The compatibility between financial structure and economic structure will be enhanced, the development of small and medium size legal person banks (such as private banks, village bank, etc.) will be supported. The construction of multilayer financial service system compatible with the need of private enterprises and micro&small enterprises will be expedited, the newly increased quota of re-lending and rediscount provided by China People’s Bank will be utilized properly, the intensity of negotiable instruments financing will be increased, and the “green counter” for bill discount will be set up.

II.     To optimize the procedure of financial credit

Information technology such as big data, cloud computing, artificial intelligence (A.I.) and block chain, will be encouraged to utilize for supporting online loan channels, which is used to strengthen the implementation power of the continued loan policy, and to support the well-run micro&small enterprises to get continued financing seamlessly. Besides, the time-limited system for the whole loaning process will be established actively, making a clear commitment on the processing deadlines for micro&small enterprise loans in accordance with their business categories respectively.

III. To reduce the cost of financial credit

The special rectification of banks’ illegal service charges to enterprises will be implemented deeply. Thedifferentiated pricing mechanisms of loan interest rates for micro&small enterprises will be guided to establish by banks. Meanwhile, the financing process will be further shortened and the redundant“passing” or “bridging” procedures will be cleared out, so as to reduce additional loan cost for private enterprises and micro&small enterprises. Besides, the microfinance companies’ lending behavior will be regulated, and the lending rate will be lowered by microfinance companies.

IV. To improve the Credit Enhancement by Financial Guarantees

Production equipment, raw materials, semi-finished products, products, motor vehicles, other movable properties, as well as accounts receivable, intellectual property rights and other rights will be supported to be used as collateral, diversified guarantee business innovations will be encouraged to be carried out. Besides, the substituted and compensatory mechanism will be established and improved. Financing services’ quality and scale for private enterprises and micro&small enterprises will be used as important assessment indicators by government’s financial assessment on banks in Chongqing.

V.    To promote big data financial services

Big data financial services and production innovation based on credit information, such as “Tax-Bank interaction”, credit loans of knowledge value, credit loans of commercial value, “Chongqing Express Finance”, “Easy Credit Finance”, and “Easy Credit Loan” will be continuously promoted.

VI. To improve financial credit fault tolerance mechanism

Due diligence and liability-exemption mechanism for micro&small enterprise loans will be improved, so as to increase the tolerance of non-performing loan assessments. Besides, the tolerance of non-performing loans (NPLs) for inclusive micro&small enterprises will be relaxed from 2% to 3%, which is no higher than the non-performing loan ratio of various loans.

VII.    To improve credit information sharing mechanism

Financial institutions in Chongqing will be promoted to speed up their access to the credit reference system of the People’s Bank of China to achieve “full coverage” of the credit information system. The Municipal Public Credit Platform and the National Enterprise Credit Information Publication System (Chongqing)will be well-functioning, the collection and publicity of the enterprises credit information will be carried out in accordance with law, and the joint incentives for being honest and joint punishment for being dishonest will be promoted continuously.

VIII. To strengthen the application of credit information

Financial institutions will be guided to launch financing credit-granting services combined with the credit status and credit rating of private enterprises and micro&small enterprises. Meanwhile, credit bureaus and credit rating agencies will be supported to utilize relevant information to provide credit products and services for private enterprises and micro&small enterprises.

IX. To judge financial disputes legally and properly

Trial guidance will be strengthened, the standard of adjudication will be unified, and various financial cases will be needed to be tried in accordance with the law properly. The limits of unreasonable interest rates deviating from the real economy should be clarified strictly and legally, so as to decrease the cost of financing effectively.

X.     To Strengthen the Enforcement of Financial Supervision and Regulation

Financial supervision will be strengthened. The implementation of “Dual Randoms—One Open” mechanisms（i.e. “Dual Randoms” means random selection of inspection objects and random selection of law enforcement inspectors; “One Open” means the inspection results and results open to the public in time）for supervision and inspection and comprehensive law enforcement will be explored. Financial supervision accountability system will be fully implemented, the legal enforcement responsibility will be strictly investigated, so as the financial credit business environment under fair competition will be protected.