China Expands Cross-Border Financing for High-Tech and Innovative Enterprises

The State Administration of Foreign Exchange recently announced the launch of a pilot scheme for the cross-border financing of high-tech companies and those falling under the country’s push for so-called “specialised, sophisticated and new” small and medium-sized enterprises. The allowable financing amount has been increased to US$10 million for eligible businesses from the nine provinces and municipalities covered by the pilot scheme. Companies in eight of the qualifying provinces and municipalities can borrow up to a total of US$5 million from overseas.