengthened financial support.
A total of 20 administrative examinations and approvals were given to each industrial park. Now the zone has 118 incubators and accelerators for technological companies, 45 makerspaces evaluated by the government’s technology management authority and more than 220 unevaluated makerspaces.
The government is preparing to establish a private Zhangjiang Bank to combine investment, loan and insurance service to meet the specific demands of the zone beyond the capability of current banks.
An e-commerce platform is under construction to link the internet with scientific parks, narrowing the gap between investment and financing resources and science and technology.
It will also promote the credit database of technological enterprises with the application of big data for financial institutions to know more about companies’ beginning, developing, or maturing stages in the hopes of providing them with additional financial services.
An experimental credit evaluation system is available for enterprises, government departments, financial institutions and service platforms in 12 parks to facilitate more efficient communication.
Subsidized loans will be given to companies with the credit evaluation report.
Pilot technological financing platforms covered 22 parks of Zhangjiang, ranging from investment management, entrepreneurship support and financial services to consulting services.
Intermediary services, selfdesigned services, combinations of credit funds and noncredit funds and financing for small enterprises were provided through the platforms.
The government is also working on new policies relating to finance, investment, crowdfunding and variable interest rates to encourage innovation and entrepreneurship.
A total of 15 new policies for banks, credit agencies, financial institutions and companies ready to be listed will also be established.
Laboratories and training classes were organized to cultivate financial professionals in universities.
Since 2015, intermediary, financial, credit, intellectual property and patent services have linked more than 50,000 companies and 4,000 institutes in the zone. Technological financial platforms in the parks have introduced social capital of about 40 billion yuan ($5.8 billion).