Taizhou in East China's Zhejiang province is set to become the first city in China to introduce a regional regulation aimed at improving financial services for small and micro enterprises.

The regulation, which will come into effect on July 1, focuses on the reform of inclusive financial services, optimization of the service environment and support for the development of small and micro enterprises.

This 42-article regulation is significant as it summarizes innovative practices in financial reform from Taizhou, which is a national pilot zone for small and micro enterprise financial service reform and innovation.

The city has already launched a financial service credit information sharing platform, which has successfully integrated information, promoted bank-enterprise financing docking and reduced loan approval time and costs.

Consequently, the approval time for loans has decreased by 60-70 percent, while interest rates have dropped by 10 percent compared to the industry average.

As of May-end, the platform had enabled nearly 99,000 financing deals worth approximately 152.04 billion yuan ($21.03 billion).