Shanghai: In accordance with laws and regulations, support breakthroughs in key core technologies for "bottleneck" enterprises in new industries, new business formats, and new technologies, as well as high-quality, unprofitable technology companies to access the multi-tiered capital market.

Shanghai issued the "Action Plan for Implementing Several Measures to Further Promote the Development of Private Investment in Shanghai." It mentions deepening the coordination mechanism for supporting financing for small and micro enterprises, continuously optimizing the city's financing credit service platform, properly implementing the city's credit subsidies for small and micro enterprises, and improving systems for loan renewal and due diligence exemptions. It fully utilizes the guiding role of central bank policy tools such as re-lending to support agriculture and small businesses, technological innovation, and technological transformation, encouraging banks in Shanghai to increase loan issuance to private enterprises. It introduces guidelines for the "Shanghai Science Credit Loan" business to guide banking financial institutions in strengthening the application of "Shanghai Science Credit" evaluation results. It reinforces standardized cultivation services for privately-owned technology enterprises, providing legal and regulatory support for breakthroughs in key core technologies facing "bottleneck" companies in new industries, new business formats, and new technology fields, as well as facilitating the entry of quality, unprofitable technology enterprises into the multi-level capital market. It leverages the leading role of the three major fund-of-funds, future industry funds, and the Yangtze River Delta Venture Capital Guiding Fund to encourage more private capital participation in the selection of sub-funds, and promotes the establishment of corporate venture capital funds and merger and acquisition funds by state-owned and private enterprises to cultivate specialized and innovative enterprises along the industrial chain. It strengthens coordination services for the issuance of real estate investment trusts in the infrastructure field for private investment projects, actively assisting them in improving the conditions for revitalizing fixed assets and promoting the issuance of REITs for eligible private investment projects in accordance with national requirements.