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Promoting Finance to Better Support Private Enterprises

Source:CICCPS Release time:2019/9/16 10:15:48 
Private economy is an important achievement of the development of socialist market economy, an important force to promote the development of socialist market economy, an important subject to promote technological innovation, an important platform for stable employment and an important source of economic vitality. It is also an important source of deepening supply-side structural reform, building a modern economic system and promoting economy. An important force for high-quality development.

In recent years, China has made some achievements in supporting the development of private enterprises, but some private enterprises are still facing difficulties in financing and expensive financing. In this regard, we need to follow the law of financial development, focus on building a more scientific and effective financial resource allocation system, establish a long-term mechanism of financial support for private enterprises, and promote the better development of China's private economy.

To build a long-term mechanism of financial support for the development of private enterprises, efforts should be made to promote the structural reform of the financial supply side, to implement the top-level design of financial support for the development of private enterprises, to strengthen the positive assessment and incentives, to introduce a competitive neutral evaluation system, to improve the financial infrastructure system, and to create a fair and just financial environment.

One is to follow the law and implement the top-level design of financial support for the development of private enterprises. Financial institutions should make good use of economic law, market law and financial law, make up for the shortcomings in financial policy, financial supply and financial environment, provide a fair and stable competitive environment for the development of private enterprises, and at the same time build confidence for the development of private entrepreneurs so that they have reasonable market expectations. 。 Financial institutions should actively develop individualized, differentiated and customized financial products in line with their own positioning, with emphasis on increasing support for private small and medium-sized enterprises, continue to encourage large and medium-sized state-owned financial institutions to set up inclusive financial departments, and give full play to the role of market mechanism in the relief of private enterprises, so that financial institutions can take their own initiative. According to the operation situation of enterprises, we should choose measures such as continuing support, participating in restructuring or reasonable withdrawal; financial institutions should pay attention to the construction of long-term mechanism and risk control mechanism; in the short term, we can increase the credit preference to private enterprises in terms of capital cost and investment scale according to their own actual conditions, and correct the differential credit policy in the earlier period. However, in the long run, financial support for the development of private enterprises should also focus on risk premium and business sustainability.

Second, we should improve the market-oriented risk pricing mechanism and introduce a competitive neutral evaluation system. Financial institutions need to further improve the market-oriented customer access system, emphasizing the selection of competitors and efficiency incentives, so that private enterprises can not be excluded from the door of services; financial institutions should introduce a competitive neutral effect evaluation system, from the corporate governance structure, risk control ability, technological development level and market demand. In order to evaluate customers scientifically and reasonably and treat all kinds of ownership enterprises equally, we should gradually build and improve the market-oriented risk pricing mechanism, emphasizing the matching of capital occupation consideration and risk, the balance of risk and income, and taking into account the factors of capital cost, business cost, operation cost, risk cost and enterprise profit.

Third, we should build a scientific and technological financial infrastructure and improve the ability to prevent and control financial risks. Asymmetric and inadequate information is an important reason for the difficulty and expensive financing of private enterprises. Constructing a modern financial infrastructure system with science and technology is an important guarantee to promote the establishment of a competitive and neutral financial allocation system. We should vigorously develop financial science and technology, improve the ability of financial institutions to collect and analyze various kinds of information by means of financial science and technology such as big data and cloud computing, give priority support to private enterprises with advanced technology, market-oriented products, good reputation and temporary difficulties, and base on enterprise credit rating, asset scale and burden. Guarantee conditions and other relevant wind control standards and pricing models, to build a fair competition legal system, regulatory system and other financial infrastructure. Regulators should establish classified supervision and assessment mechanism, appropriately relax the tolerance of non-performing loans to private enterprises and small and medium-sized enterprises, and establish and improve the mechanism of due diligence and exemption; financial institutions should also pay close attention to the construction of internal incentive transmission mechanism of "dare to lend", "willing to lend" and "able to lend", so as to improve the service of front-line financial staff to private enterprises. Local governments need to take the lead in integrating all kinds of information resources, and quickly build a large data platform based on tax, water and electricity fees, justice, logistics and other information, so as to provide more and more perfect information channels for financial institutions, reduce information asymmetry, and improve the ability to prevent and control financial risks.
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