China's first online government-led bank taxation interactive platform launched today

China's first online government-led bank taxation interactive platform, which seeks to help small and mid-size enterprises, to access loans easily was launched in Shanghai today.

As the first online interactive platform co-developed by the Shanghai Municipal Bureau of Local Taxation and the China Banking Regulatory Commission, it will benefit SMEs which have been long plagued by difficulties and higher cost in financing, said Zhang Guangping, a senior official from the CBRC Shanghai office.

With access to online big data shared by the taxation authority, banks can make loans within five minutes to the SMEs as long as they meet basic requirements and have a good record of paying taxes, said Li Junkun, chief accountant at the local taxation bureau.

“Compared with the previous offline way for applying loans, the procedures have now been streamlined and all small companies need to do is to click the mouse,” Li said.

Nineteen banks signed the bank-taxation interactive cooperation framework agreement today with the local taxation bureau, bringing the total number of members to 46 lenders.

Representatives from China Construction Bank Corp’s Shanghai Branch, the Bank of Communications Shanghai Branch and Bank of Shanghai showed their innovative products and services dedicated to SMEs at the ceremony.