Ningxia's IP pledge financing gets off to a good start

It was reported on April 6th that in the first quarter of this year, 93 patents from five companies in Ningxia Hui autonomous region raised 228 million yuan ($35.78 million) through intellectual property pledge financing, a year-on-year increase of 197 percent, achieving a "good start" for the intellectual property financial service work.

Since 2021, under the guidance of the local government, Ningxia has been increasing financial support for intellectual property to help small and medium-sized enterprises innovate and develop.

In addition, Ningxia has been also improving support for pledge financing, helping enterprises expand financing channels and reduce financing costs.

Ningxia will make further efforts in intellectual property pledge financing, focus on the high-quality development of industrial parks, improve the full-chain service system for intellectual property pledge financing, and assist in the construction of a pilot zone for ecological protection and high-quality development in the Yellow River Basin.