420. At the outset, China would like to thank cosponsors for their ongoing attention attached to intellectual property and innovation, in particular, from the perspective of small and medium-sized enterprises (MSMES). We fully recognize the important role of MSMEs in economic development and people's livelihood. On the other hand, we have also noticed the great challenges confronted by MSMEs in obtaining any form of finance due to their limitations in scale and assets. The information sharing on this topic among Members will enlighten our understanding in this regard.
421. As we know, MSMEs are like the "capillaries" in economic development. They play an important role in stabilizing economic growth, increasing employment, and ensuring living standard. In particular, for those technology-oriented start-up MSMEs, despite their small scale, they possess strong innovation capability and great growth potential. To better tackle the challenges posed by the pandemic, MSMEs are keen to receive financial support including with the help of "light assets", such as patents and trademarks. China has carried out some positive attempts in this regard.
422. First of all, regarding supporting policies, we have enhanced financial support to MSMEs. One of the most important ways is the IP-related financing. Since the outbreak of COVID-19 pandemic, Chinese Government has issued a series of policies, aiming to increase the financial and credit support through enhanced role of IP collateral information platform. We have launched a MSMEs targeted service programme called "Service at Your Door", which brings IP collateral related service, such as information enquiring, document filing, directly into industrial parks. Policies mentioned above share a common goal of enhancing the ability of MSMEs in obtaining financing with intangible asset.
423. Secondly, we have optimized services for MSMEs in various ways. One of the examples is revision on Measures for Registration by Patent Collateral. The new version further simplifies the registration procedures, relaxing filing requirements and allowing more banking institutions as pilot points to perform "Online Registration of IP Collaterals", so as to promote more convenient and efficient registration services. Besides, competent authorities have issued guidance on developing special products for IP Collateral and promoting the connection between banks and MSMEs.
424. Here is an example of financial service customized specifically for small and micro enterprises. The Bank of China has tailored a service plan for small and micro enterprises named "Loan of IP to Welfare". Benefiting from big data technology, with a new evaluation method called "matrix", Bank of China has offered online services on single IP pledge and combined IP+ guarantee, with a maximum credit of JPY 30 million and a maximum period of three years.
425. Thanks to the joint efforts of all stakeholders, the year 2021 has seen further expanded scale of IP collateral financing, further optimized structure and quality, and further highlighted inclusiveness. The total amount of national patent and trademark collateral financing registration has reached JPY 309.8 billion, a year-on-year increase of 42%, benefiting more than 15,000 enterprises. It is worth noting that, among the 15,000 enterprises, MSMEs account for 71.8%.
426. There are large numbers of MSMEs in China. Like other developing countries, the MSMES in China face similar challenges and difficulties in getting needed financing. The guiding questions raised in the proposal will facilitate our thinking and discussion in the future. And we are looking forward to further exchange of views and sharing of experiences by cosponsors and other Members.