[Photo provided to chinadaily.com.cn]

In recent years, Taizhou's financial industry has maintained a healthy development. The added value of the financial industry is increasing year by year; local finance is gradually playing its own role and financial safety is more guaranteed.

According to statistics, Taizhou has 44 banking financial institutions, 53 financial insurance institutions, 116 securities and futures branches and business departments, 31 small loan companies, six private financing centers and 28 private equity fund management institutions. Taizhou has achieved an added value of 16.31 billion yuan ($ 2.35 billion) in its financial industry, accounting for 14.78 percent of the service industry’s added value, and 7.69 percent of gross regional domestic product. From this January to September, the whole city has achieved a society-wide scale financing increment of 92.38 billion yuan.

According to Xiao Zongfu, head of Taizhou Central Bank of the People's Bank of China (PBC), the financial industry has a close relationship with the real economy. Rooted in the private economy, Taizhou’s financial industry’s development has flourished in recent years.

More than 99 percent of enterprises in Taizhou are private enterprises, among which 90 percent are small and micro enterprises. In December 2015, Taizhou was approved to become a national pilot zone of financial service reform and innovation for small and micro enterprises. From the end of that December to the end of this June, the number of small and micro enterprises loans increased from 239,873 to 355,817; loan balance rose from 231.315 billion yuan to 289.505 billion yuan.

At present, the loan balance of the manufacturing industry, individual, wholesale and retail have made great contributions to the growth of loans in the financial industry. The city’s manufacturing loans hit 200.4 billion yuan, accounting for 29.25 percent of total loans.

Among 53 listed companies, 49 are private manufacturing listed companies, accounting for 92.5 percent. Since 2015, the city’s listed companies have raised capital equal to 63.498 billion yuan from the capital market, accounting for 63.87 percent of the total financing of all types of enterprises in the city.

To support the development of small and micro enterprises, Taizhou carried out a number of pilot projects that preliminarily set up a financial service system led by the private economy with small and micro enterprises as the main body. Focused on credit construction, Taizhou established “two platforms and one fund”, namely a credit information sharing platform, a trademark exclusive right pledge financing platform and a small and micro enterprise credit guarantee fund, which effectively raised the accessibility of financing for small and micro enterprises.

Zhejiang Tailong Commercial Bank launched the first intelligent map of small and micro enterprises for carrying out customized services; Taizhou Bank presented an intelligent financial service model serving for clients based on internet technology. “During the course of the innovation of small and micro financial products and services, Taizhou’s small and micro finance shows vigorous vitality that will contribute to the development of the private economy,” said Xiao.