Market vitality in Taizhou remains strong | Updated: 2023-06-01

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There were 579,900 registered individual businesses in Taizhou, East China's Zhejiang province, as of the end of April, an uptick of 14.42 percent year-on-year, official statistics from the Taizhou Municipal Bureau of Market Supervision show.

It is the fifth consecutive month that the city has outperformed the wider region of Zhejiang in terms of growth rate.

Efforts made by authorities to relieve the difficulties and high costs of financing for individual businesses have contributed to the sustained growth, an important testament to the inspiring market vitality in Taizhou.

The city, for example, has launched "Taihuifu", an online financing service platform for individual businesses and the first of its kind in Zhejiang.

Zhang Min, a self-employed resident who sells clothing at a local daily necessities mall, was recently granted to credit of 1 million yuan ($140,730) after submitting an application on the platform.

"In recent years, business at physical stores has been difficult, and we are exploring new sales models combining online and offline sales, which requires a certain amount of working capital," said Zhang.

According to Tao Lingmin, director of administrative approval at the Taizhou Municipal Bureau of Market Supervision, "Taihuifu" serves as a bridge between individual businesses and banks, helping them solve financing difficulties and reduce financing costs. It is expected that more than 30 billion yuan worth of loans will be issued for individual businesses via the platform this year.