Nantong has implemented a series of measures to promote intellectual property mortgages among MSMEs. [Photo/VCG]

Nantong in East China's Jiangsu province launched a new government-bank-enterprise cooperation project to provide financial support for micro, small, and medium-sized enterprises (MSMEs).

The city's market administrative department signed comprehensive credit agreements with five banks, including the Nantong branch of Bank of China, at a conference held on Nov 28. A total of 2 billion yuan ($284.4 million) in credit was signed, among which 230 million yuan were given as loans to 20 innovative MSMEs.

Nantong has rolled out a series of supporting policies to promote intellectual property mortgages among MSMEs, and a service system has been formed involving the government, banks, enterprises, guarantors, and insurance companies.

Over the past three years, the city has granted 1.86 billion yuan to more than 200 sci-tech MSMEs with intellectual property mortgages.

The city has also been named one of the first national pilot cities for intellectual property investment and financing.