In recent years, the Guiyang Economic and Technological Development Zone (GETDZ) has been making efforts to improve the financial service system and promote the allocation of high-quality financial resources in order to comprehensively enhance the ability of financial services to serve the real economy.
GETDZ is located in Guiyang, capital of Southwest China's Guizhou province.
As of June, GETDZ had helped micro, small, and medium-sized enterprises obtain more than 350 million yuan ($54.14 million) in debt financing.
It has rolled out 14 supporting policies to promote the institutionalization and standardization of financial system construction.
Relying on advanced technologies such as the internet, big data, and artificial intelligence, the zone has developed an industrial financial online service platform – Inko Inping.
Companies just need to register once and fill in their business information, and after that the platform can automatically collect information about the company related to industrial and commercial registration, legislation, intellectual property, and talent reserves for analysis, helping companies match credit products and subsidy policies.
For financial guarantees, a virtual risk compensation fund pool with a scale of 50 million yuan has been established for the first phase. Cooperative banks will expand the fund pool by a factor of 10 to provide enterprises with 100 million yuan in debt financing.
Meanwhile, an entrusted loan fund pool with a scale of 50 million yuan has been set up to provide emergency turnover services for micro, small, and medium-sized enterprises and policy loan enterprises.
In addition, an angel investment fund with a scale of 100 million yuan, an industrial investment fund with a scale of 300 million yuan, and an industrial development fund with a scale of 3 billion yuan have been established to support project construction and enterprise development in the fields of advanced equipment manufacturing, big data electronic information, medicine, new energy, and modern services.
Furthermore, the financing costs of micro, small, and medium-sized enterprises have been reduced from 7-12 percent to just 2.13-4.88 percent, and the amount of time needed for companies to obtain funds has been shortened from more than 30 working days to about 15 working days.