There are now a reported 31 micro credit companies, 24 financing guarantee companies, and 25 private capital management companies operating in Dongying, Shandong Province. To better regulate and ease the loans approval process for small- and medium-sized enterprises (SMEs), the city-level government of the Chinese city has now established a financial credit platform to consolidate credit information for the local community.
According to media reports, the platform is mostly complete and is currently in its testing phase. It is expected to be in operation by the second half of 2015. The platform will cover financial and credit information of around 100 local financial institutions.