Shanghai Iron and Steel Mine Exchange is about to open

Yangpu District Builds a "Science and Technology Financial Functional Zone"

The Shanghai Iron and Steel Exchange and the Shanghai Mineral Exchange will soon open in Yangpu District, Shanghai.

"First Financial Daily" reporter learned from the government office in Yangpu District yesterday. Trading markets for steel, property rights, minerals and other factors, as well as trading systems for project and capital interactions, are considered to be able to gather related service industries, thereby promoting Yangpu District's establishment of a "scientific and financial functional zone" for Shanghai's international financial center.

Under the background of Shanghai's development of an international financial center, financial innovation services for small and medium-sized enterprises, especially emerging high-tech small and medium-sized enterprises in the region have also attracted attention. In addition to the development of trading markets, investment lending alliances, ** agglomeration, etc. are also seen as an important means of financial innovation to drive technology and industrial innovation.

In addition to Zhongguancun, Shanghai Zhangjiang, another national demonstration zone for independent innovation, has also been exploring all kinds of technology and financial service models. Zhangpu District, one of Zhangjiang's twelve parks, took the lead in Shanghai to try a new technology-based investment and investment model. As early as in 2009, Silicon Valley Bank was established to set up a Shanghai office, aiming to promote high-tech investment gold.

However, according to the regulations of the China Banking Regulatory Commission, foreign banks must set up representative offices in mainland China for more than two years, and then apply for upgrading to branches. After setting up branches for three years and earning profits every year, they can formally apply for commercial bank licenses. This has caused Silicon Valley Bank to not do more business at the moment.

“The district government is still advancing the establishment of a joint venture bank between Shanghai Pudong Development Bank and Silicon Valley Bank and continuing to explore the model of combining credit and investment.” Du Juan, deputy director of the Research Office of Yangpu District Government, briefed the reporter. At present, there are 4,309 technology companies in the area, ranking first in all districts and counties in Shanghai. Combining technology with finance to shake up the industry is particularly important for the economic development of the area. In the first quarter of this year, Yangpu District had already introduced 11 equity investments worth 850 million yuan.

At the Yangpu National Innovation Pilot City Construction Promotion Conference held on the 20th of this month, the Mayor of Shanghai ** will also implement fiscal and taxation financial support policies as one of the requirements for urban construction. However, as opposed to the central bank's series of substantive policies to support the independent innovation demonstration zones in the Zhongguancun National Development and Reform Commission, there is no need for more policy support for Shanghai to develop “scientific and financial functional zones”.