Tianjin earmarks 2b yuan to help small enterprises
(Xinhua)
Updated: 2005-02-11 09:28

The Tianjin New Technology Development Park Administration in north China's leading port cityannounced its plans to set up a joint-stock guarantee company withinternational banks to assure development of small and medium-sized businesses.

According to Pang Jinhua, director of the administration, the new technology development park will step up development of a credit system this year and develop a joint-stock guarantee company through cooperation with banks from the United States, Canada and other countries.

The guarantee company is expected to absorb 2 billion yuan (240.9 million US dollars) investment from the State Development Bank, the Agricultural Bank of China, the Everbright Bank and CITIC Industrial Bank to use as guarantee fund and to ease the "bottleneck" of capital shortage for small and medium-sized companies.

The company will provide services for the businesses such as fund collection, guarantee and investment, and give key support tothe development of 100 new and high-tech enterprises in the development park.

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