with the targeted implementation of a package of financial policies, strategic emerging industries are receiving more medium - and long-term funds. economic information daily has learned that the regulatory authorities require banks to expand medium - and long-term loans to strategic emerging industries and advanced manufacturing industries. government guidance funds such as the fund for the development of emerging industries will also play a greater role in increasing financial support for smes in emerging industries. at the local level, in the past month, the banking and insurance regulatory authorities in jiangsu, shanghai, henan and other places have made it clear to expand financing channels for strategic emerging industries from bank credit, insurance, asset management products and other aspects.
insiders interviewed by economic information daily said that the development of strategic emerging industries needs full cycle and multi-faceted financial support. in terms of indirect financing, it is suggested to relax the bad tolerance of commercial banks and improve their business enthusiasm. in terms of direct financing, we will accelerate the development of a multi-tiered capital market, activate the main board market, and continue to cultivate and strengthen the science and innovation board.
at present, strategic emerging industries are accelerating the economic transformation and upgrading, and the financing demand is high. "due to the rapid technological upgrading and upgrading of relevant enterprises, in order to maintain the position and market share of the industry, we need to constantly carry out technological research and development accumulation, reserve talents and establish innovation mechanism. the demand for direct financing, especially equity financing, is quite high, and the capital demand is long." hangzhou anheng information technology co., ltd. chairman fan yuan said.
however, the financing needs of some enterprises are difficult to be effectively met. researcher at the institute of international finance fan reying said the bank of china, a large number of enterprises in strategic emerging industries with "light assets, high-growth, high volatility" characteristics, the development of the traditional commercial bank credit is often "heavy revenues, guarantee, mortgage", both the existence of natural mismatch, lead to enterprise more difficult to raise the money from the traditional commercial banking system support, increased the difficulty of indirect financing. in addition, the domestic listing system and multi-level capital market construction in the early stage are not perfect enough to meet the direct financing needs.
focusing on the pain points of indirect and direct financing, multi-sectoral policies are concentrating their efforts. silver insurance regulatory commission, said to guide and supervise the bank insurance institutions to increase support for manufacturing, strengthen the advanced manufacturing industry, high-tech manufacturing and strategic emerging industries in the field of financial support, and actively help temporarily difficult enterprise, guide and supervise the big banks play a role of "leading wild goose", improve service level of manufacturing strategy. zhao chen xin, deputy secretary-general of the national development and reform commission said yesterday, will intensify efforts to give full play to the guiding role of government investment, promote the national strategic emerging industry development fund, national emerging industry emerging industries such as venture investment fund development fund, preferred in honored place set up funds, support high quality rapid growth of small and medium-sized enterprises in the cluster.
local policies have also been implemented intensively. in the past month, jiangsu, chongqing, shanghai, henan and other places have clarified and expanded financing channels for strategic emerging industries. for example, jiangsu province proposed to encourage insurance funds and qualified asset management products to invest in industrial funds in a market-oriented manner and increase investment in strategic emerging industries and advanced manufacturing industries. for "asset-light, unprofitable" scientific and technological innovation enterprises, comprehensive use of intellectual property pledge, equity pledge, tax base loan and other products to support.
under the guidance of policies, banks and other financial institutions have taken actions to increase policy support and resources. china citic bank, for example, recently signed a head-to-head strategic cooperation agreement with ningde times new energy technology co., ltd., a leading enterprise of power batteries for new energy vehicles.
in practice, commercial banks continue to innovate financial service models and explore various models such as linkage of investment and loan for the "blood transfusion" of emerging industries. "an innovative technology company based in shenzhen specializes in intelligent driving related products. in order to solve the company's capital needs, our bank has provided the company with 10 million yuan of credit through investment and loan linkage business combined with policy guarantee. in addition, the cooperative institution is recommended to make equity investment of 5 million yuan in the company, including debt and equity, to support the development of the company in various aspects." hangzhou bank relevant person in charge said in an interview.
in terms of direct financing support, government guidance funds continue to play an important role in investment guidance. "currently, among the government guidance funds established in china, except ppp funds in the field of infrastructure construction, industrial guidance funds and venture capital guidance funds are basically invested in strategic emerging industries." fu xinghua, partner of zero2ipo and managing partner of zero2ipo's parent fund, said that as an important tool to change the way of financial investment, the government's guidance fund, on the one hand, provides direct financial support to enterprises in emerging industries to accelerate the transformation and upgrading of emerging industries. on the other hand, by setting up sub-funds, the utility of financial funds can be multiplied to attract more social capital to gather in specific regions and industries.
according to the statistics of zero2research center, by the first quarter of 2020, the number of industrial guidance funds established in china has reached 1,033, with a scale of 2.94 trillion yuan in place, mainly focusing on manufacturing and related strategic emerging industries. the number of government guidance funds for venture capital investment has reached 505, with a scale of 0.61 trillion yuan in place, mainly focusing on the development of regional small and medium-sized enterprises, scientific and technological enterprises, high-tech enterprises and strategic emerging industries, especially for seed-stage and early-stage enterprises.
science and innovation board also provides more convenient capital market financing channels for related enterprises. according to wind, 11 of the 45 science and innovation board companies listed this year as of june 24 were in biomedicine, seven in intelligent manufacturing equipment, seven in emerging software, seven in new information technology services and five in next-generation information networks.
the industry points out that the financing method of strategic emerging industries still needs to be further improved. fan ruoying suggested that the next step could be to appropriately relax the bad tolerance of commercial banks, or give a longer period of assessment time span, so as to improve the business enthusiasm of commercial banks. wang jun, chief economist of zhongyuan bank, also said that it is necessary to accelerate the development of multi-level capital market, activate the main board market, continue to cultivate and strengthen the science and innovation board, and extend its experience to the growth enterprise board and even the main board.
fan yuan said kechuang plate is an important reservoir of cultivate strategic emerging industries, the current related enterprise refinancing rule is still in the comment period, terms and related documents have not fall to the ground, hope to win the board about refinancing, merger, acquisition and reorganization, the establishment of fund and so on laws and regulations to fall to the ground as soon as possible, to guide the broad participation of social capital, helping enterprises rapid development.
source: xinhuanet