Representatives from financial institutes in Tonglu county, Hangzhou, offer different financial services to support the growth of the local manufacturing industry at a conference on financial development on March 13. [Photo/zj.zjol.com.cn]

A number of financial institutes launched new financial service products to support the growth of the local manufacturing industry and companies in Tonglu county, Hangzhou at a conference on financial development on March 13.

Since the outbreak of the coronavirus, various banks in Tonglu have extended financial help to companies experiencing financial difficulties.

Before the conference, a total of 605 million yuan ($86 million) in low-interest loans had been offered to 11 major companies. To help companies resume operation, the Tonglu Rural Commercial Bank waived 100 million yuan in revenues.

In order to boost the growth of the manufacturing industry, all financial institutes in Tonglu preliminarily offered 7.71 billion yuan in loans to new manufacturing companies.

At the conference, an even more ambitious financial support plan was released.

At the conference, the Tonglu branch of the Industrial and Commercial Bank of China, the Tonglu branch of Agricultural Bank of China, and the Tonglu branch of the China Zheshang Bank signed agreements with the government of Tonglu county. 

According to the agreements, the banks will provide different financial services to support the growth of the county's manufacturing industry.

Various financial service products were also released to meet the different needs of companies. Zhao Dan, a representative from Zhongyi Lace Group Co Ltd, said that the new financial products are very targeted and addressed their specific financing needs.

More than 1,400 staff members from 35 financial institutes in Tonglu including 21 banks, 11 insurance companies and three securities companies joined the Tonglu Finance Volunteers Association at the conference.