Client managers (right) of China Construction Bank Corp's branch in Hangzhou, Zhejiang province, go through loan procedures with small business owners in February. [Photo provided to China Daily]

East China's Zhejiang province plans to complete construction on at least 200 dedicated industrial parks for micro and small firms and begin construction on at least another 150 such parks, as well as bring in 10,000 micro and small firms to the parks by the end of 2020, according to a government conference held in Ningbo on July 28.

As of the end of June, Zhejiang already had 872 operational industrial parks dedicated to micro and small firms, which were home to a total of 48,000 firms. The province aims to have more than 1,200 such parks housing a total of 100,000 micro and small firms by 2022.

Zhejiang is an economic powerhouse best known for its booming private economy, in which small businesses play a vital role. With the COVID-19 pandemic hitting enterprises, particularly smaller ones, around the world, Zhejiang authorities have stepped up financial support for the province's micro and small firms.

As of the end of June, the province's inclusive loan balance for micro and small businesses stood at 2.1 trillion yuan ($299 billion), up 30 percent from the previous year.

To better serve micro and small firms, Zhejiang-based commercial banks have managed to publicize their "authorization list" and "credit list" in various ways. The "authorization list" states how much authority a particular subsidiary bank is granted by its headquarters in terms of its approval of loans for micro and small businesses and individuals; the "credit list" presents in detail the qualifications, materials, time limits, and procedures concerning loan applications. The result is that micro and small firms are now better informed and prepared to seek loans from suitable banks.