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According to Xinhua News Agency，Recently，General Office of the CPC Central Committee、The General Office of the State Council issued the "Several Opinions on Strengthening Financial Services to Private Enterprises" (hereinafter referred to as the "Opinions")。

"Opinions" pointed out，Through comprehensive policies，Achieve equal treatment in financing for enterprises of all types of ownership，Ensure that financial services to private enterprises are effectively improved，The scale of financing is steadily expanding，Financing efficiency has been significantly improved，Financing costs gradually decreased and stabilized at a reasonable level，The problem of difficult and expensive financing for private enterprises, especially small and micro enterprises, has been effectively alleviated，Fully stimulate the vitality and creativity of the private economy。

Let’s take a look at the top ten highlights:

　　1.Implement differentiated monetary and credit support policies。Reasonably adjust the macro-prudential assessment parameters of commercial banks，Encourage financial institutions to increase private enterprises、Credit to small and micro enterprises。

　　2.Improving the targeted reserve requirement ratio reduction policy for inclusive finance。Increase re-loan and re-discount quota，Increase the relending and rediscount policies to support agriculture and small businesses to all types of qualified financial institutions including private banks。

　　3.Support the development of small and medium-sized banks such as private banks and other local corporate banks，Accelerate the construction of a financial service system that matches the needs of private small, medium and micro enterprises。

　　4.Improving the stock issuance and refinancing system，Accelerate the review progress of initial listing and refinancing of private enterprises。

　　5.Promptly promote the establishment of a science and technology innovation board on the Shanghai Stock Exchange and pilot a registration system。Steadyly promote the reform of the New OTC Market issuance and trading system，Promote the New Third Board to become an important platform for financing innovative private small, medium and micro enterprises。

　　6.Support private enterprise bond issuance，Encourage financial institutions to increase investment in private enterprise bonds。

　　7.Accelerate the innovation of capital supplement bond instruments for commercial banks，Support the issuance of uncapped capital bonds、Innovative tools such as convertible secondary capital bonds to supplement capital。

　　8.Study on lifting the industry scope restrictions on financial equity investment with insurance funds，Standardize and implement strategic equity investment。

　　9.Encourage qualified places to set up special funds for loan risk compensation for private enterprises and small and micro enterprises、Guidance Fund or Credit Guarantee Fund，Focus on Dafabet reviewsfirst loan、Refinancing、Providing credit enhancement services such as loan renewal。Research and explore the access of financing guarantee companies to the People’s Bank of China credit system。

　　10.Support asset management products、Insurance funds are passed through private equity funds and other institutions recognized by regulatory authorities in compliance with laws and regulations，Participate in resolving stock pledge risks of private listed companies。

Study on lifting restrictions on the scope of insurance financial equity investment

"Opinions" are clear，Study on lifting the industry scope restrictions on financial equity investment with insurance funds，Standardize and implement strategic equity investment。Focus on private enterprise financing and credit enhancement，Increase coverage of credit insurance and bond credit enhancement agencies。Guide and support banks to speed up the disposal of non-performing assets，Focus on revitalizing funds to private enterprises。

Previously，Xiao Yuanqi, spokesperson of the China Banking and Insurance Regulatory Commission, said in an interview，To better play the role of insurance company institutional investors，Maintain the stable and healthy development of listed companies and capital markets，The China Banking and Insurance Regulatory Commission encourages insurance companies to use long-term account funds，Increase holdings of high-quality listed company stocks and bonds，Expand the scope of investment in special products，Intensify efforts to implement special products。

Implement differentiated monetary and credit support policies

"Opinions" put forward，Reasonably adjust the macro-prudential assessment parameters of commercial banks，Encourage financial institutions to increase private enterprises、Credit to small and micro enterprises。Improving the targeted reserve requirement ratio reduction policy for inclusive finance。Increase re-loan and re-discount quota，Increase the relending and rediscount policies to support agriculture and small businesses to all types of qualified financial institutions including private banks。

Deputy Director of the Inclusive Finance Department of the China Banking and Insurance Regulatory Commission said，Next step，The China Banking and Insurance Regulatory Commission will further promote financial services for small and micro enterprises，Under the principles of risk control and business sustainability，Improve quality and efficiency，Improve quality and efficiency。From a regulatory perspective，Differentiated policies must be continuously improved and promoted，Continuously optimize and improve regulatory measures，Guide commercial banks to continue to increase credit extension to small and micro enterprises，Continue to expand in volume and coverage。From a bank’s perspective，It is necessary to urge banks to further improve their internal operating mechanisms，Improving differentiated performance appraisal policies，Encourage grassroots to dare to lend、Willing to loan。

In terms of improving the targeted reserve requirement ratio reduction policy for inclusive finance，Pan Xiangdong, Chief Economist of New Era Securities said，Currently, my country’s monetary aggregate and liquidity are relatively abundant，Mainly structural problems，Some small and micro enterprises and private economies have difficulty financing、The problem of expensive financing has always been difficult to solve。In order to increase support for the private economy and small, medium and micro enterprises，Improve the financing environment for these enterprises，Only through structural monetary policy tools can we solve structural problems，Therefore, it is proposed to improve the targeted reserve requirement ratio reduction policy for inclusive finance，Ensure that funds can flow to small and micro enterprises and the private economy。

Also，January 25，The People’s Bank of China conducted a dynamic assessment of targeted reserve requirement ratio cuts for inclusive finance in 2018。Under Dafabet reviewspolicy incentives，Comparison with previous year，More financial institutions meet the targeted reserve requirement ratio reduction standards for inclusive finance，Can be enjoyed separately 0.5 or 1.5 percentage points discount on deposit reserve ratio。

It’s worth noting，The General Office of the State Council recently issued the "Guiding Opinions on Effectively Playing the Role of Government Financing Guarantee Funds to Effectively Support the Development of Small and Micro Enterprises and "Agriculture, Rural Areas and Rural Areas"，Emphasis on standardizing the operation of government financing guarantee funds，Make up for market shortcomings，Lower the guarantee service threshold，Focus on alleviating small and micro enterprises、Difficulties in financing in inclusive areas such as “agriculture, rural areas and farmers”、Financing is expensive，Support the development of strategic emerging industries，Promote mass entrepreneurship、Wanzhong Innovation。

Promptly promote the establishment of a science and technology innovation board on the Shanghai Stock Exchange and pilot a registration system

"Opinions" put forward，Increase direct financing support。Actively support qualified private enterprises to expand direct financing。Promptly promote the establishment of a science and technology innovation board on the Shanghai Stock Exchange and pilot a registration system。

Said the chief economist of Lianxun Securities，The establishment of the Science and Technology Innovation Board and the pilot registration system will broaden financing channels，Strengthen the capital market’s support for the real economy。Traditional IPO places too much emphasis on profits、Operating income and other indicators，New form of technology service enterprise、Subjects such as medium and long-term operating enterprises with innovation and traffic as the core are excluded。And these in the long run，will be one of the main forces in the transformation and upgrading of the domestic economy。

Zhang Yulong, Chief Analyst of CITIC Securities Strategy said，The Science and Technology Innovation Board implements a more inclusive registration system，Conducive to the incubation of scientific and technological enterprises。First to allow unprofitable companies to go public，The listing of unprofitable companies can enable the company to obtain long-term equity funds earlier in its life，Conducive to the incubation and development of enterprises。Second to allow companies with different voting rights structures to be listed。The structure of different shares with different rights can ensure the founder’s control over the company，It can encourage entrepreneurs to continue to promote the development of enterprises through innovation。

In terms of supporting the issuance of bonds by private enterprises，Sun Haibo, Dean of the Financial Supervision Research Institute, believes，At present, corporate bonds mainly provide financing channels for state-owned enterprises，Very few private enterprises have records of bond issuance。Recently, the National Development and Reform Commission has made it clear that it will speed up the review and approval of private enterprise bond issuance。Interbank non-financial corporate debt financing instruments and exchange corporate bonds place too much emphasis on the safety of bond issuance，The control of entry threshold is very strict，Only a few large private enterprises may obtain financing through this channel。So private enterprise bond financing，The core is whether there is a Chinese high-yield dafabet online sports betting appbond market，Can a market environment be established。

Support financial institutions to replenish capital through the capital market

"Opinions" put forward，Support financial institutions to replenish capital through the capital market。Accelerate the innovation of capital supplement bond instruments for commercial banks，Support the issuance of uncapped capital bonds、Innovative tools such as convertible secondary capital bonds to supplement capital。

Chief researcher of CITIC Securities Fixed Income Ming Ming said，In the current environment of poor credit transmission mechanism，To ensure that banks continue to support real economy financing，Relief private operation、The dilemma of small and micro enterprises in financing，Return the off-balance sheet assets of commercial banks to the balance sheet，Still encouraging banks to allocate small and micro enterprises with higher risk weights、Private enterprise loans and other assets、Expand credit space，Both need to supplement capital to meet capital adequacy ratio constraints。

In terms of capital tool innovation，January 25，Bank of China successfully issued 40 billion yuan of undated capital bonds in the inter-bank bond market，marks the official opening of perpetual bonds。Vice President of Peking University National School of Development、Huang Yiping, Director of the Digital Finance Research Center of Peking University said，Perpetual bonds can provide an effective and sustainable channel for commercial banks to replenish capital，At the same time, it can also help enrich the products of the capital market, especially the bond market，Eventually it may help improve capital market pricing and monetary policy transmission mechanisms。

Also，Provide liquidity support for banks to issue perpetual bonds，The central bank decided to create a central bank bill swap facility (Central Bank Bills Swap，CBS)，Primary dealers in open market business can use the perpetual bonds issued by qualified banks held by them to exchange for central bank bills from the central bank;The China Banking and Insurance Regulatory Commission decided to relax restrictions，Allow insurance institutions to invest in undated capital bonds issued by commercial banks。

Current multi-factor superposition，Although my country’s banks have no long-term plans for capital replenishment, they face greater capital replenishment needs in the short to medium term。Looking at 26 A-share listed banks that disclosed their third quarterly reports for 2018，The third quarterly report is in progress，The capital adequacy ratio of 12 out of 26 banks declined;The core tier one capital adequacy ratio of 8 banks has declined。

Industry insiders believe，Innovative exploration of commercial banks’ capital replenishment is expected to receive more policy encouragement in the future，The investment entities participating in the bank’s capital increase and share expansion are expected to further expand。Clearly proposed by the executive meeting of the State Council，Introducing funds、Long-term investors such as annuities participate in the bank’s capital increase and share expansion，Support commercial bank wealth management subsidiaries investment bank capital supplement bonds，Encourage foreign financial institutions to participate in bond market transactions。From the perspective of international banking practice，China’s banking industry still has a lot of room to explore innovation in capital instruments。

  Source:China Securities News