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What are the "roadblocks" for banks to support scientific and technological innovation
Promoting the construction of an innovative country and accelerating the transformation and upgrading of the economic structure is the first task facing the economy and society at present. In this process, the function of finance is particularly important. As the bloodstream of economic activities, finance to promote scientific and technological innovation, guide the effective allocation of social resources have guidance, support and promote the role. How to eliminate the financial services from the institutional mechanism "roadblock", to promote China's economy from factor-driven, investment-driven to innovation-driven transformation, the financial industry has a lot of work to do.
--Yafo
■China's high-tech enterprises are generally faced with "financing difficulties, financing expensive" problem, related financial constraints have become an innovative economic development "blocking tiger ". In the current financial pattern of indirect financing, fully tap and play the role of the banking system, promote the relevant mechanisms and institutional reform, is the development of science and technology finance in China need to cross the important hurdles.
■ At this stage, China's science and technology bank is led by science and technology branch, science and technology branch and science and technology microfinance companies coexist in the model. But whether it is set up by commercial banks or private capital launched by the science and technology branch technology microfinance company from the technology bank "ideal model" there are large gaps, are not really a technology bank.
■ China's commercial banks credit varieties relative to the enterprise science and technology innovation, can provide less means of financing, and in the credit varieties, financing methods, settlement services and other aspects of the lack of innovative power, not many methods. Especially for small and medium-sized enterprise science and technology innovation, available credit varieties, financing means less, credit products lack of relevance. The existing loan approval process is difficult to meet the small and medium-sized enterprise loan "soft, small, frequent, urgent" characteristics.
□ Li Ruoyu
Speed up the banking system to promote innovation in science and technology financial services
February 2006, the State Council issued the "National Medium and Long-term Science and Technology Development Plan Outline (2006-2020)," the opening of China's science and technology finance, the rapid development of science and technology, financial services, innovation and significantly accelerated. As far as the banking system is concerned, there are mainly the following aspects:
1. Accelerated establishment of science and technology branches
In 2007, the All-China Federation of Industry and Commerce (ACFIC) submitted a proposal for the establishment of a science and technology bank to the National People's Congress and suggested that a pilot project be carried out in the national hi-tech parks in a favorable condition. Science and technology banks are specialized in providing financing services for science and technology-based small and medium-sized banking institutions, its business is mainly for high-tech enterprises, technology introduction, technology research and development, new product testing and promotion of scientific and technological innovation-related business to provide product services. The "Silicon Valley Bank" in the United States is a typical model of successful technology banks. The establishment of China's science and technology bank in reference to the United States "Silicon Valley Bank" model based on the combination of China's financial development and the objective reality of the financial system, to take the establishment of "science and technology sub-branches" approach.
In 2008, in the Ministry of Science and Technology, the People's Bank of China and the China Banking Regulatory Commission (CBRC) *** with the promotion of provincial and municipal local science and technology departments to actively cooperate with the local CBRC and financial institutions, to promote the establishment of domestic commercial banks for science and technology enterprises to provide financial services to science and technology sub-branches. Since the establishment of the first two science and technology sub-branches in Chengdu in January 2009, science and technology sub-branches have blossomed nationwide, and mainstream commercial banks have set up science and technology sub-branches. As of the end of 2013, the country **** set up more than 60 science and technology branches, Jiangsu Province is the most established science and technology branches of the province. 2011 November, the U.S.-China joint venture Pudong Development Silicon Valley Bank was set up, which is China's first independent legal person status of the science and technology bank.
In order to provide better services to technology-based SMEs, technology sub-branches usually enjoy the special policy of "one line, two systems". In view of the characteristics of science and technology-based SMEs, the science and technology branch has carried out a variety of financial innovations. The main ones are: establishing a special evaluation index system for bank loans; introducing scientific and technological experts into the evaluation committee for bank loans; launching a variety of financial products and services mainly in the form of intellectual property pledge loans, and innovating a large number of "weakly guaranteed and weakly mortgaged" credit products; cooperating with other financial institutions, such as venture capital organizations and guarantee companies, to innovate the operation mode; exploring the establishment of a separate loan risk management system; and exploring the establishment of a separate loan risk management system. It has also cooperated with venture capital organizations, guarantee companies and other financial institutions to innovate business models, and explored the establishment of a separate loan risk tolerance and risk compensation mechanism.
2. Rapid development of science and technology microfinance companies
Since the CBRC and the People's Bank of China (PBOC) launched the establishment of microfinance companies in 2008, some regions of the country have started the work of science and technology microfinance, and in 2009, Tianjin Science and Technology Microfinance Company Limited (TSTM), the first microfinance company specializing in science and technology enterprises, was established. In 2010, Jiangsu launched a pilot program for technology-based microfinance companies. Tianjin Science and Technology Microfinance Company is only a microfinance company with science and technology-based SMEs as its target customers, and both system innovation and business model innovation are very limited. The pilot science and technology microfinance company in Jiangsu has adopted a new model of "investment and loan combination", which is a breakthrough from the traditional.
The pilot science and technology microfinance companies can engage in venture capital business with funds not higher than 30% of the company's net capital. Since the pilot, as of 2013, more than 50 science and technology microfinance companies have been established in Jiangsu Province***, mainly located in national and provincial-level high-tech parks, economic development zones above the provincial level, and national university science and technology parks. In addition, Beijing, Zhejiang, Guangdong, Hebei and other regions are also actively carrying out pilot projects of science and technology microfinance companies, or promoting local microfinance companies to issue loans to science and technology-based SMEs. Hangzhou-Wenzhou-Huzhou-Ningbo" region in Beijing, Tianjin, Shanghai, Jiangsu, Zhejiang, Hewu-Mussels Comprehensive Experimental Zone for Independent Innovation in Anhui, Wuhan, Changsha Hi-Tech Zone, Guangzhou-Foshan-Dongguan" region in Guangdong, Chongqing, Chengdu Hi-Tech Zone, Mianyang City, Guanzhong-Tianshui Economic Zone (Shaanxi), Dalian, Qingdao, and Shenzhen, etc., are identified as the 16 pilot areas for the combination of science, technology and finance. science and technology and financial integration pilot areas.
The pilot areas have carried out various innovations in financial products and services with distinctive features, for example, Jiangsu Province has set up a special fund for risk compensation incentives for the growth of science and technology credit and a special fund for risk compensation of loans for scientific and technological achievements transformation projects, Chengdu Hi-tech Zone has explored a new financing model guided by the government with the active participation of private funds, as well as with the main body of enterprise equity financing and debt financing, Zhongguancun National Autonomous Innovation Demonstration Zone and other places have actively explored new financing modes. The Zhongguancun National Independent Innovation Demonstration Zone actively explores intellectual property pledge loans, Wuhan City creates a service model of "scientific and technological venture capital + special bank loans", and Shanghai City innovates bank-insurance cooperation products and launches "performance guarantee insurance loans for science and technology-based small and medium-sized enterprises", and so on. Ministry of Science and Technology statistics show that in 2013, 16 pilot regions **** introduced 342 science and technology financial policies, Shanghai, Zhejiang and other 11 regions set up science and technology finance special funds totaling 3.2 billion yuan, the establishment of a diversified, multi-level, multi-channel science and technology investment and financing system.
In January 2014, the Ministry of Science and Technology (MOST), together with the People's Bank of China (PBOC), the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC), the China Insurance Regulatory Commission (CIRC), and the Intellectual Property Office (IPO), jointly issued the "Opinions on Vigorously Promoting the Innovation of Institutional Mechanisms and Doing a Good Job in Scientific and Technological Financial Services", which proposes to speed up the promotion of pilot projects on the combination of science and technology and finance, start the second batch of pilot projects in due course, and include more regions in the scope of pilot projects.
What are the problems faced by the banking system in supporting scientific and technological innovation
1. There is a "congenital lack" of support for scientific and technological innovation in the banking system
Theory and experience have shown that the capital market's financial support for technological innovation is far more efficient than that of the credit market, which is also an important reason why the United States has been able to become a global center of technological innovation and a leader of the industrial revolution. This is an important reason why the United States has become the global center of technological innovation and the leader of the industrial revolution. However, for a long time, the banking system has been the core of China's financial system and the main body, the establishment and improvement of the multi-level capital market system, the capital market and the credit market "shoulder to shoulder" still need time. In China's existing financial system, bank credit is still the main social financing.
The stock, as of the end of 2014, the real economy issued local and foreign currency loans accounted for 69% of the stock of social financing scale; flow, in 2014, the bank local and foreign currency loans accounted for the proportion of the new scale of social financing reached 61.6%. Under the existing financial system, the majority of science and technology-based enterprises of external financing to a large extent or need to be resolved through the form of commercial bank credit.
But there is a natural contradiction between the principle of prudent operation of commercial banks and the high-risk characteristics of scientific and technological innovation, which has become a systemic obstacle for the banking system to support scientific and technological innovation. The business model of traditional banks is to absorb deposits from depositors and issue loans. The source of funds of commercial banks is mainly the savings funds of depositors who are seeking for risk-free and low returns, therefore, banks will be very cautious in applying these risk-free savings funds to the field of technological innovation with distinctive characteristics of "four highs" (i.e., high technological content, high investment, high growth and high risk).
In fact, the regulatory bodies of various countries have put forward more stringent regulatory requirements on the safety and liquidity of bank assets. Banks have a lower social tolerance for the risks they face than other financial institutions, must have more prudent business strategies, emphasize sound management, are subject to stricter regulatory constraints, and are generally reluctant to extend loans to high-risk projects or high-risk enterprises.
For China's commercial banks, under the strict separation of business requirements, the long-term business inertia and systemic deficiencies make the bank's support for scientific and technological innovation even more insufficient power. First, in accordance with the "separate business" principle, commercial banks in addition to deposit-taking, lending and engage in some intermediate business, may not enter the investment banking business field. As a result, commercial banks are unable to bear the high risks of scientific and technological investment and do not have the relevant specialized personnel. Secondly, the existing commercial banks have been confined to the operation of mature traditional industries and the marketing and maintenance of customers in traditional industries, and they often lack understanding of the operating characteristics and laws of science and technology-based enterprises and emerging industries. Thirdly, the loan issuance of existing commercial banks usually needs to be realized through tangible material collateral and enterprise guarantee. However, the characteristics of the majority of science and technology-based enterprises do not meet the requirements of the banks on the object of credit services, for example, intellectual property rights and other "soft assets" more than traditional physical collateral, such as fixed assets, less; small and medium-sized enterprises, few large enterprises, strong professionalism, uncertainty and so on. The bank's traditional "large, centralized" customer credit leading development model does not adapt to the characteristics of science and technology-based enterprises "small, scattered, specialized".
2. Science and technology-based small and medium-sized enterprises to become the banking system's service "blind spot"
In China's current banking system, to provide scientific and technological loans to financial institutions have three types: science and technology banks, as well as the formal banking system of commercial banks and policy banks. At present, the realization of the domestic science and technology bank in the form of science and technology branch, with independent legal personality of the joint venture bank (Pudong Development Silicon Valley Bank) and science and technology microfinance companies.
From the reality, there is still a large gap in science and technology loans, especially small and medium-sized high-tech enterprise loan demand is difficult to meet. Small and medium-sized commercial banks do not play their due functions and roles in science and technology loans for small and medium-sized technology enterprises due to their lack of specialization and risk control capabilities. Policy banks' support for science and technology loans to science and technology-based SMEs is also quite limited due to the constraints of financial resources and existing functional positioning, as well as inherent flaws in their operations. Although large commercial banks have a large amount of excess financial resources, their supply of science and technology loans to science and technology-based SMEs is also extremely limited due to their scale of non-adaptation and risk control requirements. As a specialized institution serving science and technology-based SMEs, science and technology banks are difficult to make up for the gap in science and technology loans due to their small scale and weak strength.
3. Insufficient support for innovation by policy banks
China's three existing policy banks: Agricultural Development Bank, Export-Import Bank of China, China Development Bank have their own focus on business, more or less to provide some support for scientific and technological innovation of the financial services, but there is no specialized services for scientific and technological innovation in the market positioning, policy banks in the field of support for scientific and technological innovation in the long term lack of position. From the responsibilities and positioning, the three banks to serve science and technology innovation belongs to the incidental development of the "side business", its business center, the focus of the work is not in this.
From the actual business situation, the biggest support for science and technology innovation of the China Development Bank as of the end of 2011, the balance of science and technology loans 141.6 billion yuan, accounting for only 2.6% of the total loan balance, science and technology loans, science and technology small and medium-sized enterprise loans accounted for only 11.7%. As of the end of 2011, the balance of science and technology loans of the Export-Import Bank of China amounted to 71.424 billion yuan, accounting for only 5.2% of its total loan balance, and among the science and technology loans, the loans to small and medium-sized science and technology enterprises accounted for only 6.9%.
4. Lack of a real sense of science and technology bank
At this stage, China's science and technology bank is dominated by science and technology branch, science and technology branch and science and technology microfinance companies coexist in the mode. But whether it is set up by the commercial banks of science and technology branch or by the private capital initiated by the science and technology microfinance company from the science and technology bank of the "ideal model" there is a big gap, are not the real meaning of science and technology bank.
The development of China's science and technology sub-branch there are the following problems: First, the science and technology sub-branch does not have an independent legal personality, can not achieve self-management, self-supporting profit and loss, lack of operational autonomy and flexibility. Secondly, the credit basis of financial transactions of science and technology sub-branches originates entirely from the parent bank, although there is the policy of "one line, two systems", the science and technology sub-branches are still subject to the limitations of the head office's risk preference, willingness to bear risks and performance evaluation system in carrying out their business. Thirdly, the risk control mechanism of science and technology sub-branches is not very different from that of traditional banks, and the phenomenon of over-reliance on tangible collateral and pledges is common, while intangible intellectual property rights pledge financing is often a mere formality. Fourthly, the science and technology financial products provided by the science and technology sub-branches are relatively single, and science and technology loans are still the most important business model, and they fail to better cater to the characteristics of the financing needs of science and technology-based enterprises. Fifth, the current science and technology branch of the administrative color, government intervention is too heavy and other constraints on the development of science and technology bank alienation. Sixth, the science and technology branch of the staff is drawn from the existing staff, often lack of understanding of the high-tech industry and business development trends and business models, the lack of high-quality professionals.
As the only independent legal person science and technology bank, the first real sense of science and technology bank, Pudong Development Silicon Valley Bank is small in scale, with a registered capital of only 1 billion yuan, and the business is restricted, and can only carry out onshore US dollar business for enterprises at present. Technology microfinance companies used to provide science and technology financial services from their own capital and interbank borrowing, lending capacity is not strong.
In addition, subject to the financial system of separate business operation and separate supervision, China's current launch of science and technology bank is basically a debt-type business model, due to the commercial banks "shall not invest in non-banking financial institutions and enterprises", science and technology branch can not be realized in the Silicon Valley Bank's "debt + equity "Profit model. And China's current venture capital market has just begun, science and technology banks and venture capital lack of contact.
5. Commercial bank products and services single lack of innovation support targeted
China's commercial banks credit varieties relative to the enterprise science and technology innovation, can provide less means of financing, and in the credit varieties, financing, settlement services and other aspects of the innovation of insufficient motivation, not many methods. Especially for small and medium-sized enterprise science and technology innovation, available credit varieties, financing means less, credit products lack of relevance. The existing loan approval process is difficult to meet the small and medium-sized enterprise loan "soft, small, frequent, urgent" characteristics.
At present, domestic mainstream commercial banks have designed a series of products such as accounts receivable pledge, equity pledge, intellectual property pledge, order pledge, export tax rebate pledge, inventory collateral, invoice financing, rent receivable factoring, contractual energy management, etc., to meet the "light-asset, high-growth" characteristics of science and technology enterprises. "Weak security" measures or financial products. However, due to the lack of internal incentives and assessment mechanisms in place in banks, account managers are not highly motivated to market, and decision makers are unwilling to take greater risks. The actual entry threshold for science and technology enterprises has not been lowered, and "strong guarantee" is still the mainstream guarantee for this type of customers by various banks. Most commercial banks still use the traditional collateral and guarantee methods, and not many banks carry out innovative businesses such as pledge of patent right certificates and pledge of intellectual property rights.
6. Weak Credit Enhancement Mechanisms for Science and Technology Innovation
The problem of asymmetry between the risk and return of loans for science and technology-based SMEs can be solved by credit enhancement methods such as mortgages and guarantees. At present, when banks issue loans to science and technology enterprises, collateral is still mainly in the form of land and factory buildings, and the scale of their issuance is limited due to the liquidity constraints of collateral in the form of pledge loans for intellectual property rights and mortgage loans for inventory commodities. It is reported that of the 1.63 million patents owned by China, only 682 have received pledge financing from banks in the past ten years, less than 0.05% of the total, and the total financing amounted to less than RMB 5 billion.
From international experience, credit guarantee mechanism is usually set up by the government instead of commercial guarantee mechanism. Because government credit is much higher than commercial guarantee companies, the government-based credit guarantee mechanism can not only share the risk with banks***, but also reduce the cost of enterprise financing. However, China's commercial guarantee is the mainstream, as of the end of 2013, China's financial guarantee corporate bodies China-owned holdings accounted for 23.5%, private and foreign holdings accounted for 23.5% and 76.5% respectively. The guarantee fee rate of 3% to 5% demanded by commercial guarantee companies has greatly increased the financing cost of SMEs. In order to avoid risks, commercial guarantee companies usually also put forward counter-guarantee requirements, and require loan customers to pay security deposits and risk reserves, adding to the burden on enterprises.
Promoting the banking system to serve scientific and technological innovation from the institutional mechanism
1. Guiding commercial banks to promote the innovation of scientific and technological credit products and service models, and increasing the investment of scientific and technological loans
Under the current regulatory environment where the credit scale is generally tight and the pressure of risk prevention, control and responsibility of the banks is greater, we can learn from the national credit policy for the "three rural areas" and small and medium-sized enterprises (SMEs).
In the current credit scale of the overall tightening of the regulatory environment, banks can learn from the national policy for the "three rural" and small and medium-sized enterprise credit support, science and technology loan investment to give a certain policy favor. For example, to give subsidized interest rates, the requirement of "two not less than", the implementation of differential reserve requirement ratio, relaxation of provisioning policy, priority to realize the securitization of science and technology credit, etc..
Commercial banks are encouraged to enrich the system of science and technology credit products and innovate the mode of science and technology financial services. Under the premise of effective risk prevention, support banking financial institutions to cooperate with venture capital, securities, insurance, trust and other institutions to innovate cross-cutting financial products. Comprehensively promote the innovation of financial products in line with the characteristics of science and technology enterprises, and gradually expand the scale of warehouse receipts, orders, accounts receivable, industrial chain financing and equity pledge loans. Encourage banking financial institutions to carry out innovation in repayment methods, and develop and improve credit modes suitable for the characteristics of financing needs of science and technology enterprises. Actively provide one-stop and systematic financial services such as account opening, settlement, financing, wealth management, consulting, cash management and international business to science and technology enterprises.
Liberalize the restrictions on the mode of cooperation between banks and venture capital institutions. At present, China's commercial banks and venture capital institutions remain in the cooperation mode of the more rough business partnership, that is, the bank and venture capital companies or private equity institutions in the cooperation mode is "financial consulting + multi-faceted financing services", the role played by the bank in this mode of cooperation is the role of the financial adviser, the agent of the project recommendation and the assets of the trustee. The role of banks in this cooperation model is financial advisor, agent of project recommendation and custodian of assets, etc. If China's commercial banks and venture capital institutions to liberalize the restrictions on the mode of cooperation, allowing banks to invest in venture capital institutions or loans, is conducive to the realization of the organic integration of the two.
Development of large financial holding companies to support scientific and technological activities, for example, commercial banks to participate in the establishment of subsidiaries to participate in the investment banking business, venture capital business, in circumventing the principle of "branch of business", in a variety of creative ways for the start-up stage of the emerging industries to provide funds to play the role of a comprehensive financial services platform. The role of a comprehensive financial service platform. Banks can be appropriately relaxed to set up or participate in new financial organizations serving emerging industries, such as commercial banks to set up investment funds or venture capital funds specializing in strategic emerging industries and financial leasing companies, if they meet the existing access standards, they can speed up the approval process and achieve priority access, or even appropriately relax the conditions on the basis of the existing access standards.
2. Explore the feasibility of establishing a professional policy bank and the development model
Since science and technology has a strong positive externality, there is a need for financial institutions that shoulder historical responsibility, do not seek short-term returns, and are willing to bear the risk of supporting the growth of science and technology-based small and medium-sized enterprises, which is precisely the meaning of the policy-oriented finance. Korea's rapid development in 60 years to become the world's top ten industrial power, which is closely related to the policy-oriented financial support in place. We can learn from South Korea's experience to coordinate and integrate the financial input funds scattered in many departments, and explore the establishment of a policy bank specializing in supporting innovation. This policy bank directly loans to science and technology-based SMEs, can also provide credit guarantees and discounts, but also for entrepreneurial venture capital to provide loans, in order to produce a demonstration effect, to play the role of four or two pounds.
3. Create a specialized science and technology bank dedicated to supporting the financing of science and technology innovative enterprises
The establishment of science and technology bank can not only provide targeted and efficient financial services for the fully commercialized and industrialized scientific and technological resources, but also maximize the mobilization of social resources into the field of science and technology innovation, but also for the government's financial input as well as the fully market-oriented private capital investment to find the It can also find an articulation platform for government financial input and fully marketized private capital input. In the long run, the target model for the establishment of an independent science and technology bank in China in the future is the Silicon Valley Bank model in the United States. To this end, should carefully learn and study the main practices and successful experience of the U.S. Silicon Valley Bank, on this basis, combined with China's basic national conditions, to cultivate and establish market-oriented, specialized, localized, interactive, independent science and technology banks, on the basis of the accumulation of experience, with the adjustment of the national policy and improvement of the business environment, and gradually create specialized science and technology banks.
Specialized science and technology banks should be banks with independent legal personality. In practice, there are three ways to set up.
One is to be led by commercial banks to initiate, other investors to participate in the way the new issue of the formation of joint-stock technology banks. Relevant legislative departments and bank regulators should promptly formulate special "Science and Technology Bank Law", "Science and Technology Bank Management Measures" and other laws and regulations to regulate the operation of science and technology banks. The state should introduce policies to provide necessary support for the establishment of technology banks in terms of registered capital, source of funds, business scope, etc., especially to allow technology banks to engage in innovative financial business such as equity investment. In order to diversify the investment main body of science and technology banks, social capital should be encouraged to participate in science and technology banks, such as the introduction of foreign strategic investors, encourage domestic private capital to participate in the creation of science and technology banks, in order to improve the organizational structure of science and technology banks.
The second is the transformation of commercial banks science and technology branch into an independent science and technology bank. With the existing science and technology branch of the science and technology loan business continues to expand, risk control ability to improve, and gradually developed a more mature profit model, science and technology branch can be separated from the original commercial banks, the establishment of science and technology bank, that is, by the transformation of science and technology branch into an independent science and technology bank. Consideration can be given to the merger and reorganization of small and medium-sized commercial banks or science and technology sub-branches with the attributes of science and technology banks nationwide. It is necessary for the national financial management department to introduce relevant policies as soon as possible to support the license application, institutional setup, capital requirements and other aspects.
Thirdly, private capital is encouraged to set up specialized technology banks. At present, the country has gradually liberalized the restrictions on the participation of private capital in the establishment of commercial banks, the future should actively promote more social capital to set up a high degree of specialization of small and medium-sized science and technology banks, through the system reform to release the social capital in the scientific and technological credit management, asset risk control and other aspects of the innovative vitality.
4. Actively develop non-bank financial institutions and organizations serving science and technology innovation
Financial leasing companies and science and technology microfinance companies are the main non-bank financial institutions serving science and technology innovation. Qualified microfinance companies and financial leasing companies should be encouraged to raise funds by carrying out asset securitization and issuing bonds. Improve the regional adaptability of science and technology microfinance companies, gradually promote the pilot work of science and technology microfinance companies, and extend the model to economically and financially developed regions. Strengthen the cooperation and exchange of venture capital institutions of science and technology microfinance companies, and increase their ability to withstand risks. Reasonably increase the leverage ratio of science and technology microfinance companies to increase the ability to supply funds. The government should introduce preferential policies on science and technology microfinance companies and set up risk reserves to promote its sustainable development.
5. Take the government as the main body, improve the loan risk sharing mechanism and credit guarantee mechanism for science and technology innovative enterprises
In terms of improving the loan risk sharing mechanism for science and technology innovative enterprises: first, encourage local governments at all levels to set up a science and technology small and medium-sized enterprise loan risk compensation fund, and improve the credit risk sharing mechanism through the science and technology loan subsidy; second, set up a policy insurance organization for small and medium-sized enterprises. The second is to establish policy insurance organizations for SMEs' technological innovation. The source of funds of the policy insurance organization is mainly the government's financial allocations, to attract the participation of other funds, the object of the insurance is technological innovation of small and medium-sized enterprises.
Constructing a credit guarantee framework at the national level, and guiding provincial and municipal governments to establish government-led credit guarantee mechanisms for technology-based SMEs as soon as possible. The government can set up a specialized guarantee company or set up a guarantee fund to provide guarantee services for the financing of science and technology-based SMEs. By centralizing limited financial resources and setting up a non-profit-oriented credit guarantee mechanism, the credit guarantee will return to its policy mission. China's existing high-tech guarantee system is mainly funded by the local government, with low guarantee level, narrow coverage and insufficient guarantee funds, which is still a certain distance from the requirements of the market system for high-tech guarantee. Improve China's scientific and technological innovation guarantee system, but also need to establish the central and local *** with the funding of the guarantee mechanism.
(Author: State Information Center)