Shenzhen, China’s Silicon Valley, unveils 20-point plan to boost funding for local tech companies amid US investment restrictions
- Shenzhen’s municipal government plans to start trials of ‘equity + debt’ financing via approved banks in the Hetao and Qianhai cooperation zones
- The trials will involve the city’s medium and large banks, along with their Hong Kong investment arms, providing financing services to tech firms
The city’s municipal government aims to develop an “innovative capital centre” and a “world-class exchange” in the southern metropolis, according to a 20-point plan issued on Sunday by the Shenzhen Financial Regulatory Administration and four other agencies.
“We are clearly aware that the financial development and support for science and technology innovation still face some pain points and difficulties that need to be resolved,” the Shenzhen municipal government said in a separate document. “As technology advances, the financial service system that is compatible with it must continue to be upgraded.”
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The trials will enable Shenzhen’s medium-sized and large banking institutions, along with their Hong Kong investment arms, providing financing services to tech companies in the metropolis.