In order to thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the requirements of the Central Financial Work Conference, fully implement the "Opinions of the Central Committee of the Communist Party of China and the State Council on Promoting the Development and Growth of the Private Economy", adhere to the "two unwavering", guide financial institutions to establish the concept of "equal treatment", continue to strengthen the financial services of private enterprises, and strive to ensure that financial support for the private economy is compatible with the contribution of the private economy to economic and social development, the relevant matters are hereby notified as follows.
1. Continue to increase investment in credit resources to help the development and growth of the private economy
(1) Clarify the goals and priorities of private enterprises in financial services. Banking financial institutions should formulate annual service targets for private enterprises, increase the weight of services for private enterprises in the performance appraisal, increase financial support for private enterprises, and gradually increase the proportion of loans to private enterprises. Improve the organizational structure and products and services that adapt to the characteristics of the financing needs of private enterprises, increase support for private enterprises in key areas such as scientific and technological innovation, "specialization, refinement, special innovation", green and low-carbon, and industrial base reengineering projects, support private enterprises in technological transformation investment and project construction, actively meet the reasonable financial needs of private small, medium and micro enterprises, and optimize the credit structure. Reasonably increase the tolerance of non-performing loans of private enterprises, establish and improve the due diligence and exemption mechanism for loans of private enterprises, and fully protect the enthusiasm of grassroots business personnel.
(2) Increase the extent of support for first loans and credit loans. Banking financial institutions should actively carry out the cultivation and expansion of first loan customers, strengthen the development and reform and industry management departments, the Federation of Industry and Commerce, the Chamber of Commerce and Association docking cooperation, tap the market, efficiency, good credit, financing needs of high-quality private enterprises, the development of targeted comprehensive cultivation programs, improve the financial access rate of private enterprises. Strengthen the empowerment of science and technology, develop credit financing products suitable for private enterprises, promote the "credit and easy loan" model, give full play to the role of the national industry and finance cooperation platform, and continue to expand the scale of credit loans.
(3) Actively carry out financial services for industrial and supply chains. Banking financial institutions should actively explore the de-core mode of the supply chain, 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 function of the accounts receivable financing service platform and strengthen the application of the service platform. Promote the standardized development of supply chain bills. We will further implement the "one chain, one policy, one batch" financing promotion action for small, medium and micro enterprises, and support the financing of private small, medium and micro enterprises in key industrial chains, advanced manufacturing clusters, and small and medium-sized enterprise characteristic industrial clusters.
(2022) Take the initiative to do a good job in fund continuation services. Encourage the host bank and the lead bank of the syndicated loan to actively play a leading and coordinating role, and for private enterprises that encounter temporary difficulties but have a market for their products, development prospects for their projects, and market competitiveness for their technology, they will meet the financing needs in advance in accordance with the principle of marketization, and will not blindly suspend loans, pressure loans, withdraw loans, or cut off loans. We should do a good job in the implementation of policies such as the Notice on Doing a Good Job in Supporting the Steady and Healthy Development of the Real Estate Market (Yin Fa [254] No. <>), maintain the stability of key financing channels such as credit and bonds, and reasonably meet the financial needs of private real estate enterprises.
(5) Earnestly do a good job of promoting development and preventing risks. Banking financial institutions should enhance the sustainability of serving private enterprises, and operate prudently in accordance with the law. Complete mechanisms for credit risk management and control, 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 to penetrate, identify, monitor and warn related-party transactions.
2. Deepen the construction of the bond market system and smooth the bond financing channels for private enterprises
(6) Expand the scale of bond financing for private enterprises. Support private enterprises to register and issue science and technology innovation notes, science and technology innovation bonds, equity-debt products, green bonds, carbon neutrality bonds, transition 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 existing assets. Optimize the registration mechanism of debt financing instruments for private enterprises, adopt a "fast track" for the whole registration process, support shelf registration and issuance, and improve the convenience of financing services.
(7) Give full play to the role of bond financing support tools for private enterprises. China Bond Credit Enhancement Investment Co., Ltd., China Securities Finance Co., Ltd., and market institutions are encouraged to promote the expansion and increment of private enterprise bond financing support tools and stabilize the stock in accordance with the principles of marketization and rule of law, through means such as guarantee credit enhancement, the creation of credit risk mitigation tools, and direct investment.
(8) Increase investment in private enterprise bonds. Encourage and guide commercial banks, insurance companies, various types of pensions, public funds and other institutional investors to actively and scientifically allocate private enterprise bonds. Support private enterprises to repurchase the debt financing instruments issued by their enterprises in a market-oriented manner on the basis of complying with the norms of information disclosure, fair pricing, and fair trade.
(9) Explore the development of the high-yield bond market. Research and promote the construction of the high-yield bond market, meet the financing needs of technology-based small and medium-sized enterprises, build an exclusive platform for high-yield bonds, design trading mechanisms and systems that meet the characteristics of high-yield, strengthen the cultivation of professional investors, and improve market liquidity.
Third, better play the role of multi-level capital markets, expand the scale of equity financing of high-quality private enterprises
(10) Support the listing and financing of private enterprises and mergers and acquisitions. Promote the reform of the registration system to be deepened and practical, and vigorously support the issuance, listing and refinancing of private enterprises. Support qualified private enterprises to go public overseas, and make good use of the two markets and two resources. We will continue to deepen the market-oriented reform of mergers and acquisitions, study and optimize the "small and fast" review mechanism for mergers and acquisitions, and support private enterprises to improve quality and efficiency through mergers and acquisitions, and become bigger and stronger.
(11) Strengthen the support services of the regional equity market 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 the transfer of private equity funds and comprehensive services for stock options, and increase 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 of private enterprises and the equity of unlisted enterprises under the premise of legal compliance, risk control, and commercial voluntariness.
(12) Give full play to the role of equity investment funds in supporting the financing of private enterprises. Give full play to the guiding role of government funds, and support more social capital to invest in key industries and private enterprises in key fields. Actively cultivate angel investment, venture capital and other early-stage investment forces, and increase investment in start-up private small, medium and micro enterprises. Improve the investment exit mechanism, and optimize the institutional arrangements for the reverse linkage between the listing release period and the investment period of venture capital fund invested enterprises. Earnestly implement the due diligence exemption mechanism for state-owned venture capital institutions.
Fourth, increase the supply of foreign exchange facilitation policies and services, and support private enterprises to "go out" and "bring in"
(13) Improve the level of facilitation of current account revenue and expenditure. Encourage banking financial institutions to carry out cross-border RMB "first account" expansion actions. Support banking financial institutions to provide more high-quality private enterprises with trade foreign exchange payment facilitation services, and improve the efficiency of cross-border settlement of funds. Support banking financial institutions to make overall use of domestic and foreign currency settlement policies, and provide high-quality trade facilitation services for new trade formats such as cross-border e-commerce.
(14) Improve cross-border investment and financing facilitation policies. Optimize the management of the use of foreign exchange accounts and capital account funds, improve the facilitation policy for the payment and settlement of capital account income, and support qualified banking financial institutions to carry out digital services under the capital account. Expand the scope of cross-border financing facilitation for high-tech and "specialized, special and new" small and medium-sized enterprises. Support qualified private enterprises to carry out pilot projects for the integration of domestic and foreign currency capital pools for multinational companies, and facilitate private enterprises to coordinate the transfer and use of domestic and foreign funds. Orderly expand the scope of the pilot project of exemption from registration for domestic reinvestment of foreign-funded enterprises, and improve the level of facilitation of equity investment by foreign-funded enterprises in China and the efficiency of private enterprises in the use of foreign capital. Support cross-border equity investment funds to invest in high-quality private enterprises.
(15) Optimize cross-border financial and foreign exchange services. Encourage banking financial institutions to improve the exchange rate risk management service system and working mechanism, strengthen the multi-party linkage and cooperation of government, bank and enterprise guarantees, and reduce the cost of foreign exchange hedging for private small, medium and micro enterprises. We will continue to innovate the application scenarios of cross-border financial service platforms, expand coverage, and provide online and convenient financing and settlement services for private enterprises.
5. Strengthen positive incentives and enhance the enthusiasm of financial institutions to serve the private economy
(16) Increase the support of monetary policy tools. We will continue to implement a variety of monetary policy tools to support banking financial institutions in increasing credit to private enterprises in key areas. Make good use of the re-lending quota to support agriculture and small enterprises, pass on the preferential interest rate of re-lending to private small and micro enterprises, and reduce the financing cost of private small and micro enterprises.
(17) Strengthen financial incentives and subsidies and insurance protection. Optimize the policy of guaranteed loans for start-ups, simplify the handling process, and promote online business models. Give full play to the role of the first (set) major technical equipment and the first batch of key new materials to apply the insurance compensation mechanism. Under the premise of controllable risks, we will steadily expand the coverage of export credit insurance.
(18) Broaden the sources of funds for banking financial institutions. Support banking financial institutions to issue financial bonds, and raise funds for the issuance of loans to private enterprises. For banking financial institutions that have made greater efforts to support private enterprises, on the premise of meeting the conditions for bond issuance, priority will be given to supporting the issuance of various capital instruments to supplement capital.
6. Optimize financing policies and enhance the financial carrying capacity of the private economy
(19) Improve credit incentive and restraint mechanisms. Improve mechanisms for sharing credit information among private enterprises, and complete credit rating and appraisal systems for small, medium, and micro enterprises and individual industrial and commercial households. Promote the opening of credit information related to enterprises such as hydropower, industry and commerce, taxation, and government subsidies to banking financial institutions on the premise of compliance with laws and regulations, to alleviate information asymmetry. Complete mechanisms for credit restoration after untrustworthy conduct is corrected.
(20) Improve risk sharing and compensation mechanisms. Give full play to the leading role of the national financing guarantee fund system, stabilize the scale of re-guarantee business, guide government financing guarantee institutions at all levels to reasonably determine the guarantee rate, actively cultivate the "first insurer" of private enterprises, and increase the financing and credit enhancement support for private small and micro enterprises. Establish a risk compensation mechanism for the National Financing Guarantee Fund, encourage qualified localities to improve the capital replenishment and risk compensation mechanism of government financing guarantee institutions, and further enhance the credit enhancement and risk sharing role of government financing guarantee institutions.
(21) Improve credit restraint mechanisms in the bill market. Support private enterprises to use bills for financing more conveniently, strengthen the protection of private enterprises using bills, and restrict untrustworthy enterprises whose bills continue to be overdue to carry out bill business, so as to better prevent arrears of private enterprises. Guide the bill market infrastructure to optimize the system function, facilitate enterprises to inquire about the results of bill information disclosure, and more effectively identify and assess relevant credit risks.
(22) Strengthen the confirmation of accounts receivable. Encourage government agencies, public institutions, large enterprises and other accounts receivable payers to confirm the creditor's rights and debts in a timely manner after the small and medium-sized enterprises submit a request for confirmation of rights. Encourage local governments to actively take a variety of measures to increase the confirmation of accounts receivable rights of small and micro enterprises within their jurisdictions, and improve the efficiency of accounts receivable financing. Promote core enterprises, government departments, and financial institutions to strengthen the docking with the accounts receivable financing service platform, and confirm accounts in a timely manner through the service platform, so as to alleviate the difficulties in confirming the rights of core enterprises and government departments and the difficulty in risk control of financial institutions.
(23) Increase tax policy support. Implement the tax policy of debt-for-debt assets, and if a banking financial institution is unable to obtain an input invoice when disposing of debt-in-kind assets, it is allowed to apply the value-added tax policy for the difference in accordance with the current regulations, and reduce or exempt the deed tax and stamp duty in the receiving and disposal links in accordance with the current regulations. Promote the implementation of the management system for the write-off of bad debts of financial enterprises, and further support banking financial institutions to speed up the disposal of non-performing assets.
7. Strengthen organizational and implementation safeguards
(24) Strengthen publicity and interpretation. Financial institutions should actively carry out publicity and interpretation, enrich the form of publicity, increase the frequency of publicity, expand the scope of publicity, and take the initiative to push information on financial support policies, financial products and services to private enterprises. The development and reform and industry management departments and the Federation of Industry and Commerce guide private enterprises to operate in accordance with laws and regulations in good faith, cherish business reputation and credit records, and prevent and resolve risks through training and other means.
(25) Strengthen the implementation of work. Local departments such as financial management, development and reform, industry and information technology, finance and taxation, and the Federation of Industry and Commerce have strengthened communication and coordination, promoted the resolution of blockages and difficult problems in the implementation of policies, strengthened policy supervision, sorted out and summarized typical experiences, strengthened publicity and promotion, and improved the effectiveness of policies. Further improve statistical monitoring and strengthen the evaluation of policy effects. The Federation of Industry and Commerce should play a good role as a bridge and assistant, establish a directory of high-quality private enterprises, timely and accurately push to financial institutions, and strengthen communication between banks and enterprises. All financial institutions should fulfill their main responsibilities, pay close attention to formulating specific implementation rules, and speed up the implementation of policies.
(People's Bank of China website)