The policy of financial support for private economy has increased again, and the financing channels of private enterprises are expected to continue to expand. The reporter learned on the 27th that recently, the People's Bank of China, the General Administration of Financial Supervision, the CSRC, the State Administration of Foreign Exchange, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the All China Federation of Industry and Commerce and other eight departments jointly issued the Notice on Strengthening Financial Support Measures to Help the Development and Growth of Private Economy (hereinafter referred to as the Notice), Put forward 25 specific measures to support private economy.
"The Notice continues the previous consistent support for private enterprise financing, and strengthens support in multiple dimensions. In the context of insufficient demand with cross cycle characteristics, this round of private enterprise financing support policy is just in time." CICC issued a report saying.
First of all, the Notice clarifies the objectives and priorities of financial services for private enterprises. In terms of total amount, we will increase financial support for private enterprises and gradually increase the proportion of private enterprises' loans by formulating annual service objectives for private enterprises and improving the weight of relevant businesses serving private enterprises in performance appraisal. Structurally, we will increase support for key areas such as scientific and technological innovation, "specialization and innovation", green low-carbon, industrial foundation reconstruction projects, as well as private small and medium-sized micro enterprises.
Industry insiders said that the setting of annual goals can effectively enhance the service awareness and support of finance for private economy, and further optimize the allocation of financial resources of private enterprises and private economy.
Secondly, the Notice again emphasizes the all-round guarantee of private enterprise financing. "Continue to increase credit resource investment", "unblock private enterprise bond financing channels", "expand high-quality private enterprise equity financing scale", and private enterprise financing channels will be fully opened.
Wang Zhengguo, the co head of the Research Service Department of CITIC Securities Fixed Income Department, said that the Notice aimed to solve the financing difficulties of private enterprises, focused on expanding the financing channels of private enterprises, and adopted a policy combination of similar "three arrows" to provide comprehensive financing support for private enterprises from three financing channels: loans, bonds, and equity.
In particular, the Notice made detailed arrangements on how to improve the convenience of private enterprises' direct financing.
Xiao Chengzhe, chief analyst of fixed income of BOC International Securities, said that in terms of bond financing, the Notice emphasized that the role of bond financing support tools should be given full play to credit enhancement in view of the pain point of low recognition of private enterprise bonds; At the same time, encourage and guide institutional investors to increase the allocation of private enterprise bonds; In terms of system construction, the Notice also pointed out the direction of developing the high-yield bond market in view of the short life cycle and high business risks of private enterprises. Through legal construction and market-oriented pricing, the problem of private economy financing in the bond market can be solved with a sound disposal mechanism and reasonable risk return.
Wang Zhengguo said that the Notice emphasized that we should seize the opportunity of the registration system reform, optimize the conditions for issuance and listing, and further open the equity financing channels of private enterprises. In recent years, a large number of qualified "hard technology" and "three innovations and four innovations" private enterprises have obtained listing financing opportunities under the policy dividend of "allowing unprofitable enterprises, special equity structure enterprises and red chip enterprises to go public". At the same time, it stressed that we should continue to deepen the market-oriented reform of M&A and reorganization, and support private enterprises to improve quality and efficiency through M&A. In addition, the document also emphasizes promoting the development of regional equity markets, highlighting the market positioning of equity investment funds, actively playing the role of government guidance funds, and improving the investment exit mechanism.
Thirdly, the Notice proposes to optimize financing supporting policies and enhance the financial carrying capacity of private economy. Dong Ximiao, the chief researcher of China Merchants Association, said: "Strengthening the financial carrying capacity of private economy" is a new concept. The key 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.
Data shows that by the end of September 2023, the balance of inclusive small and micro loans will be 28.74 trillion yuan, up 24.1% year on year; By the end of September, private enterprise bond financing support tools had provided credit enhancement support for 242.6 billion yuan of bonds issued by 140 private enterprises. However, the financing convenience of private enterprises still needs to be improved due to the weak anti risk ability of private enterprises, the small scale of mortgaged assets and other factors.
Zhou Hongyi, founder of 360 Group, said that 25 specific measures once again released the warm wind of policies to encourage the development of private economy, increased the top-level design in multiple dimensions and provided improved policy responses, further promoting the accuracy and directness of various favorable policies.
CICC reported that under the background of gradual financial expansion and mutual cooperation in the implementation of financing support policies, the operating pressure and financing difficulty of private enterprises are expected to continue to ease. Xiao Chengzhe said that with the promotion and implementation of the Notice, the efficiency of financial services for private economy is expected to be further improved, and the ability of financial services for the real economy is expected to be further enhanced.
It is reported that, in the next step, the People's Bank of China and other departments will guide financial institutions to implement the requirements of the Notice, formulate specific implementation rules, and at the same time, strengthen statistical monitoring and policy effect evaluation to ensure that policies benefit private enterprises.
