China's Ministry of Science and Technology (MOST) will strive to enhance the development of technology-oriented small and medium-sized enterprises from six approaches, given their indispensable role gradually revealed in national economy and social development, said Minister Wan Gang when addressing 6th Chinese Enterprises International Financing Fair in Tianjin on June 10.

The six initiatives could be summarized as to propel the integration of technology and finance, that is, to keep a creative development of venture capital, capital market and technology insurance and to establish a multi-dimensional, multi-level and multi-channel technology-related financing system based on preliminary pilot projects; to strengthen the support to SMEs in their research and development via a series of state-promoted programs such as the Spark Plan; to improve technology incubation and speed up the development of innovation clusters including technology parks in colleges, business incubators and productivity promotion centers; to implement favorable tax policies that prop up the innovative development of SMEs; to enhance the sustainable development of technology-oriented SMEs by setting up a sound supportive mechanism covering governmental procurement, technology commercialization, intellectual property, equity incentive, profits distribution , international cooperation and social security; and to encourage those SMEs to participate in international cooperation and competition.

The three-day financing fair, co-hosted by Tianjin municipal government, All-China Federation of Industry and Commerce, MOST and the Association for Corporate Growth from the United States, highlighted topics around the connection between technology and finance and aimed to resolve the difficulties SMEs met in financing. The event has aroused more than 5,000 participants from 1,500 organizations.

(Source: IPR in China)