Several Opinions on Enabling Financial Services to Better Serve Private Businesses
Several Opinions on Enabling Financial Services to Better Serve Private Businesses
Several Opinions on Enabling Financial Services to Better Serve Private Businesses
February 14, 2019
The private economy, as an important part of the socialist market economy, plays an irreplaceable role in stabilizing growth, promoting innovation, increasing employment, and improving people's livelihood. The CPC Central Committee and the State Council have always attached great importance to financial services for private enterprises. All departments and all financial institutions in all regions have conscientiously implemented the policies and introduced measures to actively support the financing of private enterprises, with certain results achieved. However, certain private enterprises still have outstanding problems of financing difficulty and high financing costs. In order to thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council and effectively strengthen the financial services for private enterprises, the following opinions are hereby proposed.
I. Overall Requirements
1. Guiding ideology. Guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, comprehensively implement the spirit of the 19th CPC National Congress and the Second and Third Plenary Sessions of the 19th CPC Central Committee, implement the requirements of the Central Economic Working Conference and the National Financial Work Conference, adhere to the basic economic system and the general work guideline of making progress while maintaining stability, center on the goal of building a comprehensive well-off society and the requirement for high-quality development, unswervingly consolidate and develop the public sector of the economy, unswervingly encourage, support, and guide the development of the non-public economy, and treat all types of enterprises equally, effectively alleviate the problem of financing difficulty and expensive financing costs of private enterprises, enhance the vitality of micro-subjects, give full play to the important supporting role of private enterprises in economic growth and job creation, and promote stable and healthy economic and social development.
2. Basic principles
--Fairness and justice. Adhere to the equal treatment of economies of all types of ownership, eliminate hidden barriers to the private economy, continuously deepen financial reforms, improve the financial service system, and promote the role of financial resource allocation and the role of private economy in the national economy to better match each other in accordance with the principles of marketization and rule of law, and ensure that economies of all types of ownership participate in market competition fairly according to the law.
--Focusing on difficulties. Adhere to the problem orientation, make efforts to unblock the monetary policy transmission mechanism, focus on solving the problem that financial institutions do not dare to lend, are not willing to lend, or cannot lend money to private enterprises, enhance the awareness and ability of financial institutions to serve private enterprises, especially small and micro enterprises, expand the effective financial supply to private enterprises, improve the bailout policies and measures for private enterprises, support the sustainable and healthy development of private enterprises, and promote the realization of the "six stability" goals.
--Urging all parties to fulfill their responsibilities. Financial management departments shall earnestly assume supervision and guidance responsibilities; financial departments shall give full play to the role of fiscal and taxation policies and fulfill the duties of investors of state-owned financial capital; all relevant departments shall strengthen policy support, supervise and guide financial institutions to continuously strengthen and improve the financial services for private enterprises. The governments of all provinces (autonomous regions and municipalities directly under the Central Government) shall conscientiously implement the responsibility for territorial management and take measures according to the local circumstances to promote the level of financial services for private enterprises in their respective regions. Financial institutions shall earnestly fulfill the duties of first persons responsible for serving private enterprises so that private enterprises can have a real sense of gain.
--Treating both the symptoms and root causes of problems.
......
February 14, 2019
The private economy, as an important part of the socialist market economy, plays an irreplaceable role in stabilizing growth, promoting innovation, increasing employment, and improving people's livelihood. The CPC Central Committee and the State Council have always attached great importance to financial services for private enterprises. All departments and all financial institutions in all regions have conscientiously implemented the policies and introduced measures to actively support the financing of private enterprises, with certain results achieved. However, certain private enterprises still have outstanding problems of financing difficulty and high financing costs. In order to thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council and effectively strengthen the financial services for private enterprises, the following opinions are hereby proposed.
I. Overall Requirements
1. Guiding ideology. Guided by Xi Jinping's Thought on Socialism with Chinese Characteristics for a New Era, comprehensively implement the spirit of the 19th CPC National Congress and the Second and Third Plenary Sessions of the 19th CPC Central Committee, implement the requirements of the Central Economic Working Conference and the National Financial Work Conference, adhere to the basic economic system and the general work guideline of making progress while maintaining stability, center on the goal of building a comprehensive well-off society and the requirement for high-quality development, unswervingly consolidate and develop the public sector of the economy, unswervingly encourage, support, and guide the development of the non-public economy, and treat all types of enterprises equally, effectively alleviate the problem of financing difficulty and expensive financing costs of private enterprises, enhance the vitality of micro-subjects, give full play to the important supporting role of private enterprises in economic growth and job creation, and promote stable and healthy economic and social development.
2. Basic principles
--Fairness and justice. Adhere to the equal treatment of economies of all types of ownership, eliminate hidden barriers to the private economy, continuously deepen financial reforms, improve the financial service system, and promote the role of financial resource allocation and the role of private economy in the national economy to better match each other in accordance with the principles of marketization and rule of law, and ensure that economies of all types of ownership participate in market competition fairly according to the law.
--Focusing on difficulties. Adhere to the problem orientation, make efforts to unblock the monetary policy transmission mechanism, focus on solving the problem that financial institutions do not dare to lend, are not willing to lend, or cannot lend money to private enterprises, enhance the awareness and ability of financial institutions to serve private enterprises, especially small and micro enterprises, expand the effective financial supply to private enterprises, improve the bailout policies and measures for private enterprises, support the sustainable and healthy development of private enterprises, and promote the realization of the "six stability" goals.
--Urging all parties to fulfill their responsibilities. Financial management departments shall earnestly assume supervision and guidance responsibilities; financial departments shall give full play to the role of fiscal and taxation policies and fulfill the duties of investors of state-owned financial capital; all relevant departments shall strengthen policy support, supervise and guide financial institutions to continuously strengthen and improve the financial services for private enterprises. The governments of all provinces (autonomous regions and municipalities directly under the Central Government) shall conscientiously implement the responsibility for territorial management and take measures according to the local circumstances to promote the level of financial services for private enterprises in their respective regions. Financial institutions shall earnestly fulfill the duties of first persons responsible for serving private enterprises so that private enterprises can have a real sense of gain.
--Treating both the symptoms and root causes of problems.
......