On October 21, held at the National Development and Reform Commission At the special press conference on promoting typical practices of local support for the reform and development of private enterprises, reporters from News (www.thepaper.cn) asked questions about the exploration and innovation of Wenzhou on how to solve the problem of difficult and expensive financing of private enterprises in Wenzhou.
In this regard, Yin Zhijun, the deputy mayor of Wenzhou City, stated that in 2012, the State Council established the country’s first comprehensive financial reform pilot zone in Wenzhou. With the care and support of relevant ministries and commissions such as the Reform Commission, Wenzhou has followed the “12 points” of the financial reform as the main line, and has consistently introduced financial running water to irrigate the real economy. The problem of financing difficulties for private enterprises and slow financing has been effectively alleviated. The main methods are as follows:
One is to innovate “unsecured loan” products to break the barriers of lack of collateral financing for enterprises. Take the lead in launching a special trial of “unsecured loans”, innovatively promote the financing model of “entrusted loans, sincere loans, equity loans, and batch loans”, and use various non-traditional collaterals as “sleeping assets” and “equity assets” as entrusted , Pledges, credit loans, etc. are transformed into “credit assets.” For example, through the innovative “farmers (small and micro enterprises) asset entrusted escrow financing” model, nearly 30 types of “non-standard” assets in six categories including corporate inventories, machinery and equipment, intangible assets, accounts receivable, and equity are revitalized into Credit funds break the traditional loan culture of “non-mortgage guarantee not loan” of banks.
The second is to improve the financial service level of the whole chain and solve the difficulty of multi-stage financing for enterprises. In response to the problem of “first loan difficulties” for enterprises, we took the lead in establishing a special promotion and monitoring mechanism for corporate first loan customers to help “zero-credit” companies lacking information, channels, guarantees, and credit information to overcome the obstacles of first loan. Accumulated since 2019 The number of first loan customers was expanded to nearly 23,000, and the first loan amount was 85.58 billion yuan. In response to the “difficulty in loan renewal” of enterprises, we have innovatively launched products such as the “annual review system”, “segmented” and “credit enhancement” products. Since 2019, a total of 207.873 billion yuan has been renewed, benefiting 241,700 enterprises and individuals. The cost saving is about 591 million yuan. In response to the difficulty of “onlending” for enterprises, the model of “government emergency onlending + industry mutual credit enhancement” was innovated. As of the end of September this year, a total of 16,300 emergency onlending funds with an amount of 143.7 billion yuan had been issued.
The third is to accelerate the exploration of technological and financial innovation and break the obstacles of corporate financing information. Developed and launched a comprehensive financial service platform in Wenzhou, bringing together 28 departments,50 million pieces of corporate credit data, open up multi-dimensional credit information barriers, and integrate functions such as “financing docking, credit evaluation, and loan assistance services” to effectively help improve the rate and efficiency of corporate financing. Up to now, the platform has settled in 54 financial institutions and has successfully provided credits of over 100 billion yuan to 34,000 enterprises. At the same time, the nation’s first technology property rights securitization transaction product provides a new way for technology-based SMEs to obtain low-cost financing by virtue of their technology property rights.
The fourth is to establish a full-cycle risk management mechanism to solve the “two chains” of enterprises. In response to the passive distress problem of a large number of high-quality companies due to the “guarantee chain”, risk companies are divided into four types: protection, assistance, bankruptcy and reorganization, and debt evasion. In response to the numerous corporate bankruptcy cases and complicated trial procedures, we innovated the pre-reorganization system for bankrupt companies, and settled the country’s first personal debt liquidation case with substantial personal bankruptcy functions. In response to the lag in corporate risk discovery and passive handling, the Wenzhou “Financial Brain” platform was developed and launched, and an early warning model for key corporate debt risks was established to build a financial risk “firewall”.
Yin Zhijun said that in the next step, Wenzhou will take financial services to the private economy as the main line and take the financial digital reform as the lead to further build financial and fiscal coordination and financial services to benefit enterprises. , The modern financial system with smooth financing throughout the industry chain and modern financial governance provides more replicable “Wenzhou experience” for the national finance to promote the high-quality development of private enterprises.