Let more financial resources help the private economy develop and grow – Comments – China Engineering Network

Original title: Let more financial water help the development and growth of the private economy

Eight departments including the People’s Bank of China recently jointly issued the “Notice on Strengthening Financial Support Measures to Support the Development and Growth of the Private Economy”, proposing 25 specific measures to support the private economy, guiding financial institutions to establish the concept of “equal treatment” and continue to strengthen financial services for private enterprises. Help the private economy develop and grow.

The private economy, which contributes more than 50% of tax revenue, more than 60% of GDP, and more than 80% of urban employment, is an important force in promoting China’s economic growth. The development and growth of the private economy cannot be separated from financial support. However, private enterprises, especially private small and medium-sized enterprises, often face problems such as lack of mortgage guarantees and financing supporting mechanisms that need to be improved. Financing problems need to be solved urgently.

Only by further improving the availability and convenience of financial services for private enterprises can the private economy achieve stable and long-term development. The Party Central Committee attaches great importance to the development of the private economy and has repeatedly emphasized the need to adhere to the “two unwavering” and “three unchangeable” policies to encourage and support the development and growth of the private economy and private enterprises. In the financial field, monetary policy tools such as re-lending and re-discounting continue to be implemented, and diversified financing support for the private economy continues to increase. More than 1,000 “specialized, special and innovative” small and medium-sized enterprises have been listed on the A-share market. At the end of September, the balance of loans to privately held enterprises reached 41.3 trillion yuan, corporate financing costs fell to historical lows. The launch of 25 specific measures this time has injected impetus into the development of the private economy.

The 25 specific measures to support the private economy are a multi-dimensional “bonus package” covering all fields of finance. From unblocking multiple financing channels of credit, bonds, and equity to provide all-round financing support for the private economy; to increasing the supply of foreign exchange facilitation policies and services to support private enterprises in “going out” and “bringing in”; to strengthening positive incentives, Optimizing supporting policies… The notice guides financial institutions to vigorously improve the availability and convenience of financial services for private enterprises and create a better financial environment for the development and growth of the private economy.

The 25 specific measures to support the private economy are a “guidance book” with full practical significance. The notice clarifies the goals and priorities of financial services for private enterprises, requires banking financial institutions to formulate annual service targets for private enterprises, increase the weight of services related to private enterprises in performance appraisals, and gradually increase the proportion of loans to private enterprises. It also proposes reasonable Improve the tolerance of non-performing loans of private enterprises. Specific and pragmatic requirements provide greater practical space for the implementation of favorable policies and ensure the implementation of the central government’s support policies for private enterprises.

The private economy has been deeply integrated into China’s economic sea. Enterprises of all types of ownership must be treated equally and equally, and efforts must be made to ensure that financial support for the private economy is commensurate with the private economy’s contribution to economic and social development, so that more financial resources can help the development and growth of the private economy.

(Author: Zhang Qianqian, reporter from Xinhua News Agency)