Dongguan officially launched the Songshan Lake Technology and Finance Cluster on March 26, enhancing the innovation ecosystem of the Guangdong-Hong Kong-Macao Greater Bay Area. This initiative aims to create a robust financial service framework that supports the entire life-cycle of technological innovation, positioning Dongguan as a leader in technology-driven manufacturing.

The ceremony gathered over 250 representatives from financial institutions and industry associations, highlighting a collaborative effort to implement central government policies on technology finance. The cluster focuses on three key areas: policy innovation, institutional integration, and product development. It aims to attract financial resources, including technology banks and venture capital, to optimize the tech finance landscape.

To tackle financing challenges, the cluster has introduced products like Angel Loans and Park Insurance, backed by a 100 million yuan risk compensation fund. This strategy aims to enhance connections between equity, loans, and guarantees.

Notable partnerships were formed during the event, with 14 leading financial institutions signing strategic agreements with the Songshan Lake Management Committee. The establishment of all five major parent funds of Dongguan’s development fund system in the cluster aims for a total scale of 200 billion yuan.

The cluster will focus on building a competitive policy framework, diverse financial models, and an authoritative credit platform, driving the integration of technology and finance. With its strong manufacturing base, Dongguan is poised to further strengthen its position as a hub for high-quality innovation and productivity in the region.