China CITIC Bank Empowers Science and Technology Innovation in Zhejiang Province
In recent years, the importance of the science and technology innovation industry in China’s economic and social development has been growing. The government has implemented various policies and measures to support innovation and protect intellectual property rights. However, the participation of enterprises and social forces is also crucial in promoting innovation. China CITIC Bank, leveraging its unique “finance + industry” advantages, has played a significant role in advancing technological innovation through its financial services.
As of March 2023, China CITIC Bank has served over 15,656 “specialized, special and new” enterprises, with over 50% cooperation coverage with “little giant” enterprises. The bank has continuously improved the quality and efficiency of comprehensive financial services for these enterprises, contributing to the development of science and technology innovation in Zhejiang Province.
Zhejiang Province, located in the Yangtze River Delta, is known for its strong scientific and technological innovation. It has the highest number of national-level specialized and special new enterprises in the country. Recognizing the growing demand for financial support in this region, China CITIC Bank has provided comprehensive financing of over 200 billion yuan annually to Zhejiang Province, with a focus on supporting science and technology innovation.
To meet the diverse financing needs of technology innovation enterprises at different stages of development, China CITIC Bank has introduced a range of innovative financial products. These include the “Science and Technology E Loan” for small loans under 10 million yuan, credit loans of up to 30 million yuan through a score card approval model, and a “talent loan” product of up to 30 million yuan for core talents in the management team of innovation enterprises.
The support provided by China CITIC Bank to Hangzhou Qiming Medical Device Co., Ltd. (Venus Medical) is a prime example of its assistance to science and technology innovation enterprises. Through credit loans, Venus Medical was able to solve its capital chain problem during the development of heart valve products, ensuring the company’s long-term healthy development.
China CITIC Bank aims to create a technology innovation financial ecosystem in Zhejiang Province, which will provide new momentum for “China’s smart manufacturing.” The bank has established a science and technology innovation financial ecosystem with collaboration units and platforms, promoting interaction between finance, technology, and industry. This ecosystem serves the goal of supporting technological self-reliance and self-improvement, ultimately contributing to technological innovation and industrial upgrading in Zhejiang.
By providing targeted financial services and supporting the real economy, China CITIC Bank has become a key player in empowering science and technology innovation in Zhejiang Province. Its efforts have helped numerous enterprises overcome financing challenges and drive innovation forward.