Guide more financial resources to flow towards private entrepreneurs | private enterprises | economy
Supporting the development of the private economy is the responsibility of the financial sector. Recently, the People's Bank of China held a symposium on financial support for the development of private enterprises, emphasizing the precise and effective implementation of a prudent monetary policy, maintaining reasonable and sufficient liquidity, strengthening coordination and cooperation among financial, fiscal, and industrial policies, and guiding more financial resources to flow into the private economy.
In recent years, the financial management department has adhered to the principle of "two unwavering", 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. To solve the problem of difficult and expensive financing for private enterprises and small and micro enterprises, the financial management department has launched the "Three Arrows" policy combination, expanding financing channels for private enterprises from three aspects: credit, bonds, and equity, and solving the fundamental "water shortage" problem for private enterprises. Data shows that currently, the internal fund transfer pricing discount for small and micro businesses of national commercial banks is not less than 50 basis points, and the weight of inclusive finance in the comprehensive performance evaluation of branch banks is not less than 10%. Since the expansion in November 2022, private enterprise bond financing support tools have provided support for the issuance of 28.4 billion yuan of bonds by private enterprises.
Currently, the economy is facing new difficulties and challenges, and the operation and financing of private enterprises are more susceptible to the impact of the economic situation. Guiding more financial resources to flow towards the private economy can help stabilize the expectations and confidence of private enterprises and entrepreneurs. Next, various financial policies need to be further implemented and refined, especially focusing on overcoming bottlenecks and difficulties, continuously promoting the stable and moderate reduction of financing costs for private enterprises, and consolidating financial support.
The banking industry should play a major role and increase support for private enterprises. State owned large banks should effectively play the role of "leading geese", improve the stability of private enterprise loans, expand the coverage of credit for small and micro enterprises, and support the underwriting and issuance of private enterprise bonds. The Interbank Market Dealers Association should continue to increase its efforts to serve private enterprises as the "second arrow", accelerate innovation in the bond market, and meet the diversified financing needs of private enterprises. 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, and optimize incentive mechanisms for serving private enterprises.
To fully leverage the role of direct financing in private enterprise financing. There is a large number of private enterprises, distributed in different industries and at different stages of growth, which have a great demand for financing through the capital market. Relevant departments can study further improving the stock issuance and refinancing system, improving the efficiency of IPO and refinancing review for private enterprises, unleashing the vitality of market mechanisms, enhancing the ability of private enterprises to raise funds in the capital market, and effectively leveraging the role of the capital market in providing long-term funding support for the development of private enterprises.
To gain a deeper understanding of the financial needs of private enterprises and respond to their concerns and demands. We need to do a good job in connecting financing between banks and enterprises, and provide reliable, efficient, and convenient financial services for private enterprises. We need to continue to formulate and issue guiding documents on financial support for private enterprises, and urge local governments to proactively solve the problem of outstanding corporate accounts. To accurately implement differentiated housing credit policies, meet the reasonable financing needs of private real estate enterprises, and promote the stable and healthy development of the real estate industry. We need to further enhance departmental cooperation, promote the improvement of supporting mechanisms such as enterprise information sharing and financing guarantees, and enhance the willingness, ability, and sustainability of financial institutions to serve small and micro enterprises and private enterprises.
