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Chengdu provides 30mil RMB to Software Outsourcing Fund (Mar 28 12)

 

In its recent report, the Chengdu Software Industry Association (CSIA) has announced that the first special support fund established by the government for Chengdu's burgeoning software industry – the Software Outsourcing Hypothecated Fund – has gone into the material start-up phase. Every year, about 30mil RMB from the software fund will be used to support the development of Chengdu's software industry.

However, this financial support is not enough. Because of large amount of fixed assets required to run a successful software enterprise, local software enterprises still face difficulty in receiving bank loans. Thanks to the reforms included with the special-support fund, local software enterprises use contract notes as pledges towards bank loans.

This report clarifies local support for Chengdu's growing software industry. Deng Chengfei, the Vice Secretary-General of CSIA said that, "[the first] Software Outsourcing Hypothecated Fund will promote cooperation between local software enterprises and the government, banks, as well as some risk-investment organizations.

According to the fund's directives, the CSIA will be responsible releasing the funds through the "Green Software Outsourcing Channel and Enterprise Qualification Cognizance (EQC)" qualifications.  An enterprise applying for the fund must have a specific software outsourcing operation and an established business record. Also, their outsourcing contracts must be registered with Chengdu Ministry of Commerce and their level of credit must achieve a prescriptive standard.

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