Shanghai: By the end of 2025, supply chain financial services will be fully covered for leading enterprises and "chain leader" enterprises

Release time:Jun 17, 2024 17:37 PM

Recently, the Shanghai Financial Regulatory Bureau, in conjunction with the Shanghai Branch of the People's Bank of China, the Shanghai Development and Reform Commission, the Shanghai Finance Bureau, the Shanghai Financial Committee Office, the Shanghai State-owned Assets Supervision and Administration Commission, the Shanghai Federation of Industry and Commerce and other departments, issued the "Action Plan for the Construction of a Supply Chain Finance Demonstration Zone in Shanghai's Banking and Insurance Industries" to promote the construction of the Shanghai Supply Chain Finance Demonstration Zone.

As of the end of the first quarter of 2024, there were 2,244 core enterprises or platforms cooperating in Shanghai's supply chain financial business, an increase of 269 over the same period last year, with a balance of 471.065 billion yuan on and off the balance sheet of various supply chain businesses, a year-on-year increase of 14.72%. In that year, a total of 11,300 upstream and downstream small and micro enterprises were directly provided with loan support relying on core enterprises or platforms.

In the Action Plan, the Shanghai Financial Regulatory Bureau requires that the focus be on Shanghai's key industrial clusters, and that the reasonable financing needs of upstream and downstream small and micro enterprises be fully financed by providing comprehensive and all-round supply chain financial services. By the end of 2025, full coverage of supply chain financial services will be achieved for Shanghai's leading enterprises, "chain leader" enterprises and important industrial chains, achieving the integrated development of industry, technology and finance, comprehensively enhancing the capabilities of the entire chain of the financial services industry, establishing a representative and exemplary supply chain financial innovation demonstration zone, and forming replicable and popularizable Shanghai experience and a batch of cases.

The Action Plan targets the pain points and bottlenecks in the current development of supply chain finance and requires that four aspects of work be focused on:

First, win-win cooperation will promote the construction of the supply chain finance ecosystem. The Shanghai Financial Regulatory Bureau will work with relevant departments of the municipal government to send a list of Shanghai headquarters companies, including private headquarters and trade headquarters, to financial institutions to promote financial institutions to widely connect with key enterprises, industry associations, and chambers of commerce. On the basis of protecting the legitimate rights and interests of small and medium-sized enterprises, properly handle the interests and responsibilities of all parties in the development of supply chain finance, stimulate the willingness and motivation of other entities to participate in supply chain finance, and create a supply chain finance ecosystem of co-construction, sharing and win-win.

Second, technology empowerment will promote the innovative development of supply chain finance. The Shanghai Financial Regulatory Bureau requires financial institutions to change their concepts, increase investment in science and technology finance, and vigorously promote the innovative application of new technologies such as blockchain, the Internet of Things, big data, and artificial intelligence in the field of supply chain finance. Financial institutions are encouraged to improve the level of digital construction of supply chain finance, enhance online supply chain financial service capabilities, and enhance the intelligent risk control capabilities of supply chain finance. Financial institutions are guided to carry out the "three checks" of online pre-loan, mid-loan, and post-loan supply chain finance under controllable risks, and establish a full-process online funds monitoring model. Further expand the remote account opening pilot and guide financial institutions to conduct off-site supply chain finance business in a compliant, stable and prudent manner.

The third is to solve the problem and increase the intensity of movable property financing services. In view of the current situation where accounts receivable financing is the majority in supply chain financial business, financial institutions are encouraged to increase warehouse receipts and movable property pledge financing under the premise of controllable risks through means such as technology empowerment and the combination of online and offline services, and increase financial support for small and micro enterprises upstream and downstream of the industrial chain. On the basis of compliance, financial institutions are encouraged to increase cooperation with core enterprises and other participants, guide platform enterprises to better participate in the development of industrial finance, and do a good job in research and services for industrial segmentation and vertical scenarios. Through the "four-in-one" of information flow, capital flow, logistics and business flow, we can break through the real and controllable problems of transactions, bills, goods, etc. in the development of supply chain finance, and enhance the depth of supply chain financial services.

Fourth, we should be risk-oriented and firmly adhere to the bottom line of compliance. The Shanghai Financial Regulatory Bureau requires financial institutions to improve the risk control of the entire process of supply chain finance, conduct risk analysis and early warning of the operation of core enterprises and their industrial chains, and strengthen the monitoring of the operating conditions of core enterprises and the transactions between core enterprises and upstream and downstream chain enterprises. For platform-based supply chain finance, we must strictly carry out independent risk prevention and control. We must strengthen the tracking and management of information such as logistics, information flow, capital flow and third-party data. We must not carry out false supply chain finance without real transaction backgrounds, and we must not carry out supply chain finance cooperation with platforms and enterprises that use "pseudo-innovation" to evade supervision, so as to prevent supply chain finance from becoming a tool for illegal financing of some market entities.

Shanghai: By the end of 2025, supply chain financial services will be fully covered for leading enterprises and "chain leader" enterprises

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