Colorful Central Asia culture, products interest visitors at newly opened park in northwest China's Xi'an

⁠⁠⁠⁠⁠⁠⁠Vibrant culture and diverse products on show at the Central Asia Park in Xi'an City of northwest China's Shaanxi Province have caught much interest from visitors since its opening to the public on Sunday, a year after a historic summit of leaders of China and Central Asian nations.   The park is located near the Xi'an International Exhibition Center, one of the venues for the 2023 China-Central Asia Summit. Sculptures of horses and camel caravans decorate the approximately 53-hectare park, symbolizing the prosperous exchanges over centuries and the beautiful vision of joint development between China and Central Asian countries, which are Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan.

"China is one of the countries with the longest history in the world, and the Silk Road also has a very long history. Today, I see many Silk Road elements and many Central Asian elements here, and I am very happy," said Oakham, head of the business development department of the ADY Container.

At the park's shop, visitors can buy specialties including snacks and oil paintings from Central Asian countries.

"Today, I come to have a look with my husband. It is very convenient to buy products from Central Asia in the vicinity of home," said Zhang Ying, a Xi'an resident.

"I saw many products showcasing the culture of the five Central Asian countries, including oil paintings and delicious food. Today, I found cookies from Kazakhstan, which are very familiar to me. I hope more people from Xi'an and all over China can visit here to learn about the cultures of these five Central Asian countries," said Anita Jumekenova, a lady from Kazakhstan, who is an independent director of the Shaanxi Silk Road City Holdings Group Co., Ltd.

The building at the main entrance of the park is called the "Silk Road Meeting Room", showcasing gifts from Central Asian countries, including traditional costumes from Kazakhstan and sculptures of "bow shooting" from Kyrgyzstan.

"The 'Silk Road Meeting Room' is not only for exhibition, but also facilitates international trade, bulk trade. It is not only a pavilion, but also a platform to really promote trade interaction between China and Central Asian countries," said Talafuhan, head of Xinjiang Zhongya Internet Incubator Co., Ltd.

Xi'an is a historical city founded about 3,100 years ago. Formerly known as Chang'an, it is the starting point of the ancient Silk Road, which saw flourishing interactions between China and Central Asia.

The China-Central Asia Summit, held in the city in May 2023, was the first summit held offline by the heads of state of the six countries since the establishment of diplomatic relations between China and each of the five Central Asian states 31 years ago.

Colorful Central Asia culture, products interest visitors at newly opened park in northwest China's Xi'an

Since the beginning of this year, China's financial sector has further improved financing services for small and micro enterprises, particularly by addressing financing blockages for micro, small, and medium enterprises (MSMEs), amidst the country's strengthened support for businesses in recent years.

The China Banking and Insurance Regulatory Commission recently issued a document addressing the blockages in the financing process of MSMEs.

According to the document, the range of entities eligible for liability exemption upon fulfilling due diligence has been broadened to cover loans in key areas such as small and micro enterprises, self-employed individuals, owners of small and micro enterprises, and farmers. This move aims to effectively reduce the burden on grassroots credit personnel and address their concerns regarding lending.

Meanwhile, the scope of renewal has been broadened from certain small and micro enterprises to include all small and micro enterprises.

It is specified that small and micro enterprises with working capital loans and owners of small and micro enterprises, self-employed individuals, and farmers who continue to require financing after the loan terms can seek renewal support from banks.

To enhance support for small and micro enterprises, coordination among different national departments, as well as between national ministries and local governments, is growing increasingly tight.

The China Banking and Insurance Regulatory Commission and the National Development and Reform Commission have established a coordination mechanism to bolster financing for small and micro enterprises.

For instance, special teams have been set up at the county and district levels throughout China to comprehensively assess the financing needs of small and micro enterprises.

For small and micro enterprises with genuine financing needs and good credit standing, banks are required to complete credit approvals within one month in principle, guaranteeing direct access to credit funds for these enterprises.

As of the end of August this year, the balance of inclusive loans to small and micro enterprises nationwide reached 31.9 trillion yuan (around 4.5 trillion U.S. dollars), doubling that at the end of 2017, with the average interest rate decreasing by a cumulative 3.5 percentage points.

By the end of September, the six major commercial banks - Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China (ABC), Bank of China (BOC), China Construction Bank (CCB), Bank of Communications (BCM), and Postal Savings Bank of China (PSBC) - have collectively extended over 2.2 trillion yuan (around 310.9 billion U.S. dollars) in newly added inclusive loans to small and micro enterprises this year.

China's financial sector further removes MSMEs' financing blockages in 2024