The Financial System In Xinjiang Has Achieved Remarkable Results In Supporting The Textile And Garment Industry

Since the second central Xinjiang work forum, Xinjiang's financial system has continuously optimized the credit support structure, innovated and optimized financial services, and guided funds to the four prefectures in southern Xinjiang, providing strong support for the development of traditional textile and clothing industry. Further play its role in absorbing employment, increasing income, helping to overcome poverty, especially in solving employment in southern Xinjiang.

Give full play to the guiding role of monetary policy tools. Urumqi Central Branch of the people's Bank of China will support the textile and garment industry as an important measurement factor for financial institutions to use refinancing and other monetary policy tools, and guide the financial resources to focus on the textile and clothing industry. By the end of August 2020, the loan balance of Xinjiang textile and clothing industry was 26.03 billion yuan, an increase of 79.4% compared with the end of 2014.

Set up a panel of experts on the financial system. The financial system of Xinjiang takes textile industry as an important starting point of financial support for small and micro private enterprises and poverty alleviation in southern Xinjiang, and establishes a "one-to-one" financial system expert group to provide professional financial guidance for enterprises. As of the end of August 2020, the balance of loans for small and micro enterprises in Xinjiang's textile and garment industry and loans in four southern Xinjiang prefectures were 2.99 billion yuan and 9.34 billion yuan, respectively 2.8 times and 11.5 times of the end of 2014.

Strengthen the docking of "bank, government and enterprise". To guide and strengthen the innovation of financial products and the docking of bank, government and enterprise, and carry out point-to-point guidance to ensure the discount of working capital loans for textile clothing and mask manufacturing enterprises, and pairing of financial institutions to help 80 key textile and garment enterprises in 22 counties of Southern Xinjiang. We will promote the establishment of textile and clothing credit risk compensation fund and "bank textile loan" financing mode, and guide financial institutions to increase financial investment. Since 2014, financial institutions in Changji Prefecture have used new financial products to provide loans of nearly 400 million yuan to the textile industry, breaking through the blank of new financial products loans.