Banks unite to support Pudong businesses

Ten banks in Shanghai will jointly provide special credit support for enterprises in the Pudong New Area to bolster local economic momentum, said officials during a financial conference on Tuesday.

Banks including ICBC, China Construction Bank, Agricultural Bank of China, Bank of China, Bank of Communications, Shanghai Pudong Development Bank and Bank of Shanghai signed loan credit agreements with 100 corporate representatives during the conference.

Special credit lines worth 160 billion yuan (US$22.60 billion) will be provided for more than 10,000 small and medium-sized enterprises, which will mainly focus on basic living needs, employment stability and the new online economy.

The Financial Bureau of the Pudong New Area has also sealed a cooperative agreement with key banks to guide enterprises with financial difficulties through the current period of crisis.

The conference aimed to ensure stability in terms of employment, financial operations, and stable industrial and supply chains, which is in compliance with the “six priorities” guidance by the National Development and Reform Commission.

A comprehensive platform was also launched during the conference to provide the latest financial policies and online credit services for enterprises.

Banks can also sift targeted customers after assessments based on credit information collected on the platform.

Currently, seven credit products have been launched on the platform providing nearly 3.5 billion yuan in loans, which are expected to serve nearly 5,000 Pudong enterprises this year.

Small and micro enterprises in Pudong with financing needs can submit applications to the 10 cooperative banks or the local financial bureau for further support.