Shandong invests millions to support technology innovation

Weihai Chenyuan Molecular New Materials Co Ltd, located in the Lin'gang district of Weihai city, in East China's Shandong province, recently secured a windfall for its development.

It received a substantial injection of 10 million yuan ($1.37 million) in technology equity investment from the Shandong Finance Group, a major provincial State-owned enterprise in Shandong.

An aerial view of an in-progress high-tech project in Lin'gang district. [Photo by Yang Yan for chinadaily.com.cn]

Technology equity investment is a new mode of providing financial assistance to promote technology innovation within companies.

It expands the funding options available to tech-oriented businesses, emphasizing the important role of technology in driving the high-quality development of the real economy.

In recent years, Lin'gang has been providing strong financial support to boost innovation development within its businesses. The district has partnered with Shandong New Beiyang Information Technology Co Ltd to establish an incubator for regional science and technological innovation.

Additionally, eight companies, including Shandong Haoran Special Plastic Co Ltd, have joined the provincial technology financial credit platform.

By the end of September, the cumulative annual investment in city-level technological innovation projects had reached 182 million yuan, completing 83.9 percent of the annual investment plan.

What's more, Lin'gang has proactively boosted the growth of high-tech businesses by implementing a tiered cultivation program. As a result, 164 companies have completed the entry process as small and medium-sized tech enterprises, representing 94.25 percent of the previous year's total.

Currently, the district has offered research and development subsidies to 174 small and medium-sized tech companies and high-tech enterprises. Out of these, 77 companies are on track to receive provincial-level R&D subsidies totaling 5 million yuan. (Edited by Zhou Yunlai)