The Office of China (Jiangsu) Pilot Free Trade Zone recently published the fifth list of innovative practices applied in China (Jiangsu) Pilot Free Trade Zone, on which five are from the China (Jiangsu) Pilot Free Trade Zone Suzhou Area (Suzhou FTZ) in SIP. These practices will be rolled out across Jiangsu province.

The first innovative practice is to allow small- and medium-sized tech companies to raise funds based on intellectual property. According to Suzhou Heyu Financial Leasing Co Ltd, the initiator of such financing mode, 48 companies have raised about RMB500 million with 251 patents so far. The company said its three intellectual property securitization projects have helped 35 companies raise RMB286 million with 194 patents.

The second innovative practice is to allow companies to share an intellectual property insurance, thereby reducing their insurance cost. It has helped 15 enterprises reduce cost by over 70% in protecting over 520 patents and 72 products.

The third innovative practice is to allow drug makers to raise funds from financial institutions by pledging rights to future earnings from their drug pipelines.

The fourth practice is the use of a smart diagnosis system to detect errors in customs declaration. It has helped 70-plus companies save time and efforts in customs declaration.

The fifth practice is the use of Su-Pay, an e-payment system created in 2021 for Japanese and South Korean tourists and upgraded in 2024 to provide more services for more people from overseas.

December 30, 2024