The industrial service center at the Qinzhou Port area of the China (Guangxi) Pilot Free Trade Zone (FTZ) held a meeting on April 19 to promote a new "financial supermarket."

Dubbed "finsupermarket," it is a cluster of financial institutions that together offer a wide range of financial services. These include basic offerings such as everyday banking and lending services as well as more advanced services such as a stock brokerage, insurance firm, and even investment banking.

The industrial service center cooperated with the finance and banking bureau of the Qinzhou Port area of the Guangxi FTZ and the Qinzhou branch of the China Banking and Insurance Regulatory Commission to attract 17 financial institutions to join the finsupermarket and discuss its future operations at the meeting.

Attendees also talked about its management system, the inclusion of more financial institutions and provided updates on the latest financial products. They also discussed ways of alleviating the problems of difficult, expensive, and slow financing for enterprises.

In order to manage the finsupermarket to the highest standard, the Administrative Committee of the Qinzhou Port area recently interviewed 59 enterprises with financing needs totaling 41.8 billion yuan ($6.04 billion). They included four platform companies, who are chasing total financing of 4.05 billion yuan, and 55 private enterprises in need of 37.75 billion yuan.

The administrative committee will build a platform to connect the government, financial institutions and customer enterprises through the finsupermarket to solve company's financing problems.