Shenzhen on Tuesday released a plan including 23 financial measures to further stabilize economic activities, according to Shenzhen Special Zone Daily.
The plan stated that the city will open 20,000 accounts for small and micro enterprises to apply for their first loans, and add loans worth 200 billion yuan (US$29.84 billion) for small and micro enterprises that enjoy the country’s inclusive preferential tax policies, 90 billion yuan for the manufacturing industry, 150 billion yuan for high-tech enterprises and 70 billion yuan green loans.
The plan also said that Shenzhen will conduct 20 events for enterprises and banks to discuss businesses and add 60 venture capital institutions.
The plan has four chapters, namely work objectives, tasks, requirements and guarantee mechanisms.
Specifically, these 23 measures were put forward from four aspects, namely financial support to stabilize market players, supporting the development of key sectors, improving financial services for specific groups and strengthening institutional guarantees.
In terms of financial support to stabilize market players, the specific contents include supporting the city’s steady economic growth by increasing credit supply, strengthening financial support for micro-, small- and medium-sized enterprises.
In terms of supporting the development of key sectors, it mainly includes increasing financial support by focusing on advanced manufacturing and strategic emerging industries, guiding financial institutions to increase support for foreign trade companies to improve their ability to cope with foreign exchange rate risks.
In terms of improving financial services for specific groups, it includes improving the quality and efficiency of financial services for people in need, strengthening the protection of residents’ commercial insurance, encouraging financial institutions to develop innovative exclusive insurance and promoting the development of inclusive insurance for grass-roots groups.
In terms of strengthening institutional guarantees, it includes further exerting the function of the credit investigation service platform, promoting the collection and sharing of enterprise-related credit information and providing one-stop exclusive financing services.