Banks and insurers will be encouraged to increase support for the use of intellectual property in financing in an effort to support the development of innovative technology enterprises, according to a notice released on Friday.

Jointly issued by the China Banking and Insurance Regulatory Commission, the National Intellectual Property Administration and the National Copyright Administration, it said intellectual property was hard to evaluate, dispose of, or sell, which had restricted the growth of intellectual property financing.

A series of measures will be taken to deal with those difficulties, the notice said, and commercial banks will be encouraged to train professional personnel and gradually establish a sound internal intellectual property evaluation system.

Statistics from the China Banking and Insurance Regulatory Commission showed there were 6,668 borrowers with loans based on intellectual property by the end of the first quarter, an increase of 1,200 compared with the same period last year.

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