Lujiazui, the financial center in Shanghai, forms a perfect backdrop to the Bund area. [Photo by Wang Gang/For China Daily]

Shanghai's financial sector, encompassing banks, insurance companies, equity exchange platforms, and fund firms, is actively advancing the strategic focus on science and technology finance to elevate the city's global financial and tech innovation stature.

This initiative aims to diversify financing options for small and medium-sized enterprises and foster a robust financial services ecosystem to bolster the growth of key emerging industries.

During a recent press briefing focusing on the high-quality development of the financial sector, Zhou Tao, deputy head of China Construction Bank's Shanghai branch, underscored the bank's sci-tech finance growth, highlighting a surge of 180.1 percent in sci-tech loan balances in 2023, culminating in 127.42 billion yuan ($17.6 billion) by March. 

Shanghai Pudong Development Bank, a trailblazer in sci-tech finance, has exhibited notable growth by serving over 58,000 sci-tech companies, with loan balances exceeding 500 billion yuan by 2023, maintaining a growth rate of over 30 percent for three consecutive years.

Additionally, the Shanghai branch of Industrial and Commercial Bank of China has made significant strides in sci-tech finance, with loan balances to support key sci-tech innovations surpassing 56 billion yuan by 2023, covering 80 percent of Shanghai's leading sci-tech enterprises.

China Pacific Property Insurance has focused on sci-tech insurance, providing tailored products for sci-tech innovation, resulting in 66 trillion yuan in coverage in 2023.

The Shanghai Equity Exchange inaugurated a dedicated board for innovation-driven SMEs in March, with an initial 203 companies applying for listing on the board.

Established in 2017, the Shanghai Sci-Tech Innovation Center Equity Investment Fund, currently managing over 140 billion yuan, has strategically been investing in sci-tech sectors, playing a pivotal role in bolstering Shanghai's sci-tech innovation hub.