Apr 17, 2024 05:39 AM

FINANCE

Shanghai Plans $276 Billion Funding Support for Innovative Tech Firms

By Zhu Liangtao and Han Wei

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What’s new: Financial institutions in Shanghai are to provide 2 trillion yuan ($276 billion) in funding to support innovative technology companies over the next three years under an initiative backed by the central bank.

The Shanghai branch of the People’s Bank of China (PBOC), along with city authorities, Monday unveiled a special loan guarantee program aiming to assist private businesses through equity, loans, bonds, insurance and other financing means.

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