Chongchuan gets local firms easy access to financial support

A platform launched by the Chongchuan district of Nantong city in East China's Jiangsu province, to provide efficient services for resident businesses – called Chongchuan Xing Qi Tong – recently unveiled an appealing initiative expected to make life much easier for them.

The platform rolled out 73 functional service items that enterprises can directly access without making an application, as well as 53 items that companies can access quickly with a simple application.

By simplifying the process of reviews and fund disbursements, Chongchuan is said to be making it easier for firms to access financial support.

One of the beneficiaries is Jiangsu Sanshu Biotechnology Co Ltd, located in the district, which is mainly engaged in the genetic transformation and regeneration of cassava and sweet potato. In 2019, it was recognized as a national high-tech enterprise for the first time and this year, it plans to apply again. On receiving the recognition, it can enjoy related awards through the Chongchuan Xing Qi Tong platform without any application.

"It's much easier now. After we obtain the certificate number, the financial department will directly allocate funds to us, which is very convenient," said Shi Fuchao, deputy general manager of Sanshu Bio.

In the past, to apply for awards we needed to fill in various materials, prepare a bunch of attachments, print and submit them and designate a person to take charge of the process, which was cumbersome, Shi added.

In 2021, over 110 million yuan ($17.3 million) of support funds flowed through the Chongchuan Xing Qi Tong platform.