Supported by local authorities, the Chongqing Technology Venture Capital firm and a technology financing guarantee company plan to form a high-tech finance group jointly funded by 10 billion yuan in capital.

Chongqing currently has 11 venture capital firms with 4.4 billion yuan that have invested nearly 1.6 billion yuan in 10 high-tech projects, said Zhou Xu, chief of the city government's commission of science and technology.

As well, a 1 million yuan government fund is earmarked to help high-tech startups in the city.

The high-tech sector has secured 350 million yuan in loans since local banks began accepting intellectual property as collateral last year.

From Xinhuanet.com

(Source: China Daily)