Science and technology finance, which ranks first among the "five major articles", has recently welcomed a blockbuster document.
Seven departments, including the People's Bank of China, the Ministry of Science and Technology, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the State Administration of Financial Regulation, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, jointly issued the Work Plan on Doing a Solid Job in Science and Technology Finance (hereinafter referred to as the "Work Plan"). The "Work Plan" puts forward a series of targeted work measures around cultivating a financial market ecology that supports scientific and technological innovation.
In fact, promoting the development of science and technology finance has always been one of the key tasks of the People's Bank of China. Prior to this, in recent years, the People's Bank of China has conscientiously implemented the decisions and arrangements of the Party Central Committee and the State Council, deeply implemented the innovation-driven development strategy, strengthened market and system construction, enriched financial instruments, and promoted the continuous improvement of the intensity and level of financial support for scientific and technological innovation, providing strong support for the construction of an innovative country and high-quality development.
At present, the policy framework of science and technology finance continues to be sound, the financial policy tools to support scientific and technological innovation are more complete and precise, the support of financial institutions and financial markets for scientific and technological innovation has been significantly improved, and the financial products and service models supporting scientific and technological innovation are more abundant.
The Financial Times reporter combed and found that various localities have actively innovated and launched a variety of typical models of science and technology financial services with great characteristics according to local conditions.
Hubei Province Promotes "Innovation Credit Loan"
The Hubei Branch of the People's Bank of China, together with the Hubei Department of Science and Technology and the Department of Finance, has vigorously developed the "Innovation Credit Loan for Science and Technology Enterprises" model, becoming the first province to promote the application of the innovation point system throughout the province. Clarify the special risk compensation mechanism, support financial institutions to use the "innovation point system" to score, accurately profile technology-based enterprises, and enhance the availability of financing for technology-based small and medium-sized enterprises. Recently, we have promoted the interconnection of the "Chutian Loan Code" with the "Smart Brain" platform of the Department of Science and Technology, supported financial institutions to obtain the innovation credit data of science and technology enterprises online, and realized the online handling of innovation credit loans. As of the end of May 2024, financial institutions have used innovation points to issue loans of 34.5 billion yuan, covering more than 4,500 technology-based enterprises.
Shandong Province has created a special product of "Science and Technology Credit".
For the R&D credit loans of early-stage and start-up technology-based enterprises, the Shandong Branch of the People's Bank of China and the Provincial Department of Science and Technology have created a special product of "Science and Technology Credit", formulated and issued the Notice on Promoting the "Science and Technology Credit" Business and Increasing Support for Small and Medium-sized Technology-based Enterprises, and promoted the financial institutions in the province to rely on the function of the Shandong Science and Technology Finance Credit Enhancement Platform and increase credit loan support for start-up science and technology enterprises according to the evaluation credit line issued by the platform. Establish a tripartite risk sharing mechanism of "government + guarantee agency + bank", after the bad business of "Kerong Credit", the provincial and municipal governments will jointly compensate 90% of the risk of the loss of the principal of the bank loan, and the remaining 10% of the risk loss will be divided by the guarantee institution and the bank in accordance with the ratio of 8:2, and the bank will only need to bear the risk of 2% of the principal loss in the end, eliminating the bank's "dare not lend" concern.
Anhui Province innovatively launched the "Common Growth Plan"
The "Common Growth Plan" is aimed at science and technology enterprises in the start-up and growth stages that lack mortgage loans, and has the characteristics of "early investment and small investment in technology". Under the principle of marketization and rule of law, the bank and the enterprise sign the "loan agreement + medium and long-term strategic cooperation agreement + letter of commitment", and on the basis of the ordinary commercial loan contract and the current policy framework, sign a strategic cooperation agreement by selecting one or several long-term equity matters, and provide medium and long-term credit support and comprehensive financial services for start-up and growth stage science and technology enterprises, which is a new type of credit model created to solve the main contradiction between the financing difficulties of start-up science and technology enterprises and the mismatch of science and technology credit income risks. It effectively solves the problem that banks dare not lend and are unwilling to lend, changes the traditional credit business model of banks, and empowers the rapid development of science and technology enterprises. In order to dispel the concerns that banks cannot effectively identify enterprise risks, the "Common Growth Plan" has established a dynamically optimized list release mechanism, and the Anhui Branch of the People's Bank of China, together with the competent departments of science and technology, economy and information technology, has established a "Common Growth Plan Cultivation Subject Database", and pushed it to commercial banks, and established a system for enterprises to withdraw from the treasury, so as to provide a strong guarantee for banks in the process of enterprise selection.
Jiangsu Province's first "instrument loan" in the country
"Instrument Loan" is a special financial product pioneered by Jiangsu Provincial Science and Technology Co-ordination Service Center and Provincial Technology Property Rights Trading Market and banking institutions in the country, aiming to support the localization of scientific instruments and promote the opening and sharing of scientific instruments to the society, and can provide up to 50 million yuan of credit loans. The "Instrument Loan" product has special advantages such as exclusive interest rate concessions, special fee reductions and exemptions, and special green channels. Wuxi Xinyan Microelectronics Co., Ltd. is a small and medium-sized technology-based enterprise focusing on semiconductor design, which has undertaken many new product research and development projects this year, and the demand for chip testing and verification has increased significantly. Due to the high price of chip-related equipment, enterprises need to use external institutional instruments and equipment for tape-out testing, but the price of millions each time has put a lot of pressure on enterprises. After learning about the problems faced by the enterprise, the Jiangsu Provincial Science and Technology Resources Co-ordination Service Center and the Provincial Technology Property Rights Trading Market jointly provided the latest upgrade of the "instrument loan" for the enterprise, which not only allowed the enterprise to have enough funds to continue research and development, but also enjoyed the shared instruments and equipment of the center at a preferential price, which alleviated the "urgent need" of the enterprise.
Shenzhen Explores "Tengfei Loan"
The Shenzhen Branch of the People's Bank of China focuses on the financing needs of technology-based enterprises at different stages of the life cycle, and promotes the creation of diversified relay services of "stocks, loans, debts and foreign exchange guarantees". He led the financial institutions under its jurisdiction to pioneer the "Tengfei Loan" business model, broke through the blockages of insufficient credit financing and "unquenched" thirst of high-growth technology-based enterprises, gave enterprises more adequate credit support in the way of "larger amount and longer term", and adopted the flexible interest calculation method of "low before and high after" to combine interest rates with the business development dynamics of science and technology enterprises, and establish a cooperative environment of mutual trust and mutual benefit and win-win between banks and enterprises. The launch of "Tengfei Loan" has been widely praised by enterprises and banks. In order to further enhance the enthusiasm of banks and the sense of gain of enterprises, Shenzhen Branch has collaborated with local industry, finance and other departments to improve the incentive mechanism, and coordinated the implementation of supporting special loan interest discounts and innovation incentives for financial institutions. As of the end of May, 12 banks had used the "Tengfei Loan" to issue loans of 540 million yuan to 27 enterprises.
Source: Financial Times Client Reporter: Ma Meiruo Editor: Yang Jingyi E-mail: [email protected]