Abstract The People's Bank of China, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission issued the "Several Opinions on Financial Support for the Stable Growth of Industrial Structures and Increased Benefits", and proposed a series of policy measures from six aspects. These six aspects include strengthening...
The People's Bank of China, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the Ministry of Commerce, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission issued the "Several Opinions on Financial Support for the Stable Growth of Industrial Structures and Increased Benefits", and proposed a series of policy measures from six aspects. These six aspects include strengthening monetary and credit policy support, increasing capital market and insurance market support for industrial enterprises, promoting industrial enterprise financing mechanism innovation, promoting industrial enterprise mergers and acquisitions, supporting industrial enterprises to accelerate “going out†and strengthening risk prevention. Coordinate with coordination. The implementation of the "Opinions" aims to further enhance the financial service capabilities, break through the financing difficulties and financing expensive bottlenecks faced by industrial transformation and development, and increase financial support for industrial supply-side structural reforms and industrial stable growth, structural adjustment, and efficiency gains. Intensify the industry to promote production capacity, destocking, de-leverage, cost reduction, short-board, and accelerate industrial transformation and upgrading.
Implement differentiated credit policy
In strengthening the support of monetary and credit policies, the Opinions proposed four policy measures.
First, efforts were made to strengthen financial support for structural reforms in the supply side of the industry. Comprehensive use of a variety of liquidity management tools, improve macro-prudential management, strengthen pre-adjustment, fine-tuning, maintain a moderate level of liquidity and stable operation of the money market, and guide the steady growth of money and credit. Innovative financial support and service methods. Strengthen and improve the intensity and efficiency of mergers and acquisitions, non-performing assets disposal, and actively and steadily promote industrialization to resolve excess capacity and inventory. Continue to rectify financial services charges, reduce corporate financing costs and debt burden. Support technological transformation and equipment renewal of industrial enterprises, fill in short-board of industrial soft and hard infrastructure, improve the ability of innovation and development of enterprises, and create favorable conditions for industrial stable growth and structural adjustment.
The second is to implement a differentiated industrial credit policy. Guide banking financial institutions to further improve credit access standards and increase support for strategic emerging industries, traditional industrial technology transformation and transformation and upgrading, based on major technological transformation, industrial upgrading, and structural adjustment project catalogues. Guide financial institutions to increase investment in medium and long-term loans, and increase support for high-tech enterprises, major technical equipment, industrial strong foundation projects and other fields. Formulate guidelines for financial support to build a strong country, and promote the full-service of the financial industry "Made in China 2025." Banking financial institutions are encouraged to appropriately reduce the down payment ratio of new energy vehicles and used vehicles under the premise of risk control, rationally expand automobile consumption credit, and support the development of new energy vehicle production, consumption and related industries. Guide banking financial institutions to adhere to the principle of differential treatment and support, and continue to provide credit support to high-quality enterprises with competitive, marketable and profitable products in industries such as steel, nonferrous metals, building materials, ships and coal, and help prospects. Enterprises have weathered the storm. Support industrial enterprises to actively and steadily resolve overcapacity, and do not grant credit to new capacity building projects that have not obtained legal procedures for industries with severe overcapacity; for "long-term losses, loss of liquidity and market competitiveness, "zombie enterprises", or environmental protection, Safety production is not up to standard and rectification of hopeless enterprises and backward production capacity, and resolutely squeeze out relevant loans. Formulate a plan for the docking of banks and enterprises, and actively promote the docking of information between banks and enterprises.
The third is to accelerate the innovation of industrial credit products. Accelerate the development of financial products and services that support mass entrepreneurship and innovation in the industrial sector. Actively support the "Internet +" initiative in the industrial sector. Vigorously develop green credit business such as energy efficiency credit, contract energy management future income right pledge loan, emission right mortgage loan, carbon emission right mortgage loan, etc., and actively support energy conservation and environmental protection projects and services. Banking financial institutions are encouraged to develop intangible assets pledge loans for independent brands and trademark exclusive rights, and support the construction of independent brands in the consumer goods sector.
The fourth is to improve the industrial credit management system. Under the premise of effectively controlling risks, financial institutions are required to implement innovative methods for repayment of small and micro enterprises' working capital loans without repayment of loans, revolving loans, etc., and reduce the financing costs of “crossing bridges†for small and micro enterprises. Large and medium-sized enterprises that have temporary difficulties in capital turnover but still have liquidity and market competitiveness can ease the pressure on corporate debt by adjusting loan maturity and other loan restructuring measures while monitoring loan quality and accurate classification. .
Support enterprises to finance in all levels of capital markets
In terms of increasing the support of the capital market and the insurance market for industrial enterprises, the "Opinions" require that the support for direct financing of industrial enterprises be increased. Support manufacturing enterprises that conform to the "Made in China 2025" and strategic emerging industries, and carry out equity financing in all levels of capital markets. Encourage industrial enterprises to expand the issuance of standardized debt products to replace other high-cost financing methods. On the basis of improving the debt repayment guarantee measures, the industrial enterprises that operate the specifications support the issuing company's credit bonds to adjust the debt structure. Expand the scale of corporate credit bond issuance and expand the market for exchangeable bonds and convertible bonds. Actively develop innovative financial instruments such as green bonds, high-yield bonds, and green asset securitization.
Improve the support capabilities of various investment funds. Accelerate the establishment of emerging industry venture capital guiding funds, actively operate the National SME Development Fund and advanced manufacturing industry investment funds, give play to the magnifying effect of financial funds, attract social capital to actively participate, encourage local investment, support seed stage, start-up growth small and medium Enterprises and strategic emerging industries and advanced manufacturing industries have accelerated development. Optimize the investment of special construction funds, support major technological transformation projects that help traditional industries to accelerate transformation and upgrading, and strategic emerging industries to cultivate and develop new economic growth points, and continue to support transformation and upgrading projects such as enhancing the core competitiveness of manufacturing. Explore ways to provide equity and debt financing for corporate innovation activities.
Steadily promote the development of asset securitization. Further promote credit asset securitization and support banks to increase credit support for industry by revitalizing credit stocks. Accelerate the securitization of housing and auto loan assets. Under the premise of prudence and security, select a few qualified financial institutions to explore pilot projects for securitization of non-performing assets. Accelerate the development of corporate asset securitization business such as securitization of accounts receivable and revitalize the stock assets of industrial enterprises.
Continuously improve the level of industrial insurance services. In-depth promotion of the first (set) major technical equipment insurance compensation mechanism pilot work, research into the new materials, key components into the first batch of application insurance premium compensation mechanism implementation scope. Promote insurance companies to develop exclusive insurance products that are more in line with the risk characteristics of new energy vehicles. Expand the investment of China's insurance investment funds in industrial transformation and upgrading projects. Encourage insurance asset management institutions to accelerate asset management product innovations such as debt investment plans, equity investment plans, and bond portfolios, and provide financial support for strategic emerging industries and advanced manufacturing industries.
In promoting the innovation of financing mechanism for industrial enterprises, the "Opinions" require that the accounts receivable financing be vigorously developed, and the integration of industry and finance should be explored.
In promoting the merger and reorganization of industrial enterprises, the "Opinions" require that the industrial enterprises merge and restructure the policy environment, and expand the financing channels for industrial enterprises mergers and acquisitions. Further cancel or simplify the merger and reorganization of administrative licenses and examination and approval items of listed companies, optimize the review process, implement the sub-industry review mechanism, and improve the efficiency and transparency of mergers and acquisitions review. Research and improve the pricing mechanism for mergers and acquisitions, and enrich the payment and reorganization of payment instruments. Encourage state-controlled listed companies to rely on the capital market to strengthen resource integration, adjust and optimize industrial layout, and improve development quality and efficiency. Give play to the decisive role of the market in mergers and acquisitions, guide financial institutions to negotiate independently with enterprises, properly solve the problem of financial debt restructuring in mergers and acquisitions of industrial enterprises, and earnestly safeguard the legitimate rights and interests of creditors.
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