Last year, the total amount of patent and trademark pledge financing (TPF) in China exceeded RMB 300 billion for the first time in history, and TPF activities became more inclusive as well, as a result of interplays between various factors such as policy measures, market environment and enterprise demand, as well as attesting to the thorough mobilization of both the central and local governments. Going forward, NIPA will continue to promote intellectual property pledge financing in accordance with arrangements made by the central government, improve services for innovative small and medium-sized enterprises, and support the high-quality development of the real economy.