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在线翻译:
szdaily -> Business -> 
Private firms see stronger financial support
    2018-10-30  08:53    Shenzhen Daily

CHEN BO, who owns a packaging company, said he is expecting an increase of 10 million yuan (US$1.4 million) in his company’s sales this year, thanks to an expansion in production capacity.

The expansion would not be possible if not for a 500,000-yuan loan from a local bank, using his company’s trademark right as collateral, Chen said. With the loan, Chen said he can buy new equipment and expand production.

Chen’s company, located in the city of Taizhou, East China’s Zhejiang Province, registered an output value of 30 million yuan last year.

Zhejiang is home to many of China’s most successful private businesses. They contributed nearly two-thirds of the provincial economy in 2017.

Nationwide, private businesses contribute more than 50 percent of tax revenue, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment and 90 percent of new jobs and new firms.

However, financing for these firms, especially small and micro businesses, has been difficult, often due to lack of credit records, collateral or professional financial statements.

In a move to boost the private sector, the government last week decided to facilitate bond issuance for private companies, with liquidity support from the central bank to professional institutions.

“This year, we have seen more financial products on the market,” said Tang Jingang, head of Hangzhou Selene Photoelectric Technology Co., a private company worth around 55 million yuan.

In the past, the company had to turn to underwriting companies to apply for bank loans, which usually charge 5 percent on the amount received.

As financial support has been strengthened, companies can apply for loans directly by submitting tax records and documents reflecting the company’s overall development.(Xinhua)

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