Recently, the People’s Bank of China, financial supervision bureau, China Securities Regulatory Commission, state Administration of safe, the National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Finance, the national federation of industry and other eight departments jointly issued by the on strengthening financial support measures help private economy development notice, article 25 of the specific measures to support the private economy.
Financial Regulatory Administration of the People’s Bank of China China Securities Regulatory Commission, State Administration of Foreign Exchange
National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Finance, All-China Federation of Industry and Commerce
Notice on strengthening financial support measures to help promote the development and growth of the private economy
To further implement the party’s spirit of twenty great and the central financial work conference requirements, the full implementation of the central committee of the communist party of China under the State Council on promoting the development of private economy opinions, adhere to the “two unswervingly”, guide financial institutions to set up the “equal” concept, continue to strengthen private enterprise financial services, strive to financial support for private economy and the contribution of private economy to economic and social development, regarding relevant matters notice as follows.
I. Continue to increase the input of credit resources to help the development and growth of the private economy
(1) Clarifying the objectives and priorities of private financial service enterprises.
Banking financial institutions should formulate the annual service targets for private enterprises, improve the weight of the related business of serving private enterprises in the performance appraisal, increase the financial support for private enterprises, and gradually increase the proportion of loans of private enterprises.
Sound to adapt to the characteristics of the private enterprise financing demand organization structure and products and services, increase of scientific and technological innovation, “specialization, new”, green low carbon, industrial foundation reengineering in key areas of private enterprise support, support private enterprise technology transformation investment and project construction, actively meet the reasonable financial demand of private micro, small and medium-sized enterprises, optimize the credit structure.
Reasonably improve the tolerance of non-performing loans of private enterprises, establish and improve the loan due diligence exemption mechanism, and fully protect the enthusiasm of grass-roots exhibition personnel.
(2) Increase the support for first loans and credit loans.
Banking financial institutions should actively carry out the first loan customer cultivate development action, strengthen the development and reform and industry management, federations, chamber of commerce association docking cooperation, mining market, benefit, good credit, financing needs of high quality private enterprises, formulate targeted comprehensive cultivation scheme, improve the financial acquisition rate of private enterprises.
Strengthen the power of science and technology, develop credit financing products suitable for private enterprises, promote the “credit and easy loan” model, give play to the role of national industry integration as a platform, and continue to expand the scale of credit loans.
(3) Actively develop industrial chain and supply chain financial services.
Banking financial institutions should actively explore the supply chain off-check mode, and support private small, medium and micro enterprises in the supply chain to carry out order loans, warehouse receipt pledge loans and other businesses.
Further improve the functions of the tax accounts receivable financing service platform, and strengthen the application of the service platform.
Promote the supply chain.Standard development of bills.
We will further implement the “one chain, one policy and one batch” campaign to promote the financing of micro, small and medium-sized enterprises, and support the financing of private micro, small and medium-sized enterprises in key industrial chains, advanced manufacturing clusters, and characteristic industrial clusters of small and medium-sized enterprises.
(4) Take the initiative to provide fund continuation services.
Encourage the host banks and the leading banks of syndicated loans to actively play a leading and coordinating role. For private enterprises that encounter temporary difficulties but have market products, market prospects and technology market competitiveness, connect their financing needs in advance in accordance with the market principle, and do not blindly stop, pressure, withdraw or cut off loans.
We will ensure the implementation of the Notice on the Current Financial Support for the Stable and Healthy Development of the Real Estate Market (No.254,2022), maintain the stability of key financing channels such as credit and bonds, and reasonably meet the financial needs of private real estate enterprises.
(5) Effectively promote development and prevent risks.
Banking financial institutions should enhance the sustainability of serving private enterprises, and operate prudently in accordance with the law.
Improve the credit risk control mechanism, strengthen the management of the use of low-cost funds enjoying preferential policies, and strictly monitor the flow of funds.
Strengthen the management of related party transactions, and improve the ability of penetration, identification, monitoring and early warning of related party transactions.
Second, deepen the construction of the bond market system, and smooth the bond financing channels for private enterprises
(6) Expand the scale of bond financing of private enterprises.
Support private enterprises to register and issue science and technology innovation bills, science and technology innovation bonds, stock and bond combined products, green bonds, carbon neutral bonds, transformation bonds, etc., to further meet the capital needs of private enterprises in scientific and technological innovation, green and low-carbon and other fields.
Support private enterprises to issue asset-backed securities and promote the revitalization of stock assets.
Optimize the registration mechanism of debt financing instruments of private enterprises, adopt the “fast channel” in the whole registration process, support the storage rack registration and issuance, and improve the convenience of financing services.
(7) Give full play to the role of private enterprises as bond financing support tools.
Encourage China Bond Credit Promotion Investment Co., Ltd., China Securities Finance Co., Ltd. and market institutions in accordance with the principles of marketization and rule of law, through the means of guarantee and credit enhancement, the creation of credit risk release tools and direct investment.
(8) Increase the investment in the bonds of private enterprises.
Encourage and guide commercial banks, insurance companies, all kinds of pension funds, public funds and other institutional investors to actively and scientifically allocate private enterprise bonds.
Support private enterprises to purchase the debt financing instruments issued by their own enterprises in a market-based way on the basis of complying with the norms of information disclosure, fair pricing and fair trading.
(9) Explore and develop the high-yield bond market.
Study and promote the construction of high-yield bond market, meet the financing needs of small and medium-sized technology-based enterprises, build an exclusive platform for high-yield bonds, design the trading mechanism and system in line with the characteristics of high-yield, strengthen the cultivation of professional investors, and improve the market.Field liquidity.
3. Give better play to the role of the multi-tiered capital market and expand the scale of equity financing for high-quality private enterprises
(10) Supporting private enterprises in listing, financing, mergers and acquisitions.
We will make the reform of the registration system deeper and stronger, and vigorously support the listing and refinancing of private enterprises.
Support qualified private enterprises to go overseas listing, and make good use of the two markets and two resources.
Continue to deepen the market-oriented reform of mergers and acquisitions, study and optimize the “small and fast” review mechanism of mergers and acquisitions, and support private enterprises to improve their quality and efficiency and become bigger and stronger through mergers and acquisitions.
(XI) Strengthen the support services of regional equity markets for private enterprises.
Promote the regional equity market to highlight the positioning of the private equity market, steadily expand the pilot of innovative businesses such as private equity fund share transfer and comprehensive equity recognition services, and enhance the enthusiasm of private equity funds and securities service institutions to participate in the regional equity market.
Support insurance, trust and other institutions and asset management products to invest in key construction projects and equity of private enterprises under the premise of legal compliance, controllable risks and voluntary business.
(12) Give full play to the role of equity investment funds in supporting the financing of private enterprises.
We will give full play to the guiding role of government funds and support more private capital to invest in private enterprises in key industries and fields.
Actively cultivate angel investment, venture investment and other early investment forces, and increase the investment in micro, small and medium-sized private enterprises in the initial stage.
Improve the investment exit mechanism, and optimize the system arrangement of the reverse link with the investment period of the enterprises invested by venture capital funds.
Effectively implement the state-owned venture capital institutions due diligence and exemption mechanism.
Iv. We will increase foreign exchange facilitation policies and services, and support private enterprises in “going global” and “bringing in”
(13) Improving the facilitation of current account payments.
Encourage the banking financial institutions to carry out the cross-border RMB “first household” expansion action.
Support banking financial institutions to provide more high-quality private enterprises with foreign exchange income and expenditure facilitation services, and improve the efficiency of cross-border capital settlement.
We will support banking financial institutions in making overall use of local and foreign currency settlement policies, and provide high-quality trade facilitation services for cross-border e-commerce and other new forms of trade.
(14) Improve policies to facilitate cross-border investment and financing.
Optimize the use and management of foreign exchange accounts and capital account funds, improve the policies to facilitate the payment and settlement of capital account income, and support qualified banking financial institutions to carry out digital services for capital account.
We will expand the scope of trials to facilitate cross-border financing for new and high-tech enterprises and specialized small and medium-sized enterprises.
Support qualified private enterprises to carry out the pilot business of integrating local and foreign currency capital pool for multinational corporations, and facilitate private enterprises to coordinate the transfer and use of domestic and foreign funds.
We will orderly expand the scope of pilot exemption of domestic reinvestment for foreign enterprises, and improve the facilitation of equity investment by foreign enterprises and the efficiency of private enterprises in utilizing foreign investment.
Support cross-border equity investment funds to invest in high-quality private enterprises.
(15) Excellent.Field liquidity.
3. Give better play to the role of the multi-tiered capital market and expand the scale of equity financing for high-quality private enterprises
(10) Supporting private enterprises in listing, financing, mergers and acquisitions.
We will make the reform of the registration system deeper and stronger, and vigorously support the listing and refinancing of private enterprises.
Support qualified private enterprises to go overseas listing, and make good use of the two markets and two resources.
Continue to deepen the market-oriented reform of mergers and acquisitions, study and optimize the “small and fast” review mechanism of mergers and acquisitions, and support private enterprises to improve their quality and efficiency and become bigger and stronger through mergers and acquisitions.
(XI) Strengthen the support services of regional equity markets for private enterprises.
Promote the regional equity market to highlight the positioning of the private equity market, steadily expand the pilot of innovative businesses such as private equity fund share transfer and comprehensive equity recognition services, and enhance the enthusiasm of private equity funds and securities service institutions to participate in the regional equity market.
Support insurance, trust and other institutions and asset management products to invest in key construction projects and equity of private enterprises under the premise of legal compliance, controllable risks and voluntary business.
(12) Give full play to the role of equity investment funds in supporting the financing of private enterprises.
We will give full play to the guiding role of government funds and support more private capital to invest in private enterprises in key industries and fields.
Actively cultivate angel investment, venture investment and other early investment forces, and increase the investment in micro, small and medium-sized private enterprises in the initial stage.
Improve the investment exit mechanism, and optimize the system arrangement of the reverse link with the investment period of the enterprises invested by venture capital funds.
Effectively implement the state-owned venture capital institutions due diligence and exemption mechanism.
Iv. We will increase foreign exchange facilitation policies and services, and support private enterprises in “going global” and “bringing in”
(13) Improving the facilitation of current account payments.
Encourage the banking financial institutions to carry out the cross-border RMB “first household” expansion action.
Support banking financial institutions to provide more high-quality private enterprises with foreign exchange income and expenditure facilitation services, and improve the efficiency of cross-border capital settlement.
We will support banking financial institutions in making overall use of local and foreign currency settlement policies, and provide high-quality trade facilitation services for cross-border e-commerce and other new forms of trade.
(14) Improve policies to facilitate cross-border investment and financing.
Optimize the use and management of foreign exchange accounts and capital account funds, improve the policies to facilitate the payment and settlement of capital account income, and support qualified banking financial institutions to carry out digital services for capital account.
We will expand the scope of trials to facilitate cross-border financing for new and high-tech enterprises and specialized small and medium-sized enterprises.
Support qualified private enterprises to carry out the pilot business of integrating local and foreign currency capital pool for multinational corporations, and facilitate private enterprises to coordinate the transfer and use of domestic and foreign funds.
We will orderly expand the scope of pilot exemption of domestic reinvestment for foreign enterprises, and improve the facilitation of equity investment by foreign enterprises and the efficiency of private enterprises in utilizing foreign investment.
Support cross-border equity investment funds to invest in high-quality private enterprises.
(15) Excellent.Field liquidity.
3. Give better play to the role of the multi-tiered capital market and expand the scale of equity financing for high-quality private enterprises
(10) Supporting private enterprises in listing, financing, mergers and acquisitions.
We will make the reform of the registration system deeper and stronger, and vigorously support the listing and refinancing of private enterprises.
Support qualified private enterprises to go overseas listing, and make good use of the two markets and two resources.
Continue to deepen the market-oriented reform of mergers and acquisitions, study and optimize the “small and fast” review mechanism of mergers and acquisitions, and support private enterprises to improve their quality and efficiency and become bigger and stronger through mergers and acquisitions.
(XI) Strengthen the support services of regional equity markets for private enterprises.
Promote the regional equity market to highlight the positioning of the private equity market, steadily expand the pilot of innovative businesses such as private equity fund share transfer and comprehensive equity recognition services, and enhance the enthusiasm of private equity funds and securities service institutions to participate in the regional equity market.
Support insurance, trust and other institutions and asset management products to invest in key construction projects and equity of private enterprises under the premise of legal compliance, controllable risks and voluntary business.
(12) Give full play to the role of equity investment funds in supporting the financing of private enterprises.
We will give full play to the guiding role of government funds and support more private capital to invest in private enterprises in key industries and fields.
Actively cultivate angel investment, venture investment and other early investment forces, and increase the investment in micro, small and medium-sized private enterprises in the initial stage.
Improve the investment exit mechanism, and optimize the system arrangement of the reverse link with the investment period of the enterprises invested by venture capital funds.
Effectively implement the state-owned venture capital institutions due diligence and exemption mechanism.
Iv. We will increase foreign exchange facilitation policies and services, and support private enterprises in “going global” and “bringing in”
(13) Improving the facilitation of current account payments.
Encourage the banking financial institutions to carry out the cross-border RMB “first household” expansion action.
Support banking financial institutions to provide more high-quality private enterprises with foreign exchange income and expenditure facilitation services, and improve the efficiency of cross-border capital settlement.
We will support banking financial institutions in making overall use of local and foreign currency settlement policies, and provide high-quality trade facilitation services for cross-border e-commerce and other new forms of trade.
(14) Improve policies to facilitate cross-border investment and financing.
Optimize the use and management of foreign exchange accounts and capital account funds, improve the policies to facilitate the payment and settlement of capital account income, and support qualified banking financial institutions to carry out digital services for capital account.
We will expand the scope of trials to facilitate cross-border financing for new and high-tech enterprises and specialized small and medium-sized enterprises.
Support qualified private enterprises to carry out the pilot business of integrating local and foreign currency capital pool for multinational corporations, and facilitate private enterprises to coordinate the transfer and use of domestic and foreign funds.
We will orderly expand the scope of pilot exemption of domestic reinvestment for foreign enterprises, and improve the facilitation of equity investment by foreign enterprises and the efficiency of private enterprises in utilizing foreign investment.
Support cross-border equity investment funds to invest in high-quality private enterprises.
(15) Excellent
The central bank and other eight departments issued 25 measures