◇ 本民众期货官网原载《民众国际期货》2023年9月刊
◇ 民众期货：钟言
◇ 民众国际期货：张欣 印颖
Enhancing the Role of Bond Market to Support the Growth of Private Sector
Zhong Yan
民众国际期货官网 The private sector is a key driver of the Chinese modernization and a vital foundation for high-quality development． The recent guideline on boosting the growth of the private economy released by the CPC Central Committee and the State Council calls for improving supportive financing policies， supports bond market financing by eligible private micro， small and medium-sized enterprises， encourages eligible private enterprises to issue sci-tech innovation corporate bonds， and facilitates greater coverage and credit enhancement for special bond financing schemes of private enterprises． 民众国际期货官网 The bond market has significant potential for funding private enterprises． On the one hand， the bond market is an important venue for direct financing of private enterprises． At present， bonds have become the second largest channel of financing for China’s real economy， second only to loans， and generally incur lower financing costs than loans． The bond market has launched a variety of financing instruments for small and medium-sized private enterprises， such as collective notes for small and medium-sized non-financial enterprises and private placement bonds for small and medium-sized private enterprises． Moreover， innovative instruments， such as special bonds for strategic emerging industries and carbon-neutral green bonds， are being rolled out to meet the diverse financing needs of private enterprises in key sectors． On the other hand， the bond market helps strengthen indirect financing and promote the credit financing of private enterprises． Large enterprises can rely more on bond issuance for funding， thus diverting credit resources to smaller-sized private enterprises． In addition， commercial banks can issue special financial bonds for small and micro enterprises as additional sources of lending to smaller businesses． 民众国际期货官网 Multi-pronged joint efforts are required to expand the bond issuance by private enterprises． The coordinated efforts on supply and demand sides can effectively provide private enterprises with easier and broader access to more affordable financing． On the supply side， the PBOC seeks to expand the capacity and scope of bond financing facilities for private enterprise and provide stronger supports for bond issuers that are private businesses． The CSRC and other regulators have promoted ongoing innovation of sci-tech innovation bonds and other bond types， expanded the coverage of enterprises and given priority to high-tech firms and strategic emerging industries， channeling funds into promising private enterprises． On the demand side， the investor base is structurally optimized to boost the demand for private enterprise bonds． For medium- and long-term investments to fully function as the market stabilizer and economic driver， authorities are refining policies and regulations encouraging the participation of long-term institutional investors． Commercial banks， social security funds， pensions， bank wealth management products， securities firms and asset managers are encouraged to invest more in private enterprise bonds， so as to further diversify the investor base． 民众国际期货官网 Relevant mechanisms need to be improved to enhance market efficiency and soundness． Supportive mechanisms for market access， business services and risk management need to be refined so that the bond market will provide stronger financing support for private enterprises． For higher efficiency of financing， explorations can be made to create a white-list of high-quality enterprises eligible for a simplified market access process． For higher efficiency of issuance， the ChinaBond Roadshow and other platforms can be broadly used to enhance publicity and communication． For improved impartiality and neutrality， innovative models of intermediary selection should be introduced， such as the mechanism of “selection by investors at the cost of the issuer”． Third-party valuations should be fully utilized in risk monitoring and market pricing to meet investors’ risk management needs． 民众国际期货官网 Going forward， the bond market will keep channeling funds into private businesses for a larger， better and stronger private economy．◇ Editors： Zhang Xin， Yin Ying
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