"Financial linkage" supports the high-quality development of the province's economy, with an investment of 18 billion yuan and an attraction of 500 billion yuan

Economic Herald reporter Liu Yong and Xi reporter Yang Jiaqi

On December 29, the Information Office of the Shandong Provincial Government held a regular policy briefing to interpret the "Implementation Opinions on Strengthening Fiscal and Financial Coordination and Linkage to Support the High-quality Development of the Provincial Economy" (hereinafter referred to as the "Opinions").

Based on the needs of the real economy and the ability of finance and finance, the "Opinions" have formulated a number of innovative policies such as "developing supply chain finance", "promoting cooperation between government, finance and enterprises" and "optimizing the deposit mechanism of financial funds", forming a fiscal and financial policy system with "Shandong highlights". Highlight fiscal leverage. Strengthening the coordination and cooperation between finance and finance, using fiscal funds as an "introduction", and "allocating thousands of pounds" to attract and leverage financial institutions to increase credit delivery, can amplify the effect of counter-cyclical adjustment and provide strong financial guarantee for high-quality development. According to preliminary estimates, the implementation of these policies will invest about 18 billion yuan in fiscal funds every year, which can attract and leverage about 500 billion yuan in financial resources.

"'Financial linkage' can effectively give full play to the multiplication effect of the policy portfolio, promote the formation of new development advantages of precise capital investment, coordinated linkage of subjects, and superimposed policies, and guide the leverage of more financial resources to accurately support major strategies. Professor Chen Hua, a leading talent in the Taishan industry and doctoral supervisor of Shandong University of Finance and Economics, said in an interview with a reporter from the Economic Herald.

Accelerate the solution of the financing problems of science and technology enterprises

The "Opinions" make it clear that we will increase support for scientific and technological innovation, guide financial resources such as banks, guarantees, insurance, securities, and funds to gather in the innovation chain industrial chain, and accelerate the solution of financing problems for technology-based enterprises. Support the regional equity market in Shandong Province to build a high-quality "specialized, special and new" special board. For the loss of the principal of intellectual property pledge financing loans issued by banking financial institutions, the provincial finance shall give risk compensation in accordance with the proportion of 40%, and the single compensation shall not exceed 3 million yuan. For intellectual property pledge financing loan projects that have completed the repayment of principal and interest, the provincial finance department will give an interest discount of up to 500,000 yuan at 60% of the prescribed interest rate.

Taking Jinan City as an example, at a press conference held by the Information Office of the Jinan Municipal Government on December 12, Li Mingqiang, a member of the party group and spokesman of the Jinan Municipal Science and Technology Bureau, said that in the first three quarters, a total of 19 commercial banks in the city provided 685 loans for the transformation of scientific and technological achievements for 460 small and medium-sized technology-based enterprises, and the actual loans were 2.072 billion yuan. A total of 251 technology-based small and medium-sized enterprises have received 13.39 million yuan of interest subsidy funds for the transformation of scientific and technological achievements in Shandong Province in 2023, accounting for 22.10% of the province's subsidy funds.

In this regard, Chen Hua said that to guide bank funds to invest in innovative and technology-based enterprises, financial funds should establish a pool of risk sharing compensation, that is, to establish a risk sharing compensation mechanism. That is to say, banks support innovative technology enterprises, especially small and medium-sized enterprises, once non-performing assets are formed, under the premise of clarifying the boundaries of responsibilities, financial funds will give the bank a certain amount of risk compensation, which will relieve the bank's worries.

This year, the Shandong Provincial Department of Finance organized 8 provincial financial enterprises that performed the responsibilities of investors to carry out a series of activities of "financial linkage to help high-quality economic development", and went deep into 6 cities such as Qingdao and Yantai, as well as financial institutions such as the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Bank of Communications Head Office, to carry out cooperation around bond issuance, corporate financing, project investment, etc., and reached an intended investment amount of 16.331 billion yuan, with 10.926 billion yuan of new equity and debt investment and 66.313 billion yuan of new loans during the year, injecting into the economic development of the province. financial living water".

Support direct financing of enterprises

In addition to bank loans, listing is another channel for corporate financing.

The Opinions clearly support enterprises to carry out direct financing. For eligible IPO enterprises, the provincial finance department will give a one-time subsidy of up to 2 million yuan according to the scale of funds raised (actually), a one-time subsidy of up to 1 million yuan will be given to enterprises that are reorganized and listed and move their registration and tax places to Shandong Province, and a maximum of 5 million yuan will be given to eligible headquarters enterprises in stages according to the listing process. Encourage and guide all cities and counties (cities, districts) to accelerate the issuance and use of special bonds in accordance with laws and regulations, and support major national strategies, major provincial and municipal projects, provincial key projects for green, low-carbon and high-quality development, and projects with large investment scale, good benefits, and excellent assets. Support eligible urban affordable housing projects and other projects to apply for special bonds.

On December 19, the investment and financing of specialized and special new enterprises in Shandong Province and the launch of the "little giant" listing cultivation conference were held in Jinan. The conference strengthened services by organizing high-quality investment and financing institutions, solved financing problems for the innovation and development of enterprises, and strengthened support for the rapid development of specialized, special and new "little giant" enterprises.

Zhang Haibo, Secretary of the Party Leadership Group and Director of the Shandong Provincial Department of Industry and Information Technology, said that finance is the blood of enterprise development, and the growth of enterprises especially needs financial "watering". The "specialized, refined, special and new" board will significantly broaden financing channels and enhance the ability of finance to help enterprises.

Ge Zhiqiang, deputy director of the Shandong Provincial Local Financial Supervision and Administration Bureau, said that the first batch of 9 regional equity markets in the country "specialized, special and new" boards, 2 in the province (Shandong Qilu Equity Trading Center and Qingdao Blue Ocean Equity Trading Center) were all selected, tied with Zhejiang Province for the first place. At present, the province's two regional equity market "specialized, special and new" special boards have been opened, and signed a green channel memorandum with the national stock transfer company, "specialized, special and new" special board cultivation layer enterprises and other four types of enterprises to achieve the new third board review "fast lane", has helped two companies to accelerate the listing consent letter. As of the end of November, 317 new listed companies were added to the two regional equity markets, achieving financing of 30.123 billion yuan.

In addition, since the beginning of this year, the province has added 36 newly listed and passed the meeting, of which the proportion of domestic initial listings in the country is 0.8 percentage points higher than last year, ranking second in the country in terms of growth rate; 18 new high-tech, specialized, special and new listed companies; 6 new listed companies on the Beijing Stock Exchange, ranking fourth in the country; and Tai'anningyang, Feicheng and other listed blank counties have achieved "breaking zero". There are 163 enterprises queuing and counseling, and the total number of listed companies has reached 422.

Strengthen provincial backbone financial enterprises

In addition, the "Opinions" also make it clear that the Provincial Finance Group will be promoted to build an investment and operation company with financial policy linkage, improve the market-oriented operation level of the provincial new kinetic energy fund company, and boost the development of the "Top Ten Industries".

Shandong Provincial Finance Group and Shandong New Kinetic Energy Fund Co., Ltd., as provincial backbone financial enterprises that perform the duties of investors of the Provincial Department of Finance, respectively undertake the two important policy functions of managing and operating the equity investment of provincial financial funds and the provincial government guidance fund, and the functional positioning of the two enterprises is also highly consistent with the Opinions.

Liang Lei, Secretary of the Party Committee and Chairman of Shandong Finance Group, Secretary of the Party Committee and Chairman of Shandong New Kinetic Energy Fund Company, said that the industrial fund is an emerging model of integration of industry and finance and equity investment, and plays a prominent role in cultivating and developing strategic emerging industries and promoting the upgrading of regional industrial structure and the optimization of economic structure.

In Liang Lei's view, the "Opinions" are highly in line with Shandong's major development strategy, and contain a lot of "real money" policies with high gold content. Since the beginning of this year, the Provincial Department of Finance has focused on the synergy and linkage of finance and finance, and the Finance Group and the new kinetic energy fund company have focused on functional positioning, based on the needs of the real economy and the capabilities of financial enterprises, continued to explore effective ways of financial synergy and linkage, enriched and innovated the "finance + finance" toolbox, and continuously enhanced the amplification, superposition and multiplication of synergy and linkage.

In 2019, after the province introduced 20 reform measures for decentralization and profit concession of funds, the provincial new and old kinetic energy conversion funds managed by the new kinetic energy fund company entered the fast lane of development. In recent years, focusing on major development strategies such as industrial acceleration, digital economy, Yellow River strategy, rural revitalization and strong maritime provinces, a number of 10 billion yuan funds such as Shandong Industrial High-quality Development Fund and Digital Economy Development Fund have been set up, and up to now, a total of 141 equity participation funds have been set up, 1,487 investment projects have been established, with an investment amount of 186.9 billion yuan, driving social investment of more than 780 billion yuan and promoting the listing of 102 fund investment enterprises.

At the same time, with the support of the Shandong Provincial Department of Finance, the Finance Group implements the requirements of the provincial financial fund equity investment reform, fully undertakes the provincial financial fund equity investment management responsibilities, gives full play to the professional advantages in the field of equity investment, and injects capital into small and medium-sized enterprises in the fields of transformation of scientific and technological achievements, key technological transformation, industrial Internet platform, and grain reserves. This year, 79 new investment projects were added, with an investment amount of 1.42 billion yuan, and nearly 8 billion yuan of existing projects were managed at the same time. Through the guidance and demonstration of financial funds, we will drive social capital to increase investment. At present, the total assets of the invested enterprises have increased by 63.7 billion yuan and the net assets have increased by 21.9 billion yuan, which are 100% and 60% higher than those before the investment of financial funds, effectively giving full play to the leverage role of financial funds.