Wenzhou in East China's Zhejiang province -- known for its prosperous private economy -- shared its best practice and experience in supporting the financial development of small and medium-sized enterprises (SMEs) at a China-EU meeting in Beijing on July 25.

The 10th China-EU SME Policy Dialogue was co-organized by China's Ministry of Industry and Information Technology and the Directorate-General for Business and Industry of the European Commission. It was designed to be a platform where representatives from both regions can talk on the development of SMEs, including policies, international development, as well as innovation and business opportunities.

Wenzhou Economic and Information Bureau was invited to attend the meeting and share the city's experience as an East China economic powerhouse.

A senior official gave a presentation on the slew of innovative policies that Wenzhou has rolled out to alleviate the burden on local enterprises and to encourage financial agencies to support SMEs.

He also talked about the city's contingency fund worth 1 billion yuan ($144.92 million) that helps companies out.

Currently, there are more than 1 million market players – companies and individual businesses - in Wenzhou. Analysts say 99 percent of them are small, medium-sized and micro enterprises. 

To promote the healthy development of these businesses, the city has made concrete efforts to effectively deal with their financing difficulties in recent two years.