Issuance of "Measures to Support the Development of Individual Industrial and Commercial Enterprises in Guangdong Province"

The Development and Reform Commission of Guangdong Province has issued the "Several Measures to Support the Development of Individual Industrial and Commercial Businesses in Guangdong Province", in which it proposes to support banking institutions in establishing efficient online channels for connecting with individual industrial and commercial businesses. By leveraging the Guangdong Credit Service Platform "Yuexin Huishang" and other financing and credit service platforms within the province, government data will be shared with banking institutions in accordance with laws and regulations. The Commission encourages banking institutions to build intelligent evaluation and risk control models based on the credit risk level and classification results of individual industrial and commercial businesses, and to innovate and develop exclusive credit products. The promotion of models such as "borrow and repay at will" and "no repayment but renewal" will facilitate better matching of credit terms with business cycles, meeting the temporary and seasonal funding needs of individual industrial and commercial businesses. The Commission will promote the inclusive financial service special action "Xinghuodai", and reasonably determine loan interest rates according to the principles of risk pricing and income covering costs, in order to expand credit provision to individual industrial and commercial businesses. Subsidies for guarantee fees and compensation for default will be provided for individual industrial and commercial businesses meeting the requirements for financing guarantee services. Banking institutions will be guided to provide comprehensive financial services such as clearing and settlement, wage distribution, guarantees, and factoring for individual industrial and commercial businesses.