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Shanghai introduces innovative guarantee product to boost business development in Hongqiao Intl CBD

LMS| Updated: December 28, 2023

Shanghai has introduced a dedicated guarantee product to enhance business development in the Hongqiao International Central Business District (Hongqiao International CBD).

This collaborative effort between the Municipal Financing Guarantee Center and the Hongqiao International Central Business District Management Committee aims to strengthen policy-based financing guarantees and support the growth of the real economy.

The new guarantee product provides a credit limit of 5 billion yuan ($701.32 million) to support the growth of high-quality companies in the district.

These companies, designated as "white-listed" enterprises with the distinguished "Hongqiao Business District" logo, have been carefully selected by the Hongqiao Management Committee and organized into sub-packages.

To create a favorable business environment, the district has implemented an upgraded park loan model. This approach includes establishing a collaborative platform for the seamless exchange of information and creating a policy-centric financing service platform.

By leveraging the strengths of the government, guarantee institutions, business parks, and banks, the platform addresses challenges faced by innovative enterprises, such as financing difficulties and high costs, while also introducing new initiatives and showcasing achievements.

To strengthen the prevention and control of risks, the district has deepened data exchange with government information platforms and developed a digitalized, intelligent, and integrated financing guarantee system.

Furthermore, the district aims to drive reforms and innovation by expanding the range of available financing guarantee products through the amplification effect of the Municipal Financing Guarantee Fund's policies.

In addition, the Hongqiao International CBD will extend inclusive financial services by promoting tailor-made Hongqiao products online and providing more personalized services to enterprises. To reduce financing costs, the district will subsidize guarantee fees and interest rates for projects overseen by the Municipal Financing Guarantee Center.

The district will also optimize the mechanism for recommending companies for the white list, focusing on key enterprises, sectors, and projects. This includes enhancing the information on white-listed companies and regularly updating the list to ensure its relevance and effectiveness.

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