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Jiangsu deepens the reform in public resource trading — the replacement of cash deposits by digital letters of guarantee
updated on:2022-09-17 06:44

With the active application of digital letters of guarantee for bidding in public resource trading and the reduced capital occupation pressure of enterprises in trading activities, Jiangsu has witnessed obvious results of helping ease enterprises’ burden and benefiting enterprises. From January to August this year, Jiangsu has carried out digital letters of guarantee to reduce capital occupation by more than RMB 42 billion for enterprises in bidding.

In order to implement the requirements of the Central Committee of the CPC and the State Council on building a unified national market and accelerating the digitalization of the whole process of public resource trading, the Administration Office for Government Affairs Service of Jiangsu Province takes the lead in comprehensively promoting the replacement of cash deposits by letters of guarantee. All localities will establish or improve digital guarantee platforms for bidding, and achieve seamless connection among financial institutions including banks and insurance companies. Digital letters of guarantee are available for bidding enterprises so that “full online service” can be realized.

Jiangsu has always prioritized public services, took the lead in issuing policy documents regulating the application of letters of guarantee in bidding for construction projects, provided free digital guarantee access services and standardized platform development. In terms of soliciting financial institutions, public resource trading centers at all levels have clear access conditions and data standards, and they are open to all qualified financial institutions, support online services of financial institutions, and promote orderly competition in services related to letters of guarantee. In terms of letter-issuing services, financial institutions should formulate reasonable terms and improve work procedures in accordance with the law to ensure convenient handling of letters of guarantee for bidding and timely payment of claims. In the aspects of the management of issuing letters, all branches of the China Banking and Insurance Regulatory Commission should strengthen the supervision and management of financial institutions, promote the optimization of service procedures, and standardize charging behaviors.

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