City plans to help micro businesses
Print Edition
SHANGHAI will improve fundraising services for small and micro businesses and support development of Internet finance as part of efforts to build an inclusive financial system, Executive Deputy Mayor Tu Guangshao said yesterday.
“The government will strengthen the city’s credit guarantee system to reduce funding obstacles faced by small and micro firms and build an information sharing system to increase transparency between financial institutions and enterprises,” Tu said during a radio call-in show.
Shanghai has introduced measures to encourage lending to small businesses. A pilot program has been launched to compensate banks for bad loans by small and micro firms. The government also offers rewards to banks that provide loans to small companies.
“Small and micro businesses play an irreplaceable role in creating jobs and boosting growth,” Tu said. “They are important in Shanghai’s bid to create an innovation driven economy.”
There were about 370,000 small and micro enterprises in Shanghai as of the end of last year. They accounted for 97.1 percent of incorporated enterprises and provided 54 percent of the city’s jobs.
An inclusive financial system emphasizes the provision of financial services to individuals, as well as small and micro enterprises that were previously excluded from financial markets.
Tu said Internet finance should be a significant part of an inclusive financial system as it will improve transparency and bring down funding costs.
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