Han Ximin

ximhan@126.com

THE Shenzhen Branch of China Construction Bank enhances its service to the fashion industry by inaugurating Fashion Cloud Bank at Rongchao Business Center in Futian District yesterday.

The service targeting the fashion industry is regarded as a breakthrough in Fashion+ Finance operations promoted by the Shenzhen Industry and Information Technology Bureau and the bank.

“Fashion Cloud Bank will mainly support the garment, furniture, jewelry, underwear, leather and eyeware sections of the fashion industry. It will provide financial, professional, streamlined, tailor-made and fund management service to individuals and business entities,” You Dezhong, deputy chief of the Shenzhen Branch of China Construction Bank, said at the inaugural ceremony.

The fashion industry, a key industry in Shenzhen, has experienced unprecedented challenges during the COVID-19 pandemic. You said the Shenzhen branch will optimize resources, smooth out financial channels and support enterprises in the fashion industry to revive and grow.

At the ceremony, the bank also signed strategic cooperation agreements with the bureau and industrial associations.

The inauguration of the bank is also a concrete measure to implement the action plan (2020-2024) for high-quality development of the fashion industry that the city unveiled in March this year.

To support the development of the fashion industry, Shenzhen’s industry and information technology bureau will offer subsidies of up to 8 million yuan (US$1.19 million) to key technologies and core spare parts relating to new materials, new crafts, precision manufacturing, innovation of dyeing and other traditional crafts in the fashion industry.

Projects that use big data, cloud computing, blockchain and 5G technologies and make breakthroughs in creative design and business operations will receive subsidies of up to 3 million yuan.

Shenzhen is home to 2,500 garment factories and 300,000 employees including 20,000 designers. In 2019, sales of the garment industry reached 260 billion yuan.

In five years, the city will try to be a leading city of the fashion industry in Asia and a well-known capital of the fashion industry in the world.

The city will form two to three industrial clusters involving 100 billion yuan and several industry clusters involving 10 billion yuan by 2024, according to the action plan.