Financial Association February 23rd, according to the website of the Securities and Futures Commission, the CSRC issued a letter of the letter of response to the first meeting of the 14th National Committee of the CPPCCEssenceIn the reply to the "Proposal on Supporting the Listing and Financing of Listing and Financing of Small and Medium Private Enterprises", the next step, the China Securities Regulatory Commission will create a more open, transparent, and expected policy environment, and continue to give full play to the capital market support "The role of special specialty "SMEs and private enterprises financing, further improve the support mechanism of technological innovation in capital market service, and promote the play of the role of technology innovation for small and medium -sized enterprises.The Peoples Bank of China and the Financial Supervision Administration will continue to support the technological innovation and special development of small and medium -sized private enterprises, continue to optimize service models, strengthen fund support and risk guarantee, strengthen organic connection with direct financing, guide financial resources to accurately match small and micro enterprises technology technologyInnovative service needs.
The full text is as follows
"Proposal on supporting support for small and medium -sized private enterprises for listing financing to promote enterprise technology innovation"Receive.After careful research and discussing with the Peoples Bank of China and the General Administration of Financial Supervision, the replies are as follows:
1. Regarding intensity to support the support of specialized new small and medium -sized private privately with scientific and technological strengthEnterprise listing
In recent years, the China Securities Regulatory Commission has insisted on "two unshakables" and continuously expand the coverage and inclusiveness of various policies, supporting private enterprises, including private enterprisesVarious ownership enterprises use the development of the capital market to help, helping the "specialized new" small and medium -sized enterprises to use the multi -level capital market to grow up.
First is to fully implement the stock issuance registration system. On February 17, 2023, the implementation of the rules of the reform system of stock issuance registration system was fully implemented, the issuance of listing and listing was implemented, the review and registration procedures were improved, the audit registration efficiency and predictability were improved, the issuance underwriting system was optimized, and the qualified conditions were supported.Enterprises have improved quality, improvement, and efficiency through financing, mergers and acquisitions.As of the end of March 2023, SMEs accounted for 28%of the IPOs of the Shanghai and Shenzhen cities; 184 listed companies in the Beijing Stock Exchange, and 83%of SMEs.
The second is to improve the multi -level capital market system, promote the formation of the dislocation and moderate competition in various market sectors, and continue to improve the coverage of capital market services. Science and Technology Board adhere to the positioning of "hard technology", based on the innovation -driven development strategy, and serve strategic emerging industries and high -tech industries.GEM service growth and innovation and entrepreneurial enterprises support the deep integration of traditional industries with new technologies, new industries, new formats, and new models.The Beijing Stock Exchange serves innovative SMEs, focusing on "earlier, smaller, updated".The Shanghai -Shenzhen -Shenzhen North Exchange has its own focus, and it is better to meet the different types of small and medium -sized enterprises in different types and stages.At the same time, the Shanghai -Shenzhen -North North Exchange actively uses various service bases to improve the market cultivation and service capabilities of SMEs, actively guide private equity and venture capital funds to increase support for investment and financing of SMEs, promote private equity and venture capital funds to actively actively active.Early, small, and investment technology.
Third is to actively promote the construction of a full life cycle bond financing support system for science and technology innovation enterprises, and promote the high -quality development of science and technology bonds. In May 2022, promote the transition from the pilot to routine development of science and technology innovation corporate bonds, guide the Shanghai and Shenzhen Exchange to release the relevant institutional arrangements of the science bond innovation, focusing on supporting high -tech industries and strategies including high -end equipment manufacturing industries and strategiesSex emerging industries and scientific and technological innovation development in the field of transformation and upgrading of industrial transformation.In April 2023, the China Securities Regulatory Commission issued the "Program for Promoting the High -quality Development of Science and Technology Innovation Company Bonds" to accelerate the quality and efficiency of the service of science and technology innovation enterprises, promote a virtuous circle of technology, industry and finance, and better support high -level technology self -reliance.As of the end of April 2023, the exchange market issued a total of 319 bonds, with a issuance scale of 245.7 billion yuan. The raised funds were mainly invested in the frontier areas such as integrated circuits, artificial intelligence, and high -end manufacturing.Positive effect.
Next, the China Securities Regulatory Commission will create a more open, transparent and expected policy environment, and continueThe role is to further improve the support mechanism of technological innovation of the capital market service, and promote the play of the role of the technological innovation of small and medium -sized enterprises.
2. Regarding encouragement of banks with science and technology, new small and medium -sized private entities to build medium- and long -term bank -enterprise relations
The Peoples Bank of China attaches great importance to promoting new development of small and medium -sized private enterprises, continuously improves policy measures, and increases support from multiple levels.The first is to innovate monetary policy tools.In April 2022, the relevant departments established scientific and innovative re -loans to inspire banks to increase credit support for small and medium -sized private enterprises "specialized in specialty".The second is to promote financial products and service innovation.Guide banks to innovate and launch various types of exclusive credit products such as "specialized new loans" and "Little Giant Loan", promote intellectual property pledge loans, explore the expansion of investment and loan linkage and supply chain finance, and meet the diversified small and medium -sized private enterprises of "specialized new" small and medium -sized private enterprisesRequirements for Hua, medium and long -term financing.As of the end of the first quarter of 2023, the balance of medium- and long -term loans in the high -tech manufacturing industry was 2.23 trillion yuan, which maintained a high growth rate of more than 30%for five consecutive years; the balance of loans of small and medium -sized enterprises in technology -based small and medium -sized enterprises was 1.8 trillion yuan.%.The third is to broaden the financing channels of corporate debt issuance.Innovate bonds such as science and technology documents, high -growth enterprise debt financing instruments, etc., and improve the efficiency of debt issuance of science and technology enterprises.Expand the scale of bond issuance in the field of "double innovation" (innovation and entrepreneurship), and enrich the sources of loans of small and medium -sized private enterprises in small and medium -sized private enterprises.As of the end of April 2023, 133 scientific and innovative enterprises have issued a total of 281.7 billion yuan in documents, and 65.3 billion yuan of "double innovation" financial bond issuance.The fourth is to optimize financial services.The Ministry of Industry and Information Technology and the former CBRC issued the "Notice of Strengthening the Links of Industry and Finance to Promote the High -quality Development of Special Specialty New SMEs" (Corporate letter [2022] No. 137), and sort out the "specialized new"Small and medium -sized private enterprises financing needs, establish a normalized docking mechanism for political and bank -enterprise, and promote two -way promotion of banks and enterprises, and "one -to -one" in -depth docking.Promote local governments to build local credit reporting platforms, promote the sharing of information -related information in accordance with the law, and enhance the financing of small and medium -sized private enterprises.
The Financial Supervision Administration (formerly Banking and Insurance Regulatory Commission) promotes the banking insurance industry to optimize technology and financial services, and improves multi -level, specialized, specialized technology and financial system.The first is to promote the quality and efficiency of scientific and financial services for commercial banks.Commercial banks are required to use high -level technology independence and self -reliance as a key service area, and strive to achieve the continuous growth of science and technology enterprise loans, the number of loan households, and improve the level of comprehensive financial services.Actively support innovative development of high -tech enterprises, "specialized new" SMEs, etc., maintain a reasonable growth of medium and long -term loans in high -tech manufacturing, and increase support for intellectual property pledge financing, credit loans, first loans and renewal loans for technology -oriented SMEsEssenceThe second is to improve the professional institution system and improve professional service capabilities.Encourage banking institutions to set up science and technology financial business institutions and science and technology branches in areas where scientific and technological resources are gathered, and appropriately set credit approval and product innovation permissions.Encourage insurance institutions to set up a science and technology finance department or specialized department, explore the construction of science and technology insurance co -ownership mechanism, and provide comprehensive insurance protection for key core technology companies.The third is to improve the special risk management system.Encourage banking institutions to implement differentiated "three investigations" (three investigations, pre -loan investigations, loan reviews, and post -loan inspections) standards. Pre -loan investigation can apply differentiated rating requirements, and not completely use corporate historical performance and guarantee conditions as lending standards for lending standards.Increase the weight of enterprise equity investment, research and development capabilities, technical advantages, patent quality, team stability, and market prospects.The fourth is to improve the special assessment mechanism.Encourage banking institutions to appropriately improve the adverse tolerance of loans in science and technology enterprises, formulate scientific and financial business assessment plans from the perspective of long -term revenue coverage, extend the performance evaluation cycle of science and technology credit personnel, and refine the implementation of incentive constraints and due diligence exemption policies.Fifth, improve the compensation mechanism for risk sharing.Encourage banking institutions to strengthen cooperation with insurance institutions, financing guarantee institutions, and strengthen scientific and financial risks to share and compensate.Support local governments to set up special risk compensation funds on science and technology enterprise loans, intellectual property pledge financing, etc., improve insurance support policies, and increase support for science and technology SMEs.
Next, the Peoples Bank of China and the General Administration of Financial Supervision will continue to support the technological innovation and special development of small and medium -sized private enterprises, continuously optimize the service model, strengthen financial support and risk guarantee, strengthen strengthenOrganic connection with direct financing, guide financial resources to accurately match the demand for scientific and technological innovation services for small and micro enterprises.
Thanks for their concern and support for the development of the capital market. Welcome to continue to make opinions and suggestions.
China Securities Regulatory Commission
August 18, 2023
