Summary:

In order to implement the spirit of the Party’s 18th and 18th Central, 4th, 5th and 6th Plenary Sessions, in accordance with the requirements of "Made in China 2025" and "Guiding Opinions of the State Council on Deepening the Integration of Manufacturing and Internet Development", Further establish and improve a diversified financial service system, vigorously promote innovation in financial products and services, and strengthen and improve financial support and services for the construction of a strong country. The following opinions are proposed:

1. Attach great importance to and continuously improve financial support and services for the construction of a strong country.

(1) Adhere to the problem orientation and focus on strengthening financial support for technological innovation, transformation and upgrading of manufacturing industries and small and medium-sized manufacturing enterprises. Manufacturing is the main body of the real economy, the main battlefield for technological innovation, and the main attack area for supply-side structural reform. At present, China's manufacturing industry still has problems such as large but not strong, weak innovation capability, and high dependence on key core technologies and high-end equipment. The financial sector should focus on the difficult points of manufacturing development, adhere to the principle of differential treatment, support and control, continuously optimize the direction and structure of financial support, and focus on strengthening medium and long-term financial support for technological innovation and technological upgrading of manufacturing industries, and actively expand technology-intensive. The diversified financing channels of small and medium-sized manufacturing enterprises promote the structural adjustment, transformation and upgrading of the manufacturing industry, improve quality and efficiency, and become stronger and stronger.

(2) Highlight support points, improve and improve financial services in key areas of manufacturing and mission-critical tasks. The financial sector should focus on the "Made in China 2025" key tasks and the "1+X" planning system to improve and improve the level of financial services. Explore innovative and diversified financing services for public service platforms such as manufacturing innovation centers, and support key common technology research and development and transformation of scientific and technological achievements. Efforts will be made to strengthen financing support for “four-based” enterprises such as core infrastructure components and promote the upgrading of the industrial base. We will strengthen the support for medium and long-term loans for technological transformation of enterprises, rationally arrange credit terms and repayment methods, and support the development and intelligent upgrading of manufacturing industries. Vigorously develop green finance business and promote green development of manufacturing industry. Actively use a variety of financial instruments such as credit, leasing, insurance, etc. to support breakthrough development and expansion of applications in the field of high-end equipment. Strengthen financial support for key projects of the Industrial Internet and support manufacturing customization and service-oriented manufacturing.

Second, actively develop and improve the diversified financial organization system that supports the construction of a strong country

(3) Leveraging the differentiated advantages of various banking institutions to form a synergistic effect of financial services. Developmental and policy-oriented financial institutions should play a leading role in key areas and weak links, and increase financial support for major projects, major technology promotion and major equipment applications on the premise of financial sustainability within the scope of business. National commercial banks should actively take advantage of network channels and business functions to provide comprehensive financial services for manufacturing enterprises, and continuously improve and improve the quality and efficiency of financial services for small and medium-sized manufacturing enterprises. The local financial institutions should focus on the advantages of short management radius and flexible operating mechanism, based on local and small-scale services, and actively develop specialized and specialized financial products and services for small and medium-sized manufacturing enterprises.

(4) Improve the organizational structure of banking institutions and improve the professionalization of financial services. Encourage qualified financial institutions to explore and establish a system of advanced manufacturing financing, and strengthen professional support for strategic key industries such as information technology, high-end equipment, new materials, and biomedicine. Encourage qualified banking financial institutions to set up technology finance franchises in advanced manufacturing clusters such as new industrialized industrial demonstration bases, and implement differentiated management in terms of customer access, credit approval, risk appetite, and performance appraisal. Actively promote the construction of small and micro enterprises' specialized institutions, and provide mass, large-scale and standardized financial services around small and micro enterprises and private enterprises with large and medium-sized manufacturing industries. It is necessary to improve the diligence management system for credit granting work of small and micro enterprises, and encourage grassroots institutions and credit officers to support the development of small and medium-sized manufacturing enterprises.

(5) Standardizing the development of manufacturing enterprise group financial companies. Support qualified manufacturing enterprise groups to set up enterprise group finance companies, and give full play to the functions of financial companies as the “capital collection platform, fund settlement platform, fund monitoring platform, financing operation platform and financial service platform” to effectively improve the internal corporate groups. Capital operation efficiency and refined management level. Encourage qualified manufacturing enterprise group finance companies to promote group product sales by launching buyer credit, consumer credit and financial leasing services for member units under the premise of effective prevention and control of risks. We will steadily promote the pilot work of the financial group of the enterprise group to carry out the extension of the industrial chain financial services, and through the “one-off” bill discounting business and accounts receivable factoring business, promote the reduction of the overall financing cost of the industrial chain and better support the development of the group's main business.

(6) Accelerate the development of financial leasing business in the manufacturing sector. Actively support qualified financial institutions and manufacturing enterprises to establish financial leasing companies through holding and shareholding in manufacturing agglomeration areas, supporting large aircraft, civil aerospace, advanced rail transit, offshore engineering equipment and high-tech ships, and smart grids. High-end equipment and other key areas such as complete sets of equipment to expand market applications and enhance international competitiveness. Vigorously develop direct leasing, after-sales leaseback and other services, give full play to the dual functions of financial leasing business to support corporate financing and financing, and support manufacturing enterprises to implement equipment renewal and intelligent upgrade through “rental purchase” and amortization. Actively play the role of financial leasing "to rent and sell", support manufacturing enterprises to expand sales and exports.

3. Innovative development of credit management system and financial product system in line with manufacturing characteristics

(7) Optimize the credit management system. Encourage financial institutions to focus on manufacturing new industrial chains and innovation chains, actively improve credit evaluation mechanisms, and innovate financial products and services. Reasonable consideration of “soft information” such as technology, talents, and market prospects of manufacturing enterprises, and incorporating relevant factors into the credit rating system of bank customers to tap the potential value of enterprises. Encourage qualified financial institutions to combine non-financial information such as “three forms”, “three orders” and “two products” under the premise of risk control and commercial sustainability, using credit loans, intellectual property pledge loans, and equity pledges. Loans, accounts receivable pledge loans and brand-based trademark pledge loans, etc., actively meet the funding needs of innovative manufacturing enterprises and producer services.

(8) Vigorously develop industrial chain financial products and services. Encourage financial institutions to rely on the core enterprises of the manufacturing industry chain, and actively carry out various forms of industrial chain financial services such as warehouse receipt pledge loans, accounts receivable pledge loans, bill discounting, factoring, international and domestic letters of credit, and effectively satisfy the industrial chain. The financing needs of downstream companies. Give full play to the public service function of the PBC's accounts receivable financing service platform, and reduce the cost of docking between banks and enterprises. Encourage manufacturing core enterprises and financial institutions to connect with the People's Bank's accounts receivable financing service platform to develop a full-process, high-efficiency online receivables financing model. The research promotes the manufacturing core enterprises to register and issue supply chain financing bills in the inter-bank market.

(9) Promoting innovation in investment and loan linkage financial service models. We will promote the pilot of investment and loan linkage business in a safe and orderly manner, encourage and guide pilot banking financial institutions to provide sustained financial support for science and technology manufacturing enterprises, promote the rationalization of corporate financing structure, and effectively reduce financing costs. Establish risk sharing and compensation mechanisms between banks and their investment function subsidiaries, government loan risk compensation funds, financing guarantee companies, and insurance companies to effectively reduce bank credit risk. 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.

(10) Improve the financing services for mergers and acquisitions in manufacturing. Promote financial institutions to implement comprehensive credit grants for mergers and acquisitions. Encourage financial institutions to improve the M&A loan business, based on comprehensive consideration of the credit status, management and management capabilities, financial conservatism, self-raised capital adequacy of the M&A, and the market prospects, future earnings, and M&A synergies of the M&A target. Reasonably determine the loan term and interest rate, and support enterprises to achieve industry integration through mergers and acquisitions. Allow qualified manufacturing companies to raise merger and reorganization funds by issuing preferred stocks, convertible bonds, and M&A bonds. Encourage securities companies, asset management companies, equity investment funds, and industrial investment funds to participate in mergers and acquisitions, and expand sources of mergers and acquisitions.

(11) Make effective choices and strengthen risks, and effectively prevent and control risks. Banking financial institutions must adhere to the principle of independent loan review, independent decision-making, and risk-taking, and select industrial clusters and enterprises with core competitiveness to focus on controlling risks from the source. It is necessary to play the role of inter-bank communication, coordination and self-discipline in the banking industry, and form a synergy effect of financing through joint credit and syndicated loans, effectively prevent long-term credit and over-credit, and avoid the rush to repeat new construction to form new excess capacity. Support manufacturing enterprises to implement debt-to-equity swaps in accordance with the principles of marketization and legalization, rationally increase equity financing, strengthen corporate debt leverage, and reduce corporate leverage. It is necessary to steadily and orderly withdraw from the field of excess capacity. Enterprises and technological transformation projects with market, efficiency, technology and operational norms in metallurgy, building materials, petrochemical, and shipbuilding industries must support their reasonable credit needs.

Fourth, vigorously develop multi-level capital markets and strengthen financial support for the construction of manufacturing powers

(12) Give full play to the role of equity financing. Actively support eligible high-quality, mature manufacturing enterprises to list and market in the main board market, and promote manufacturing enterprises in key areas to become better and stronger. Accelerate the promotion of high-tech manufacturing enterprises and advanced manufacturing enterprises to list or list financing in the SME board, the GEM, the national SME share transfer system and the regional equity trading market, and enrich the medium and long-term capital strength. In the stock market of listed financing enterprises, the manufacturing enterprises with strong innovation ability and good growth will be supported. Support manufacturing enterprises to list overseas and raise funds to enhance the international competitiveness of Chinese manufacturing enterprises. Encourage manufacturing enterprises to achieve industry consolidation and layout adjustment and optimization through capital market mergers and acquisitions, and support the central and western regions to undertake industrial transfer.

(13) Promote the sustainable and healthy development of venture capital. Further improve the policy system to support the development of venture capital, promote the development of venture capital, and effectively compensate for the financing gap of innovative and growth-oriented manufacturing enterprises. Encourage seed ventures and other venture capital funds such as venture capital funds and angel investors to increase their support for innovative manufacturing enterprises in the seed and start-up period, and provide support through diversified services such as corporate management, business consulting, and financial advisory. Technological innovation completes the growth process from technology research and development to commercial promotion. Encourage venture capital funds and industrial investment funds to invest in key projects in the “four basics” field. We will play the role of advanced manufacturing industry investment funds and national emerging industry investment guidance funds to encourage the establishment of various high-end equipment innovation development funds operating in a market-oriented manner.

(14) Supporting the issuance of bond financing by manufacturing enterprises. Give full play to the role of the inter-ministerial coordination mechanism of the company's credit bonds, and support qualified manufacturing enterprises to issue direct financing instruments such as corporate bonds, corporate bonds, short-term financing bonds, medium-term notes, perpetual notes, and targeting tools, broaden financing channels, and reduce financing. Cost, adjust the debt structure. Design and develop innovative bond varieties that meet the characteristics of advanced manufacturing and strategic emerging industries. The park operating institutions supporting the high-tech industrial development zone will issue dual-create special debt financing instruments for the construction and renovation of the park infrastructure, as well as the provision of credit enhancement services for manufacturing enterprises entering the park. Support qualified high-quality manufacturing enterprises to register and issue multi-variable debt financing instruments under the registered and distributed hierarchical classification management system, and improve the convenience of storage shelves.

(15) Support asset securitization in the manufacturing sector. Financial institutions are encouraged to use credit assets in the manufacturing sector that are in line with national industrial policies, profitability and orientation as securitization base assets, and issue credit asset securitization products. Encourage manufacturing companies to issue asset-backed notes through the interbank market and to improve corporate liquidity by conducting corporate asset securitization through the exchange market. Vigorously promote the securitization of high-end technical equipment, intelligent manufacturing equipment, energy-saving and new energy equipment and other manufacturing financial leasing credit assets, expand the financing sources of manufacturing financial leasing institutions, and better serve the technological upgrading of enterprises. Under the premise of legal compliance and controllable risks, encourage qualified banking financial institutions to steadily carry out pilot projects of non-performing asset securitization and actively resolve credit risks in the manufacturing surplus capacity sector.

5. Play the role of the insurance market and boost the transformation and upgrading of the manufacturing industry

(16) Actively develop insurance products that promote the development of the manufacturing industry. Further encourage insurance companies to develop insurance business such as corporate property insurance, technology insurance, patent insurance, and safety production liability insurance, and provide various aspects of risk protection for the manufacturing industry. Encourage the development of manufacturing loan guarantee insurance and support the development of high-tech enterprises in light asset science. Vigorously develop product quality liability insurance and improve the trust of Chinese manufacturing brands. We will further promote the pilot work of the first (set) major technical equipment insurance compensation mechanism, and promote the market-oriented application of major technical equipment and key components. The study initiated the pilot work of the first batch of insurance compensation mechanism for key new materials. Local governments are encouraged to combine local realities to establish premium subsidies and risk compensation mechanisms that are consistent with the development of local manufacturing industries.

(17) Expand insurance funds to invest in the manufacturing sector. Actively play the long-term capital advantage of insurance, and provide a low-cost and stable source of funds for the transformation and upgrading of the manufacturing industry through various forms such as creditor's rights, equity, funds, and asset support plans, in line with the safety and profitability of insurance funds. Support insurance institutions to invest in new financial instruments such as preferred stocks and M&A bonds issued by manufacturing companies. Encourage insurance institutions and banking financial institutions to share information and complement each other's strengths, and cooperate in the business sector to combine debt and investment, investment and loan linkages. Encourage qualified insurance institutions to invest in the establishment of manufacturing insurance asset management institutions. Allow insurance funds to invest in private equity funds such as manufacturing venture capital funds. Expand the investment of China's insurance investment funds in manufacturing transformation and upgrading projects.

6. Broaden financing channels and actively support manufacturing enterprises to “go global”

(18) Broaden the financing channels for manufacturing “going out”. Financial institutions should further optimize and improve the layout of overseas institutions and improve the ability of global financial services according to the "going out" needs of enterprises. It is necessary to actively use diversified loans, M&A loans, project financing, export credits and other means to provide diversified and personalized financial services for manufacturing enterprises to conduct business activities abroad. Support “going out” enterprises to obtain loans through mortgages such as overseas assets and equity, and improve their financing capabilities. Support manufacturing enterprises to carry out foreign exchange fund pools and cross-border two-way RMB fund pool business, and support manufacturing enterprises to conduct cross-border financing under the framework of full-caliber cross-border financing macro-prudential management policies. Support qualified domestic manufacturing enterprises to use the overseas market to issue stocks, bonds and asset securitization products.

(19) Improve the support policy for “going out” of manufacturing enterprises. Constantly optimize foreign exchange management to meet the real and reasonable demand for foreign exchange purchases in the process of “going out” of manufacturing enterprises. Support manufacturing enterprises in the foreign economy