An annual financing fair next week will provide much-needed credit to small and medium-sized enterprises amid efforts to support the operations and growth of these SMEs.
The fair, to be held in Shanghai on August 31 and September 1, is expected to be bigger than last year's event in terms of the amount of credit to be extended to the SMEs, Hao Xiangjun, secretary-general of Shanghai Financial Association, said yesterday.
"A chamber of commerce (representing a group of SMEs) in Shanghai has just reached a pre-agreement before the fair with a lender today for a 1 billion yuan (US$157.5 million) loan, and it is not the only one to receive ample support through the event this year," Hao said.
He added the SMEs have been invited by various associations to attend the fair, and that several financial institutions have also voluntarily registered for the fair.
So far four foreign lenders, including Citibank and Nanyang Commercial Bank, have registered for the fair.
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