The People's Bank of China’s Shanghai headquarters. [Photo/WeChat account: zhangjiangfabu]

The Shanghai headquarters of the People's Bank of China and the Shanghai Municipal Commission of Science and Technology signed a cooperation memorandum on Jan 30.

The cooperation aims to deepen financial services for enterprises with scientific and technological innovation and help to develop Shanghai into a science and technology innovation center.

Five cooperative mechanisms are described in the memorandum.

First, the two sides will establish long-term communication and coordination to promote information sharing and to alleviate the financing vulnerability of private enterprises and small and micro scientific and technological innovation enterprises.

Second, effective financing supplies will be increased and financing costs will be lowered for high-tech enterprises, private enterprises, small and micro scientific and technological innovation enterprises as well as functional platforms.

Third, counseling and promotion for the innovation of technological and financial products will be carried out to broaden financing channels for enterprises with scientific and technological innovation.

Fourth, financial service standards of small and micro scientific and technological innovation enterprises will be supervised and standardized to enhance service capacity.

Fifth, the two sides will jointly conduct basic and thematic investigations and studies on problems, such as evaluation of the financing environment for scientific and technological innovation enterprises, to provide a basis for policy making and optimization.