Bank-tax interaction platform providing credit help

A bank-tax interaction platform has been set up by Jiading tax bureau to share information and data with Jiading Commission of Commerce. The platform has provided a credit line of 1.26 billion yuan (US$180 million) for enterprises.

In order to let enterprises obtain funds as soon as possible, the bureau and the commission jointly improved the data-sharing platform by extracting the list of small enterprises and tax information of enterprises in wholesale and retail sales, accommodation and catering, logistics and transport, cultural tourism and other industries which are seriously hit by the novel coronavirus.

These enterprise information is sent to 33 banks through the platform.

Shanghai Paiya Precision Mould Co Ltd saw its export business fall by 20 percent year on year in the first quarter, with exports to Japan down by 40 percent year on year. The sharp fall in income made the cash conversion cycle even longer.

After Paiya authorized tax-related information through the interaction platform, the bank accepted the application and lent money to the company the same day.

Supported by the fund, the company has enough money to purchase new equipment.

“As the epidemic is under control in China, many European customers began to transfer the supply chain to China, which is a good opportunity for our business,” said Wu Zhixin, its general manager.

“We plan to increase the amount of new equipment and invest in new automation production lines, aiming to expand the European market.”

By the end of May, more than 1,000 enterprises in Jiading had joined the bank-tax interaction platform.