A signing ceremony for a strategic cooperation framework agreement between the Zhongguancun Development Group and the Hebei SME Development Promotion Association was held in Shijiazhuang, capital city of Hebei province, on Aug 29.

The ceremony, co-organized by the Zhongguancun Development Group, Hebei SME Development Promotion Association and Hebei Banking Association, marked an effort of collaborative development in Beijing, Tianjin, and Hebei province.

The Zhongguancun Development Group's technological and financial subsidiaries will establish strategic relationships with the Hebei SME Development Promotion Association to meet the new demands of Hebei SMEs and provide overall financial services.

The Zhongguancun Development Group and Hebei SME Development Promotion Association sign a strategic cooperation agreement in Shijiazhuang, capital city of Hebei province, on Aug 29. [Photo provided to chinadaily.com.cn]

Zhongguancun Lingchuang Financial Service Co Ltd, a subsidiary of the Zhongguancun Development Group, drafted a credit agreement of 1 billion yuan ($150 million) for small and medium-sized enterprises (SME) in Hebei province.

During the ceremony, the company provided a loan of 25.5 million yuan to three Hebei SMEs, including Hebei NewStar Electric Motor Co and Shijiazhuang Zhonghui Medical Packaging Co.

Lingchuang Financial Service and the Hebei SME Development Promotion Association will make efforts to forge a comprehensive service system to aid the development of Hebei's SMEs and drive the sustainable economic development of Hebei province.

Zhongguancun Lingchuang Financial Service Co Ltd provides a loan of 25.5 million yuan to three Hebei SMEs. [Photo provided to chinadaily.com.cn]

Xuan Hong, general manager of the Zhongguancun Development Group, said, "This cooperation is part of the group’s efforts to accelerate the Jing-Jin-Ji integration. This is an important step for the group to deepen financial reforms and promote innovations in technology and financial services."

The Jing-Jin-Ji integration (Jing for Beijing, Jin for Tianjin and Ji is traditionally used to designate Hebei province) has been a national strategy since Feb 2014. The plan seeks to alter functions of the regions around the capital, easing Beijing's oversized population, congestion and pollution.

The Zhongguancun Development Group will further strengthen the Jing-Jin-Ji integration in the future to take on more responsibilities in promoting the country's development.

Xuan Hong, general manager of the Zhongguancun Development Group, delivers a speech during the signing ceremony. [Photo provided to chinadaily.com.cn]

Edited by Zachary Dye