The Chinese Ministry of Commerce and State Administration of Taxation has recently given its approval to the first science and technology financial leasing firm, Zhongguancun Science and Technology Financial Leasing Co. Ltd.

Zhongguancun Science and Technology Financial Leasing is co-founded by Zhongguancun Development Group as well as five other firms; including Zhongguancun Development Group which, with an investment of 300 million yuan (US$48.2 million) in the company, holds nearly 60 percent of its total shares.

With its key focus on the providing financial leasing services to small and medium high-tech firms, Zhongguancun Science and Technology Financial Leasing has three main characteristics: it established a new model for cluster rent; it set up a new model of combining venture capital investment and leasing business; and it initiated the establishment of a risk compensation fund with the government.

The company launched its recruitment in Beijing on February 25, offering 19 positions, which include the posts of deputy general manager and department director, along with openings in assets management and human resources.

According to Sheng Zijin, chairman of the board of Zhongguancun Science and Technology Financial Leasing, the main aim of the company is to "solve the financial problems for small and medium enterprises and provide new financial instruments for an upgrade of the city's industrial structure."