China ramps up financial support for technology companies

BEIJING, Jan. 12 (Xinhua) -- The National Financial Regulatory Administration issued a circular on Friday, requiring greater efforts to improve financial services for tech companies.

The circular encourages banking and insurance institutions to set up branches in places where science and technology resources are concentrated, with a focus on providing better financial services for tech firms.

Tolerance of non-performing loans to small and micro technology enterprises can be relaxed by no more than 3 percentage points compared with the other loans, according to the circular.

The circular also encourages banking institutions to increase credit issuance for technology startups on the prerequisite that risk is well under control, and scale up support in intellectual property pledge financing.