Lishui in East China's Zhejiang province launched a public resources financial services transaction platform in July 2019. From January to May this year, 270 micro, small and medium-sized enterprises (MSMEs) in Lishui had received financial support totaling 340 million yuan ($48 million) through the platform.

According to officials, in the bidding process, if MSMEs have financial loans or service needs, they can log on to the platform and handle the whole process online without a mortgage guarantee. They can borrow up to 10 million yuan and the loan can be made in five minutes, effectively solving the problems of high costs and difficulties encountered by enterprises in bidding for financing.

This platform shares information about public resources transactions with banks, enabling them to change the traditional loan mode that relies on mortgage guarantees to a credit loan with less processing and faster reviews, thus improving the efficiency of the banks' credit services for MSMEs.