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Safe financial environment with creditworthiness in construction

A couple of days ago, a manger of a large enterprise was detained for evasion of bank debts. Since this year, Cixi has intensified efforts in fighting against illegal conduct and developing a creditworthy financial environment. A series of measures have been taken to restrict leaving China, high consumption and stock right transfer and check deadbeats. 
 
Currently, Cixi’s economy is at the critical transition and restructuring period. Due to lack of creditworthiness, some owners and managers may choose to run away or evade debts when they run into management difficulty. They shirk responsibilities and accountabilities to the government, banks or related businesses. There are even people who are engaged in frauds and even transfer assets. To cope with this situation, the city has taken measures to support those creditworthy enterprises who run into temporary difficulties. Banks are encouraged to help these enterprises. As for those who are likely to evade debts, firm measures are taken to crack them down. As of now, the city has investigated into several lawsuits of evasion of debts. Two people have been sentenced and several others have been detained.

 

To cope with this tough economic and financial situation, Cixi has made a plan to speed up financial reform and develop a demo zone of financial ecology. It aims to improve the credit environment, solidify the foundation of financial ecology, strengthen the legal institution development and crack down foul play according to law. In addition, based on the previous credit network of Cixi, the city has sped up the process of developing a public credit information platform, aiming to establish a sound credit system covering all the society.

According to Mr. Xie Zhirong, director of the financial affairs office of Cixi, when the economy is turning down, the sustainability of excessive and blind financing is surfacing, which has made the creditability of enterprises a key issue in bank-enterprise cooperation. Therefore, how to resolve capital chain and safeguard the guarantee risks, rebuilding a demo zone of financial ecology meets people’s expectations. With the concerted efforts of banks and enterprises, we have every reason to believe that a creditable financial environment that is to generate more dividends of financial reform and innovation is taking shape in Cixi.

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