(Yicai Global) Sept. 27 -- The Shanghai office of the China Banking Regulatory Commission (CBRC) and the city's Science and Technology Committee have issued a joint document calling on the city's banks to increase financial support for science and technology enterprises, Chinese news outlet The Paper reported on Sept. 27.

Average annual growth in the total volume of loans provided to firms in the sector should exceed 15 percent in the period from 2017 through 2020, the document states.

Overall annual lending in the city's science and technology sectors should total CNY270 billion (USD40.7 billion) by 2020, an increase of 80 percent compared with the end of 2016, the CBRC paper states.

The regulator's Shanghai Office issued the document at a meeting on Sept. 26 as part of efforts to encourage the local banking industry to better support the establishment of Shanghai as a scientific and technological innovation hub.

Han Yi, head of CBRC Shanghai Office, set out four key areas of operational transformation for the banking sector in the city, including the improvement of financing for intellectual property rights and the development of a financing mechanism for future-oriented scientific and technological projects.

He also highlighted the improvement of operational capacity to identify key industries related to scientific and technological innovation and increased cooperation with diversified economic organizations as other areas for transformation.