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Yima looks to become a key player in Internet finance in Sanmenxia

The Yima county in the city of Sanmenxia, Henan province is aiming to become a main propeller to secure a sound and stable development of Internet finance, according to the officials.

As part of the government's efforts to achieve the goal, it launched a working paper of Suggestions on Measures of Banking Industry to Boost Regional Economic Development to establish a long-term mechanism for the cooperation among local government, banking and enterprises.

According to the paper, four aspects need to be improved to give a full play of finance in regional economy. The awareness of an overall situation has to be the top priority to carry out the entire work. Government authorities and enterprises, especially the banking institutions are required to take responsibilities to optimize the current credit systems and to transform the operation principles from relying on traditional industries toward Internet finance as the main source of growth.

By focusing on regional economic and social development, financial institutions should lend full support to local facilities improvement, city and countryside integration work and high-tech industries investment, the paper pointed out.

Gaining trust has always been taken as a strong guarantee to carry on the government work. Based on the system of information share and risks control, the government is urging local micro and small enterprises to build up quality credit to capture more accesses for financing, the paper mentioned.

Innovation is an effective tactic to step up the credit mechanism. According to the paper, the government will spare no stone unturned to expand the application of innovative credit products to inject new impetus for plagued or start-up enterprises. Banking will also provide individualized financial services to bring in more financial institutions at multiple levels.

Meanwhile, the Yima local government laid out three measures in the paper to realize the above four aspects. A small leading group is expected to be established to carry on the work, hosting meetings to follow and eliminate some obstacles.

Yima local government authorities such as the Yima branch of People's Bank of China, Yima development and reform commission, the ministry of industry and information technology of Yima county will make joint hands to study and introduce a growing number of qualified enterprises for local financial institutions, helping enterprises secure more credit loans to meet growth target.

The local government has also established incentives system to present appropriate awards for enterprises with substantial contributions to regional economic and social development. The move is forecast to increase more qualified enterprises to create a more favorable economic circulation in the county, read the paper.