China's first publicly released white paper on financial services for SME

According to the information on the website of the People's Bank of China, the People's Bank of China, together with the China Banking and Insurance Regulatory Commission and other departments, prepared the "China Small and Micro Enterprises Financial Services Report (2018)" (hereinafter referred to as the "White Paper"), which is the first white paper on financial services for small and micro enterprises published publicly by the relevant departments of the Chinese Government, is to be published and issued in the near future. That's ok. The white paper shows that in 2018, China's small and micro enterprises have been receiving more and more credit support, and the financing cost has dropped significantly. Small and micro enterprises are the important source of cultivating new economic momentum, and play an important role in promoting economic growth, promoting entrepreneurship and employment, and stimulating innovation vitality. In 2018, the uncertainties of global economy have increased, the downward pressure of China's economy has increased, and the problem of "financing difficulty and high cost" of some small and micro enterprises has intensified. The People's Bank of China, China Banking and Insurance Regulatory Commission and other relevant departments have taken various measures to promote the financial services of small and micro enterprises by combining the structural monetary policy, differential supervision and preferential fiscal and taxation policies in accordance with the general idea of "several lifts". The three arrows of credit, bonds and equity can be combined to promote the financial services of small and micro enterprises. Phased progress has been made in the work.

In order to comprehensively summarize the new policies, new practices and new achievements of financial services for small and micro enterprises in 2018, systematically elaborate the working ideas of financial services for small and micro enterprises, and better answer the social concerns, the People's Bank of China, together with the China Banking and Insurance Regulatory Commission and other departments, has compiled a white paper as the first publication of the relevant departments of our government. The White Paper on Enterprise Financial Services is to be published in the near future.

White Paper comprehensively summarizes the main work and achievements of relevant departments and financial institutions in financial services for small and micro enterprises in 2008. Compared with 2017, through the joint efforts of the financial system, in 2018, China's small and micro-enterprises have been receiving more and more credit support, and the financing cost has been significantly reduced. The coverage of financial services has been gradually broadened. Financial service modes and products have been innovated continuously. The degree of financial service convenience has been continuously improved and the characteristics of small and micro-enterprises have been diversified. Financing channels have been expanded. The success has benefited from the continuous improvement of financial policy and support system. First, the establishment and improvement of inclusive financial organization system, optimization of resource allocation, improvement of credit management mechanism, strengthening the use of financial science and technology, innovation of product services, and continuous improvement of service capacity and level; second, the financing system of multi-level financing markets, such as Bill market, bond market, equity market, venture capital, etc. Third, the policy support system of monetary policy, differentiated supervision policy, fiscal and tax incentives is more perfect; fourth, the risk sharing and credit enhancement mechanism of insurance institutions, financing guarantee institutions, local risk compensation and credit collection system is gradually established.

White Paper briefly analyses the current problems faced by the financial services of small and micro enterprises, puts forward the main ideas to solve the financing difficulties of small and micro enterprises, firmly grasps the essential requirements of the "real economy of financial services", and strives to deepen the structural reform of the financial supply side, improve the financial service system and transmission mechanism, and develop multi-level. Capital market, broaden capital supplement channels for small and micro enterprises, strengthen policy support, enhance the ability of financial institutions to serve small and micro enterprises, optimize business environment and public services, and enhance the efficiency of financial services for small and micro enterprises.

The People's Bank of China and the China Banking Insurance Regulatory Commission attach great importance to the preparation of the white paper, which took half a year to complete, and received strong support from relevant departments and financial institutions. The Development and Reform Commission, the Ministry of Science and Technology, the Ministry of Industry and Information Technology, the Ministry of Finance, the Securities Regulatory Commission, the General Administration of Market Supervision and the Intellectual Property Office have provided valuable information and opinions. Twenty-four major banking financial institutions, Bank of China (3.780, 0.00, 0.00%) Inter-Market Traders Association and other institutions provided first-hand information and data.