A pairing activity to deepen collaboration between financial institutions and automobile parts enterprises was held in Taizhou city of East China's Jiangsu province on May 25.
During the event, the city's bureau of industry and information technology introduced to participants loan policies regarding the digital transformation of industries. According to the policies, 1 percent of the annual loan amount will be subsidized, with the maximum subsidy capped at 1 million yuan ($141,008) every year.
To strengthen financial support for enterprises, local official authorities have released a raft of measures to support the intelligent and digital transformation of the manufacturing industry.
Workers at a production line of the Taizhou branch of the Great Wall Automobile Co Ltd. [Photo/WeChat account: gh_1ff53eb21f0a]
In 2022, Taizhou's financial institutions offered loans worth 6.56 billion yuan to automotive parts and precision manufacturing enterprises above a designated size – those with annual revenue of 20 million yuan or above – an increase of 24.87 percent year-on-year.
Taizhou is currently home to over 700 auto manufacturers, 223 of which are above a designated size.