The Ministry of Science and Technology of the People’s Republic of China and Postal Savings Bank of China (“PSBC”) recently jointly issued the Notice on Work Relating to Strengthening Cooperation in Fintech, which  aimed for establishing a multi-level communication and cooperation mechanism, refining technological innovation investment and fintech policies, and further promoting deep integration of technology and finance.

According to the Notice, the two parties will jointly promote the establishment of diversified financing channels to ensure the implementation of key national and local technological innovation projects. They will leverage on administrative policies and financial service to do well in the “financing + knowledge transfer” services for high-tech enterprises and small and medium-sized technology-based businesses. Besides, they will jointly support the development of science and technology parks of all types such as national independent innovation demonstration areas, national high-tech industry development zones and national agricultural high-tech industry demonstration areas. They will also jointly advance technological innovation in counties and facilitate allocation and utilization of science and technology resources in counties by increasing financial support. In addition, they will jointly explore Fintech reform and innovation, strengthen administrative guidance and interconnection and refine diversified, multi-level system on technology financing at a faster pace, in order to provide strong financial support for technological innovation.

The Notice requires that all levels of science and technology administrations and PSBC branches pay great attention to the important roles of Fintech in facilitating the implementation of key technological innovation projects, supporting technology-based enterprises and science and technology parks, and promoting technological innovation in counties, as well as its significance to the banking and financial industries in actively exploring and developing new mechanisms and new models and expanding new businesses and new markets. It supports local science and technology administrations and PSBC branches in establishing cooperation mechanisms, strengthening cooperation and communication, improving policies and measures, and jointly facilitating implementation and execution.

Extracted from Chinanews.com

February 11, 2020