Abstract At present, the revitalization of China's manufacturing industry is increasingly inseparable from financial support. Recently, the Central Bank, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission jointly issued the "Guiding Opinions on Financial Support for the Construction of a Powerful Country" (hereinafter referred to as the "Opinions"), and proposed to further improve financial services...
At present, the revitalization of China's manufacturing industry is increasingly inseparable from financial support. Recently, the Central Bank, the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission jointly issued the "Guiding Opinions on Financial Support for the Construction of a Powerful Country" (hereinafter referred to as the "Opinions"), proposing to further improve the financial service system, innovate financial products and services, and improve the manufacturing power. Construction of financial support and services. It is necessary to vigorously develop multi-level capital markets and strengthen financial support for the construction of a strong country. Liu Zhe, assistant to the president of the Wanbo New Economic Research Institute, said in an interview with the Securities Daily that financial support is an important prerequisite for enterprises to “go globalâ€. On the one hand, it can meet the foreign investment of enterprises by establishing multi-level and full-process financial services. The demand for funds such as project contracting and trade financing will allow enterprises to go far; on the other hand, through innovative financial instruments, enterprises will be provided with risk management requirements such as exchange rate risk and export credit insurance for enterprises that go global.
The "Opinions" pointed out that it is necessary to continuously improve the financial support and services for "Made in China 2025", focus on the difficult points of manufacturing development, and focus on strengthening financial support for technological innovation, transformation and upgrading of manufacturing industries. At the same time, around the "Made in China 2025" key areas and key tasks, improve and improve the financial services of the manufacturing industry, promote the restructuring of the manufacturing industry, transformation and upgrading, quality and efficiency.
Huang Zhilong, director of the Macroeconomic Research Center of Suning Financial Research Institute, told reporters that the current development of China's manufacturing industry is mainly faced with three problems: First, the overcapacity of traditional manufacturing industries, domestic demand is relatively insufficient; Second, enterprises are facing increasing pressure on production costs, including Costs such as manpower, environment, land and financing, especially financing costs; third, most manufacturing companies have insufficient R&D investment, and technology and product competitiveness are weak.
In order to broaden the financing channels for manufacturing “going outâ€, the “Opinions†proposes to support “going out†enterprises to obtain loans through mortgages such as overseas assets and equity, and improve corporate financing capabilities. Support manufacturing enterprises to carry out foreign exchange fund pools and cross-border two-way RMB fund pool business, and support manufacturing enterprises to conduct cross-border financing under the framework of full-caliber cross-border financing macro-prudential management policies. Support qualified domestic manufacturing enterprises to use the overseas market to issue stocks, bonds and asset securitization products.
“Improving corporate financing capabilities is nothing more than two ways, namely internal financing and external financing. Internal financing depends on the company’s own profit accumulation, although it is slow, but relatively stable; and external financing includes stocks, bond financing, and credit financing. These depend on the external financial market environment, the policy environment, and the financial institutions' support for the company."
Huang Zhilong believes that, in general, the company's overseas assets and equity rights have been included in the going out balance sheet, which is an important part of corporate collateral. Previously, many financial institutions did not have a sound pricing mechanism for overseas equity and overseas assets. It is difficult to conduct a reasonable evaluation of the overseas assets and equity of the company to carry out mortgage business. However, with the large-scale “going out†of financial institutions in recent years, the basic conditions for the development of overseas assets and equity mortgage loans are now available.
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