Textile and garment industry is expected to improve the credit environment

December 30, 2011, the Ministry of Industry and Information Technology jointly with the Bank of Communications signed a “strategic cooperation agreement financial services for small and medium sized enterprises”, Miao Wei, the minister of Ministry of Industry and Information Technology, said that in 2012, China will introduce a package of policy measures to support small and medium sized enterprises, and to carry out “service for SMEs’ activities, focusing on innovative, labor-intensive, Small & Medium Enterprises, especially small micro-enterprises development, to strengthen guidance and improve services, promote small and medium enterprise development environment to optimize.”

October 12, 2010, 175 State Council executive meeting studied and decided to support the nine micro-enterprises finance, fiscal policy. Miao Wei said the Ministry of Industry and the Bank of Communications signed the “SME Financial Services Strategic partnership agreement” to effectively promote the development of SMEs is one of the series of policy measures.

Under the agreement, the content of cooperation will focus on supporting small and medium enterprises scientific innovation, technological innovation, energy saving, professional development, etc.; third-party services to expand financing for SMEs; Bank of Communications will deepen financial product innovation, financial services for small and micro enterprises, the reform of non-performing loan rate of tolerance, due diligence exemption, performance evaluation, encouragement and appraisal and other policies.