SHENZHEN, Jan. 18 (Xinhua) -- Authorities in the southern metropolis of Shenzhen effectively lowered the financial burden for private businesses in 2018.

The city set up financing guarantee funds worth 3 billion yuan (443.2 million U.S. dollars) and a cash pool worth 5 billion yuan for risk compensation in bank credit loans, according to the city mayor Chen Rugui.

Last year, private businesses' added value expanded 10 percent year on year, and authorities in the city relieved the businesses of more than 140 billion yuan of their financial burden.