The 2024 Financial Street Forum is currently in full swing in Beijing. At a parallel session titled “Supporting SMEs on the Path of Specialization, Refinement, Uniqueness, and Innovation: Enhancing Services for New Quality Productive Forces,” speakers engaged in various discussions on the theme, offering insights and suggestions to better serve small and medium-sized enterprises (SMEs) as they pursue this specialized path.
Liang Zhifeng, Director of the Small and Medium Enterprises Bureau at the Ministry of Industry and Information Technology, delivered a keynote address highlighting the ministry’s plans to sign a strategic cooperation agreement with the Beijing Stock Exchange and the National Equities Exchange and Quotations. He emphasized a targeted approach to enhance the depth and breadth of services offered to specialized SMEs. Additionally, he mentioned that the ministry is collaborating with the China Securities Regulatory Commission to expedite the launch of a third batch of “Specialization, Refinement, Uniqueness, and Innovation” boards that will provide more localized and comprehensive financial services for these enterprises. There are also plans to develop an evaluation index to assess the development of specialized SMEs, aiming for precise financing through detailed profiling.
Shang Qingjun, a senior official at the China Securities Regulatory Commission, shared that this year, the commission is diligently implementing the spirit of the new “National Nine Articles” by drafting a range of supporting documents and regulatory frameworks, establishing a “1+N” policy rule system that is gradually being implemented. Moving forward, the CSRC aims to ensure effective execution of these policies, enhance the functions of the capital market in coordinating investment and financing, and promote the high-quality development of the Beijing Stock Exchange and the National Equities Exchange and Quotations. This effort will bolster support and services for innovative SMEs and align with the broader objectives of modernizing China.
Zhang Wen, President of the Beijing Financial Court, noted that since its establishment, the court has focused on promoting rule-making through rulings and fostering development through collaboration. The court aims to provide judicial services throughout the entire lifecycle of SMEs specializing in innovation. Their goals include establishing judicial guarantees for SME development, enhancing collaboration to remove barriers in service delivery, and strengthening partnerships with the Beijing Stock Exchange to create a new ecosystem for specialized enterprises.
Huo Xuewen, Chairman of Beijing Bank, reported that the bank currently supports over 17,000 specialized enterprises, with expectations to surpass 20,000 by the end of the year. He outlined the bank’s commitment to specialization through established Technology Finance Departments across all 17 first-level branches, focusing on refined service delivery and catering to client needs. Moreover, the bank is developing a diverse array of specialized products, including “Jinli e-loan” and “Tong e-finance,” while building an innovative service ecosystem encapsulated in their “Corporate Home” and “Matching Win” platforms.
Zhou Guihua, Chairman of the Beijing Stock Exchange, expressed confidence in the exchange’s foundational strength, potential, and responsibility to support technological innovation more vigorously. He underlined the need to enhance the adaptability of regulations, evaluate listing mechanisms more thoroughly, optimize financing options, and enrich the product toolbox for quality enterprises aligned with new productive forces. Additionally, he stressed the importance of fostering an inclusive innovation culture that encourages experimentation and accommodates failures. Zhou also emphasized the need for precise services tailored to the innovation needs of SMEs and coordinated policies that strengthen collaboration across various sectors, facilitating the convergence of advanced resources in support of technological innovation within SMEs.
