A cross-Straits forum for the development of small and micro finance was held in Taizhou, Zhejiang province on Aug 3. The event was attended by around 400 representatives from the Chinese mainland and Taiwan.

Small and micro finance refers to a category of financial services targeted at individuals and small and micro businesses that lack access to conventional banking and related services. It is of great significance to the development of private economy.

Experts and entrepreneurs from both sides of the Straits exchanged ideas on how to further deepen cross-Straits exchange and cooperation in financial services and shared insights on the quality development of private economy.

Taizhou is home to a robust private economy and has implemented many innovative financial measures to support local small and micro businesses.

Zhang Xiaoqiang, mayor of the city, said that since Taizhou was approved as a national pilot zone for the innovation of small and micro financial services in December 2015, the city has had success with a new strategy.

Official data showed that 94.39 percent of loan applications from Taizhou's small and micro enterprises were approved. The loan balance for these enterprises accounts for 41 percent of the total.

The success of the "Taizhou strategy" should be partly attributed to Taiwan's experience, many financial professionals pointed out. The city learned from Taiwan how to set up a credit fund for small and micro businesses. Several financial agencies in Taizhou partnered with Taiwan counterparts or cooperated with Taiwan experts.

In recent years, the development prospects for small and micro finance have been getting brighter. With the further opening-up of the Chinese mainland, new opportunities are being brought to Taiwan's financial sector. Experts suggested that the two sides should seize the opportunity to further deepen cooperation.