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Taizhou ratchets up financial support for private sector

chinadaily.com.cn | Updated: 2022-04-21

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Taizhou in East China's Zhejiang province recently unveiled a string of measures to improve financial support for the private sector.

The city will allocate an additional 200 million yuan ($30.77 million) in loans this year, no less than half of which will be given to private enterprises.

It also plans to slash more than 3 billion yuan in financing costs for companies, with the average interest rate in the city expected to be cut by more than 15 basis points this year.

In addition, the government will increase inclusive financial services. It has set a goal of increasing the number of companies in the city submitting first-time loan applications this year to 10,000.

It plans to increase loans to micro and small-sized companies in 2022 by 80 billion yuan as well.

Meanwhile, Taizhou will increase the proportion of medium - and long-term loans and continue to step up trials on loan renewals for medium-sized enterprises so as help them tide over difficulties caused by the COVID-19 outbreaks.

According to Qian Ping, deputy director of the Taizhou Banking Regulatory Bureau, Taizhou has helped companies save over 5 billion in financing costs since 2021.