Support the reform and development of private enterprises

The opinions of the CPC Central Committee and the State Council on creating a better development environment to support the reform and development of private enterprises (hereinafter referred to as the opinions) was released on October 22. The opinions put forward to optimize the market environment of fair competition, further liberalize the market access of private enterprises, and put forward a series of targeted measures to improve the precise and effective policy environment, including improving the direct financing support system of private enterprises, improving the service system of banking financial institutions for private enterprises, and further reducing the burden of corporate taxes. The opinion proposes to improve the system of stock issuance and refinancing, and improve the efficiency of initial listing and refinancing audit of private enterprises. For further liberalizing the market access of private enterprises, the opinion proposes to deepen the reform of "releasing management service" and further simplify the administrative examination and approval matters of market access, without additional access conditions for private enterprises. We will comprehensively implement policies and measures to ease market access for private enterprises, continuously track and regularly evaluate the implementation of relevant policies on market access, and comprehensively investigate and systematically clean up all kinds of explicit and implicit barriers. In key industries and fields such as electric power, telecommunication, railway, oil and natural gas, we will open up competitive business and further introduce market competition mechanism.

Support private enterprises to carry out basic telecommunication operation business in the form of equity participation, and carry out power generation and distribution business in the form of holding or equity participation. We will support private enterprises to enter the fields of oil and gas exploration and development, refining and sales, and build infrastructure for the storage and transportation of crude oil, natural gas and refined oil, as well as pipeline transportation. Support eligible enterprises to participate in crude oil import and product oil export. We will significantly expand market access in areas such as infrastructure, social undertakings and financial services. Relevant functional departments of the above industries and fields shall study and formulate specific paths and methods for market access of private enterprises by industry, field and business, and clarify the road map and timetable. For improving the direct financing support system of private enterprises, the opinion proposes to improve the system of stock issuance and refinancing, and improve the efficiency of initial listing and refinancing audit of private enterprises. We will actively encourage qualified private enterprises to be listed on the science and technology innovation board. We will deepen the reform of the growth enterprise market and the new third board, and serve the sustainable development of private enterprises. Support the construction of regional equity market serving private enterprises. We will support private enterprises in issuing bonds and reduce the threshold for issuing convertible bonds. Under the premise of legal compliance, support asset management products and insurance funds to actively participate in private enterprise rescue through investment in private equity funds and other ways. Encourage joint efforts to resolve the risk of stock pledge through debt restructuring and other ways. Actively attract social forces to participate in the debt to equity swap of private enterprises.

The CSRC has previously said that it will continue to support all kinds of qualified private enterprises to issue listed financing and refinancing, make use of the capital market to become better and stronger, and continue to improve the ability and level of the capital market to serve the real economy. In terms of improving the system of banking financial institutions serving private enterprises, the opinion proposes to further improve the matching degree of financial structure and economic structure, and support the development of small and medium-sized financial institutions with small and medium-sized private enterprises as the main service objects. We will deepen the pilot project of joint credit granting and encourage banks and private enterprises to build medium - and long-term bank enterprise relationships. We will improve the credit due diligence exemption mechanism, and implement the regulatory policy of non-performing loan tolerance for small and micro enterprises in the internal performance appraisal system. We will strengthen assessment incentives, increase credit loans in a reasonable way, encourage banks to take the initiative to meet the needs of enterprises to renew loans in advance, and further reduce the comprehensive financing costs of private and small and micro enterprises. Zeng Gang, deputy director of the national finance and development laboratory, said that appropriate due diligence exemption can encourage credit officers to have more enthusiasm in small and micro enterprise financing. In the future, it is necessary to refine and improve the specific requirements of incentive and restraint mechanism, so as to make the due diligence exemption policy more operable and achieve the policy effect.

As for further reducing the burden of corporate taxes and fees, the opinions put forward that we should effectively implement larger-scale tax reduction and fee reduction, implement policies such as reducing the value-added tax rate, expanding the scope of small and micro enterprises enjoying tax preference, increasing the amount of R & D expenses plus deduction, and reducing the social security rate, so as to substantially reduce the burden of enterprises. Establish and improve the system of supervision and inspection list, implement the system of enterprise related charge list, clear up illegal enterprise related charges, apportionment matters and all kinds of evaluation and compliance activities, intensify efforts to clean up and punish the third party's withholding of tax reduction and bonus reduction, further smooth the transmission mechanism of tax reduction and bonus reduction policies, and effectively reduce the cost of private enterprises. We should not only prevent tax evasion with the most strict standards, but also avoid the impact of improper Taxation on the normal operation of enterprises.