In 2020, Zhejiang Province’s gross regional product (GDP) exceeded 6.46 trillion yuan, ranking fourth in the country; the listing of enterprises led the country, with 86 new domestic and foreign listed companies (62 in China) in 2020, and the number of newly listed companies in China ranked first in the country; the regional financial reform achieved remarkable results, and a large number of advanced experience and practices were replicated and promoted in the province and even the whole country…
The strong vitality released by Zhejiang’s economy is inseparable from the support of financial vitality. In recent years, the Zhejiang Provincial Local Financial Supervision and Administration Bureau has focused on serving the real economy, deeply promoting the construction of a strong financial province with benign economic and financial interaction, making every effort to prevent and resolve major financial risks, and contributing financial strength to high-quality economic development.
Recently, led by Ji Xiaolei, secretary of the party committee, president and editor-in-chief of the Securities Times, the “Tribute to the Centenary of the Founding of the Party and the Landscape of the Capital Market” interview group walked into Zhejiang to talk to the person in charge of the Zhejiang Provincial Local Financial Supervision Administration, review the development achievements of Zhejiang’s financial market, and discuss the “Zhejiang experience” of regional financial reform, so as to celebrate the 100th anniversary of the founding of the CPC.
Promote a virtuous circle of economy and finance
Securities Times: When it comes to Zhejiang, many people’s first reaction is that it is a large economic province and active private capital. As a local financial management department, how is the overall development and operation of Zhejiang’s financial industry?
Zhejiang Provincial Local Financial Supervision Bureau: In recent years, Zhejiang Province has deeply implemented the decision-making and deployment of the Party Central Committee and the State Council on financial work, promoted the structural reform of the financial supply side, implemented the project of smooth financing, built an emerging financial center, made every effort to prevent and resolve major financial risks, and promoted the healthy development of the virtuous cycle of economy and finance. The development achievements of the financial industry in Zhejiang Province are mainly reflected in the following four aspects:
First, the strength of the financial industry has reached a new level. In recent years, Zhejiang Province has promoted the construction of Qiantang River Financial Harbor, Hangzhou International Financial Technology Center, Mobile Payment City and Financial Characteristic Town, established and upgraded a number of financial institutions, promoted the agglomeration and development of new financial formats such as financial technology and wealth management, and basically formed a large financial industry pattern with strong financial industry strength and strong ability to serve the real economy.
Second, the quality and efficiency of the real economy of financial services have been significantly enhanced. Focus on key areas and weak links, dredge the financial policy transmission mechanism, promote the incremental expansion of financial services and reduce prices, improve the availability, convenience and inclusiveness of financing, and achieve substantive results in breaking through the financing blocking points and difficulties of private and small and micro enterprises. As of the end of June this year, the balance of deposits and loans of financial institutions reached 15.76 trillion yuan and 16.66 trillion yuan respectively, ranking fifth and third in the country, and the private economy, inclusive small and micro enterprises, manufacturing and agriculture-related loans all ranked first in the country.
The third is to use the capital market to effectively lead industrial transformation and upgrading. In order to seize new opportunities in the capital market such as the registration system, Zhejiang Province has vigorously implemented the “Phoenix Action” plan for enterprise listing, mergers and acquisitions and restructuring, and coordinated to promote the reform and listing of enterprise shares and cultivate guidance. Since the implementation of the “Phoenix Action” plan in 2017, as of the end of June this year, 307 new domestic and foreign listed companies have been added, 846.5 billion yuan of new capital market financing and 396 billion yuan of new M&A investment have been added. The total number of listed companies reached 706, of which 561 were domestic listed companies, ranking second in the country, and 713 were listed on the New Third Board. The construction of regional equity markets has achieved phased results, and the first regional equity market innovation pilot project in China has been actively promoted, with 12,666 listed enterprises. The assets under management of private equity investment funds reached 1,676.1 billion yuan, ranking fourth in China.
Fourth, the financial ecological environment is safe and stable. In recent years, Zhejiang Province has intensively implemented the battle of preventing and resolving major financial risks, and the overall financial risks have tended to converge, and the resilience of anti-risk has been significantly enhanced. The promulgation and implementation of the “Zhejiang Provincial Local Financial Regulations” and the effective operation of the financial risk “Tianluo Di Net” monitoring and prevention system have comprehensively optimized the financial rule of law, policies and credit environment in Zhejiang Province. For many consecutive years, Zhejiang Province has been praised by the State Council for its good results in creating an honest and trustworthy financial ecological environment and maintaining good financial order.
Strive to reach 1,000 listed companies
Securities Times: In recent years, the “Phoenix Action” plan launched by Zhejiang Province has attracted widespread attention from the market. What changes have been brought about by the implementation of the plan? What results have been achieved?
Zhejiang Provincial Financial Supervision Bureau: Since the Zhejiang Provincial Government issued and implemented the “Zhejiang Province Promoting Enterprise Listing, M&A and Reorganization “Phoenix Action” Plan in 2017, party committees and governments at all levels in the province have attached great importance to the “Phoenix Action” plan, various cities have successively issued corresponding support policies, and relevant provincial departments have established efficient collaborative working mechanisms, forming a three-level linkage between provinces, cities and counties; At the same time, the China Securities Regulatory Commission, Zhejiang Securities Regulatory Bureau and Shanghai and Shenzhen Stock Exchange have also given strong support to Zhejiang Province, and the majority of intermediaries have actively participated and provided high-quality services. Therefore, the province has formed a good working situation of multi-party linkage, and remarkable results have been achieved in the listing of enterprises and mergers and acquisitions.
From the perspective of the number of listed companies, compared with the end of 2016, as of the end of June this year, Zhejiang Province has added 307 domestic and foreign listed companies, an increase of nearly 75%, it can be said that the “Phoenix Action” plan has played an important role in the economic transformation and upgrading of Zhejiang Province, and has also formed a major influence in the national capital market.
Securities Times: This year, Zhejiang Province released version 2.0 of the “Phoenix Action” plan, can you share the background, goals and significance of the launch of version 2.0.
Zhejiang Provincial Financial Supervision Bureau: Since the implementation of the “Phoenix Action” plan in 2017, the listing and mergers and acquisitions of enterprises in Zhejiang Province have achieved remarkable results, and have played an important role in economic transformation, upgrading and development. According to the new situation, new tasks and new requirements faced by the capital market development of Zhejiang Province during the “14th Five-Year Plan” period, the People’s Government of Zhejiang Province issued and implemented the “Phoenix Action” Plan for Promoting High-quality Economic Development in Zhejiang Province (2021-2025).
The upgraded version of the “Phoenix Action” plan is divided into four parts: first, the overall requirements, including the guiding ideology, main goals and implementation paths; The second is the main measures, which are divided into four major tasks: implementing the special action of listed companies to lead high-quality development, implementing the project of upgrading the company’s share reform and listing, creating a national typical model of multi-level capital market, and focusing on solving the outstanding problems in the quality improvement of listed companies; Third, safeguard measures, including strengthening organizational leadership, strengthening policy resource guarantees, and strengthening efficient services throughout the chain; The fourth is evaluation incentives, including supervision incentives and evaluation incentives.
The goal is to strive to maintain the leading position in the country in the development of the capital market in Zhejiang Province through five years of efforts, realize more enterprises to become “golden phoenixes” through the growth of “young eagle” enterprises and the growth of “eagle” enterprises, and build Zhejiang Province into an important source of cultivation of strategic emerging industries and future industries, and an important experimental area for the high-quality development of listed companies. The objectives of the “Operation Phoenix” plan are mainly reflected in five major aspects:
First, the cultivation of listed enterprises to achieve new expansion. Through the share reform, more than 10,000 joint-stock enterprises, more than 1,000 key listed reserve enterprises and more than 100 reporting (exchange) enterprises are dynamically maintained every year. The incubation and cultivation role of equity investment funds is obvious, with a new private equity investment fund filing amount of more than 500 billion yuan in five years, of which the scale of high-tech enterprises invested in the three major scientific and technological innovation highlands accounts for more than 70%.
Second, the number of listed companies has reached a new height. Strive to add more than 350 domestic and foreign listed companies in five years, and by the end of 2025, strive to reach 1,000 domestic and foreign listed companies in the province, and cultivate and form a lineup of listed companies with full coverage of state-owned and private, traditional and emerging, industries and industries, including 10 listed companies with a market value of 100 billion yuan and above, 70 companies with a market value of 50 billion yuan to 100 billion yuan, and 100 listed companies with a market value of 20 billion yuan to 50 billion yuan.
Third, the quality of listed companies has been improved. Strive to increase the amount of capital market financing of more than 800 billion yuan in five years, and reach a total of 2.5 trillion yuan of financing through the capital market by the end of 2025. The scientific and technological innovation and industry leadership capabilities of listed companies have been significantly enhanced, and the indicators of R&D investment, number of patents, operating income, profits and taxes lead the country. The governance level of listed companies has been continuously improved, and indicators such as equity pledge risk and illegal risk have decreased significantly, and remarkable results have been achieved in preventing and resolving the risks of listed companies.
Fourth, mergers and acquisitions have achieved a new leap. Strive to increase the amount of mergers and acquisitions and restructuring of new listed companies of more than 300 billion yuan in 5 years, maintain the leading number and amount of mergers and acquisitions in the country, domestic mergers and acquisitions are mainly to upgrade the industrial chain and value chain, and cross-border mergers and acquisitions are mainly to obtain import substitution technology, talents and market resources. By the end of 2025, a number of top listed companies in global and domestic sub-industries will be formed through mergers and acquisitions.
Fifth, a new breakthrough has been made in the role of regional equity market towers. Cooperate with the Shanghai and Shenzhen Stock Exchange and the national SME share transfer system to promote the establishment of regional equity markets, fully dock with mechanisms such as the listing cultivation of registered enterprises, the connection of registration information, and the coordination of listing of listed enterprises, and establish a green channel for listed enterprises to transfer to the New Third Board; Second, optimize and integrate policy resources, and increase support in the standardization of high-quality enterprise share reform, data sharing, market supervision docking and government fund guidance. In addition, expand diversified financing channels for listed enterprises, carry out pilot platforms for private equity investment fund share registration and quotation transfer in accordance with the law, build equity registration and trading systems and enterprise growth databases, and take the lead in establishing an inclusive service system in the capital market. Strive to add 1,500 new joint-stock enterprises to the regional equity market, and cultivate 10,000 small and micro enterprises with scientific and technological innovation.
Make every effort to build a regional financial reform highland
Securities Times: At the recent Zhejiang Provincial Financial Work Symposium, it was proposed to “promote the iterative upgrading of the financing smooth project and accelerate the construction of a digital intelligent regional financial operation system”.
Zhejiang Provincial Local Financial Regulatory Bureau: Zhejiang Province proposes to promote the iterative upgrading of the financing smooth project, and will strive to achieve further improvement of financing quality and efficiency, further acceleration of enterprise listing, further deepening of regional financial reform, and further strengthening of financial security governance, so as to promote new breakthroughs in the quality and efficiency of enterprise financing, new breakthroughs in “Phoenix Action”, new breakthroughs in scientific and technological finance, new breakthroughs in green finance, new breakthroughs in common prosperity in financial services, new breakthroughs in financial reform and opening up, and new breakthroughs in financial risk prevention.
It is necessary to grasp the new connotation of financial development in the demonstration area of modernization first, new development pattern, digital reform, high-quality development and construction of common prosperity, build a digital intelligent regional financial operation system, build a digital intelligence financial platform with Zhejiang characteristics, and improve the ability to serve the real economy, serve the people inclusive finance, develop the financial industry with high quality, and prevent and control financial risks. It is necessary to promote the innovation of financial concepts, systems and models with digital thinking, methods and means, explore the construction of a “financial brain”, strive to comprehensively integrate financial data, industrial data, enterprise data and public data from the government, financial institutions, enterprises and residents, and comprehensively promote the integration and sharing of financial data, industrial data, enterprise data, and public data, so as to achieve dynamic analysis of financial data, accurate perception of financial demand, efficient allocation of financial resources, accurate and direct delivery of financial policies, high-quality development of the financial industry, and effective prevention of financial risks. Comprehensively improve the coverage, availability and satisfaction of financial services, realize financial quality reform, efficiency change, and power change, deepen the construction of mobile payment city, build multi-cross scenarios of financial services, and build a leading province of digital intelligent finance.
Securities Times: In recent years, what exploratory work has the Zhejiang Provincial Local Financial Regulatory Bureau done in terms of financial reform and innovation? What are the next steps in the reforms?
Zhejiang Provincial Local Financial Supervision Bureau: Zhejiang is the province with the most active financial reform and innovation in the country, the largest number of regional financial reforms in the country, the most complete categories, and various pilot zones in various regions continue to explore and innovate, and have embarked on a leading regional financial reform road with distinctive Zhejiang characteristics.
On the one hand, the regional financial reform pilot continues to play a demonstration effect: Taizhou has formed a small and micro financial “Taizhou model” that “focuses on entities, deeply cultivates small and micro enterprises, precise supply, and stable operation”, and the reform experience has been effectively replicated and promoted throughout the country; Wenzhou issued the country’s first local financial regulations; Ningbo took the lead in establishing a government-insurance cooperation mechanism and innovated a number of insurance projects such as catastrophe insurance and elevator safety comprehensive insurance.
On the other hand, financial reform in key areas has shown a leading effect: Huzhou has innovatively established local standards for green finance and a green finance information sharing platform, taking the lead in realizing environmental information disclosure of banking institutions in the country; Quzhou took the lead in issuing guidance on the construction of a carbon account system for financial support, and built three carbon accounts: “individual, industrial and agricultural”; Ningbo has formed an inclusive financial model of “digital leadership and precise service”; Hangzhou has made every effort to promote the construction of an international financial technology center, and a number of emerging financial projects such as LianLian Technology and the World Bank’s Global Digital Finance Center have settled down.
In the next step, Zhejiang Province will continue to make efforts, focusing on key areas such as scientific and technological innovation, green, inclusiveness, and opening up, and strive to create, deepen and promote a number of regional financial reform pilots, and make every effort to build a regional financial reform highland.
Party building escorts the financial market to a new situation
Securities Times: In the construction of party building activities, what new ideas and new practices does the local financial supervision bureau of Zhejiang Province have?
Securities Times: In the construction of party building activities, what new ideas and new practices does the local financial supervision bureau of Zhejiang Province have?
(Source: Securities Times)
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