To implement the spirit of the third plenary session of the 18 and "the central committee of the communist party of China, the state council on deepening the reform of science and technology system to speed up the construction of national innovation system opinion" (found [2012] no. 6), and other central documentation requirements, vigorously promote institutional innovation, to promote science and technology and in combination with the deep financial, supporting the construction of national innovation system, we put forward the following opinions:
I. vigorously foster and develop a financial organization system that serves scientific and technological innovation
(1) innovate the form of financial organizations engaged in technological financial services. Encourage banking financial institutions in the new and high technology industry development zone (hereinafter referred to as the high-tech zone), national high-tech industrialization base (hereinafter referred to as the industry production base) by new buy innovation of science and technology resources agglomeration areas such as part line points (a) as engaged in small and medium-sized enterprise financial services of professional of science and technology points (a) or characteristic points (a) lines. Priority shall be given to the acceptance and examination of the applications for the new establishment or transformation of a banking financial institution to a branch (sub-branch) of a bank engaged in technological financial services. Financial institutions in the banking industry are encouraged to give appropriate slant to professional sub-branches or characteristic sub-branches in terms of financial resources and human resources, strengthen business guidance and management, and enhance the professional level of service technology innovation. On the premise of strengthening supervision, qualified private capital is allowed to initiate and set up small and medium-sized Banks in accordance with the law to provide professional financial services for scientific and technological innovation.
(2) actively develop non-bank financial institutions and organizations that serve scientific and technological innovation. We will vigorously promote the standardized development of financial leasing companies, and provide leasing services of large-sized equipment and precision equipment for scientific and technological enterprises and research institutes to carry out scientific research and development and technical transformation. We will support the development of small technology loan companies and provide loan services to small and micro technology enterprises in accordance with the principle of "small, scattered". Eligible small loan companies and financial leasing companies are encouraged to raise funds through asset securitization and bond issuance. We will actively promote the integration of industry and finance, support eligible large technology enterprise groups to set up financial companies in accordance with relevant regulations, and strengthen their functions of providing financial services to technology enterprises within the group.
(3) foster and develop the intermediary service system for science, technology and finance. To guide and improve the local department of science and technology, national hi-tech zone (or industrialization base), financial institutions and the relevant intermediary service agencies to establish and to develop financial service center, and other forms of science and technology service platform, promote venture investment, bank credit, science and technology enterprise restructuring service, financing roadshow, data value-added services, science and technology project management, talent introduction of linkage cooperation, for science and technology enterprises to provide comprehensive, professional and customized investment solutions. We will accelerate the development of institutions for the incubation of science and technology enterprises, legal accounting services, and human resources management, and provide financing services for small and medium-sized science and technology enterprises.
Ⅱ.Accelerate innovation of technology credit products and service models
(4) improve the science and technology credit management mechanism. We will encourage financial institutions in the banking sector to improve the pricing mechanism for interest rates on loans to technology companies, make full use of the pricing mechanism for interest rate risks on loans and the rules for floating interest rates, and dynamically share relevant earnings according to the growth conditions of technology companies. We will improve the mechanism for examining and approving loans for science and technology, and improve the efficiency of examining and approving loans for science and technology by establishing green channels for science and technology loans. With the help of the consultation service platform of scientific and technological experts, the professional level of evaluation can be improved by using information technology. We will improve the risk management mechanism for science and technology credit, explore and design models specifically for science and technology credit risk management, and improve the management level of science and technology loans. We will improve the internal incentive and restraint mechanism, establish incentives for credit business development of small and micro technology enterprises, implement a credit due diligence exemption mechanism, and effectively leverage the role of different risk tolerance in supporting Banks' science and technology credit business.
(5) enrich the system of science and technology credit products. On the premise of effectively preventing risks, we should support cooperation between banking financial institutions and institutions such as venture capital investment, securities, insurance and trust, innovate intersecting financial products, and establish and improve information exchange and sharing mechanisms and risk co-control cooperation mechanisms for financial support of scientific and technological innovation. We will 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 pledged loans. We will give full play to the policy-based financial functions, support the commercialization and industrialization of major national science and technology programs, the merger and acquisition of science and technology enterprises, the independent innovation of domestic enterprises and the introduction, digestion, absorption and reinnovation of agricultural science and technology, and the international cooperation and "going global" of science and technology enterprises.
(6) innovate the technology and financial service model. We will encourage banking financial institutions to make innovations in the way they repay loans, and develop and improve credit models that meet the financing needs of technology enterprises. We actively provide one-stop and systematic financial services such as account opening, settlement, financing, financial management, consulting, cash management and international business to technology enterprises. We will accelerate the transformation and upgrading of science and technology systems and make full use of Internet technologies to provide efficient and convenient financial services to science and technology enterprises on the premise of meeting regulatory requirements.
(7) vigorously develop pledged financing of intellectual property rights. We will strengthen capacity building for ipr assessment, registration, trusteeship and transfer services, standardize standards for ipr value analysis and evaluation, simplify the ipr pledge registration process, and explore ways to establish a ipr pledge disposal mechanism to provide efficient and convenient services for ipr pledge financing. We will actively promote patent insurance and effectively ensure the innovative development of enterprises, industries and regions.
Third, to broaden the law of science and technology innovation and development of diversified financing channels
(8) support the listing, refinancing and merger and acquisition and reorganization of technology enterprises. We will advance the reform of the system for issuing new shares, continue to improve and implement policies and measures to promote the transformation and application of scientific and technological achievements, and promote the capitalization and industrialization of scientific and technological achievements. We will appropriately relax financial access standards for technology companies and simplify their issuance conditions. The gem refinancing system will be established to form a "small, fast and flexible" gem refinancing mechanism to provide convenient refinancing channels for science and technology enterprises. We will support eligible technology companies to list and raise funds overseas. We will support listed technology companies to become bigger and stronger through mergers and acquisitions. We will move forward with the implementation of the review system for mergers, acquisitions and reorganizations, and grant exemptions or expedited reviews to eligible enterprises. We will encourage listed technology companies to carry out mergers and reorganizations through mergers and acquisitions funds and other means to expand financing channels. To study the feasibility of allowing listed technology companies to issue preferred shares, directional convertible bonds and other m&a tools, so as to enrich the m&a and restructuring tools.
Encourage technology companies to use the bond market for financing. We will support technology enterprises in financing by issuing corporate bonds, corporate bonds, short-term financing notes, medium-term notes, collective notes for small and medium-sized enterprises, collective bonds for small and medium-sized enterprises, collective bonds for credit enhancement for small and micro-sized enterprises, and private fundraising bonds for small and medium-sized enterprises. Encourage and support relevant departments to improve the issuing efficiency by optimizing the working process, and provide financing facilities for technology enterprises to issue bonds. For eligible technology enterprises that issue direct debt financing instruments, intermediaries are encouraged to appropriately lower their fees to reduce their financing cost burden. We will continue to promote the development of merger and acquisition bonds, convertible bonds, high-yield bonds and other products, support rolling financing for technology companies, and support mergers and acquisitions, venture capital firms, and private equity investment and exit.
Promote the development and growth of venture capital. We will leverage government funds, make full use of existing venture capital funds, improve the policy environment and exit mechanism for venture capital investment, and encourage more private capital to invest in venture capital. We will encourage venture capital institutions set up by government departments at all levels to invest in early-stage science and technology enterprises and projects that transform scientific and technological achievements through various means, including equity participation in stages and follow-up investment. We will improve and implement relevant tax policies for venture capital institutions, encourage them to use fiscal and tax incentives to invest in science and technology enterprises, and support eligible venture capital enterprises, equity investment enterprises, and industrial investment funds in issuing corporate bonds. The shareholders or limited partners of qualified venture capital enterprises, equity investment enterprises and industrial investment funds shall be supported to issue corporate bonds. Encourage the development of angel investment.
Encourage other market players to support technological innovation. We will support technology enterprises in realizing share transfer and targeted financing through the national sme share transfer system. To explore and study the supervision system of mergers and acquisitions of listed companies that transfer shares of small and medium-sized enterprises across the country, and regulate and guide their mergers and acquisitions and reorganization activities. We will explore the use of various property rights trading institutions to provide share transfer channels for unlisted small and micro technology companies, and establish and improve supporting systems for the centralized custody, transfer and market supervision of shares of unlisted technology companies. We will accelerate the development of a unified regional technology property rights market, encourage local governments to strengthen the development of provincial-level technology property rights markets, and improve the exit mechanism for venture capital investment. We will support direct investment subsidiaries of securities companies, alternative investment subsidiaries, and professional subsidiaries of fund management companies, etc., and invest in non-listed technology enterprises' equity, bond assets, right of return and other physical assets as required under the premise of controllable risks, so as to provide financial support for technology enterprises of different types and at different stages of development.
Iv. Explore and build insurance products and services in line with the characteristics of scientific and technological innovation
Establish and improve the science and technology insurance system. We will further establish and improve the scientific and technological insurance system in accordance with the principles of government guidance, commercial insurance institutions' operation and equal emphasis on life insurance business. We will increase financial and government support for science and technology insurance, encourage regions where conditions permit to establish science and technology insurance premium and reinsurance systems, and grant subsidies, compensations and other incentives and preferential policies to key science and technology and industrial sectors. We will support eligible insurance companies in setting up science and technology insurance franchised institutions that specialize in providing services to science and technology enterprises, and provide support for them to reduce risks and losses and achieve sound operations.
We will accelerate innovation of insurance products based on science and technology and improve the quality of insurance services based on science and technology. We will encourage insurance companies to innovate insurance products based on science and technology, and provide all-round insurance support for scientific and technological enterprises, research projects and researchers. We will promote new types of insurance products, such as loan guarantee insurance, loan guarantee liability insurance and export credit insurance for small and medium-sized science and technology enterprises, and provide them with loan guarantees. We will accelerate the formulation of guidelines for the insurance mechanism for the first set of major technical equipment, establish a government-guided, market-based insurance mechanism for the first set of major technical equipment and a system for its demonstration and application, and promote the promotion of the first set of major technical equipment projects and the industrialization of scientific and technological achievements.
(14) innovate ways of using insurance funds to provide financial support for scientific and technological innovation. According to the needs of the scientific and technological field and the characteristics of the insurance funds, the insurance funds are supported in the form of equity, fund, creditor's right and asset support plan to provide long-term and stable financial support for the construction of high-tech zones and industrialization bases, the cultivation and development of strategic emerging industries and major national scientific and technological projects. We will explore new financial instruments, such as preferred shares, for the investment of insurance funds, and provide long-term equity investment for scientific and technological enterprises. We will promote the construction of comprehensive experimental areas for science and technology insurance, take the lead in better serving scientific and technological innovation, and explore ways to establish a comprehensive support system for science and technology insurance.
Accelerate the establishment and improvement of a credit enhancement mechanism to promote scientific and technological innovation
Vigorously promote the construction of credit demonstration zones for science and technology enterprises. Encourage all rely on high-tech zone and industrialization base, adjust measures to local conditions of science and technology enterprise credit, make full use of financial credit information basic database, such as credit information platform for science and technology enterprise credit information collection, establish and improve scientific and technological enterprise's credit rating and rating results in promoting system, promote credit loans for financial institutions and other financial products. We will give full play to the role of credit promotion associations and other credit self-regulatory organizations, improve the management mechanism of science and technology enterprises' credit demonstration zones, and gradually establish a credit environment that encourages and punishes trustworthy enterprises.
(16) actively play the role of financing guarantee in credit enhancement. We will establish and improve a system of science and technology guarantee and re-guarantee under the guidance of government funds, with the participation of private capital and market operation. We will support financing guarantee institutions to increase credit enhancement for technology enterprises and improve their service capabilities. Encourage technology enterprises to set up joint guarantee and mutual aid organizations, and provide financing guarantee support for the members of the association through the establishment of mutual guarantee fund for science and technology. We will support financing guarantee institutions to strengthen information disclosure and sharing, carry out cooperation within the industry, integrate resources of science and technology enterprises, and further enhance financing guarantee capabilities.
(17) innovative ways of investing science and technology funds. We will give full play to the role of the national guiding fund for the transformation of scientific and technological achievements, and guide financial capital and private investment in the transformation and concentration of scientific and technological achievements through the establishment of venture capital sub-funds and loan risk compensation. We will further integrate various resources, make comprehensive use of venture capital investment, risk sharing, premium subsidies, guarantee subsidies, discount interest on loans and other means, give full play to the role of government funds in credit enhancement, risk diversification, cost reduction and other aspects, and guide financial institutions to increase financing support for science and technology enterprises.
We will further deepen trials of integrating science and technology with finance
We will accelerate trials to integrate science and technology with finance. We will improve the inter-ministerial coordination mechanism for promoting the integration of science, technology and finance into the pilot program, summarize the results of the pilot program and its innovative practices, study and formulate measures to continue to deepen the pilot program, launch the second batch of pilot programs in due course, and bring more regions into the pilot program. We will promptly publicize and disseminate the typical experience of the pilot areas and give full play to their exemplary role. We will increase resource and policy support to further mobilize and bring into full play the initiative and creativity of local governments in deepening pilot programs. We will encourage local governments to adapt measures to local conditions, make bold explorations and take the lead in trials, constantly expand policy and practice space for integrating science and technology with finance, and carry out pilot projects to integrate science and technology with finance with local characteristics.
(19) promote the in-depth integration of science and technology and finance in high-tech zones. Establish and improve the information communication mechanism between the administrative committee of the high-tech zone, financial institutions and technology enterprises, strengthen the publicity and promotion of scientific and technological innovation projects and financial products through various forms of investment and financing activities, and promote the effective connection between project resources, policy resources and financial resources of the high-tech zone. We will support financial institutions in the banking sector to increase financing support for the construction of high-tech zones and small and micro science and technology enterprises by making comprehensive use of unified loan platforms, collective credit granting and other means within their business scope under the premise of controllable risks. We will give full play to the advantages of the high-tech zones in taking the lead, accelerate the establishment of a s&t financial service system, and encourage financial institutions to carry out various financial innovation activities.
Innovating policy coordination and organizing implementation mechanisms
We will make comprehensive use of a variety of financial policy tools to expand sources of credit for scientific and technological innovation. We will make full use of the dynamic adjustment mechanism of different reserve requirements to guide local financial institutions to increase their investment in credit and loan for science and technology enterprises. We will give full play to the role of rediscount in supporting structural adjustment and give preferential rediscount support to bills issued by small and micro technology enterprises. We will support eligible Banks in issuing financial bonds to support the development of small and micro technology enterprises and strengthen financial services for them. We will actively yet prudently promote the pilot program for securitization of credit assets and encourage financial institutions to use the credit funds transferred from the securitization of credit assets to support the development of technology enterprises.
Strengthen the effective connection between scientific and technological innovation resources and financial resources. We will explore effective ways and means to combine financial capital with national science and technology programs, establish a mechanism for recommending loans for science and technology innovation programs, and support the commercialization and industrialization of national science and technology programs. To establish a national project base for the transformation of scientific and technological achievements, guide and support financial capital and private investment to participate in scientific and technological innovation; To guide local science and technology departments to establish data bases for medium, small and micro science and technology enterprises, and to meet investment and financing needs of financial institutions; We will carry out training programs in science and technology finance for small, medium and micro technology enterprises, and cultivate compound talents in science and technology finance.
(22) establish a mechanism for coordinating the work of s&t financial services with the participation of departments of science and technology, finance and financial supervision. We will improve the mechanism for coordination, communication and division of responsibilities across departments and at different levels, and strengthen coordination of policies on science and technology, finance, taxation and finance, so as to form policy synergy for advancing the development of science and technology finance. Relying on the cooperation mechanism between science and technology departments, financial management departments and financial institutions, the comprehensive advantages of science and technology departments in policies, information, projects, experts and other aspects are combined with the advantages of financial institutions in products and services, so as to realize the mutual promotion of science and technology innovation and financial innovation.
Exploring the establishment of a monitoring and evaluation system for s&t financial services. Branches of the people's bank of China can be according to the actual circumstance of jurisdiction, according to the local department of science and technology enterprise standards and list of science and technology, promote the financial institutions to establish scientific financial services statistics system, to strengthen the statistics and monitoring analysis of scientific and technological enterprise loans, and explore establishing financial services special credit policy guidance of science and technology evaluation system.
Please the people's bank of Shanghai headquarters, all branches, business management department, the provincial capital (capital) city center branch, deputy provincial city center branch jointly with the province (area, city) science and technology, intellectual property, branch, regulatory, ia departments will jointly forwarding this opinion to the relevant institutions within their respective jurisdictions, and coordinate preparation for implementing this opinion.