A conference was held on Nov 16 in Rugao, a county-level city administered by Nantong in East China's Jiangsu province, to show the effectiveness of high-tech enterprise financing services.

At the conference site, the Rugao sub-branch of the Bank of China issued credit checks valued at 110 million yuan ($16.7 million) to 16 high-tech enterprises, and granted credit worth 32.7 million yuan to eight other high-tech enterprises.

"Our products are mainly exported to Europe," said Zhou Pingfa, general manager of Jiangsu Han Gao Machinery Co Ltd. This year, impacted by the COVID-19 pandemic, payments for commodities have been delayed, so our working capital is tight.  Coupled with the improvement of export products, there is an urgent need to purchase high-precision processing equipment.

"Just when I was very worried about this, the Rugao Science and Technology Bureau rang to tell me that Rugao sub-branch of Bank of China could provide a low-interest loan to us," Zhou added. "It took less than a week the from bank's door-to-door investigation to the issue of the loan. This eased our extremely urgent problems."

To support the development of high-tech enterprises, the science and technology bureau introduced a financial product featuring a low threshold, low interest, long terms and high efficiency.

Since the high-tech enterprise financing service was launched on Sept 11, more than 50 science and technology enterprises have contacted with the bank. Some 20 companies obtained credit funds valued at 130 million yuan, with average annual interest rate of 3.81 percent.