Chongqing Rolls out 40 Financial Measures to Ensure Business Stability and Employment

To guarantee the financial support to stabilize enterprises and ensure employment, Chongqing Operation Management Department of the People's Bank of China, together with such 15 departments as Chongqing Municipal Development and Reform Commission and Chongqing Municipal Finance Bureau, recently issued the Opinions on the Implementation of Financial Support to Stabilize Enterprises and Ensure Employment in Chongqing (the Opinions for short), aiming to boost business activities and create more jobs through financial services. Since this year, financial institutions have provided new loans worth RMB 14.5 billion to 382 key enterprises in Chongqing, and 149,000 people have found jobs in these enterprises.

Chongqing issued the Opinions to guarantee financial support to stabilize enterprises and ensure employment.

The head of the Chongqing Operation Management Department said that the Opinions proposed the establishment of an alignment mechanism, namely the mechanism for key enterprises, the government and banking institutions to keep in alignment with each other, as well as the implementation of four special actions. In addition, 40 financial support measures were put forward in terms of increasing support for key industries and enterprises and innovating financial services for industrial chains and supply chains.

The key enterprises-government-banking institution alignment mechanism refers to the implementation of the system of the list to meet the financing needs of key enterprises recommended by the industry management department, and the establishment of the electronic system of "bank-enterprise direct channel," so as to directly send the enterprise list to financial institutions. Financial institutions will assign specialized personnel to effectively put these measures in place, provide appropriate economic policies and products based on the needs of enterprises, and help solve the financing difficulties facing by enterprises according to "enterprise-specific policy."

In order to cushion the impact of the epidemic, the relevant authorities in Chongqing have sent a list of 1,000 key enterprises to financial institutions since this year, and financial institutions have provided RMB 14.5 billion of new loans to 382 of them, and 149,000 people have found jobs therein.

The four special actions proposed in the Opinions include: taking actions to ensure financing for micro, small and medium-sized enterprises, and individual businesses, launching medium and long-term financing promotion campaign in the manufacturing sector, launching special actions to finance industrial and supply chains, and carrying out direct financing promotion campaign.