Guarantee companies belong to non-bank financial institutions, and they can do so as long as they are qualified. Its main business should be to provide credit guarantee for borrowers. In China, most small and medium-sized enterprises have been restricted by the lack of corresponding collateral, especially the collateral that financial enterprises want, and they cannot easily raise funds in banks. The establishment of a guarantee company can effectively alleviate this constraint, and the prospect of this industry should be relatively optimistic.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.