Pudong New Area in East China’s Shanghai launches a special loan service called “Pudong Innovative Loans” on Feb 4 to encourage the continuous growth of the area’s micro, small and medium-sized enterprises. [Photo provided to chinadaily.com.cn] 

Pudong New Area in East China’s Shanghai joined hands with the city’s finance bureau and launched a special loan service called “Pudong Innovative Loans” on Feb 4.

The service is aimed at optimizing Pudong’s business environment and encouraging the continuous growth of the area’s micro, small and medium-sized enterprises.

The special loans will offer more precise and effective financing services, and also make financing much easier for micro, small and medium-sized enterprises, according to Dong Yiwen, the deputy head of Pudong.

Dong added that the special loans will be centered on the area’s key industries, such as integrated circuit, biological medicine, intelligent manufacturing, and emerging economies.

Pudong has always attached great importance to policy loan guarantees for micro, small and medium-sized enterprises as it aims to provide these companies with better financing services.

Pudong had made progress in easing financial difficulties and lowering costs for micro, small and medium-sized enterprises during the 13th Five-Year Plan period (2016-20). Since the COVID-19 pandemic started last year, Pudong has rolled out 18 specific measures to help small- and micro-sized businesses weather financial difficulties, in turn ensuring the area’s steady economic recovery.

Statistics show that Pudong offered 6.05 billion yuan (932.77 million) in policy loans to micro, small and medium-sized enterprises in the area last year, an increase of 89.2 percent year-on-year, and accounting for 20.5 percent of Shanghai’s total business in the same period.