Focused on solving the problem of financing difficulties for private technology enterprises, Measures makes ten proposals:

• support financial institutions in increasing the credit supply for technology companies
• support technology enterprises in bonding and commercial ticket financing
• enhance the ability of technology enterprises to provide financing guarantee services
• facilitate the foreign debt financing of technology enterprises
• guide angel venture capital to invest in technology companies
• support technology enterprises to make use of multi-level capital market financing
• support the establishment of a policy rescue fund
• promote the management innovation of technology financial institutions
• optimize the credit evaluation system for technology enterprises, and
• establish a working mechanism for financing services of technology enterprises

In terms of technology credit, in 2019, the Zhongguancun Management Committee plans to grant over 100 million yuan subsidies to technology enterprises, leverage social capital investment of more than 10 billion yuan, and reduce corporate financing costs by 20%.

As for angel investment and venture capital risk subsidies, it plans to offer investment institutions a subsidy of 65 million yuan in 2019, which will drive over 1 billion yuan of social capital to invest in the hard-tech enterprises of Zhongguancun.

In regard to guiding funds, the Beijing Science and Technology Innovation Fund plans to invest 1.5 billion yuan into enterprises at the transformation stage. The institution will also unite with Investment organizations, leading enterprises, colleges and universities, and innovative incubators and other social capital to set up sub-funds, which are expected to drive social capital of over 15 billion yuan.

Comments of enterprise representatives on the two policies

Duan Hongwei, board chairman of Zhongguancun Sci-tech Financing Guaranty Company, pointed out that the ten proposals cover a wide scope and emphasize and improve financial infrastructure.

Duan Hongwei, board chairman of Zhongguancun Sci-tech Financing Guaranty Company gives his comments on the two policies. [Photo provided to chinadaily.com.cn]

Xu Zhongxing, president of the Zhongguancun Branch of the Bank of Beijing, mentioned that the two policies possess the following characteristics: The first is "wide": they will benefit a broad range of companies; the second is "variety": they address credit and bill businesses, as well as bonds, equity investments and fund businesses; the third is "real": the policies will be put into practice in real time; the fourth is "new": first loans and R&D loans are mentioned for the first time.

Xu Zhongxing, president of the Zhongguancun Branch of Bank of Beijing, mentions the characteristics of the policies. [Photo provided to chinadaily.com.cn]

Professor Shi Luping, chief scientist of Lynxitech and director of the Brain-inspired Computing Research Center of Tsinghua University, said that Guidance is a pioneering work that demonstrates that Zhongguancun has seized the key points of game-changing technologies and taken effective measures.

Professor Shi Luping, chief scientist of Lynxitech and director of the Brain-inspired Computing Research Center of Tsinghua University, remarks that Guidance is a pioneering work. [Photo provided to chinadaily.com.cn]

Bai Bing, general manager of Photon Arithmetic Technology, felt deeply inspired by the two policies. He remarked that "The development cycle of cutting-edge technologies is long; such enterprises usually need a large investment and may bear great risks, but Guidance accurately touches our pain points."

Bai Bing, general manager of Photon Arithmetic Technology, feels deeply inspired by the two policies. [Photo provided to chinadaily.com.cn]