"Micro, small and medium-sized enterprises (MSMEs) play an indispensable role in stabilizing the economy and building a new development pattern. We need to give full play to the credit system to increase loans to businesses, thus creating a sound financing environment." 

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This was remarked by Zhou Qiang, director general of the Department of Market System Development of the Ministry of Commerce, at a seminar on facilitating the credit financing for MSMEs held in Guangzhou on July 7. 

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Guangdong has a large number of small and medium enterprises. Among more than 15 million market entities, over 6.3 million are SMEs and 8.3 million are individually or privately owned businesses.

According to the seminar, the province will steadily advance the development of supply chain finance and strengthen the cooperation between commercial banks and trade circulation enterprises. 

Based on the good credit and transaction data of core enterprises and through the financing platforms for SMEs of governments at all levels, it will also provide upstream and downstream companies with order financing and accounts receivable and payable financing without the requirement of collateral security.

[Photo provided to newsgd.com]

During the seminar, a credit financing cooperation agreement was signed between 9 trade circulation enterprises and Bank of China, Guangdong Branch.