China launches large-scale rescue of small and medium enterprises
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Since the first half of this year, due to the impact of the economic environment at home and abroad, the operation of SMEs in China has faced unprecedented challenges in terms of rising costs and difficulties in financing. As one of the “barometers†of the Chinese economy, the healthy development of SMEs is crucial to maintaining a stable and rapid economic development. Doing everything possible to solve the operational difficulties of small and medium-sized enterprises is becoming one of the priorities of China's current economic work. Up to the central government, down to local governments and industry associations have launched a large-scale action to save small and medium enterprises. The government's many measures to help small and medium-sized enterprises have started at the end of Qingping. Recently, the dilemma of the financial chain break of Wenzhou's small and medium-sized enterprises reflects the development dilemma of China's small and medium-sized enterprises, which has attracted the attention of governments at all levels and all parties. The central government has successively issued a series of fiscal and taxation policies and support measures to help small and medium-sized enterprises. Local governments, banks and enterprises have issued “mobilization orders†during the “11†holiday, which helps small and medium-sized enterprises to overcome financing difficulties. On October 4th, Premier Wen Jiabao of the State Council hosted a meeting in Wenzhou to listen to reports on the development of small enterprises in Zhejiang and Wenzhou. Wen Jiabao emphasized that supporting the development of SMEs has a global and strategic significance. First, we must conscientiously implement and improve the differentiated financial regulatory policies for small and micro enterprise loans. Second, we must clearly define small and micro enterprises as key support targets and support financial institutions that provide services for small and micro enterprises. Third, we must increase the support of fiscal and taxation policies for small and micro enterprises, extend the time limit for relevant tax incentives, and study and further increase policy incentives. Fourth, we must effectively prevent financial risks. It is necessary to strengthen the supervision of private lending, guide its sunny and standardized development, and play its positive role. Not long ago, Premier Wen Jiabao of the State Council presided over the State Council executive meeting to study and determine financial, fiscal and tax policy measures to support the development of small and micro enterprises. The meeting held that small and micro enterprises have an irreplaceable role in promoting economic growth, increasing employment, technological innovation and social harmony and stability. At present, some small and micro enterprises have difficulties in operating, and the problems of financing difficulties and tax burdens are so serious that they must be highly valued. It is necessary to strengthen financial services and fiscal and taxation support, mainly to support the real economy, such as science and technology, services and processing industries that are in line with national industrial and environmental protection policies and to absorb employment, to guide and help small and micro enterprises to operate steadily, enhance profitability and development. stamina. In terms of financial policy measures, the central government introduced five specific measures to help small and medium-sized enterprises. First, increase the credit support of banking financial institutions for small and micro enterprises, and adjust small financial institutions to continue to implement lower deposit reserve ratios. Strengthen loan supervision and end-user monitoring to ensure the normal production and operation of small and micro enterprises. The second is to clean up and correct unreasonable charges for financial services and effectively reduce the actual cost of corporate financing. The third is to broaden the financing channels for small and micro enterprises. Further promote the construction of the exchange market and the OTC market, and improve the equity pledge financing environment for small and micro enterprises. The fourth is to refine the differentiated regulatory policies for financial services for small and micro enterprises. The fifth is to promote the reform and development of small financial institutions. Strengthen the small financial institutions to focus on the market positioning of small and micro enterprises, communities, residents and “agriculture, rural areas and farmersâ€. On the basis of prudential supervision, promote the establishment of new rural financial institutions, guide small financial institutions to increase service outlets, and extend institutions to counties and townships within their jurisdiction. The sixth is to promote the healthy development of private lending on the basis of standardizing management and preventing risks. Strict supervision prohibits financial practitioners from participating in private lending. Financial support for small and micro enterprises should be carried out in accordance with market principles and reduce administrative intervention. In terms of fiscal and taxation policies and measures, the central government has increased its support in three areas. First, increase the tax support for small and micro enterprises. Raise the threshold for value-added tax and business tax for small and micro enterprises. The small-scale profit-making enterprise will be halved and the corporate income tax policy will be halved, and will be extended to the end of 2015 and expanded. Integrate eligible national SME public technology service demonstration platforms into the scope of preferential tax policies for import and export of science and technology products. The second is the exemption of stamp duty on financial institutions' loan contracts to small and micro enterprises for three years. The pre-tax deduction policy for financial enterprise SME loan loss reserves was extended to the end of 2013. The policy of reducing the financial insurance income of eligible rural financial institutions by 3% of business tax will be extended to the end of 2015. The third is to expand the scale of special funds for SMEs and use more indirect ways to support small and micro enterprises. Further clearing and canceling some of the fees charged by enterprises. Prior to this, the Ministry of Industry and Information Technology released China’s first national-level special plan for the development of small and medium-sized enterprises on the 22nd of September, the “Twelfth Five-Year Small and Medium Enterprise Growth Planâ€, which proposed the “Twelfth Five-Year Plan†period. We will continue to improve the development environment for SMEs and maintain a rapid growth in the balance of SMEs. Among them, the number of SMEs increased by 8% per year, and the value-added of small and medium-sized industrial enterprises increased by 8% annually. On October 7, the Zhejiang Provincial Government held a four-level (provincial, municipal, county, township) government video conference, requiring government departments to take the initiative to solve problems for enterprises. On the first working day after the “11th†holiday, the relevant departments of Wenzhou organized a working group to station in the city's county-level and above bank branches, assisting banks and enterprises to do financing docking, requiring banks not to withdraw capital or pressure, and assisting banks to understand loans. The situation of the enterprise prevents the break of the capital chain of SMEs. The Wenzhou Municipal Party Committee and the Municipal Government recently issued the "Opinions on Stabilizing and Regulating Financial Order to Promote Economic Transformation and Development", requiring all banking institutions to increase credit fund protection and ensure that the goal of determining new loans of 100 billion yuan at the beginning of the year is achieved. At the end of September, the Wenzhou Municipal Government submitted the "Request for Requisition for Financial Stability and Refinancing Loan" to the Zhejiang Provincial Government. The provincial government applied for a financial stability refinancing loan of 60 billion yuan to the People's Bank of China for a period of one year, specifically for supporting Wenzhou Bank. Institutions increase the scale of financing for difficult enterprises, prevent systemic risks, and maintain local financial stability. A few days ago, the Wenzhou Municipal Government set up a special fund for emergency transfer loans totaling 500 million yuan, and first allocated 200 million yuan. According to the policy, Wenzhou enterprises that are expected to continue to obtain bank loans can obtain up to 20 million yuan of emergency loans, which can last up to 5 days. It is understood that the special funds are used for industrial and commercial enterprises registered in Wenzhou City (including Lucheng District, Longwan District, Ouhai District, and municipal-level functional zones). As a pilot city for intellectual property pledge financing in the country, Shanghai Pudong New Area will provide technology-based SMEs with a pledge financing loan of no less than RMB 3.5 billion in the next three years to help them overcome the financing difficulties. The Shanxi Provincial Small and Medium Enterprises Bureau has started the application for the special fund project for SME development in 2011. SMEs that meet the requirements of the province can apply for the support funds, and the fund support methods will be mainly based on loan interest subsidies or unpaid subsidies. The “tax financing†introduced by Hunan Province is a service method that obtains commercial credit by tax credit. Since it was officially launched in Changsha, Zhuzhou, Xiangtan, Yueyang, Zhangzhou and Changde in Hunan Province in June this year, it has been welcomed by SMEs. According to incomplete statistics, at present, 29 enterprises in Changsha have reached a loan agreement with the Bank of Communications Changsha Branch, with a total loan of 180 million yuan. One company in Chenzhou City has reached a loan agreement with the Bank of Communications, with a total loan of 13 million yuan. Four enterprises in Xiangtan City reached a loan agreement with the Bank of Communications, with a total loan of 11 million yuan. Multi-channels to tide over the difficulties of the parties While the central and local governments have introduced a series of policies to help small and medium-sized enterprises, banks, associations, and enterprises have also lend a helping hand to small and medium-sized enterprises. Recently, the assistant to the chairman of the China Banking Regulatory Commission, Qi Qingmin, stressed in the Jiangsu investigation that small enterprises are the main channels of employment, which is related to people's livelihood and social stability. To do a good job in financial services for small businesses is not only an economic account, but also a social account. Small and medium-sized commercial banks should accelerate their transformation from strategic heights, improve mechanisms, innovate products, expand channels, control risks, and comprehensively improve the financial services of small enterprises. On September 27th, 25 banks including Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China, and China Construction Bank issued a joint initiative, expressing their commitment to developing Wenzhou's economy and helping them overcome difficulties and tides together. . Recently, the nation's first SME financing guarantee service platform, jointly established by Zhejiang Zhongan Guarantee Group, Zhejiang Small and Medium Enterprise Bureau, China Construction Bank Zhejiang Branch and Global Network, was officially launched. This marks a new solution for the national problem of solving the financing difficulties of SMEs by the government, banks and network platforms. On September 26, Wenzhou City Credit Guarantee Industry Association issued an initiative to provide preferential treatment for small and medium-sized enterprises on interest rates and premiums, reduce corporate financing costs, and achieve common development. On September 27th, Wenzhou Banking Industry issued an initiative to cut interest rates and interest rates for enterprises that have good development prospects, good credit but temporary difficulties, which meet the requirements of national industrial policies and credit policies, and the loan interest rate should be as low as possible or not. Financial burden. The Agricultural Bank of China Wenzhou Branch actively strives for the scale of loans from the higher-level banks to ensure that the total amount of new credits for the year is 15 billion yuan, of which more than 10 billion yuan will be added. The Wenzhou Private Capital Investment Service Center has established a “Corporate Restructuring and Rescue Fund†with a total amount of 200 million yuan. It plans to help high-quality enterprises in distress to overcome difficulties and help the government resolve debt risks through capital injection, equity investment, acquisition and restructuring. It is predicted that according to the proportion of investment of 10% to 30%, the guiding capital of 200 million yuan will drive private funds of 600 million yuan to 1.8 billion yuan into the aided enterprises. Wenzhou Lucheng District Federation of Industry and Commerce has set up a “temporary revolving loan for SMEs†with a fund quota of 300 million to 600 million yuan. Zhou Dewen revealed that the Wenzhou SME Promotion Association will also set up a similar fund. “More than 30 member companies will each pay 3 million yuan, and a total of 90 million yuan will be used to help the enterprises within the conference.†SMEs should actively “self-help†"Rescuing each other, saving him" The government called on small and medium-sized enterprises to help them in various ways, and "he saved" while actively "self-help and mutual rescue." One is to actively spend the winter instead of waiting for the spring. Entrepreneurs must find contradictions and make adjustments from short-term difficulties. Ask yourself more: What costs can the company reduce? What new market can open up? What opportunities are there for industrial development? What is the potential of independent innovation? How much space does the industry optimize and upgrade? and many more. Only by bravely admitting the reality, making full use of the existing conditions, and proactively carrying out self-help, will surely turn "crisis" into "machine." The second is to hold the group to win. This crisis is universal. It is not a crisis for individual enterprises. If you do not pick up the group to tide over the difficulties, then the defeat will be "disastrous", the winner is also "scarlet", there is no real winner. Because "there is an egg under the nest." Whether it is a capital chain problem or a market development problem, it is a good way for enterprises to “warm†through some form of organization. At present, SMEs need to implement horizontal and vertical integration, and seek common development through external forces. Horizontal integration means that the enterprise is united with other enterprises that are roughly equal in size and similar in product, and complement each other in terms of management, technology, brand or sales network. Vertical integration is the combination of enterprises and upstream or downstream enterprises to form an industrial deep chain, in order to maximize the cost advantage and reduce the market risk. The more difficult the period, the more dangerous the moment, the more SMEs should actively adopt mutual assistance, mutual assistance, reciprocity and alliance, joint efforts, and joint "mutual rescue" measures. Conditional SME bond financing should be encouraged and various ways should be adopted to expand financing channels. We will carry out the issuance of collective debts for small and medium-sized enterprises, select small and medium-sized enterprises with good social reputation, large market potential and high technological content, and bundle corporate bonds to solve the problems of narrow financing channels for SMEs and high guarantee costs. A few days ago, a textile enterprise owner who had just approved the use of 20 acres of land in Ninghai County, Ninghai County, Zhejiang Province, but did not have the funds to build a standard factory, found the “Business Development Mutual Aid Fund†of the Street Chamber of Commerce. After reviewing the application materials provided by the company, the person in charge of the mutual fund will promise to help solve the funding gap. From January to September this year, Mutual Aid Fund has issued nearly 300 mutual loans, which has delivered 430 million yuan to the company, which has successfully solved the urgent needs of enterprises. Up to now, all member companies of the Chamber of Commerce have been running well. A series of "combination punches" have been launched one after another. No matter how the market reacts, SMEs cannot rely solely on policies. In addition to relying on various government support, they need self-help. Waiting for the outside world to help, or waiting for the economic situation to improve and then develop, will put yourself in a more passive situation. Saving small and medium-sized enterprises must break the monopoly. The “crisis†of SMEs is not formed in a day. Some experts believe that saving small and medium-sized enterprises must break the monopoly. Objectively speaking, there are many reasons for the difficulties of SMEs. For example, the increasing cost burden has made the SMEs, which are already meager profits, miserable. These cost factors include rising labor costs, rising raw material costs, and increasingly high capital borrowing costs. Coupled with the continued rise in the RMB exchange rate, the reduction of external demand caused by the European and American debt crisis, and so on. The development of small and medium-sized enterprises can be described as internal and external, and faces a variety of bearish attacks. However, from the root of the source, China's SMEs have long been alive in the cracks, and the market competition environment is not optimistic. Compared with large enterprises, especially state-owned enterprises, SMEs are clearly at a disadvantage in market competition. At present, there are monopolies of state-owned enterprises in many industries and fields. Although in the old and new "non-public 36 articles", detailed regulations have been made to encourage the non-public economy to enter the monopoly industries, but from a practical point of view, This kind of monopoly of state-owned enterprises and the intractable pattern of private capital have not undergone fundamental changes. Most of the results of bold attempts by many private enterprises have come to the fore. Not only that, in recent years, the state-owned economy has continued to expand into the competitive field, greatly reducing the living space of SMEs. In terms of access to and mastery of resources, SMEs are also at a disadvantage. Take bank credit as an example. At present, only about 10% of SMEs can get loans from the formal banking system, and more than 80% of SMEs rely on private lending, while the annual interest rate of private lending is as high as 100%. There is a lack of supervision of private lending, high interest rates, and the pressure on SMEs to repay their debts. There is already a huge risk of debt disputes. In contrast, state-owned enterprises can easily obtain large amounts of scarce capital by leveraging their borrowing advantages. Some even lend excessive capital to the interests of usury. In the fields of oil, iron ore, SMEs also suffer from unequal discriminatory treatment, and meager profits are lost in the ever-increasing high prices. Although the scale of small and medium-sized enterprises is not large, they are numerous in number and bear many important tasks such as solving employment, increasing taxes, and activating the economy. It is precisely because of this important role of small and medium-sized enterprises that supporting the development of small and medium-sized enterprises has naturally become the basic national policy of most countries. Up to now, China's relevant support policies should be said to have been introduced, but the biggest problem is that it is difficult to get real implementation and practical implementation. In addition to insufficient implementation of the policy, the market competition environment has not been fundamentally improved, which is the main institutional reason. Therefore, to save SMEs from the current development difficulties, it is impossible to rely on some slogans that are hollow and lacking in operability. It is imperative to break the unfair competition environment in the market as soon as possible, eliminate monopoly and privilege, and improve the market economy system. This is the fundamental way for the long-term healthy development of SMEs. As long as the government and enterprises simultaneously exert their efforts, policies and funds are driven by multiple drivers, and both internal and external repairs, the problems of small and medium-sized enterprises will eventually be solved.