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Dalian Free Trade Area Forging a New Mode of Financial Service

Duringthe financing course, small- and medium-sized enterprises often encounterproblems, such as difficult operation, high cost and high risk. One reason isinformation asymmetry, small- and medium-sized enterprises do not know aboutfinancing institutions and their financial products, and the other reason isthat financial institutions are extremely cautious in approving enterprisefinancing out of the consideration of avoiding risks. In view of these"painful points" and "difficult points", Dalian Free TradeAreahas launched the innovative measure of "financial service shopassistant" to promote the coordinated development of small- and medium-sizedenterprises and the financial industry in the area.

        Mainpractices

        1.Break through information barriers to build a bridge of mutual trust betweenenterprises and financial institutions

Infinancing business, the biggest barrier encountered by the enterprises andfinancial institutions is the lack of trust caused by information asymmetry.For this reason, the Bureau of Treasury and Financehas reached a strategiccooperation agreement with DalianBanking Association, Bingshan Group and otherimportant financing institutions in the area to give full play to the role of DalianFree Trade Areafunctioning as a fund service library to induce and sortout the "shopassistant" background data and publicizeonthe "shop assistant"platform such basic information as qualification requirement, limit, interestrate, etc. relating tovarious financial products of the financialinstitutions,through which the enterprises have deepened their understanding aboutthe financial industry to enhance their trust to the financial institutions.

        2.Change the supply and demand relationship to attract the capital to flow to high-qualityenterprises

Inthe past, the enterprises had to rely on themselves to find suitable financialproducts to meet their capital needs. It was difficult for them to findsuitable financial products from various banks, commercial factoring and fundcompanies. After the "shop assistant" is put on line, the enterprisesonly need to upload their information and capital needs for the financialinstitutions to push appropriate financial products to them according to thesame.This has led to a great reduction ofenterprise financing costs. At thesame time, the financial institutions also screen the information and needs ofenterprises, and put more funds into promising enterprises out of theconsideration of market development expectations. The utilization of theplatform "shop assistant" has resulted inenterprise financing throughfast channels, accelerating the survival of the fittest and the gathering ofsocial capitals to high-quality industries.

Assoon as the "shop assistant" was put on line, the Bureau of Treasuryand Finance in the area received the financing demands from more than 10enterprises, and the special docking team immediately started service toengagein enterprise financing gradually. So far, the fund support docking for nearly RMB20 million yuan has been accomplished. Next, Dalian Free Trade Area will expandcontinuously the service scope of the "shop assistant", promote thedata exchange between the service hall of the Free Trade Area and the "shopassistant" forsynchronous online and offline financial service;optimize theplatform function application, establish a big database, improve the dataquality and optimize the user experience; accelerate the opening up and sharingof financial data, improve the transparency of the financialsector, and further break industrial information barriers.