Central bank to help small companies make that tech push

  • Saturday, 18 Jan 2020

Shanghai’s Songjiang district vice-head Gao Yiyi: "We will become an economic and tech innovation power in future." Gao was speaking to the media who visited Yangze River Delta and neighbouring cities in a 10-day trip sponsored by China News Service

SHANGHAI’s Songjiang district vice-head Gao Yiyi says the central bank of China People Bank of China (PBoC) has spoken to about 10 commercial banks to bankroll the push for small and medium-sized enterprises (SMEs) to embrace digital and artificial intelligence (A1).

“The central bank has put up 15 policies to support SMEs development. It has also rallied the support of 12 commercial banks to sign a deal to put the whole thing into operation.

All this has come about due to the influence of Yangtze River Delta as our platform to move the country forward, he says on Dec 31,2019 during a media visit sponsored by China News Service.

Sonjiang ranks second after Shanghai city as an economic district in the province of Shanghai, says Gao.

“With regard the US-China trade war, our exports to Europe have risen. All this is a result of the Belt and Road Initiative (BRI) by the government, ” he says.

Gao says while BRI connects countries on different continents, the Yangtze River Delta project connects the cities and the outlying areas within China to form a tapestry of development in order to create a composite whole in the BRI initiative.

“We will continue to promote trade both locally and abroad. This is the potential of China. Towards this end, the central govt has cut taxes and other costs.

“We have cut 6.5 billion yuan for taxes in 2019, so that companies especially SMEs can benefit from this by going into research and development.

”The crux of the G60 Valley strategy is technology and over time Shanghai will become the centre for innovation development, ” says Gao.

Since 2016, R&D spending has risen from 3.58% in 2016 to 4.8% of GDP and 95% of the efforts are from the enterprises and from the government.

“The number of high tech enterprises has doubled over the last three years. So although there is a trade war right now, we will go ahead with our G60 Valley plans.

“This is a very good example in China’s innovation development and we will stick to this. G60 Valley is a science and tech valley and it has the responsibility to promote innovation development.

“We will become an economic and tech innovation power in future, ” Gao says.

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