Shanghai looks to increase financial aid for small businesses

Pudong, Shanghai, invites 17 local financial institutions to the 12th Shanghai Financial Services Fair, that takes place from June 27 to 29. [Photo/WeChat account: PudongJinRong]

Shanghai's Pudong New Area invited 17 local financial institutions to attend the 12th Shanghai Financial Services Fair that took place from June 27 to 29, with the aim of encouraging the institutions to strengthen their financial support for Pudong’s micro- and small-sized businesses.

The institutions, including Industrial and Commercial Bank of China Shanghai FTZ Branch, Pudong Innotek Capital Co, and third-party payment firm All In Pay, displayed their recent financial achievements and latest financial services at the fair.

Ding Jun, director of the economic department at the Pudong financial service bureau, said that their move to bring together the institutions is expected to create a "supermarket" of financial service products, where local micro-, small- and medium-sized companies can choose the most suitable services for their growth.

As well as hosting the fair, Pudong has launched numerous other measures to support its small businesses.

In 2010, it built teams of financial professionals to help local small- and medium-sized companies raise funds for their growth.  

By the end of 2017, it had helped more than 2,300 companies raise funds of 42 billion yuan ($6.1 billion).

In late 2017, Pudong set up a credit enhancement fund for small businesses, which allowed more credit loans to be granted to those small businesses with growth potential.

The fund started operating in April, and 18 companies have so far submitted applications. 

Pudong, home to the China (Shanghai) Pilot Free Trade Zone, serves as a beacon of China's reform and opening up and attaches great importance to the development of local small businesses.

A local company boss asks Pudong financial officials questions about fund-raising policies at the 12th Shanghai Financial Services Fair. [Photo/WeChat account: PudongJinRong]