China Energy and Chemical Industry Factoring Reinvests￥20 mln. in TEDA

Recently, China Energy and Chemical Industry (Tianjin) Commercial Factoring Co., Ltd. increased its capital by 20 million yuan in TEDA, with a registered capital of 70 million yuan. As the only platform for integration of industry and finance under China National Administration of Coal Geology, since its establishment in 2019, the commercial factoring company has provided factoring financing of more than 1.4 billion yuan for the main business segment of the Administration. The role of financial services to the real economy has been effectively brought into play. The reinvestment will further promote enterprises to upgrade their financial services and help TEDA commercial factoring develop rapidly.

In recent years, TEDA has taken commercial factoring as one of the most important innovative financial development categories, and launched a series of measures in industry development, policy innovation, judicial environment and tax collection. At present, half of the factoring companies of SOEs have settled here. TEDA is recognized by the industry as an area of the most concentrated commercial factoring institutions and the most active innovative business, and it is an important cradle of industry innovation.