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The city of Changzhou in Jiangsu province has strengthened the sharing and application of credit information in recent years by continuously optimizing the credit environment featuring honesty, trustworthiness, and compliance, promoting the "tangible" and "valuable" nature of credit so as to have lowered the operating costs and improved the efficiency of services for business entities.

Changzhou Changhui Plastic Technology Co., Ltd., an enterprise that designs and manufactures various injection molded parts, produces battery interfaces and charging ports for new energy vehicles. Due to the accelerated pace of building Changzhou into a "new energy city" in recent years, the company has decided to invest in loans to expand production in 2023.

Changzhou released a pure credit loan product called "Changzhou Credit" to address the financing difficulties of small and micro enterprises. As a result, the enterprise applied for a loan of 700000 yuan.

“We did not make any collateral, and all the information was submitted online. They reviewed it quickly and released the loan within a week to ensure that we delivered the order on time”, Chen Wei, General Manager of Changzhou Changhui Plastic Technology Co., Ltd., said.

With the advantage of early start and comprehensive mechanism of credit big data, Changzhou has collected massive government data, bank credit data and enterprise financial data and with the help of algorithm technology, formed a credit evaluation system for small and micro enterprises from 25 dimensions, such as credit status and operating efficiency to ensure that credible enterprises with high scores can obtain a pure credit loan of up to 3 million yuan.

“We have achieved a full network operation process from application, approval, signing, disbursement, and repayment by creating the "Changzhou Credit Series" credit products. As of now, we have provided financing services to 10409 market entities and issued 15.683 billion yuan of loans at lower interest rates”, Zhao Suhong, Deputy Director of Changzhou Local Financial Supervision and Administration Bureau, said.

Wujin District took the lead in the province to pilot "credit+public resource transaction", helping enterprises reduce burden and cost.

In early May, 44 enterprises participated in the bidding for the construction project of sound insulation window production and installation in Wujin section of the Shanghai-Nanjing Yangtze River high-speed railway. 14 enterprises with AA credit rating are exempt from paying deposit, while 6 enterprises with A credit rating pay deposit in half.

“The deposit required for bidding is 200000 yuan. Since we are a red-listed company, the deposits are reduced. After winning the bid, we have to pay more than 900000 yuan of performance bond. Wujin District reduced 80% of our deposit, and we actually paid more than 180000 yuan”, Li Xiang, Head of Business Department of Jiangsu Hualu Transportation Development Co., Ltd., said.

In 2022, Changzhou received significant supervision and incentives from the provincial government for promoting the optimization of the business environment. In the future, Changzhou will continue to promote credit construction, implement policies and measures that benefit enterprises by reducing burdens and costs, so that market entities can obtain more convenience and preferential treatment.

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