Major Announcement: 25 Measures to Support the Private Economy Released
Published Time:
2023-11-27
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Eight departments including the People's Bank of China roll out 25 measures to strengthen financial services for private enterprises
The People's Bank of China announced on the 27th that eight departments, including the People's Bank of China, recently jointly issued a notice clarifying the goals and priorities of financial services for private enterprises, and put forward 25 specific measures to support the private economy, continuously strengthening financial services for private enterprises, and striving to ensure that financial support for the private economy is commensurate with the contribution of the private economy to economic and social development.
In order to 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," recently, eight departments including the People's Bank of China, the Financial Regulatory Bureau, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, and the All-China Federation of Industry and Commerce jointly issued the "Notice on Strengthening Financial Support Measures to Help the Development and Growth of the Private Economy." The notice clarifies that, in terms of total amount, it is necessary to increase financial support for private enterprises by setting annual service targets for private enterprises, increasing the weight of businesses related to serving private enterprises in performance appraisals, etc., and gradually increasing the proportion of loans to private enterprises. Structurally, it is necessary to increase support for key areas such as technological innovation, "specialized, refined, distinctive, and new" enterprises, green and low-carbon development, and the reconstruction of industrial foundations, as well as for private small and micro enterprises.
The notice emphasizes that, starting from the characteristics of the financing needs of private enterprises, efforts should be made to smooth the financing channels of credit, bonds, and equity. Banking financial institutions should increase support for first loans and credit loans, actively carry out industrial chain and supply chain financial services, and not blindly stop loans, suppress loans, withdraw loans, or cut off loans. Optimize the registration mechanism for debt financing instruments for private enterprises, encourage and guide institutional investors to actively and scientifically allocate private enterprise bonds. Support private enterprises in listing financing and mergers and acquisitions, and give play to the supporting and service roles of regional equity markets and equity investment funds for private enterprises. By improving the convenience level of current account receipts and payments, improving the convenience policies for cross-border investment and financing, and optimizing cross-border financial and foreign exchange characteristic services, support private enterprises in "going global" and "bringing in".
The notice proposes that a combination of monetary policy tools, fiscal subsidies, and insurance protection should be used to enhance the willingness of financial institutions to serve the private economy. Strengthen inter-departmental cooperation, improve supporting policies and mechanisms such as credit information sharing, financing guarantees, convenient bill discounting, accounts receivable confirmation, and taxation. Financial management, development and reform, industry and information technology, finance and taxation, and the Federation of Industry and Commerce departments at all levels should strengthen communication and coordination to improve policy effectiveness.
The People's Bank of China stated that, in the next step, the People's Bank of China and other departments will guide financial institutions to earnestly implement the requirements of the notice and formulate specific implementation rules. At the same time, strengthen statistical monitoring and policy effect evaluation to ensure that policies benefit private enterprises.
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