Taizhou encourages financial service and private economy reform and innovation

chinadaily.com.cn | Updated: 2018-11-26

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The accessibility of financing for small and micro enterprises is continuously improving. By the end of this June, the loan acquisition rate for small and micro enterprises in Taizhou was 93.98 percent, 5.38 percent higher than last year. By the end of this September, Taizhou set up 327 special financial institutions for small and micro enterprises and 99 community branch banks. Credit loans accounted for 18.7 percent of corporate loans, 8.28 percentage points higher than the pilot area when it was approved at the end of 2015.

Small and micro enterprises underwent vigorous development and are growing rapidly, with 146,700 new small and micro enterprises launching. In the first half of 2018, Taizhou registered 14,335 new small and micro enterprises and supported 2,040 individually-owned business in transforming into enterprises. The 4,120 small and micro enterprises came from eight major industries (the eight industries in Zhejiang province include information, environmental protection, health, tourism, fashion, finance, high-end equipment manufacturing and the culture industry).

The financial environment is in good condition. The quality of bank assets remains at the forefront of the province. By the end of this September, the non-performing loan ratio of Taizhou banking financial institutions was 0.79 percent, 0.18 percentage points lower than the beginning of this year.

“Private economy development derives from finance. The businesses of Taizhou’s three city banks all focus on private enterprises. With the deepening of small and micro financial reform, it provides better financial services for the private economy, which will result in a win-win situation,” said Wang Chengbin, president of the Taizhou Institute of Small and Micro Finance.