Photo taken on May 18, 2023 shows a palm-sized drone at a seminar held for young entrepreneurs in Yangzhou City, Jiangsu Province. (CFP Photo)

Jiangsu has implemented 22 measures to enhance financial services supporting science and technology innovation, according to a press conference of the provincial government on July 13.

The new measures encompass various aspects, such as expanding financial products and services, strengthening financial policy support, and ensuring financial risk prevention and control.

With the aim of establishing industrial tech innovation hubs with global influence, the province steps up targeted efforts from the supply end and integrate technological and industrial innovation initiatives. Jiangsu seeks to build demonstration zones for deep integration of S&T, industry and finance while taking the lead nationally in pursuing high-quality development.

Jiangsu plans to create a variety of financial products suitable for technology enterprises at different growth stages and with distinct needs. The province intends to encourage banks to offer innovative financial products, provide intellectual property pledge financing, and facilitate new modes of cooperation between banks and insurance companies. Jiangsu also encourages insurers to enhance services for tech products and foster an insurance service system that covers the research and development, production, and sales of technology enterprises.

To further facilitate direct financing, Jiangsu supports technology-driven firms to go public, said Tu Chubin, deputy director of the province's Securities Regulatory Bureau.

The measures demonstrate Jiangsu's 3-pronged approach to financial support: monetary policy incentives, fiscal policy guidance and financing guarantee. The province encourages the use of government investment funds to boost the growth of high-tech zones and technology firms.

Wang Hailong, deputy governor of the Nanjing Branch of the People's Bank of China, said that as of the end of June this year, the branch had supported financial institutions in the province to issue 248.5 billion yuan of new loans specially for S&T innovation efforts, which ranks among the highest in the country.