Industrial and Commercial Bank of China (ICBC) Beijing branch and the Administrative Committee of Zhongguancun Science Park signed a Strategic Cooperation Framework Agreement on April 12. ICBC agreed to offer a credit line of 50 billion yuan ($7.9 billion) to high-tech enterprises in the Zhongguancun Science Park.

On the signing ceremony, the bank also signed a 500 million yuan credit line Letter of Intents (LOIs) with six Zhongguancun enterprises on site.

The Administrative Committee of Zhongguancun Science Park have initiated a series of events with the theme of "Credit Innovation in Zhongguancun" in collaboration with relevant institutions to establish a long-term information communication mechanism between banks and enterprises in the park. Each session is held by a bank to publicize and promote its credit innovation products. Until now, 12 sessions have been successfully held.

As the host bank of the event, ICBC has launched a comprehensive financial services plan called, "Growth Roadmap", for the small and medium-sized technology-oriented enterprises. After the signing of the cooperative agreement, with the coordination and support of the Administrative Committee of Zhongguancun Science Park, the ICBC Beijing branch will innovate financial products and improve service approaches. It will also develop the businesses with loans, settlements, investment banking, and electronic banking catering to the technological enterprises. It aims to solve the financial service issues of small and medium-sized technology-oriented enterprises, including difficulties in financing.

Currently, branch commercial banks have established 16 special credit institutions in the core area of the Zhongguancun Science Park. They have carried out financial innovation experimentations in fiduciary loans, intellectual property mortgage loans, stock collateral loans, stock option loans, credit insurance and trade financing.

Edited by Chen Zhilin and Rakhee M