A representative from the finance bureau of Tonglu announces the list of companies entitled to subsidies at the county's annual economic meeting on April 19. [Photo/zj.zjol.com.cn]

The finance bureau of Tonglu county in Hangzhou, capital of East China's Zhejiang province, initiated a "cash awards on the spot" program to shorten the approval time for offering subsidies to companies at the county's annual meeting on economy on April 19.

The bureau cashed a total of 14.8 million yuan ($2.09 million) in subsidies promised to companies that meet relevant requirements during the meeting.

The program was targeted at companies which have made large tax contributions and high-tech companies which performed well in 2019.

Pan Li, president of Tonglu Rural Commercial Bank, said that she was greatly impressed by the speed at which the awards were cashed.

"As soon as the program was announced, I received a text message reminding me that my bank received 2 million yuan in subsidies," Pan added.

Wu Yue, chairman of Hangzhou Kidsyard Sanitation Supplies Co, said that he never expected to receive the subsidies in such a short time.

"In the past, we needed to prepare a lot of paper work and visit several departments before we are allowed to apply for subsidies," he said, adding that his company received the subsidies soon after the announcement.

Tonglu is also helping companies which meet prescribed requirements apply for subsidies through "Qingqing Online", a platform providing a direct link between the government and companies.

As of April 19, 196 Tonglu companies had received 4.45 million yuan in subsidies via the platform.

A text message shows that Tonglu Rural Commercial Bank received 1 million yuan in subsidies soon after the launch of the "cash awards on the spot" program at the Tonglu county's annual economic meeting on April 19. [Photo/zj.zjol.com.cn]