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The State Council of China recently issued guidance on promoting the healthy development of small and medium-sized enterprises (SMEs), proposing to solve the problem of financing difficulty and high cost, improve SMEs'financing policy, and further implement the inclusive financial targeted reduction policy. We will increase the support of rediscount for small and micro enterprises, with a focus on the discount of small and micro enterprises'bills of RMB 5 million and less, and incorporate loans from small and micro enterprises of RMB 10 million and less granted by single household into eligible collateral for medium-term lending convenience.
The full text of the comments released by the Chinese government website on Sunday pointed out that actively broadening financing channels, speeding up the initial listing of small and medium-sized enterprises, promoting the pilot project of innovative start-up company bonds, implementing the reverse link system between the reduction of the share holdings of venture capital funds and the investment term, encouraging and supporting early innovative start-ups, establishing a classified supervision and assessment mechanism, and studying and relaxing the loan enjoyment of venture capital by small and micro-enterprises. Limitation of the preferential weight of the single household quota encourages the implementation of preferential measures for the transfer price of internal funds for small and micro businesses.
It is pointed out that the bond issuance mechanism should be further improved, the bond financing support tools for private enterprises should be implemented, and the reasonable bond financing needs of private enterprises facing temporary liquidity constraints should be supported by selling credit risk mitigation vouchers and providing credit enhancement services. We will explore and implement equity financing support tools for private enterprises, and encourage the establishment of market-oriented special funds for mergers and acquisitions or financial investment of private enterprises.
We will vigorously develop high-yield bonds, private equity bonds, dual-venture special debt financing instruments, venture capital fund bonds and innovative venture enterprise special bonds. Research and promote SMEs to rely on accounts receivable, supply chain finance, franchise financing. We will improve the risk-sharing and compensation mechanism for intellectual property pledge financing and give full play to the role of intellectual property in increasing credit and lending. To guide financial institutions to grant medium- and long-term loans to small and micro-enterprises and to develop renewal products.

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