A total of 84 financing project deals worth 70.7 billion yuan ($10.08 billion) were signed in Zhangjiagang, East China's Jiangsu province, on Feb 24.

The move is expected to inject strong momentum into the development of the city's real economy and help Zhangjiagang win the battle against the novel coronavirus pneumonia, said Shen Guofang, secretary of the CPC Zhangjianggang committee, at the signing ceremony.

Since the beginning of the outbreak, Zhangjiagang has rolled out a series of measures to aid local companies, including financial supports and green channels for administrative procedures.

Local financial institutes have been encouraged to offer low-interest loans to businesses facing difficulties and to allow them to defer repayment.

"I hope that financial institutes continue to improve and diversify their services for companies, contributing to the stable development of the real economy," Shen said.

He also said that government departments should spare no effort in promoting cooperation between banks and companies and in upgrading the local business environment.

During the signing ceremony, an online financing application was also launched by 12 local banks aiming to provide efficient and low-risk services for business entities.