Taixing city in East China's Jiangsu province is continuously optimizing its credit service system to inject strong impetus into the city's private economy.
In the Taixing Economic Development Zone, manufacturer Space Peptides Pharmaceutical (Taizhou) is one of those benefiting from the credit support.
In 2023, the company made a concerted effort to expand its annual production of 1,100 kilograms of medicinal peptide active pharmaceutical ingredients. However, the project's actual investment far exceeded expectations, creating a big funding gap.
A wide view of the premises run by Space Peptides Pharmaceutical (Taizhou). [Photo/WeChat account: txfabu]
After learning about the situation, Taixing Rural Commercial Bank carried out evaluation work and offered the company credit support through a range of financial products.
It took only one month from review to the disbursement of funds, with an initial distribution of 48 million yuan ($6.61 million) to help the project proceed smoothly.
Last year, Taixing's financial institutions continued to increase their financial support for technological innovation, green finance, private small and micro enterprises, manufacturing and other key areas.
The city added 29.4 billion yuan in various types of loans in 2024, providing strong support for its economic development.