According to the recently released Notice of Instructions for Xiamen Technology Innovation Fund, Xiamen Technology Transformation Fund will be renamed Xiamen Technology Innovation Fund to provide low-cost financing support for industrial enterprises of Xiamen with an intention of capital increase, production expansion, technological transformation, and investment in research & development. The Fund will officially start to operate next month after the bidding of financial institutions. The fund scale will expand from 3 billion yuan to 10 billion yuan, and extend the coverage from fixed-asset investment to corporate R&D investment. In terms of the portfolio, the working capital loan is added on top of the original fixed asset investment loan, in a bid to minimize the capital pressure of enterprises in project investment and technological innovation.
