Shanghai Announces VC Bolstering Policies
2014-07-19 11:14:00 Source： Hit：
The local government of Shanghai has introduced new bolstering measures in promoting private investment in small and micro companies. This is seen as one of its major moves aimed at boosting venture capital (VC) and building Shanghai into an international VC centre.
In line with the aim to support local small and micro companies, Shanghai plans to simplify foreign investment procedures in domestic VC firms. Other than providing favourable terms of funding, the local government has also encouraged banks to grant more loans to small and micro companies in need of funds. In addition, state-owned enterprises are prompted to establish more VC firms.
According to Guangshao Tu, the Executive Deputy Mayor of Shanghai, the city shall see improved fundraising services for the existing 370,000 and new small and micro companies. At present these companies accounts for 54% of the jobs in Shanghai.
Shanghai is projected to have accumulated investment capital worth RMB 100billion (US$ 16billion) by 2017. The city is also expected to have attracted an additional 1,000 VC professionals and 100 VC firms in providing assistance and guidance to growth start-up companies.
Being one of the largest financial centres in the world, Shanghai is fastening its pace in fine-tuning its financial regulations and policies toward creating favourable conditions to bolster domestic and foreign financial investments.
In line with the aim to support local small and micro companies, Shanghai plans to simplify foreign investment procedures in domestic VC firms. Other than providing favourable terms of funding, the local government has also encouraged banks to grant more loans to small and micro companies in need of funds. In addition, state-owned enterprises are prompted to establish more VC firms.
According to Guangshao Tu, the Executive Deputy Mayor of Shanghai, the city shall see improved fundraising services for the existing 370,000 and new small and micro companies. At present these companies accounts for 54% of the jobs in Shanghai.
Shanghai is projected to have accumulated investment capital worth RMB 100billion (US$ 16billion) by 2017. The city is also expected to have attracted an additional 1,000 VC professionals and 100 VC firms in providing assistance and guidance to growth start-up companies.
Being one of the largest financial centres in the world, Shanghai is fastening its pace in fine-tuning its financial regulations and policies toward creating favourable conditions to bolster domestic and foreign financial investments.
