Emerging industries, scientific and technological innovation enterprises are becoming the focus of financial watering. In the first year of 2020, the CBRC, CSRC and other departments have made relevant policy arrangements, actively developed financial products to support strategic emerging industries, advanced manufacturing industries and scientific and technological innovation, and comprehensively deepened the reform of the new three-board market. At the same time, some local-level policies have been officially implemented since 2020, aimed at boosting the flow of money from financial institutions to the creation industry.
Looking forward to the future, in 2020, in the growth of new economic momentum, there are many financial reform measures to be expected: the new securities law will be formally implemented on march 1, the gem registration system reform or the introduction of a number of pilot policies. At the same time, the supporting policy environment is expected to further improve in encouraging financial support for scientific and technological innovation.
At the beginning of 2020, a number of financial sectors have deployed policies aimed at guiding finance to step up its efforts to support entities, especially emerging industries and technology innovation firms.
The first document issued by the sfc in 2020 directly refers to the new three-board reform. On january 3rd, the guidelines for publicly-raised securities investment funds to invest in the national small and medium-sized enterprises share transfer system listed stock (draft for comments) were issued to standardize the public offering fund investment in the new third board listed stock behavior. Also on January 3, the National Stock Exchange announced the implementation of the second batch of six business rules, including the \"targeted issuance rules \".
The new three-board comprehensively deepens the reform to the ground formally implements, aims to further enhances its service small and medium-sized enterprise especially the growth type, the science and technology type enterprise's ability. Xu Ming, managing director of the National Stock Exchange, pointed out that the new three-board market has a natural connection with technological innovation-oriented enterprises. Dedicated to serving the private economy and small and medium-sized enterprises, promoting the development of innovative, entrepreneurial, growth enterprises is the mission of the new three-board market.
On January 3, the CBRC also publicly issued the Guiding Opinions on Promoting the High-quality Development of the Banking and Insurance Industry, proposing the active development of financial products supporting strategic emerging industries, advanced manufacturing and scientific and technological innovation. Increase financial support to provide quality financial services for upgrading the industrial base capacity and industrial chain level. We will expand lending to strategic emerging industries and advanced manufacturing industries in the medium and long term. Insurance funds are encouraged to invest in industry funds through market-oriented means to increase support for strategic emerging industries and advanced manufacturing industries.
At the local level, a number of relevant policies have been gradually landed and implemented. The Regulations of Beijing on Promoting the Transformation of Scientific and Technological Achievements, which came into force on January 1,2020, clearly states that the municipal and district people's governments should support banks, insurance institutions, guarantee companies and other financial institutions in providing credit financing services to science and technology-based enterprises through risk compensation, loan discount and insurance subsidies for pledge financing of intellectual property rights.
Looking back on 2019, the financial system continues to transfusion emerging industries and science creation enterprises. Especially the capital market, from the operation of the A-share market, it gives full play to the service function of the financial system to the real economy. In particular, the promotion of capital market support for innovative enterprises and industries representing the new momentum of China's economic development is a major line for the overall deepening of capital market reform.
On July 22,2019, the Cochon, which carries the expectation of China's capital market reform, opened with the first 25 companies listed on the Shanghai Stock Exchange. WND statistics show that as of January 9,2020, the number of companies accepted by Kechuang board 202, of which 80 have been issued,72 officially listed. From the industry distribution of accepting enterprises, the new generation of information technology industry enterprises reached 81, accounting for the largest proportion, biological industry, high-end equipment manufacturing industry, new materials industry reached 44,37 and 24 respectively. On the whole, the listed companies in line with the strategic positioning.
Since the opening of the board, the overall operation of the board stable, the full play of its support for the enterprise. As a \"test field\" to help the country's industrial transformation and upgrading, and to help the deep integration of capital markets and technology innovation enterprises, the board of science and technology is shouldering the responsibility of the times and reforming, the shanghai exchange said. The research institute pointed out that the innovation system of the capital market has come to the ground: the audit authority has been delegated to the shanghai stock exchange, and the audit time has been greatly shortened; the listing standards have been diversified; the pricing is market-oriented, the pricing of new shares has not been limited, and the price-earnings ratio and the breaking of new shares have coexisted to test the pricing ability of investment banks.
In addition to the capital market, banks and other financial institutions in the development of new momentum, many banks have launched the exclusive services and products of services. For example, in order to cooperate with the establishment of Kechuang Board, Pudong Development Bank has upgraded its technology and financial services to provide exclusive financial services to Kechuang enterprises through ten thousand projects, product iterations and platform enabling. Minsheng Bank launched the \"Firefly Plan \", mainly to serve the emerging industry in the growth period, rapid development, high technology content of technology innovation small and medium-sized enterprises.
Looking forward to 2020, in the whole financial system, further play the financial industry's support and service function to the real economy, especially in the cultivation of new economic momentum, there are still many reform measures to be expected.
The new securities law will come into effect on March 1,2020, with a clear and comprehensive implementation of the registration system for securities issuance. On the basis of summarizing the experience of the establishment of the branch innovation board and the pilot registration system of the Shanghai Stock Exchange, the new securities law has systematically revised and perfected the securities issuance system according to the basic orientation of implementing the registration system in an all-round way.
In addition, the GEM registration system reform has been officially put on the agenda. On January 8,2020, Shenzhen Mayor Chen Rugui pointed out that strive to implement a number of gem registration system reform and other aspects of the first trial policy. In its New Year's speech, the Shenzhen Stock Exchange said it would speed up the reform of the gem and pilot registration system, improve the coverage and inclusiveness of the sector and enhance the ability to serve the new economy. Dong Dengxin, director of the Institute of Financial Securities Research at Wuhan University of Science and Technology, said the new round of gem reform was a major part of the Shenzhen Stock Exchange reform and a major historical mission given to the gem in the new era. He believes that the gem should continue to highlight its own advantages, service small and medium-sized innovation enterprises, the formation and the staggered development of the board, complementary and differentiated competition.
According to the relevant arrangements of the ninth meeting of the Financial Committee of the State Council in November 2019, it is necessary to improve the policies and measures of financial support for scientific and technological innovation, optimize the financing mode of scientific and technological innovation, and improve the supporting policy environment. We should adhere to the principles of marketization and rule of law, give full play to the leading role of various industrial investment funds and venture capital funds, so as to better meet the financing needs of Kechuang enterprises.
The industry members interviewed by the Economic Reference News put forward suggestions for improving the supporting policy environment. \"In the next step, we should focus on exploring the new mode of serving the new industries and enterprises, strengthen the linkage of investment and loan, and provide full-cycle financial support for the strategic emerging industries. At the same time, the corresponding risk sharing mechanism, such as policy guarantee, should be improved. Zeng Gang, deputy director of the National Finance and Development Laboratory, said.
Dong ximiao, a special research fellow at the national finance and development laboratory, said exploring the financing model of intangible assets and expanding the pledge loan of intellectual property rights were of great significance to kechuang type private and small and micro enterprises. In addition to separate credit plans and special assessment incentives to improve tolerance, the focus is on improving the relevant systems and facilities for intellectual property. Such as the establishment and improvement of intellectual property trading market, the effective evaluation of intellectual property, broaden the scope of pledge and disposal.
Fan rouying, a researcher at the bank of china institute of international finance, also suggested that the next step should be to speed up the construction of multi-channel sharing of corporate credit system, reduce the cost of information asymmetry, and help banks and enterprises to accurately connect.