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As the NES is playing an increasingly important role in economic growth and system reform, local governments have strengthened their support to the NES over the past few years. In particular, they have formulated certain policies to solve financing difficulty of NSEs. Such supportive policies mainly cover three aspects.
II.1 Establishing Guaranty Agencies
To support the development of small and medium-sized enterprises (SMEs), under the enthusiastic advocation of relevant departments of the Central Government, local governments at all levels are focusing their effort on setting up credit guarantee agencies for small and medium-sized enterprises. Such guarantee agencies are regarded as a breakthrough point for solving the problem of financing difficulty. For example, except in specific cities, all the 13 cities under the direct jurisdiction of Jiangsu Province have set up credit guarantee agencies for SMEs. There are 14 such agencies in the whole province, holding a total value of RMB 400 million in registered capital. In 2000, they issued letters of guarantee to over 200 enterprises, with an accumulative number of over 1800 and a total value of RMB 2.5 billion. Based on incomplete statistics, by September 2000, over 50 guarantee agencies were set up in the cities, counties (districts) and townships in Zhejiang Province. They owned a total value of RMB 218 million in registered capital and issued over 1490 guarantees with a total value of RMB 771 million in favor of over 1,000 enterprises. At present, Jiangsu, Zhejiang and Shandong Provinces are actively engaged in preparation to establish provincial guarantee agencies. Shanghai Municipality has adjusted its public finance budgeting system and established credit guarantee agencies for SMEs supported mainly by the municipal treasury with the balance shared by all levels of public finance. By the end of 2000, this guarantee system has issued guarantee for 1,833 projects with a total value of RMB2.28 billion.
II.2 Improving Financing Environment for NSEs
Over the past few years, in order to improve the financing environment for NSEs, effort has been made by the governments of the four regions in the following aspects:
First, strengthening contact and cooperation with banks. In order to support the development of privately-owned SMEs, relevant provincial and municipal departments of Jiangsu and Zhejiang have signed lending co-operation agreements with the Agricultural Bank of China, the Industrial and Commercial Bank of China and Minsheng Banking Corporation, on financing issues of SEBs. They have also maintained frequent contact with the banks to exchange views and analyse market changes and operational status of typical enterprises, and co-ordinated with the banks in their field studies on NSEs.
Second, solving actual problems for small and medium-sized NSEs in the course of getting loans. For example, the provincial government of Zhejiang Province has issued several specific policies to help such enterprises solve the problems of multiple registration, multiple charges and repeated assessment for real estate mortgage in the borrowing process. The Government of Hangzhou City specified policies for NSEs to acquire public land assets, which has improved the financing environment for numerous township enterprises after their system reform.
Third, establishing special agencies to provide services to SMEs. In order to support these enterprises in an active way, the Shanghai municipal government has established a financial accounting management centre and a SME service centre to provide them with information, consultancy and management services. Meanwhile, in order to fundamentally relieve financing stress from SMEs and put the market in order, the Shanghai municipal government plans to establish a standard credit rating agency and a credit system for small and medium-sized enterprise within 3-5 years.
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