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With the promotion of the "Bank-Tax Action" project, the financing cost for beneficiary enterprises to exchange "tax credit" for financing credit has decreased, the lending process has become increasingly simplified, and the beneficiary scope has continued to expand, thus easing the financial pressure for more trustworthy enterprises in a timely manner.

In the first quarter of 2020 alone, Zhongshan issued loans exceeding 1.7 billion yuan under its "Bank-Tax Action" project, supporting enterprises to resume work and production quickly.

Mr Chen, a financial worker of Zhongshan Bomei Electronic Technology Co Ltd, said that as soon as the enterprise resumed work, the tax department and bank staff took the initiative to contact the enterprise. After learning about the financial difficulties of Bomei Electronics and its suppliers in Hubei, they quickly agreed with Bomei Electronics on a loan support plan, opened a green channel for the company, and made urgent approval. In just one day, 3 million yuan of credit loans were issued to the company.

A spokesperson for the Zhongshan Local Taxation Bureau's Tax Service Center said that for the next step, the tax department will continue to cooperate with banks to actively serve enterprises and provide timely financing support to those in need.