Online platform to help SMEs get loans

Source: Xinhua | 2017-09-21

CHINA’S first online government-led bank taxation interactive platform, which seeks to help small and mid-size enterprises, to access loans easily was launched in Shanghai yesterday.

As the first online interactive platform co-developed by the Shanghai Municipal Bureau of Local Taxation and the China Banking Regulatory Commission, it will benefit SMEs which have been long plagued by difficulties and higher cost in financing, said Zhang Guangping, a senior official from the CBRC Shanghai office.

With access to online big data shared by the taxation authority, banks can make loans within five minutes to the SMEs as long as they meet basic requirements and have a good record of paying taxes, said Li Junkun, chief accountant at the local taxation bureau.

Nineteen banks signed the bank-taxation interactive cooperation framework agreement yesterday with the local taxation bureau, bringing the number of members to 46 lenders.