Financial product injects vitality into Guizhou's industrial economy

The Guizhou Provincial Department of Industry and Information Technology held a working conference on the Xindaitong for small and medium-sized enterprises (SMEs) in Southwest China's Guizhou province, on March 1.

Xindaitong refers to the financing model that uses government funds to set up SME loan risk compensation funds to help SMEs obtain credit support from financial institutions. It mainly supports cooperative financial institutions looking to offer credit to SMEs.

Sixteen banks attended the meeting.

The bank representatives stated that they will further improve their services in 2023, fully support Guizhou's new-type industrialization, and open green lending channels.

In 2022, the Xindaitong invested 24.96 billion yuan ($3.6 billion) in the province's top 10 industries, providing strong support for Guizhou's new-type industrialization.

This year, the number of cooperative financial institutions for Xindaitong has increased from the original 11 to 16, aiming to promote the high-quality development of the industrial economy in Guizhou.