Recently, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Guiding Opinions on Promoting the Healthy Development of Small and Medium-sized Enterprises" (herein referred to as "Guiding Opinions"). Observers believe that the "Guiding Opinions" provides comprehensive guidance from several major aspects such as finance, taxation, finance, business environment and public services, reflecting the great importance attached by the Party Central Committee and the State Council. The development of SMEs will help stabilize and enhance business confidence and expectations.
The orientation policy is relaxed and this time, the protagonist is still a small and medium-sized enterprise.
According to Xinhua News Agency, recently, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Guiding Opinions on Promoting the Healthy Development of Small and Medium-sized Enterprises" (herein referred to as "Guiding Opinions").
Seven aspects to promote the healthy development of SMEs
While fully acknowledging the role of SMEs, the Guiding Opinions provide guidance on promoting the healthy development of SMEs from seven aspects:
1 guiding ideology
In accordance with the principle of competitive neutrality, we will create a fair and convenient business environment and further stimulate the vitality and development momentum of SMEs.
2 Create a good development environment
Further relax market access; actively serve small and medium-sized enterprises; implement a fair and unified market supervision system.
3 crack the financing difficult to finance your problem
Improve the financing policies for SMEs; actively expand financing channels; support the use of direct financing in the capital market; reduce the financing burden of enterprises; establish a classification supervision and evaluation mechanism.
4 Improve fiscal and tax support policies
Improve the financial and taxation support for small and micro enterprises financing; reduce the tax burden of small and medium enterprises; improve the government procurement policy to support small and medium enterprises; give full play to the guiding role of various funds.
5 Enhance innovation and development capabilities
Improve the environment for innovation and entrepreneurship; effectively protect intellectual property rights; guide small and medium-sized enterprises to specialize in new development; provide information services for small and medium-sized enterprises.
6 Improve service guarantee work
Improve the public service system; promote the sharing of credit information; attach importance to cultivating entrepreneurial teams; support external cooperation and exchanges.
7 Strengthen organizational leadership and overall coordination
Strengthen support and coordinate guidance; strengthen work supervision and evaluation; create a good public opinion atmosphere.
Observers believe that the "Guiding Opinions" provides comprehensive guidance from several major aspects such as finance, taxation, finance, business environment and public services, reflecting the great importance attached by the Party Central Committee and the State Council. The development of SMEs will help stabilize and enhance business confidence and expectations.
Market participants believe that under the current situation, further policy measures to support small and medium-sized enterprises will help eliminate economic tail risks, improve market risk appetite, promote wide credit process, and relatively benefit risk assets such as stocks and credit bonds.
Focus one: directional reduction, refinancing, rediscounting, one does not fall
The "Guidance Opinion" is divided into seven parts. Finance and taxation finance is the key point. Among them, financial policy is the most intrusive, and the starting point and the foothold of financial policy are only one one - solving the problem of financing difficult financing.
How to solve the problem of financing difficult financing? The Guiding Opinions give authoritative guidance from five aspects.
The Guiding Opinions pointed out that the financing policy for SMEs should be improved.
"Furtherly implement the policy of targeted reduction of inclusive finance. Increase the support for small and micro enterprises in rediscounting, and focus on supporting small and micro enterprises to discount the small bills of 5 million yuan and below. Expand the scope of application of the small refinancing policy to meet the requirements. Small and medium-sized banks (including new Internet banks). The small and micro enterprise loans with a single-funded credit of 10 million yuan or less are included in the scope of qualified collateral for medium-term loan convenience."
Policies such as targeted RRR reduction, refinancing, and rediscounting are not falling.
At a time when market participants are disagreeing on the direction of monetary policy, the Guiding Opinion confirms that it is too early to talk about the inflection point of monetary policy before the turning point of economic growth, and that monetary policy orientation will still be overweight.
Many institutions believe that considering the large liquidity supply and demand of the banking system in April, it is still a high probability that the central bank will adopt a targeted or replacement type of RRR.
Focus 2: Credit, credit, and equity "three arrows are in line"
"Guidance" that actively expand financing channels.
"Furtherly improve the bond issuance mechanism, implement private enterprise bond financing support tools, adopt credit risk mitigation voucher, provide credit enhancement services, etc., and support the reasonable bond financing needs of private enterprises with normal operation and temporary liquidity tension. implementation of private enterprises equity financing support tools to encourage the establishment of a special fund market-oriented operation to carry out mergers and acquisitions or financial investments of private enterprises, vigorously develop high-yield bonds, private debt, dual create a special debt financing instruments, venture capital funds like bonds, innovative start-ups Special bonds and other products. Research promotes small and medium-sized enterprises to rely on accounts receivable, supply chain finance, franchise rights, etc. to improve the compensation mechanism for intellectual property pledge financing risks, and to play the role of intellectual property rights increase and increase loans. micro-enterprise grant long-term loans, Xudai product development. "
Credit, guide financial institutions to develop Xudai mentioned products; debt, the implementation of private enterprise bond financing support tools to develop SME debt financing instruments; equity aspects, encourage the establishment of a special fund to carry out market-oriented operation of private enterprise mergers and acquisitions or financial Investment, private enterprise equity financing support tools gradually unveiled.
Concerns three: accelerate the development of IPO
The Guiding Opinions pointed out that support for direct financing in the capital market is supported. Further from the perspective of equity, debt financing, make a guide to support SMEs.
In terms of equity, the first is to speed up the initial listing of SMEs. The second is to support small and medium enterprises to list financing in the New Third Board.
In terms of creditor's rights, the first is to promote the pilot of innovative and entrepreneurial corporate bonds and improve the mechanism for the conversion of innovative and entrepreneurial convertible bonds. Second, the study allows listed companies to issue convertible corporate bonds.
In addition, venture capital funds are encouraged to support early innovation and entrepreneurship, and localized funds such as local IP operating funds are encouraged to serve the innovation and development of SMEs.
Focus 4: Consider relaxing the threshold of SME loan risk capital concessions
The "Guidance Opinion" pointed out that the establishment of a classification supervision and evaluation mechanism.
"Research and relax the single-family quota for small and micro-enterprise loans to enjoy the preferential risk of risk capital, and further release the economic capital of commercial banks to invest in small and micro enterprises. Revise the financial enterprise performance evaluation method, appropriately relax the requirements of assessment indicators, and encourage financial institutions to increase Credit investment from small and micro enterprises."
It is understood that the current commercial bank's risk weight for micro and small enterprise claims that meet the following conditions is 75% (the rest is 100%):
(1) The enterprise complies with the standards for the identification of micro and small enterprises as stipulated by the relevant state departments.
(2) The risk exposure of a commercial bank to a single enterprise (or enterprise group) shall not exceed 5 million yuan.
(3) The risk exposure of a commercial bank to a single enterprise (or enterprise group) accounts for no more than 0.5% of the total exposure of the Bank's credit risk.
Policy researchers said that if small and micro enterprise loans enjoy the risk of single-funded credit limit, then single-funded loans of less than 10 million yuan can enjoy a 75% risk weight, although risk exposure and credit are not A completely consistent concept, but the overall still belongs to a relatively large one.
Focus 5: Tax cuts and fees are also the highlight
Fiscal and taxation policies are also the mainstay of supporting the development of SMEs. Focusing on improving fiscal and tax support policies, the Guiding Opinions provide guidance in four aspects.
The first priority is to improve fiscal and tax support for small and micro enterprise financing, including:
The implementation of the small and micro enterprise financing guarantees to reduce the subsidy policy, the central government to arrange awards to supplement funds, to guide local support to expand the scale of small and micro enterprises financing guarantee business in the real economy, and reduce the cost of financing guarantees.
To further reduce the policy threshold for interest-guaranteed loan interest subsidies, the central government will arrange funds to support local interest grants and awards for small and micro enterprises, and promote relevant statistical monitoring and analysis.
The implementation of financial institutions single-funded credits of 10 million yuan and below small and micro enterprises and individual industrial and commercial households loan interest income exempt from the value-added tax policy, loan loss reserve income tax pre-tax deduction policy.
The second is to reduce the burden of taxes and fees for SMEs.
On the one hand, it cleans up the regulations and charges for enterprises, and accelerates the promotion of zero fees for local administrative enterprises. On the other hand, we will promote substantial tax cuts such as value-added tax, and implement inclusive tax breaks for small and micro enterprises and technology-based start-ups. According to the actual situation, reduce the social insurance premium rate and support SMEs to absorb employment.
In addition, the "Guidance Opinions" also proposes to improve the government procurement policy to support small and medium-sized enterprises, and give full play to the guiding role of various funds.
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