The People's Bank of China and the China Banking and Insurance Regulatory Commission have released the first white paper on financial services for small and micro enterprises in China

Small and micro enterprises are an important source of cultivating new economic momentum, playing a crucial role in promoting economic growth, facilitating entrepreneurship and employment, and stimulating innovation vitality. Entering 2018, there have been increasing uncertainties in the global economy, and downward pressure on the Chinese economy has intensified. Some small and micro enterprises are facing difficulties and high costs in financing. The People's Bank of China, the China Banking and Insurance Regulatory Commission, and other relevant departments have thoroughly implemented the decisions and deployments of the Party Central Committee and the State Council, taken multiple measures and made precise efforts, and in accordance with the overall idea of "lifting by several parties", comprehensively exerted the synergy of structural monetary policy, differentiated supervision, and fiscal and tax incentives, combined the role of credit, bonds, and equity "three arrows", and promoted the phased progress of financial services for small and micro enterprises.

In order to comprehensively summarize the new policies, practices, and achievements of financial services for small and micro enterprises in 2018, systematically expound the work ideas of financial services for small and micro enterprises, and better answer social concerns, the People's Bank of China, together with the China Banking and Insurance Regulatory Commission and other departments, has compiled the "Report on Financial Services for Small and Micro Enterprises in China (2018)" (hereinafter referred to as the "White Paper", see attachment), which is the first publicly released white paper on financial services for small and micro enterprises by relevant government departments in China. It is planned to be published and distributed in the near future.

The white paper comprehensively summarizes and sorts out the main work and achievements of various relevant departments and financial institutions in providing financial services to small and micro enterprises in 2018. Compared with 2017, through the joint efforts of the financial system, the credit support received by Chinese small and micro enterprises in 2018 has continued to increase, financing costs have significantly decreased, financial service coverage has gradually expanded, financial service models and products have been continuously innovated, and the convenience of financial services has continued to improve. Diversified financing channels that adapt to the characteristics of small and micro enterprises have been expanded. These achievements are due to the continuous improvement of financial policies and support systems. One is to establish and improve the inclusive financial organizational system, optimize resource allocation, improve credit management mechanisms, strengthen the application of financial technology, innovate product services, and continuously improve service capabilities and levels for banking and financial institutions; The second is the continuous improvement of multi-level financing markets such as bill market, bond market, equity market, and venture capital financing system; The third is a more sound policy support system, including monetary policy, differentiated regulatory policies, and fiscal and tax incentives; Fourthly, risk sharing and credit enhancement mechanisms such as insurance institutions, financing guarantee institutions, local risk compensation, and credit reporting systems are gradually being established.

白皮书简要分析了当前小微企业金融服务面临的问题，提出解决小微企业融资难融资贵的主要思路，以习近平新时代中国特色社会主义思想为指导，牢牢把握“金融服务实体经济”本质要求，着力深化金融供给侧结构性改革，完善金融服务体系和传导机制，发展多层次资本市场，拓宽小微企业资本补充渠道，加强政策支持，增强金融机构服务小微企业的能力，优化营商环境和公共服务，提升小微企业金融服务效率。

The People's Bank of China and the China Banking and Insurance Regulatory Commission attach great importance to the preparation of the white paper, which took six months to complete and received strong support from relevant departments and financial institutions. The Development and Reform Commission, Ministry of Science and Technology, Ministry of Industry and Information Technology, Ministry of Finance, China Securities Regulatory Commission, State Administration for Market Regulation, Intellectual Property Office and other departments provided valuable information and opinions. 24 major banking and financial institutions, as well as the China Interbank Market Dealers Association and other organizations, provided first-hand information and data.

Attachment:China Small and Micro Enterprise Financial Services Report (2018). pdf