Chongqing Implements Innovative Measures to Enhance Private Enterprises’ Access to Financial Services
Chongqing, China – In a series of press conferences held on October 19, Chongqing unveiled its efforts to promote the high-quality development of the private economy. One of the key areas of focus highlighted during these conferences was the application of information technology to enhance private enterprises’ access to financial services.
Yan Ao, a second-level inspector of the Chongqing Supervision Bureau of the State Administration of Financial Supervision and Administration, emphasized the bureau’s commitment to serving the real economy through finance. He highlighted the use of digital empowerment and innovation-driven reforms to improve the level of financial services for private enterprises.
Three main initiatives were presented during the press conferences:
1. Establishment of an online financing platform for private enterprises: The Chongqing Supervision Bureau of the State Administration of Financial Supervision partnered with the Municipal Development and Reform Commission to create the “Xinyidai·Chongqing Huirong” online financing platform. This platform integrates data from more than 50 municipal departments, allowing for the sharing and openness of credit information from 14 market entities among the city’s 3 million households. Private enterprises can easily register, apply for loans, measure creditworthiness, and withdraw funds with just a few clicks. Since its launch in March 2022, the platform has attracted 250,000 private market entities, achieved 3.65 billion yuan in financing credit, and received the prestigious title of “National Small and Medium Enterprise Financing Comprehensive Credit Service Demonstration Platform” for 2022.
2. Establishment of an industrial finance “digital intelligence” system: The Chongqing Supervision Bureau of the State Administration of Financial Supervision and Administration developed the “Yulianrong” exclusive service system for financial services aimed at manufacturing enterprises. This system, integrated through the comprehensive financial service platform “Jinyu.com,” allows for multi-dimensional enterprise standardization, batch corporate portraits, and upstream and downstream corporate linking. Additionally, new mechanisms such as financial chain leaders, financial consultants, and an industry expert database further strengthen credit extension to private manufacturing enterprises. By the end of the third quarter, the loan balance for small and medium-sized private manufacturing enterprises exceeded 250 billion yuan, marking a year-on-year increase of 15.5%.
3. Implementation of “first loan cultivation” actions through big data platforms: The Chongqing Supervision Bureau of the State Administration of Financial Supervision and Administration utilized information technology to establish enterprise credit evaluation standards for settlement accounts without loan records. This standardized evaluation allows for precise docking with banking institutions, expanding credit coverage for private enterprises. In the first nine months of this year, banking institutions in Chongqing assisted in issuing over 30 billion yuan in first loans to nearly 15,000 private small and micro enterprises. Furthermore, the bureau also guided insurance institutions to develop and launch insurance products suitable for private enterprises, providing them with adequate insurance protection to support their innovative development.
These initiatives demonstrate Chongqing’s commitment to leveraging information technology to enhance private enterprises’ access to financial services. By streamlining processes, improving credit coverage, and providing suitable insurance products, Chongqing aims to support the growth and development of the private economy.
Related Topics:
– Chongqing press conference to promote high-quality development of the private economy (the fourth session) strengthen financial support for the private economy
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