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Representatives from the Jiaxing economy and information technology bureau and the Jiaxing office of Zhejiang Rural Credit Cooperatives sign a strategic cooperation agreement to cultivate SMEs. [Photo/cnjxol.com]

Jiaxing in East China's Zhejiang province will offer credit loans worth 50 billion yuan ($7.86 billion) over the following five years to support local small and medium-sized companies, local media reported.

Only SMEs that specialize in certain fields and have outstanding innovation capability will be eligible for the loan.

The credit loans are part of the measures introduced by the Jiaxing economy and information technology bureau and the Jiaxing office of Zhejiang Rural Credit Cooperatives to bolster the development of SMEs.

The two parties have pledged to create more credit products to cater to the financial demands of SMEs and provide comprehensive financial services to their employees.