Guizhou launches special financial service for private sector

Guizhou launched a special operation on financial services for the private sector economy on March 28, organized by the Guizhou provincial financial regulatory bureau.

The bureau issued an implementation plan, which includes the Guiyang branch of People's Bank of China, China Banking and Insurance Regulatory Commission Guizhou bureau, and China Securities Regulatory Guizhou branch in establishing a joint-conference system for provide financial services for the private sector.

In addition, a long-term service mechanism between bank leaders and private enterprises was set up on the day. More than a hundred bank leaders from 24 banks will provide one-to-one service, such as financing planning, to improve 140 private enterprises' credit approval and management efficiency.

In addition, each of the provincial branches of Guizhou Commercial Bank, Guizhou Bank, Guizhou Rural Credit Cooperative, and Guiyang Bank will organize annual financing docking activities for private enterprises, aiming at optimizing flow of credit and financing products.

According to reports, at the end of 2018, the outstanding loans of all the banks, financial organizations, as well as small and micro sized firms in Guizhou province stood at 714.42 billion yuan ($106.47 billion), rising by 181 billion yuan, a 33.93 percent year-on-year increase. Additionally, small and micro sized firm outstanding loans accounts for 28.79 percent of the total amount, which is higher than the national average. However, Guizhou will take a series of actions, harnessing monetary credit policy to invest more financial resources in private enterprises and to improve bank supervision and assessments, as well as improve its incentive mechanisms.

Li Hanyi contributed to this story