Enable more financial resources to flow towards the private economy (financial perspective)

Supporting the development of private economy and optimizing the development environment of private enterprises, finance is an important link

"Supporting the development of private enterprises is the responsibility of the financial sector, and it is also an important part of the supply side structural reform of finance. Recently, the People's Bank of China held a symposium on financial support for the development of private enterprises and proposed to implement a precise and robust monetary policy, maintain reasonable and sufficient liquidity, strengthen the coordination and cooperation of financial, fiscal, industrial and other policies, and guide more financial resources to flow into the private economy.".

The private economy is an important foundation for high-quality development and a significant force in promoting China's comprehensive construction into a socialist modernized strong country and achieving the second centenary goal. Supporting the development of private economy and optimizing the development environment of private enterprises, finance is an important part. In recent years, the financial management department has introduced a series of policy measures and worked together with financial institutions to promote the continuous increase, expansion, and price reduction of financing for private enterprises, fully promoting the growth, optimization, and strength of the private economy. Data shows that as of June this year, the support tools for inclusive small and micro loans have provided a total of 39.8 billion yuan to local legal person financial institutions, supporting an increase of 2.2 trillion yuan in inclusive small and micro loans; Since its expansion in November last year, the private enterprise bond financing support tool has provided support for the issuance of 28.4 billion yuan of bonds by private enterprises. However, due to weak risk resistance and lack of collateral, some private enterprises still face difficulties and high financing costs in certain areas, and the high mountain of financing has not been completely eliminated.

Since the beginning of this year, China's overall economic performance has rebounded and improved, laying a solid foundation for achieving the annual target tasks. At the same time, China is in a critical period of economic recovery and industrial upgrading, and its economic operation is facing new difficulties and challenges. Private enterprises need better financial support in order to have more abundant motivation to achieve high-quality development. The financial sector should fully recognize the importance of supporting the development of private enterprises, further implement precise policies and focus on efforts, clear financing bottlenecks for private enterprises, guide financial institutions to allocate more financial resources to private enterprises, continuously improve the financing environment for private enterprises, enhance the stability and continuity of financial support for the private economy, and promote the continuous development and growth of the private economy.

To enable more financial resources to flow towards the private economy, it is necessary to continuously optimize the credit structure. In order to support the development of private enterprises, monetary policy should focus on solving structural contradictions while maintaining overall reasonable and sufficient liquidity, especially the difficulties that some private enterprises are eager to solve, such as difficulties in initial loans, long-term loans, and low interest loans, and optimize the credit structure in a targeted manner. The banking industry is the main channel for credit. We need to effectively improve the stability of loans for private enterprises, expand the coverage of credit for small and micro enterprises, provide more long-term and low-cost loan funds for the development of the private economy, and pay attention to exploring new credit growth points, vigorously supporting key areas such as green development, technological innovation, and manufacturing.

To enable more financial resources to flow towards the private economy, it is necessary to continuously expand financing channels. There are a large number of private enterprises, distributed in different industries and at different stages of growth, and their demand for different types of financing channels is also different. We cannot let thousands of troops and horses squeeze into the loan channel. To continuously expand direct financing channels for private enterprises, meet their diversified financing needs, accelerate innovation in the bond market, promote the expansion and increment of private enterprise bond financing support tools, support more high-quality private enterprises to issue and list, and promote the growth, optimization, and strength of private listed companies.

To enable more financial resources to flow towards the private economy, we need to comprehensively improve the quality and efficiency of financing services. The improvement of the financing environment for private enterprises depends on the continuous improvement of the quality and efficiency of financial services, as well as the continuous improvement of the long-term mechanism of "daring to lend, willing to lend, able to lend, and able to lend". Financial institutions should actively create a favorable atmosphere to support the development and growth of private enterprises, improve their risk assessment capabilities, comprehensively review policy arrangements such as performance evaluation, business authorization, internal fund transfer pricing, and due diligence exemption, optimize incentive mechanisms for serving private enterprises, and enhance loan willingness, ability, and sustainability. At present, the development of digital technology provides effective support for the improvement of service quality and efficiency in the financial industry. Financial institutions need to have a deep understanding of the financial needs of private enterprises, respond to their concerns and demands, do a good job in bank enterprise financing docking, use digital finance to solve the problems of low information transparency in the financing process of private enterprises, provide reliable, efficient, and convenient financial services for private enterprises, and continuously enhance their actual sense of gain in financing.

Finance, like water, should nourish industry and irrigate the economy. Providing financial support for the high-quality development of the private economy is not only an urgent need for private enterprises, but also an important aspect for the financial industry to improve its own development level. Financial institutions should take it as their responsibility to promote the development and growth of the private economy, continuously create a better development environment for private enterprises with higher quality and more convenient financial services, and achieve the symbiosis and growth of the economy and finance.