Ji Tao Yu was invited to attend a symposium on financial services for private enterprises and offered suggestions.

On February 19, the Shandong Provincial Federation of Industry and Commerce and the People's Bank of China Jinan Branch held a symposium on financial services for private enterprises. To jointly combat the epidemic, resume production as soon as possible, and address the financing difficulties of private enterprises, the meeting solicited opinions and suggestions from private entrepreneurs, signed cooperation agreements, and established five mechanisms: policy cooperation, financing services, information sharing, problem consultation, and publicity and exchange. This aims to better serve the private economy and guide it towards steady, healthy, and high-quality development. Wang Suilian, Vice Chairman of the Standing Committee of the Shandong Provincial People's Congress and Chairman of the Provincial Federation of Industry and Commerce, and Liu Qiang, Member of the Party Leadership Group and Vice Governor of the Shandong Provincial Government, attended the meeting and delivered speeches. The meeting was chaired by Zhou Fengmin, Party Secretary and President of the People's Bank of China Jinan Branch.

The meeting began with speeches from five chamber of commerce presidents and entrepreneurs, and four financial institution heads.

Yu Jitao, initiator of the “6+1” community, president of the Shandong Ecological Environment Enterprise Federation, and chairman of Shandong Zhongsen Technology Co., Ltd., first expressed gratitude to the Provincial Federation of Industry and Commerce for its role in bridging the gap for private enterprises and for co-hosting this symposium with the People's Bank of China Jinan Branch. He also thanked the Provincial Federation of Industry and Commerce for its support in establishing the “6+1” community and reported on the efforts made to address the financing difficulties of member enterprises since the establishment of the “6+1” community. He reflected on the survey conducted on the cash flow, deposits, and loans of member enterprises and the difficulties encountered.

Yu Jitao stated that to promote the development of private enterprises and achieve the transformation of old and new growth drivers and high-quality development, "government, industry, academia, research, finance, use, and service" must work together to develop inclusive finance and address the issues of insufficient credit and inadequate supply of financial products for private enterprises. He put forward three suggestions: First, he hoped that banks would benchmark against Jiangsu Bank in financial innovation, seize the opportunity of government-introduced risk compensation funds, cooperate with the Provincial Department of Ecology and Environment to launch "environmental protection loans" and green financial products; cooperate with the science and technology department to launch "science and technology loans" and "community loans"; and cooperate with the Ministry of Industry and Information Technology to launch inclusive financial products for small and micro-enterprises. Second, he suggested that the People's Bank of China Jinan Branch and the Shandong Provincial Federation of Industry and Commerce support the Shandong Provincial Ecological Environment Industry Innovation and Entrepreneurship Community and the 6+1 community in jointly establishing the Shandong Provincial Green Finance Alliance. Third, he hoped that business associations could find cooperating financial institutions and achieve win-win results by utilizing the cash flow resources of member enterprises. He also hoped that the risk compensation fund pool planned by business associations could receive financial support, and that the "Shandong Provincial Business Association Equity Investment Fund" and the "Shandong Provincial Ecological Environment Industry Development Fund," planned by the community and the chamber of commerce, could receive government guidance fund support.

Zhang Jianhong, Feng Xining, Lu Jianlin, and Zhang Ping, four chamber of commerce presidents and entrepreneurs, gave excellent speeches and offered sincere suggestions during the exchange session.

The main leaders of the Agricultural Development Bank Shandong Branch, Industrial Bank Shandong Branch, Construction Bank Shandong Branch, Shandong Rural Credit Union, Hengfeng Bank, CITIC Bank, China Everbright Bank Jinan Branch, and Qilu Bank attended the meeting and made exchange speeches.

The Shandong Provincial Federation of Industry and Commerce and the People's Bank of China Jinan Branch signed a cooperation agreement on financial support for the high-quality development of private enterprises.

In his concluding remarks, Liu Qiang stated that since 2019, to help private and micro-enterprises improve the accessibility of loans, the province has implemented six measures: first loan cultivation, non-repayment renewal loans, emergency revolving funds, distress funds, accounts receivable financing, and tax-bank interaction. Four systems have also been built: enterprise financing service credit system, policy-based financing guarantee system, micro-finance service organization system, and direct financing promotion system. These efforts have yielded initial results. In 2020, all units should continue to implement the above-mentioned "combination of punches," further enhance the integration of government data, expand the coverage of various fund platforms, and establish a 3,000-person financial service team based on the financial advisory group. This team will support 20,000 enterprises, strengthen policy publicity, gain a deeper understanding of industry information, and facilitate financial docking. He agreed with President Yu Jitao's suggestion that "banks need to refine industry markets," learning from advanced regions and banks' practices of launching green financial products such as "solid waste loans," innovating green finance, and effectively helping enterprises solve financing problems.

Lu Jie, Vice Secretary-General of the Provincial Government, and responsible comrades from the Provincial Development and Reform Commission, Provincial Ministry of Industry and Information Technology, Provincial Department of Commerce, Provincial Local Financial Supervision Bureau, and Shandong Banking and Insurance Regulatory Bureau attended the meeting.

In her concluding remarks, Wang Suilian pointed out the need to build confidence and determination in overcoming the novel coronavirus pneumonia epidemic, proactively paving the way for financial support for the healthy development of the province's private economy, and jointly building a good bank-enterprise ecosystem of "mutual assistance, mutual trust, and mutual benefit." In 2020, the Provincial Federation of Industry and Commerce will focus on building the service brands of "face-to-face bank-enterprise meetings" and "face-to-face government-enterprise meetings." It will further strengthen cooperation with the People's Bank of China and various financial institutions, and hold bank-enterprise financing docking activities irregularly. The agreement, "Cooperation Agreement on Financial Support for the High-Quality Development of Private Enterprises," will be implemented effectively. She hoped that various banking institutions would effectively guarantee the financing needs of enterprises; that the People's Bank of China Jinan Branch would play a guiding role in monetary policy tools and guide various banks to treat private enterprises in the province "equally"; and that government financial departments would do a good job in overall coordination and leverage fiscal leverage.

Sun Zhanjia and Li Chengxin, resident leaders of the Provincial Federation of Industry and Commerce, attended the meeting.

Selected measures are as follows:

Delegating the credit approval authority of private enterprises and optimizing the business processes of private enterprises to make credit support more precise; setting up a special indicator of "supporting the development of private enterprises" in performance appraisal to guide the work of the entire bank; including private enterprises in the strategic allocation of credit scale to fully guarantee loan needs; implementing a mechanism of exemption from liability to provide a "protective umbrella" for credit personnel to provide financial services to private enterprises with peace of mind; and actively innovating guarantee methods and creating a comprehensive product system to address the pain points of guarantees for private enterprises. (Agricultural Bank of China, Shandong Branch)

Four "treating equally": equal credit policies, without raising the entry threshold; equal service efficiency, without hesitation; equal incentives and constraints, without favoritism; equal product innovation, without looking left and right. Three "advocacies": advocating proactive on-site service, advocating proactive problem-solving, and advocating proactive response to hot issues. The entire bank is required to coordinate and allocate resources to private enterprises. (China Everbright Bank, Jinan Branch)

It is understood that the Provincial Federation of Industry and Commerce (Provincial Chamber of Commerce) has previously joined hands with the Bank of China Shandong Branch and the Construction Bank Shandong Branch to launch preferential financing policies for private enterprises.

Relevant policies will be released successively in the near future.