Shanghai headquarters of the central bank: adhere to the positioning of "housing and not speculating"

According to the news of the Shanghai headquarters of the central bank on May 6, recently, the local coordination mechanism of the Office of the Financial Committee (Shanghai) issued "Several Opinions on Comprehensively Doing a Good Job of Enterprises' Resumption of Work and Stabilizing Foreign Trade and Foreign Financial Services". This is the first policy document jointly formulated by the Shanghai Headquarters of the People's Bank of China and the member units of the Shanghai Coordination Mechanism, and it is also a concrete measure to implement the recent work requirements of the the State Council Financial Committee and the Shanghai Municipal Party Committee and Municipal Government.

The Opinions carefully sorted out and refined the relevant policies and measures of financial support for resuming work and production, stabilizing foreign trade, stabilizing foreign investment and stabilizing investment, which fully reflected the policy synergy of Shanghai's financial system in accelerating the return to normal of economic and social development order by continuously increasing financial support for enterprises to resume work and production, fully ensuring the orderly resumption of major projects and industrial chain coordination, actively supporting the stabilization of foreign trade, expanding effective investment, actively promoting the opening up of the financial sector, and continuously optimizing the business environment.

Since the establishment of Shanghai coordination mechanism, all member units have made active efforts in supporting epidemic prevention and control, resuming work and production, and achieved good results. In the next step, the Shanghai coordination mechanism will continue to play an active role, strengthen policy coordination and promote the implementation of the Opinions. While continuing to do a good job in the prevention and control of normalized epidemics and comprehensively promoting the resumption of production, we will actively promote financial support to do a solid job in the "six guarantees" and fully implement the "six guarantees" to effectively safeguard the stable and healthy development of Shanghai's economy and finance. The full text is as follows:

Local Coordination Mechanism of Finance Committee Office (Shanghai)

Some opinions on doing a good job in financial services for enterprises to resume work and production and stabilizing foreign trade and foreign investment

In order to thoroughly implement the decision-making arrangements of the CPC Central Committee and the State Council on coordinating the prevention and control of epidemic situation and economic and social development in COVID-19, we should earnestly do a good job in stabilizing foreign trade and foreign investment (hereinafter referred to as "three stabilities") in accordance with the working policy of the the State Council Financial Stability and Development Committee of "stabilizing expectations, expanding the total amount, grasping by classification, extending the period, creating tools and grasping implementation" and the relevant work requirements of the Shanghai Municipal Party Committee and Municipal Government, and comprehensively promote enterprises to resume production and achieve production in the prevention and control of normalized epidemic situation.

First, continue to increase financial support for enterprises to resume work and production.

(1) Increase credit support for small and medium-sized enterprises to resume work and production. We will continue to make good use of the state's 500 billion yuan rediscount policy refinancing, strive to do a good job of "guaranteeing, expanding and reducing", and promote banking financial institutions to convert existing universal loans into preferential loans supported by refinancing. To implement the inclusive refinancing in rediscount policy, that is, the country added 1 trillion yuan, banking financial institutions should strive to tap new loan customers, increase the proportion of first loans and expand the coverage of preferential loans. Establish a coordinated solution mechanism for the financing demands of enterprises to resume work and production, and alleviate the financing difficulties of small and medium-sized enterprises in the process of resuming work and production.

(2) Reduce the financing cost and financial burden of enterprises. Actively implement the loan market quotation rate (LPR) reform, promote financial institutions to accelerate the conversion of loan pricing benchmark of floating interest rate enterprises, moderately benefit the real economy, and promote the decline of comprehensive financing costs of enterprises. Implement the policy of suspending repayment of principal and interest of loans for small and medium-sized enterprises to reduce the financial burden of enterprises during the epidemic. Guide banking financial institutions to promote small and micro enterprises to renew loans without repayment, and actively implement the due diligence exemption requirements for small and micro enterprise loans.

(3) Give play to the role of policy financing guarantee fund. Further improve the guarantee policy system, continue to increase financing guarantee, and ensure that the scale of policy financing guarantee loans will increase by more than 3 billion yuan in 2020. For key epidemic prevention enterprises and small and medium-sized enterprises that are greatly affected by the epidemic situation, the policy financing guarantee rate will be reduced, and the re-guarantee rate will be charged by half. The district finance will introduce a subsidy policy for guarantee fees to reduce the financing cost of enterprises. Deepen the cooperation between banks and enterprises and innovate "non-repayment loan" financing guarantee products; Improve the white list management of enterprises, open up green channels and improve service efficiency.

Two, to ensure the orderly resumption of major projects and industrial chain coordination.

(four) to ensure the orderly resumption of work in key areas and major projects. Actively cooperate with the issuance and underwriting of general bonds and special bonds of local governments, and provide supporting financing and financial service guarantee for the timely resumption of construction projects and the early start of new projects. Encourage financial institutions to actively raise funds for enterprises and projects in key areas that have a great impact on the acceptance of the epidemic through direct financing channels such as issuing bonds for epidemic prevention and control, so as to ensure the orderly start and resumption of investment projects. Adhere to the positioning of "housing and not speculating" and support financial institutions to provide support and financing services for major projects such as old district reconstruction, affordable housing and rail transit in accordance with the principle of marketization.

(5) Strengthen industrial chain cooperation and resume the production of financial services. Optimize the financial services of core enterprises in the industrial chain, support core enterprises to reduce the capital occupation of upstream enterprises, and help downstream enterprises to alleviate the cash flow pressure. Strengthen credit support for upstream and downstream enterprises in the industrial chain, and further optimize the products and handling processes of supply chain financing services. Improve the scientific and technological level of industrial chain financial services, and improve the assessment, incentive and risk control of industrial chain and supply chain financial services of banking financial institutions. For manufacturing enterprises that are temporarily affected by the epidemic and have good credit, the margin ratio of bank acceptance bills may be appropriately reduced. Strengthen financial support for the resumption of shipping and logistics industry, ensure the smooth flow of international supply chain logistics channels, and support the coordinated development of global industrial chains. Support futures companies to provide derivatives services such as OTC options to enterprises, and provide guarantee for enterprises to manage material cost risks and stabilize production.

Three. Actively support the stabilization of foreign investment and foreign trade and expand effective investment.

(6) Give play to the role of policy finance. Support policy banks to set up special credit lines and support small and medium-sized enterprises in the "three stable" field with preferential interest rates. China Development Bank Shanghai Branch is encouraged to set up a special loan to support the high-quality development of manufacturing industry, focusing on supporting the technological transformation of advanced manufacturing industry and traditional manufacturing industry. The Export-Import Bank of China Shanghai Branch is encouraged to expand the scale of trade financing business and actively respond to the impact of the epidemic on the international industrial chain and supply chain. China Agricultural Development Bank Shanghai Branch is encouraged to increase its support for spring ploughing, grain reserves and rural infrastructure. Support China Export Credit Insurance Corporation Shanghai Branch to further expand the coverage of short-term export credit insurance, strengthen coordination with policy guarantee funds and commercial banks, and help foreign trade enterprises effectively spread risks and increase credit.

(7) Give play to the role of multi-level capital market. Promote the expansion of the scale of financial bonds issued by financial institutions in Shanghai, and support commercial banks in Shanghai to issue supplementary capital such as secondary capital bonds and perpetual bonds. Promote non-financial enterprises in Shanghai to issue debt financing instruments, increase support for debt financing of strategic emerging industries and affordable housing projects, and focus on promoting the issuance of special bonds such as dual innovation, small and micro enterprises, agriculture, rural areas and farmers, and green; Increase support for private enterprise bond financing, and provide better policy environment and convenient conditions for private enterprises to issue bonds. Support and encourage foreign trade enterprises to refinance and major asset restructuring, and provide more convenient supervision services for foreign trade enterprises' financing.

(8) Do a good job in docking financial services for key projects in key areas. Promote the issuance of corporate bonds and the inflow of foreign capital and foreign debts, and enrich the financing channels for key projects in key areas. Guide financial institutions to open up fast approval channels, optimize business processes, increase product innovation, improve assessment and incentive mechanisms, further enhance service capabilities, and actively do a good job in financial services for key development areas, major investment projects and major foreign investment projects in Shanghai. Encourage financial institutions to increase credit support for key areas such as integrated circuits, biomedicine and artificial intelligence; Encourage financial institutions to launch customized financial products and exclusive financial service programs, and provide support for key industries and major construction projects such as Lingang New District of Shanghai Free Trade Zone, Yangtze River Delta Ecological Green Integration Development Demonstration Zone, Hongqiao International Open Hub and G60 Science and Technology Corridor; Guide financial institutions to increase medium and long-term credit supply in manufacturing industry and improve the tolerance of medium and long-term credit non-performing rate in manufacturing industry. Encourage major project units and investors such as integrated circuits, biomedicine and artificial intelligence to raise funds through corporate bonds.

Fourth, actively promote the opening up of the financial sector.

(nine) actively implement the opening up of the financial industry. Pilot foreign-funded institutions and large banks to set up wealth management companies in Shanghai. Support foreign-funded institutions to set up or control securities operating institutions and fund management companies in Shanghai, and promote the increase of the ratio of foreign shares in life insurance from 5 1% to 100%, which is the first to be realized in Shanghai. Support overseas financial institutions to invest and participate in pension management companies in Shanghai. The pilot insurance asset management company shares in overseas asset management institutions and other wealth management companies established in Shanghai. Encourage multinational companies to set up global or regional fund management centers and other headquarters-based institutions in Shanghai. Financial leasing parent companies and subsidiaries registered in Shanghai Pilot Free Trade Zone are allowed to enjoy the foreign debt quota.

(10) Further opening up the financial market. We will fully implement the measures to open the bond market to the outside world, expand the channels for overseas institutional investors to enter the bond market, and enrich the types and numbers of overseas investors. Gradually promote the transformation of domestic settlement agents into custodian banks, and provide diversified services for foreign investors to enter the inter-bank bond market. Continue to promote the issuance of "panda bonds" and attract more international organizations, overseas financial institutions and overseas non-financial enterprises to issue RMB bonds in the domestic bond market. Support the Shanghai Stock Exchange to study specific measures to promote the opening up of the bond market, and further enhance the comprehensive service capacity of Shanghai's financial market. Support the fund management center established by multinational companies in Shanghai to enter the inter-bank foreign exchange market with approval.

(1 1) Continue to optimize cross-border financial services. Expand the implementation scope of cross-border RMB settlement facilitation for high-quality enterprises, from Shanghai Free Trade Zone and Lingang New District to Shanghai foreign trade and foreign investment industries; Expand the pilot scope of cross-border transfer of domestic trade financing assets from Lingang New District to Shanghai industrial chain and supply chain enterprises; Support Shanghai's development of goods resale and entrepot trade, especially cross-border settlement of bulk commodities; Support multinational enterprise groups to carry out centralized transfer of local and foreign currency funds between domestic and foreign member enterprises through the fund pool. Pay attention to cross-border financial policies supporting digital trade; Study and promote the cross-border transfer of cross-border trade financing assets; Study and promote the pilot reform of RMB capital account of foreign-invested enterprises.

Verb (abbreviation for verb) constantly optimizes the business environment.

(12) Further promote the facilitation of foreign exchange management. We will further promote the application of the online processing system for government services on the platform of "digital foreign-related management" and optimize the convenience measures for foreign exchange business. We will comprehensively facilitate the payment of foreign exchange income in capital projects, allow pilot banks to provide online banking, mobile banking and other electronic channels for pilot enterprises to handle facilitation business, and enterprises can electronically fill out payment instructions for fund transfer. The income from enterprise capital projects and RMB funds from foreign exchange settlement are allowed to be used by affiliated companies such as equity relations or supply chains. Promote financial institutions to improve exchange rate risk management products, enhance service capabilities, help enterprises improve exchange rate risk management capabilities, and effectively respond to the impact of the epidemic.

(XIII) Improve account management and optimize the payment environment. Support banks to establish a green channel for account services, and explore the use of various scientific and technological means to handle account business for enterprises through electronic channels on the premise of effectively preventing risks and accurately identifying customers' identities and willingness to open accounts. Support banks and payment institutions to accelerate the expansion of mobile payment convenience consumption scenarios. On the basis of ensuring the steady progress of the mobile payment convenience project, we will actively participate in promoting the pilot of domestic mobile payment services for short-term overseas tourists to enhance the mobile payment experience and satisfaction of inbound tourists. Encourage banks and payment institutions to implement phased concessions for customers' various payment service charges based on the principle of commercial sustainability.

(fourteen) continue to do a good job in credit information services to help small and medium-sized enterprises financing. Guide the public to handle credit inquiries online, and encourage and support commercial banks to open online banking inquiry channels for corporate credit reports. Guide all credit information service outlets within the jurisdiction to do a good job in safety protection, provide credit information services efficiently, and smooth the channels for credit information rights protection to ensure the smooth and orderly credit information services during the epidemic prevention and control period. Guide financial institutions to make reasonable adjustments to the overdue records submitted by enterprises that temporarily lost their income sources due to the epidemic and key enterprises for epidemic prevention and control, and gradually reduce the fees related to pledge registration of accounts receivable of enterprises and the fees for credit inquiry services of rural commercial banks, village banks and other 10 financial institutions. Accelerate the construction of a comprehensive credit service platform for SME financing in Shanghai, and continue to promote the inclusive finance application project of Shanghai Big Data Center to help SME financing.

(15) Effectively protect the legitimate rights and interests of financial consumers. Strengthen the communication and coordination between the central financial management department in Shanghai and the local financial supervision bureau in protecting the rights and interests of financial consumers. Ensure the smooth channels for financial consumers to complain and consult, and promote the construction of a diversified settlement mechanism for financial disputes. Optimize the digital inclusive finance service, and more accurately play the role of inclusive finance in supporting small and micro enterprises, individual industrial and commercial households, farmers and other groups to resume work and production.