On October 29, the Shanghai Municipal Government held a press conference to introduce the relevant situation of the “Shanghai Action Plan to Promote the High-Quality Development of Small and Medium Enterprises”. Tao Changsheng, deputy director of the Finance Office of the Shanghai Municipal Committee, said in response to a question from the Shanghai Securities News reporter at the meeting that in the next step, the Finance Office of the Shanghai Municipal Committee will cooperate with the financial supervisory authorities to give full play to the guiding role of policy tools such as refinancing and rediscounting, and implement no-principal loan renewal policies. At the same time, it will cooperate with the financial department to further expand the leveraging role of financial capital, strengthen the supply of initial loans and credit loans for small and medium-sized enterprises, and promote banks willing to lend.

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