Earlier this month, Taizhou was officially designated a national pilot zone for the comprehensive reform of financial services for private enterprises and small and micro businesses.

Approved by the State Council and five ministries including the Ministry of Finance, the move comes as part of the nation's efforts to direct financial resources toward small and micro businesses under a market-oriented business climate and reduce the financing cost of the real economy.

Taizhou will receive a fund of 30 million yuan ($4.47 million) from the central government, which will be used to deepen reform of financial services for private enterprises and small and micro enterprises in the city.

Chen Yijun, Party chief of Taizhou, pledged that the city will strive to become a demonstration zone for small and micro enterprise financial services nationwide.

Private companies in Taizhou last year accounted for 99.5 percent of the city's total enterprises, contributing 92 percent and 77.5 percent of the city's tax revenue and GDP respectively -- 42 percent and 17 percent higher than the national averages.