The China Banking and Insurance Regulatory Commission answers reporters’ questions on the “Guiding Opinions on Supporting High-Level Technological Self-reliance in the Banking and Insurance Industry”
In order to implement the decisions and deployments of the Party Central Committee and the State Council, improve the financial system that supports high-level technological self-reliance, and promote the improvement of the quality and efficiency of banking and insurance technology and financial services, the China Banking and Insurance Regulatory Commission has recently issued the “Regarding the Banking and Insurance Industry Supporting High-level Technology “Guiding Opinions on Self-improvement” (hereinafter referred to as the “Guiding Opinions”), the heads of relevant departments of the China Banking and Insurance Regulatory Commission answered reporters’ questions on the “Guiding Opinions”.
1. What is the background of the issuance of the “Guiding Opinions”?
Answer: Since the 18th National Congress of the Communist Party of China, the Party Central Committee with Comrade Xi Jinping at its core has attached great importance to scientific and technological innovation. It has put forward a series of new ideas, new conclusions, and new requirements around the implementation of the innovation-driven development strategy, emphasizing “Insist on innovation in the modernization of our country. The core position in the overall situation, and the self-reliance of science and technology as the strategic support of national development.” The China Banking and Insurance Regulatory Commission resolutely implemented the decisions and deployments of the Party Central Committee and the State Council, and continued to supervise the banking and insurance industry to do a good job in financial services for scientific and technological enterprises, and achieved positive results. However, compared with the need for high-level technological self-reliance, the level of technological financial services still needs to be further improved.
2. What considerations does the “Guiding Opinions” have in optimizing financing services for technology companies?
Answer: The “Guiding Opinions” actively promote the tilt of financial resources to the field of technological innovation, supervise the banking and insurance industry to combine the characteristics of technological enterprises, accelerate the innovation of institutional mechanisms, products and services, and better serve technological innovation. The first is to implement the decisions and deployments of the Party Central Committee and the State Council, and highlight policy pertinence. Supervise bancassurance institutions to strengthen financial support in accordance with the “four aspects” requirements of technological innovation, while adhering to market orientation, strengthening the construction of special mechanisms, improving internal management, and building a sustainable product and service model. The second is to systematically summarize practical experience and highlight the effectiveness of policies. In the early stage, various financial institutions in various regions actively explored and promoted the work of science and technology finance, and many good experiences and practices have emerged. We summarized relevant good practices and fully reflected them in the “Guiding Opinions.” The third is to reserve space for business innovation and highlight policy forward-looking. Fully consider the differences of various regions and financial institutions, and encourage exploration and innovation according to local conditions on the premise of compliance with laws and regulations.
3. What differentiated arrangements does the “Guiding Opinions” have in coordinating the service technological innovation of various bancassurance institutions?
Answer: The “Guiding Opinions” coordinate the promotion of direct financing and indirect financing to complement each other, policy finance and commercial finance work together, fully consider the advantages and characteristics of banks, insurance, and non-bank financial institutions, and mobilize the enthusiasm of technology and financial services. Promote developmental and policy banks to optimize internal processes and improve the quality of financial services for technological innovation. Encourage commercial banks to make high-level technological self-reliance and self-reliance as a key service area, strive to achieve continuous growth in the loan balance of technology enterprises and the number of loan holders, and continuously improve the level of comprehensive financial services. Encourage insurance institutions to improve the system of scientific and technological insurance products, form insurance guarantees covering the research and development, production, and sales of scientific and technological enterprises, and increase the guarantee of the quality of scientific research materials and equipment and scientific research results. Support non-bank financial institutions to give full play to their unique advantages and jointly promote the formation of a strong synergy that supports high-level technological self-reliance.
4. In what areas does the “Guiding Opinions” specifically support technological financial business product innovation?
Answer: At present, with the rapid progress of global science and technology, the financial needs and characteristics of technology companies are changing rapidly. The “Guiding Opinions” encourage banks and insurance institutions to coordinate development and safety, and accelerate the innovation of technology financial products and services on the basis of optimizing and fine-tuning the traditional business of technology finance. Encourage banking institutions to extend working capital loan periods in accordance with laws and regulations in accordance with the production and operation cycles of science and technology enterprises, adopt more flexible interest rate pricing and interest repayment methods, and facilitate the innovation and development of science and technology enterprises. Promote the first (set) and new material insurance pilot projects, support the regions with conditions to explore the first version of software insurance, and escort the transfer and transformation of scientific and technological achievements. In addition, bancassurance institutions are encouraged to expand financial services for scientific and technological talents, enrich the types of intellectual property insurance businesses, and meet the diversified financial needs of scientific and technological innovation.
5. In view of the high-risk and high-uncertainty characteristics of high-tech enterprises, what targeted measures have been proposed in the “Guiding Opinions”?
Answer: On the one hand, considering that technology companies at the start-up stage are more in line with the risk appetite for direct financing, under the premise of compliance with laws and regulations, controllable risks, and sustainable business, the “Guiding Opinions” support the subsidiaries, insurance institutions, Trust companies, etc. invest in venture capital funds, government industrial investment funds, etc., to provide equity financing for the development of technology companies. Support asset management products to invest in equity assets including the equity of unlisted technology companies and their right to receive (receive) benefits in accordance with the law, so as to match the maturity of asset management products with the maturity of the assets they invest in and match the growth cycle of technology companies. Study the feasibility of establishing insurance funds to serve the national science and technology strategy special fund or other fund of funds to support science and technology development, so as to better support the innovation and development of science and technology enterprises.
On the other hand, the “Guiding Opinions” require bancassurance institutions to improve professional internal management and risk control mechanisms. Encourage bancassurance institutions to set up professional technology financial service organizations, cultivate professional talents, and improve mechanisms for assessment and incentives and due diligence. Organize scientific and technological experts to participate in business reviews, actively explore the application of a new generation of information technology in the field of financial risk control, and pay more attention to the availability of equity investment, research and development capabilities, technical advantages, patent quality, team stability and market prospects of technology companies, and improve specialization The risk control model.
6. What are the work plans of the China Banking and Insurance Regulatory Commission to promote the implementation of the Guiding Opinions?
Answer: The “Guiding Opinions” require bancassurance institutions to implement their main responsibilities, coordinate development and prevent risks, operate in compliance with laws and regulations, and report relevant data truthfully and accurately. All banking and insurance regulatory bureaus are required to clarify the responsible departments, strengthen supervision and guidance, summarize and promote good practices in scientific and technological financial services in a timely manner, and cooperate with local governments to improve the policy environment and form a policy synergy. Carry out the work in a down-to-earth manner and do a good job in risk prevention. Support local governments to improve risk sharing and compensation mechanisms by establishing risk compensation funds for scientific and technological credit and improving financing guarantee mechanisms. Support the improvement of the intellectual property service system, improve the efficiency of the intellectual property pledge business, and promote the continuous improvement of the level of scientific and technological financial services.
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