New financial instruments drive China's technology development

Innovative financial tools are bolstering the high-quality development of sci-tech enterprises in China, a highlight fully demonstrated at this year's China International Fair for Trade in Services (CIFTIS), which concluded in Beijing on Sunday.

For the first time, the five-day fair gathered financial institutions and sci-tech enterprises for joint exhibitions, showcasing the in-depth integration of finance and technological innovation.

Since the start of this year, China has continuously optimized financial supply for the science and technology industry, with support ranging from customized credit products of various kinds to one-stop comprehensive services delivered by bank-affiliated asset investment companies (AICs).

Several banks have unveiled products related to fields like AI and computing power during this year's CIFTIS, injecting steady financial vitality into the science and technology industry.

"The loans for computing power infrastructure support the construction of new computing infrastructure, such as computing facilities and GPU server clusters. The loans for research and development in computing power address the challenges of high R and D investment and long commercialization cycles faced by enterprises," said Hu Xianwen, deputy general manager of the Corporate Banking Department at Industrial and Commercial Bank of China.

As important long-term financial supporters for technological innovation, bank-affiliated AICs serve as patient capital investors by holding equity stakes in sci-tech startups. Beyond capital injection, they provide full-life-cycle comprehensive financial services to support the sustained growth and industrial upgrading of sci-tech enterprises.

"We have facilitated connections for enterprises across various logistics scenarios -- such as sorting and transshipment -- enabling their products to meet more frontline demands within the industry," said Tian Zhuoying, an employee at PSBC Financial Asset Investment Co., Ltd.

"Since our company's official establishment in March this year, it has invested in over a dozen projects across sectors receiving key national support -- such as next-generation information technology and artificial intelligence -- with a total investment exceeding five billion yuan (about 745.35 million U.S. dollars)," stated Yan Ran, another employee of PSBC Financial Asset Investment Co., Ltd.

Cutting-edge financial products and customized industrial services have effectively solved the financing and development difficulties of hard-core tech enterprises, fueling the vigorous growth of the digital and intelligent economy.

As of the end of July, the outstanding loans granted to sci-tech enterprises nationwide stood at 26.9 trillion yuan, representing a year-on-year increase of 17.9 percent. In the first seven months of this year, sci-tech insurance products provided a total of 7.2 trillion yuan in risk protection for various scientific and technological research and industrial activities, up 55.8 percent year on year.

New financial instruments drive China's technology development

An age-old feather duster craft in north China's Hebei Province has found new life online, as livestreaming turns a village tradition into a source of income for elderly residents. In Luan'nan County, Tangshan City, Liu Wenhao, Party secretary of Zhangmawan Village, is promoting the village's handmade feather dusters alongside fellow villagers in livestreams. Since 2024, he has led villagers in bringing the traditional craft online, quickly turning it into an internet sensation.

Elderly villagers now craft dusters while also serving as online hosts, participating in livestreams and welcoming tourists. Liu Huiying is one of them.

"This is no small income. I earn about 20,000 yuan (about 2,981 U.S. dollars) a year, which is more than enough. They call me an internet celebrity. I'm happy," she said.

The feather duster craft has a long history in Zhangmawan. Once a sideline for villagers during the agricultural off-season, craftsmen worked from dawn to dusk only to sell a single duster for 0.3 to 0.5 yuan. Sales were slightly better at rural fairs, but earnings were barely enough to make a living. As modern cleaning products diversified, traditional feather dusters gradually faded from daily life.

In recent years, with the rise of short-video platforms, several young people in the village began experimenting with short videos. Their first video showing the making of a feather duster garnered more than 600,000 views.

"Our village's traditional craft was well-known throughout the region. So we thought, with so many people here skilled at making feather dusters, why not sell them online and help boost their incomes?" said Liu.

Zhangmawan has more than 200 residents over the age of 60. To boost their incomes and pass on the craft, product transformation was key. Young villagers pooled their ideas and decided to enter the cultural and creative market.

While veteran artisans persisted in handmade production, younger people focused on innovative designs, launching new items such as car hangings, bag charms, desktop ornaments and cat teasers, tailored to modern aesthetics and lifestyles.

Online popularity has also boosted offline tourism. The village has leveraged its advantages to offer craft workshops, rural sightseeing, farm meals and educational study tours, attracting a large number of visitors and children.

"You can hang it on a schoolbag or car keys -- it can go in many places. And if something gets dirty, you can use it to sweep," said Meng Shixuan, a young visitor.

"We want to keep updating our cultural and creative feather duster products, and through short videos and livestreaming, develop the village's study tour and sightseeing businesses to provide more jobs and income opportunities," Liu said.

Chinese village turns traditional feather duster craft into online hit