A code aiming to provide targeted services to companies is launched in Yuhang district, Hangzhou on Aug 6. [Photo/zjol.com.cn]

Yuhang district, Hangzhou launched a customized code on Aug 6 in an effort to provide targeted services to local companies.

96,000 companies have applied for the code thus far. They will have access to seven major services, and targeted development guides are being rolled out.

By integrating with the one-stop financial services platform of Zhejiang province, the code will help cut red tape related to financing and give companies easier access to bank loans.

Five manufacturing companies in Yuhang were granted credit from local banks at the launch ceremony and received a total of 1.69 billion yuan ($242 million) in loans.

"The code helped us locate suitable financing institutions once we completed our company profile and submitted our requirements," said Cai Xiangqun, manager of Boduo Holdings Group, an ingredient manufacturing company that plans to use its 600-million-yuan loan to carry out digital transformation.

According to local officials, the code was inspired by a health QR code being widely used throughout the COVID-19 epidemic. The code allows people to submit their health information and say whether they have been to hard-hit areas or have been in contact with infected people. They must have their code checked before visiting public places.

Five manufacturing companies in Yuhang are granted credit from local banks and receive 1.69 billion yuan ($242 million) in loans. [Photo/zjol.com.cn]