The central bank and other documents issued financial support for manufacturing power, and China's manufacturing industry will usher in new opportunities

Recently, the central bank, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and other five ministries and commissions jointly issued the "Guiding Opinions on Financial Support for the Construction of a Manufacturing Power" (hereinafter referred to as the "Opinions"). The "Opinions" mainly emphasize attaching great importance to and continuously improving the financial support and services for "Made in China 2025", focusing on the difficulties and pain points of the development of the manufacturing industry, and striving to strengthen the financial support for scientific and technological innovation, transformation and upgrading of the manufacturing industry.

It should be said that the promulgation of the "Opinions" has pointed out the direction for the financial industry to support the construction of a manufacturing power, and it is also a rallying cry for the financial industry to support the revitalization of the manufacturing industry. Moreover, the promulgation of the "Opinions" not only let the manufacturing industry see new hope, enhance the confidence in development, but also invigorate the morale of the manufacturing industry; At the same time, it has injected new momentum into China's economic stabilization and rebound under the weak economy, and provided inexhaustible impetus for the further development of China's real economy.

The content of the "Opinions" includes attaching great importance to and continuously improving financial support and services, actively developing a diversified financial organization system, innovating and developing a credit management system and financial product system, vigorously developing a multi-level capital market, and giving full play to the role of the insurance market. Each piece of content has strong practical pertinence, operability and effectiveness; Each content has formed an organic internal connection, covering all levels of the strategy of financial support for manufacturing power, and fundamentally eliminating the occurrence of the "blank" phenomenon in the financial service manufacturing industry.

From the perspective of the service mode and attitude of the financial industry, financial institutions can be urged to change the old concept and fully realize the role of manufacturing in China's economic development; At the same time, it also makes the financial industry aware of the huge gap between China's manufacturing industry and the manufacturing industry. In particular, it is important to realize that manufacturing is the core part of the real economy; Without the revival of the manufacturing industry, the revitalization of the real economy is an empty word. And the backward status quo of China's manufacturing industry has a lot to do with the lack of attention and support from the financial industry. As a result, after the promulgation of the "Opinions", the financial industry will focus on strengthening financial support for technological innovation, transformation and upgrading of the manufacturing industry and technology-based small and medium-sized manufacturing industries; Focus on the pain points and difficulties of the manufacturing industry, adhere to the principle of differential treatment, support and control, continuously optimize the direction and structure of financial support, focus on strengthening the medium and long-term financial support for technological innovation and technological transformation and upgrading of the manufacturing industry, and actively broaden the diversified financing channels of technology-intensive and small and medium-sized manufacturing enterprises, and promote the structural adjustment, transformation and upgrading of the manufacturing industry, improve quality and efficiency, and become stronger from large. In addition, financial institutions will focus on the key tasks of "Made in China 2025" and the "1+X" planning system, improve and improve the level of financial services, actively explore innovative and diversified financing services, support the research and development of key common technologies and the transformation and application of scientific and technological achievements, vigorously develop green finance business, and promote the green development of the manufacturing industry.

From the perspective of building a diversified financial organization system in the financial industry, financial institutions can be urged to give full play to the differentiated advantages of banking institutions, form synergies in financial services, clarify the positioning of policy-based, large state-owned banks and local joint-stock commercial banks, provide effective financial support for the "triple" of manufacturing, provide comprehensive financial services, and continuously improve and enhance the quality and efficiency of financial services for small and medium-sized manufacturing industries; Promote the small and medium-sized manufacturing industry to open specialized, specialized financial products and services, so that the financial industry covers the whole industrial chain of manufacturing development. At the same time, improve the organizational structure of financial services, establish a financial service system more suitable for the development needs of the manufacturing industry, and comprehensively improve the professional level of financial services. It mainly sets up high-end science and technology financial franchise institutions in manufacturing clusters, and implements differentiated management in customer access, credit approval, risk appetite, performance appraisal, etc.; Focusing on small and micro enterprises and private enterprises in the manufacturing industry, we provide mass-based, large-scale and standardized financial services; Support qualified manufacturing groups to set up enterprise group finance companies, give full play to the financial company's "fund collection platform, fund settlement platform, capital monitoring platform, financing operation platform, financial service platform" and other functions, effectively improve the internal capital operation efficiency and fine management level of the enterprise group, promote the reduction of the overall financing cost of the industrial chain, and better support the development of the group's main business. In addition, support the manufacturing industry to develop leasing financing business in a planned way, and initiate the establishment of financial leasing companies through holding and equity participation, so as to make up for financing shortcomings and improve the support and international influence of major equipment manufacturing.

From the perspective of credit management system and financial product system, commercial banks and other financial institutions can be urged to actively improve the credit evaluation mechanism and innovate financial products and services around the new industrial chain and innovation chain of the manufacturing industry. actively meet the capital needs of innovative manufacturing and producer services; Encourage financial institutions to vigorously develop financial products and services in the industrial chain, rely on the core enterprises of the manufacturing industry chain, and actively carry out various forms of industrial chain financial business such as warehouse receipt pledge loans, accounts receivable pledge loans, bill discounting, factoring, international and domestic letters of credit, etc., so as to effectively meet the financing needs of upstream and downstream enterprises in the industrial chain; Encourage core manufacturing enterprises and financial institutions to connect with the central bank's accounts receivable financing service platform, and develop a full-process and efficient online accounts receivable financing model. In addition, it can promote the innovation of investment and loan linkage financial service model, promote the rationalization of enterprise financing structure, and effectively reduce financing costs; Establish a risk sharing and compensation mechanism between banks and their investment function subsidiaries, government loan risk compensation funds, financing guarantee companies, and insurance companies to effectively reduce bank credit risks; Encourage banking financial institutions to cooperate with external investment companies and various funds, actively integrate their respective capital, information and management advantages, explore diversified investment and loan linkage business, promote the exchange and sharing of information between banks and enterprises, and achieve win-win cooperation. Moreover, promote the improvement of financing services for mergers and acquisitions in the manufacturing industry, and implement comprehensive credit for mergers and acquisitions; Support enterprises to achieve industry integration through mergers and acquisitions, and allow qualified manufacturing enterprises to raise funds for mergers and acquisitions through the issuance of preferred shares, convertible bonds, and mergers and acquisitions bonds. In particular, the financial sector can enhance the awareness of risk prevention and control, through joint credit, syndicated loans, etc., to form financing synergies, effectively prevent multiple credit, excessive credit, avoid rushing to the top, duplicate construction to form new excess capacity, and strengthen the manufacturing debt leverage constraints, reduce the leverage ratio of enterprises, so that the manufacturing industry can develop steadily.

Starting from lowering the entry threshold of the manufacturing capital market and the conditions for bond issuance, financial institutions can be urged to support the listing and financing of qualified and mature manufacturing industries on the main board market, promote the manufacturing industry in key areas to become better and stronger, and accelerate the listing or listing of high-tech manufacturing enterprises and manufacturing enterprises on the SME board, the Growth Enterprise Market, the national SME share transfer system and the regional equity trading market, so as to enrich the medium and long-term capital strength; Focus on supporting manufacturing enterprises with strong innovation ability and good growth, support manufacturing enterprises to list and raise funds overseas, and enhance the international competitiveness of Chinese manufacturing enterprises; Encourage manufacturing enterprises to achieve industry integration and layout adjustment and optimization through mergers and acquisitions in the capital market, and support the central and western regions to undertake industrial transfer. At the same time, support manufacturing enterprises to issue corporate bonds, corporate bonds, short-term financing bonds, medium-term notes, perpetual notes, directional instruments and other direct financing tools, broaden financing channels, reduce financing costs, and adjust debt structure; Encourage financial institutions to design and develop innovative bond varieties that meet the characteristics of advanced manufacturing and strategic emerging industries; At the same time, support the securitization of assets in the manufacturing sector, encourage financial institutions to take credit assets in the manufacturing sector that are in line with the national industrial policy, taking into account profitability and orientation, as the basic assets of securitization, issue credit asset securitization products, and encourage qualified banking financial institutions to carry out non-performing asset securitization pilots under the premise of compliance with laws and regulations and controllable risks, and take the initiative to resolve credit risks in the field of manufacturing excess capacity.

In addition, it is also clear that the role of the insurance market can be played to urge the insurance industry to develop enterprise property insurance, science and technology insurance, patent insurance, production safety liability insurance and other insurance businesses, provide multi-faceted risk protection for the manufacturing industry, and promote the transformation and upgrading of the manufacturing industry; And through various forms such as creditor's rights, equity, funds, and asset-backed plans, it provides low-cost and stable sources of funds for the transformation and upgrading of the manufacturing industry. At the same time, financial institutions are required to further optimize and improve the layout of overseas institutions according to the needs of enterprises to "go global", improve the ability of global financial services, and meet the real and reasonable foreign exchange purchase needs of manufacturing enterprises in the process of "going out"; Moreover, the establishment of a ministerial coordination agency and the implementation of a "white list" system provide a reliable guarantee for improving financial services in the manufacturing industry. Moreover, encourage local governments to set up industrial guidance funds, equity investment guidance funds, in accordance with the principle of government guidance, market-oriented operation, and professional management, increase investment in the manufacturing industry, and leverage all kinds of social capital to support the transformation and upgrading of the manufacturing industry, and the manufacturing industry will be full of vitality.