Baotou, the largest city in North China’s Inner Mongolia autonomous region, was recently chosen as one of the national financial service reform pilot cities, according to a report in the Baotou Daily.

As a result, the city will receive a subsidy fund of 50 million yuan ($7.03 million), officials said.

This will go to improving the finance infrastructure in the city, boost the confidence of small and medium-sized enterprises and inject vitality into the high-quality development of Baotou city.

Officials said authorities have carried out financial support to deepen the pilot reforms of financial services for private, as well as for small and micro enterprises.

That aims to further stabilize market expectations, create a good development environment and promote the goal of increasing the scale of loans for private and small and micro enterprises, as well as reducing the financing costs for the real economy.