Jiangyin, a county-level city in Wuxi, is preparing a financial service center for small and micro- enterprises (SMEs), with annual revenue below 20 million yuan ($3.25 million), reported the Wuxi Daily.

The financial center will comprise investment organizations, financial institutions such as banks, security companies, insurance companies and bonding companies, and intermediary organs such as law offices and appraisal agencies.

It will provide debt and equity financing to local start-ups and SMEs in emerging strategic industries, as well as tap the market for financing institutions.

The center will also use essential data from local authorities to provide targeted services.

To facilitate mergers and acquisitions, the financial service center will launch venture capital and private equity funds.