Zhongxin.com, 11 Nov (Zhongxin Financial Reporter Xie Yiguan) A few days ago, eight departments, including the People's Bank of China, the State Administration of Financial Regulation, and the China Securities Regulatory Commission, jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy" (hereinafter referred to as the "Circular").

The document proposes 25 measures from the aspects of continuously increasing investment in credit resources and smoothing the bond financing channels of private enterprises, which not only have frequent highlights, but also include the enhancement of the financial carrying capacity of the private economy and the reasonable meeting of the financial needs of private real estate enterprises.

Data map: The staff in the workshop operate the machine. Photo by China News Service reporter Li Peishan

Increase support for first loans and credit loans

Gradually increase the proportion of loans to private enterprises

Financial support has always played an irreplaceable role in helping the development of private enterprises.

"However, compared with state-owned enterprises, private enterprises do not receive enough financial support, and if they can increase substantive support in finance, they will have more funds and greater confidence in developing their businesses." Liao Qun, director of the Economic Research Center of Hainan University and senior researcher of the Chongyang Institute of Financial Studies of Chinese University, told reporters.

When clarifying the goals and priorities of financial services for private enterprises, the "Notice" proposes to "increase financial support for private enterprises and gradually increase the proportion of loans to private enterprises", and mentions "increasing the support for first loans and credit loans".

In Liao Qun's view, this is also a very important support point for promoting the development of private enterprises.

Dong Ximiao, chief researcher of Zhaolian, believes that in order to solve the financing problems of private enterprises, the banking industry should play the role of the main force and continue to increase credit support under the principle of maintaining business sustainability.

The "Notice" clarifies that "increase the support for first loans and credit loans", which also means that while meeting the renewal needs of private enterprises, banks should actively solve the problem of "difficulty in first loans", and increase the proportion of credit loans under the premise of controllable risks, so as to improve the effectiveness and accuracy of financial services.

Data map: RMB. Photo by Liu Yanghe

Smooth the bond financing channels for private enterprises

Expand the scale of equity financing for high-quality private enterprises

Previously, the difficulties encountered by some private enterprises were described as "three mountains": the iceberg of the market, the mountain of financing, and the volcano of transformation. Among them, the "mountain of financing" has always attracted much attention.

"For a long time, China's financial system dominated by indirect financing has insufficient support for private enterprises and innovative economy, which has also made the macro leverage ratio high to a certain extent." Dong Ximiao said that therefore, we should continue to increase the proportion of direct financing in the financing of private enterprises, and make great efforts to deepen the construction of the bond market and promote the reform of the capital market.

The "Notice" mentions "financing" 34 times, and precise policies are implemented to solve the problem of difficult and expensive financing for private enterprises.

In terms of direct financing, the "Circular" proposes a package of measures to expand the scale of bond financing of private enterprises, increase investment in bonds of private enterprises, and support the listing and financing of private enterprises and mergers and acquisitions in terms of "deepening the construction of the bond market system and smoothing the bond financing channels of private enterprises" and "giving better play to the role of the multi-level capital market and expanding the scale of equity financing of high-quality private enterprises".

In the view of Zhou Hongyi, the founder of 360 Group, taking multiple measures to strengthen financial support, starting from the needs of private enterprises, and focusing on smoothing diversified financing channels such as credit, bonds, and equity, not only responded to the concerns of many private enterprises, but also more effectively boosted the confidence of private enterprises.

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Reasonably meet the financial needs of private real estate enterprises

At present, real estate enterprises, especially private real estate enterprises, are in urgent need of "financial living water" in terms of financing.

The "Notice" pointed out that "we should do a good job in the implementation of policies such as the Notice on Doing a Good Job in Supporting the Stable and Healthy Development of the Real Estate Market in the Current Financial Sector, maintain the stability of key financing channels such as credit and bonds, and reasonably meet the financial needs of private real estate enterprises". And at the beginning, he emphasized that "guide financial institutions to establish the concept of 'equal treatment' and continue to strengthen the financial services of private enterprises".

This statement also echoes the recent proposal at a forum of financial institutions jointly held by the People's Bank of China, the State Administration of Financial Supervision and the China Securities Regulatory Commission to "meet the reasonable financing needs of real estate enterprises of different ownership without discrimination, and do not hesitate to lend, draw loans and cut off loans for normal real estate enterprises".

Liu Shui, director of enterprise research at the China Index Research Institute, believes that private real estate enterprises are an important part of private enterprises, and after the issuance of the "Notice", it means that they will still receive policy support in the continuation of key financing channels such as credit and bonds.

In Liu Shui's view, the "Notice" proposed to "reasonably improve the tolerance of non-performing loans of private enterprises, establish and improve the due diligence exemption mechanism for loans of private enterprises, and fully protect the enthusiasm of grassroots business personnel", will also effectively support the financing of private real estate enterprises through the increased implementation of the due diligence exemption mechanism.

Data map: There are many buildings in the urban area. Photo by China News Service reporter Wang Dongming

Optimize financing supporting policies

Enhance the financial carrying capacity of the private economy

The "Notice" also proposes to "optimize financing supporting policies and enhance the financial carrying capacity of the private economy". Among them, "enhancing the financial carrying capacity of the private economy" is a new idea.

How to enhance the financial carrying capacity of the private economy? The document mentions that the credit incentive and restraint mechanism should be improved, the risk sharing and compensation mechanism should be improved, the credit restraint mechanism of the bill market should be improved, the confirmation of accounts receivable should be strengthened, and the tax policy support should be increased.

In this regard, Dong Ximiao summarized: the focus is to continuously optimize the financing credit enhancement system, improve the risk sharing and compensation mechanism, and improve the ability of private enterprises to obtain financial services and the willingness of financial institutions to provide financial services. "Because, private enterprises generally have a lack of data, lack of credit, lack of guarantee and other 'three shortages', these measures will reduce the impact of private enterprises' three shortages on financing."

Liao Qun believes that this is also to strengthen the lending of private enterprises at the same time, their lending risks are controlled. "If risk control is done better, banks will be more confident to lend, which will also help private enterprises develop more steadily."

Select "excellent" support

Establish a directory of high-quality private enterprises

The reporter noted that the "Notice" mentioned "high-quality private enterprises" five times, namely "mining high-quality private enterprises with market, efficiency, good credit and financing needs", "expanding the scale of equity financing of high-quality private enterprises", "supporting banking financial institutions to provide trade foreign exchange payment facilitation services for more high-quality private enterprises", "supporting cross-border equity investment funds to invest in high-quality private enterprises" and "establishing a directory of high-quality private enterprises".

According to the data, as of the end of May this year, the number of registered private enterprises in China reached 5.5092 million, and the proportion of private enterprises in the enterprises increased to 76.92%.

"Such a large number also means that not every private enterprise can get financing opportunities, if you want to get more financing, you need to improve your own quality to meet the standards of high-quality private enterprises." Liao Qun said that from the bank's point of view, it is also guiding institutions to lend selectively and with high quality.

"Whether there will be high-quality private enterprises in batches after that is also a key point to highlight the effect of the policy." Liao Qun thinks. (ENDS)