In the first quarter of this year, Beijing Zhongguancun Sci-Tech Financing Guaranty, a governmental financing institution in Beijing, provided a total of 11.35 billion yuan (US$1.57 billion) in financing guarantees for nearly 3,800 enterprises. Among them, 555 were technology firms, with their financing guarantee amounting to 4.7 billion yuan, marking a 14% increase compared to the previous year, according to the institution.

From January to March this year, leveraging big data and intelligent information technology, the institution kept enhancing the standardization and efficiency of services, providing financing guarantee services to 1,654 small and micro-enterprises, totaling 5.7 billion yuan.

To meet the needs of tech-driven enterprises, the institution has made innovations when providing financing support. In January of this year, with the institution as the credit enhancement institution, Beijing witnessed the first issuance of Intellectual Property Asset-Backed Securities, providing 200 million yuan in financing support for 10 high-tech enterprises across the city. 

The institution plans to further lower financing costs for businesses while enhancing services in technology finance, inclusive finance, green finance, pension finance, and digital finance, aiming to accelerate the transformation of Beijing into an international hub of science and technology innovation, according to a person in charge of the financial institution.

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