Our reporter Bao Xing'an
After the nationwide teleconference on stabilizing the economic market, Jilin Province, Zhejiang Province, Shanghai and other places quickly issued a package of economic stabilization policies. Many policies involved the capital market, including promoting more companies to go public and giving full play to the relief of listed companies. The role of hardship funds, encourage the issuance of corporate bonds for technological innovation, and promote the issuance of REITs by more existing infrastructure projects.
Dong Zhongyun, chief economist of AVIC Securities, told the "Securities Daily" reporter that the central government has clarified the general direction of policy efforts to stabilize growth, and has made policy deployments in currency, infrastructure, real estate, consumption and foreign trade.After the nationwide teleconference on stabilizing the economy, all localities will step up the introduction of specific policies, and strive to achieve economic stabilization and recovery as soon as possible.
On May 27, Jilin Province issued "Several Measures to Stabilize the Province's Economy" and proposed 43 specific measures.This includes improving the financing capacity of the capital market.Deeply implement the "Jixiang" plan for corporate listing, seize the opportunity of fully implementing the stock issuance registration system, and promote more companies to go public.On May 29, Shanghai issued the "Shanghai Action Plan for Accelerating Economic Recovery and Revitalization", proposing 50 policy measures.These include in-depth implementation of the "Pujiang Light" action, incubating and cultivating more high-quality technology-based enterprises, upgrading the enterprise database and policy database, and providing precise services for the listing of enterprises; further exerting the role of the bailout fund for listed companies, expanding the scope of bailouts, optimizing Bailout process, improve the operation efficiency of bailout funds, and actively help small and medium-sized listed companies to ease the pressure on capital liquidity.
Chen Li, chief economist of Chuancai Securities, told the "Securities Daily" reporter that at present, policies and measures to stabilize the economy have been introduced in many places to maximize the role of finance in supporting the real economy.These measures can obviously help enterprises to bail out, create a more suitable financing environment, stabilize the business expectations of small, medium and micro enterprises, and ultimately help enterprises tide over the difficulties.As micro, small and medium-sized enterprises have a strong ability to absorb employment, providing precise financing support services for private enterprises, thereby promoting the development of micro, small and medium-sized enterprises, is an important channel to protect people's livelihood and employment.
"The epidemic has had an impact on corporate operations, and corporate balance sheets have deteriorated, and listing financing is conducive to corporate financing and development without increasing the financial interest burden." Dong Zhongyun said.
In addition to promoting the listing of enterprises, many places have also proposed to encourage the issuance of various types of bonds.On May 28, Qingdao issued "Several Policies and Measures to Stimulate Market Vitality and Stabilize Economic Growth in Qingdao", and proposed 89 measures, including the exemption of bond financing transaction fees for private enterprises.Encourage the issuance of innovative corporate bonds such as technological innovation bonds, innovation and entrepreneurship bonds, and green bonds, and support private enterprises in making good use of various credit protection tools.
Chen Li said that at present, private enterprise bond financing has problems such as poor channels and difficulty in financing.A variety of innovative corporate bonds such as technology innovation bonds, innovation and entrepreneurship bonds, and green bonds have been launched one after another, which can effectively support the healthy development of private enterprises and further meet the financing needs of the real economy.
"In the selection of policy tools, it is necessary to balance short-term goals and long-term goals. It is necessary to effectively stabilize short-term economic operation, and to focus on the long-term, taking into account structural adjustment and risk control. Innovation companies such as technology innovation bonds, innovation and entrepreneurship bonds, and green bonds are encouraged. Bonds reflect this kind of policy balance.” Dong Zhongyun believes that the above-mentioned bond varieties can achieve precise support and direct funds for key areas through institutional innovation. While effectively stabilizing short-term economic operations, by supporting enterprises in key areas such as technological innovation and green development, and help my country's economic transformation and upgrading.
It is worth mentioning that Shanghai also proposed to further play the role of infrastructure real estate investment trust funds (REITs), implement the "Shanghai REITs 20" support policy, and promote more eligible existing infrastructure projects to issue REITs, and select guarantees. Carry out REITs pilot projects such as rental housing projects, and support the revitalization of stock funds for new projects.
Liu Xiangdong, deputy director of the Economic Research Department of the China International Economic Exchange Center, told the "Securities Daily" reporter that the development of infrastructure real estate investment trust funds is intended to promote the securitization of stock assets, activate social capital, and use the released stock funds for more new projects. , so as to promote the efficient flow and efficient circulation of funds.(Securities Daily)
【Editor: Shi Rui】
