People’s Governments of All Counties (Cities, Districts), Administrative Committees of the Economic and Technological Development Zone, the Eco-Technology New City, and the Shugang-Shouxi Lake Scenic Area, and Relevant Municipal Departments and Units:

To implement the “Provincial Government’s Several Opinions on Financial Support for the Development of the Manufacturing Sector” (Su Zheng Gui [2023] No. 6), promote the smooth circulation of financial resources, comprehensively enhance the quality and effectiveness of financial support for the high-quality development of the manufacturing sector, and assist in the transformation and upgrading of the city’s manufacturing sector, the following implementation opinions are hereby put forward.

I. Strengthening Credit Policy Support for the Manufacturing Sector

(1) Optimize the combination of monetary policy tools. Comprehensively utilize policy tools such as re-lending and rediscounting, re-lending for technological innovation, and the “Su Chuangrong” and “Su Tanrong” programs to effectively leverage the targeted support of structural monetary policy tools. We aim to ensure that the amount of central bank monetary policy tools used to support manufacturing enterprises over the next five years does not fall below 26 billion yuan, with more than 60% of central bank funds allocated to support the development of manufacturing enterprises.A special quota of no less than 1 billion yuan for re-lending and rediscounting shall be established annually. A green channel for re-lending and rediscounting to manufacturing enterprises shall be set up. Financial institutions with high levels of manufacturing-related incremental business or outstanding balances shall be given priority for central bank funding support, and green bills discounted by financial institutions shall be given priority for rediscounting. Development banks and policy-based banks are encouraged to make full use of special loans for the manufacturing sector and increase financing support for major manufacturing projects, major technology promotion initiatives, and the application of major equipment.(To be implemented by the Yangzhou Branch of the People’s Bank of China and the Municipal Financial Regulatory Bureau in accordance with their respective responsibilities)

(2) Maintain reasonable and stable credit growth.Continue to include the proportion and growth rate of manufacturing loans in the performance evaluations and regulatory assessments of banking institutions. Explore incorporating the financing services provided to municipal-level major and extra-large manufacturing projects and enterprises as bonus criteria, and strengthen the application of assessment results. Guide local legal-person banking institutions to strengthen supervision and evaluation of their branches. Through internal funding price guidance, reasonable delegation of approval authority, and increased tolerance for non-performing loans, enhance the willingness to issue medium- and long-term loans and unsecured loans to the manufacturing sector.Guide non-legal-person banking institutions to actively seek manufacturing enterprise loan quotas from higher-level authorities, establish and improve differentiated assessment and incentive mechanisms, and implement due diligence exemption mechanisms for credit approvals. Strive to ensure that the growth rate of manufacturing loans is no lower than that of total loans, and that the year-on-year growth in medium- and long-term manufacturing loans and unsecured loans continues to increase. (To be implemented by the Municipal Financial Regulatory Bureau, the Yangzhou Branch of the People’s Bank of China, and the Yangzhou Regulatory Sub-bureau of the National Financial Supervisory Administration in accordance with their respective responsibilities)

(3) Reduce enterprises’ comprehensive financing costs. Leverage the effectiveness and guiding role of the Loan Prime Rate (LPR) reform to encourage banking institutions to continue refining their loan pricing mechanisms, improve the precision of loan pricing, further consolidate the achievements in reducing costs for enterprises, and reasonably pass on benefits to the real economy. Urge banking institutions to strictly implement regulatory policies on financial service fees, promote transparency in loan interest rates and service charges, and eliminate non-compliant financing channel businesses and unreasonable financial service fees.Guide banking institutions to provide principal-free loan renewal services to eligible manufacturing enterprises, establish reasonable repayment and interest calculation methods, and alleviate their financial pressure. Encourage financial institutions to collaborate with government-backed emergency funds for enterprises, state-owned loan bridging companies, and private loan bridging service companies to alleviate the cash flow difficulties of manufacturing enterprises and effectively reduce the cost of loan bridging and renewal.(To be implemented by the Yangzhou Branch of the People’s Bank of China, the Yangzhou Regulatory Sub-bureau of the National Financial Regulatory Administration, the Municipal Financial Regulatory Bureau, and the Municipal Finance Bureau in accordance with their respective responsibilities)

II. Improving the Financial Service System for the Manufacturing Sector

(4) Streamline Financing Service Channels. Industry authorities should prioritize identifying and cataloging manufacturing enterprises within advanced manufacturing clusters and key industrial chains. In collaboration with financial institutions, they should conduct in-depth visits and surveys in industrial parks, clusters, and enterprises to ascertain financing needs and resolve financing challenges. Financial regulatory authorities should extensively organize the “Ronghui Yangzhou” government-bank-investment-enterprise financing matching activities, focusing on resolving information asymmetry, building a financing promotion ecosystem, and guiding financial resources to concentrate more on mid-to-high-end manufacturing enterprises and key industrial chains.Financial institutions are encouraged to improve specialized service mechanisms for the manufacturing sector, design tailored financial products based on a “one-chain-one-policy” approach, provide dedicated support for key enterprises undergoing intelligent upgrades and digital transformation, and support green and smart manufacturing to enhance the convenience and accessibility of financing. (The Municipal Bureau of Industry and Information Technology, the Municipal Science and Technology Bureau, the Yangzhou Regulatory Branch of the National Financial Regulatory Administration, the Municipal Financial Regulatory Bureau, and the Yangzhou Branch of the People’s Bank of China shall implement these measures according to their respective responsibilities)

(5) Strengthen Financing Collateral and Guarantee Services.Guide banking institutions to broaden the scope of collateral and guarantees for loans to manufacturing enterprises, establish multi-party risk-sharing mechanisms, reduce excessive reliance on collateral and guarantees, moderately increase the loan-to-value ratio of collateral, and continuously raise the proportion of unsecured loans. Leveraging the municipal integrated platform for real estate transaction, registration, and taxation, accelerate the “end-to-end, electronic, and contactless” processing of loan mortgage registration; actively promote the application of electronic certificates for real estate registration; and encourage banking institutions to conduct “mortgage-in-place” property transfer services.Leverage the credit enhancement role of government-backed financing guarantee and re-guarantee institutions, expand the scale of policy-based financial services for the manufacturing sector, and explore the provision of bulk credit enhancement services for enterprises within key industrial chains. Provide risk-sharing support and guarantee fee subsidies for eligible manufacturing loans and financing guarantees, respectively. (To be implemented by the Municipal Financial Regulatory Bureau, Municipal Bureau of Natural Resources and Planning, Municipal Finance Bureau, Municipal Science and Technology Bureau, and Municipal Bureau of Industry and Information Technology according to their respective responsibilities)

(6) Enhance the capacity for insurance services. Encourage insurance institutions to develop specialized insurance products that support the transformation and upgrading of the manufacturing sector, improve risk coverage levels, and enhance insurance services. Promote insurance coverage for the first units of major technical equipment, the first batches of key new materials, and intellectual property. Leverage the role of export credit insurance to expand coverage and scale. Encourage insurance institutions to conduct credit guarantee insurance business to provide credit enhancement services for manufacturing enterprises lacking collateral.Encourage insurance institutions to strengthen business cooperation with banking institutions, vigorously develop “government-bank-insurance” collaboration, integrate complementary resources, and optimize business processes. (To be implemented by the Yangzhou Regulatory Branch of the National Financial Regulatory Administration, the Municipal Bureau of Industry and Information Technology, and the Municipal Financial Regulatory Bureau in accordance with their respective responsibilities)

III. Expanding Diversified Financing Channels for the Manufacturing Sector

(7) Support enterprises in issuing bonds. Support manufacturing enterprises in issuing direct financing instruments such as corporate bonds, enterprise bonds, short-term financing bills, medium-term notes, perpetual notes, and private placement instruments to broaden financing channels, reduce financing costs, and adjust debt structures.Encourage and guide manufacturing enterprises to issue innovative instruments such as green bonds, science and technology innovation bonds, science and technology innovation notes, and bond financing support tools for private enterprises. For manufacturing enterprises that successfully raise funds through bond issuance and use the proceeds for green development, technological upgrades, and scientific and technological innovation, recommend them for provincial policy support. (To be implemented by the Yangzhou Branch of the People’s Bank of China, the Municipal Finance Bureau, and the Municipal Financial Regulatory Bureau in accordance with their respective responsibilities)

(8) Encourage enterprises to go public and engage in equity financing. Continue to build the “Golden Sail” brand for IPO initiatives, and encourage eligible manufacturing enterprises to conduct multi-tiered equity financing through channels such as initial public offerings (IPOs), follow-on offerings, rights issues, and private placements on the “New Third Board” and the Jiangsu Equity Exchange Center. In accordance with relevant policies supporting enterprises’ use of capital markets for development, provide special funding support based on the progress of manufacturing enterprises’ IPOs and the net proceeds raised from such offerings.Encourage manufacturing enterprises to achieve industry consolidation and industrial upgrading through mergers and acquisitions in the capital market. Make effective use of government investment funds, vigorously develop equity investment funds such as venture capital funds, and attract various professional institutions and social capital to invest in manufacturing enterprises. Encourage venture capital entities, such as venture capital funds and angel investors, to increase support for innovative manufacturing enterprises in the seed and start-up stages. (To be implemented by the Municipal Financial Regulatory Bureau, Municipal Finance Bureau, Municipal Bureau of Industry and Information Technology, Municipal Science and Technology Bureau, and Guojin Group in accordance with their respective responsibilities)

(9) Develop Financial Leasing Services. Leverage the role of financial leasing in supporting enterprises with both financing and asset acquisition to provide major equipment leasing services for manufacturing enterprises’ technological upgrades and production line expansions. Encourage and guide manufacturing enterprises producing specific products to gradually develop equipment leasing and financial leasing services in areas such as large-scale equipment, public utilities, and production lines by establishing financial leasing companies or setting up leasing industry funds. Support financial leasing institutions in expanding their operations in Yangzhou and facilitate precise matching between these institutions and manufacturing enterprises.Guide manufacturing enterprises to adopt financial leasing to acquire urgently needed high-end production equipment, carry out technological upgrades, transformation and upgrading, and technological innovation, and revitalize operational fixed assets. (To be implemented by the Municipal Financial Regulatory Bureau and the Municipal Bureau of Industry and Information Technology in accordance with their respective responsibilities)

IV. Innovating Financial Products and Services for the Manufacturing Sector

(10) Prudently develop supply chain finance. Guide banking institutions to strengthen cooperation with core large and medium-sized enterprises in the manufacturing industry chain, supporting small and micro enterprises, and specialized logistics and warehousing companies to conduct trade financing and provide secured loans backed by inventory, orders, warehouse receipts, and accounts receivable. Comprehensive use of business models such as loans, bill acceptance, and factoring to promote supply chain financing models centered on core industrial enterprises and covering the entire upstream and downstream of the industry chain.Organize banking institutions to strengthen coordination with core enterprises in supply chains. Leveraging the capital and credit advantages of leading enterprises in industrial chains, provide innovative financial products and services such as bill financing and specialized credit products, and focus on addressing the financing needs of suppliers, distributors, and end customers within the industrial chain. (To be implemented by the Yangzhou Regulatory Branch of the National Financial Supervisory Administration, the Municipal Finance Bureau, the Municipal Financial Regulatory Bureau, and the Yangzhou Branch of the People’s Bank of China in accordance with their respective responsibilities)

(11) Develop financing secured by property rights. Optimize the service system for financing secured by intellectual property rights (IPR), guide banking institutions to expand IPR-backed financing business, and increase its accessibility and coverage. Encourage banking institutions to offer bundled collateral financing using IPRs (such as patent rights and trademark rights) legally owned by manufacturing enterprises together with tangible assets to increase financing limits. Explore the establishment of IPR co-insurance consortia to leverage the role of IPR insurance in broadening financing channels and providing risk protection.Encourage banking institutions to collaborate with financing guarantee agencies, insurance companies, and other institutions on intellectual property pledge financing, and improve risk-sharing mechanisms. Under the premise of controllable risks, expand the scope of acceptable collateral for intellectual property pledges; steadily advance the expansion of innovative products such as carbon emission rights, pollution discharge rights, and water rights pledge financing; and actively explore the use of intellectual property such as geographical indications as collateral.(To be implemented by the Municipal Market Regulation Bureau, the Yangzhou Branch of the People’s Bank of China, the Municipal Financial Regulatory Bureau, and the Yangzhou Regulatory Sub-bureau of the National Financial Supervisory Administration in accordance with their respective responsibilities)

(12) Promote innovative financing service models. Encourage banking institutions to provide financing support for major manufacturing projects in their start-up phase through joint credit facilities, thereby meeting project development needs while reducing the risk borne by any single institution. For advanced manufacturing enterprises with complex financing sources but promising prospects, encourage participating banks to help these enterprises shorten financing chains and optimize financing structures in accordance with market principles.Financial institutions are encouraged to advance financial services in line with the growth cycles of science and technology innovation enterprises, providing “small equity + large debt” investment-lending linkage support to seed-stage, start-up, and growth-stage enterprises to increase the overall supply of financial resources for such enterprises. (To be implemented by the Yangzhou Branch of the People’s Bank of China, the Yangzhou Regulatory Sub-bureau of the National Financial Supervisory Administration, and the Municipal Financial Regulatory Bureau in accordance with their respective responsibilities)

(13) Support the facilitation of cross-border investment and financing. Strengthen the transmission and implementation of foreign exchange policies aimed at facilitating cross-border investment and financing, and actively guide eligible banking institutions and manufacturing enterprises to participate in pilot programs for the facilitation of goods and services trade. Make full use of cross-border blockchain service platforms to expand export accounts receivable financing and export credit insurance policy financing.Leverage the primary role of banking institutions to assist manufacturing and foreign trade enterprises in using cross-border RMB settlement for cross-border trade and investment activities, thereby reducing transaction costs and mitigating exchange rate risks and other external risks. Launch specialized support programs for exchange rate risk management targeting small, medium, and micro foreign trade enterprises, and encourage banking institutions to increase the supply of foreign exchange hedging products and services. Actively promote pilot programs for foreign-invested equity investment enterprises and encourage foreign capital to flow into advanced manufacturing enterprises.(To be implemented by the Yangzhou Branch of the People’s Bank of China, the Yangzhou Regulatory Bureau of the National Financial Regulatory Administration, the Municipal Financial Regulatory Bureau, the Municipal Commerce Bureau, and the Municipal Development and Reform Commission in accordance with their respective responsibilities)

V. Optimizing the Financial Development Environment for the Manufacturing Sector

(14) Strengthen targeted policy support. Improve fiscal support policies such as loan interest subsidies, guarantee incentives, listing support, venture capital rewards, and risk compensation to leverage the initiative and proactivity of banking institutions, insurance institutions, financing guarantee agencies, and venture capital firms in supporting the development of the manufacturing sector. Strengthen monitoring and supervision of indicators such as manufacturing loans, unsecured loans, and medium- to long-term loans, and promptly coordinate to resolve related issues.Conduct publicity campaigns and public opinion guidance on policies supporting the high-quality development of the manufacturing sector. Regularly publish policy measures, financial products, and case studies regarding financial support for manufacturing enterprises to enhance the effectiveness of policy implementation and foster a favorable public opinion environment. (To be implemented by the Municipal Finance Bureau, the People’s Bank of China Yangzhou Branch, the Yangzhou Regulatory Bureau of the National Financial Regulatory Administration, and the Municipal Financial Regulatory Bureau in accordance with their respective responsibilities)

(15) Optimize the social credit environment. Leveraging the Yangzhou Comprehensive Financial Services Platform and the Enterprise Credit Information Service Platform, strengthen the collection, sharing, and application of credit information data regarding manufacturing enterprises’ tax payments, social security, housing provident funds, imports and exports, water, electricity, and gas consumption, real estate, judicial records, and intellectual property. Accelerate the expansion of platform registration and authorization coverage for manufacturing enterprises, support financial institutions in conducting credit evaluations of manufacturing enterprises, and develop online financial products tailored to the characteristics of manufacturing enterprises.Improve the social credit evaluation system, promote the “credit-driven financing” model, guide financial institutions to provide preferential loans and interest rates to creditworthy enterprises, and crack down on malicious evasion of financial debts in accordance with the law. (To be implemented by the Municipal Financial Regulatory Bureau, the Municipal Development and Reform Commission, the Municipal People’s Court, the Yangzhou Branch of the People’s Bank of China, the Yangzhou Regulatory Sub-bureau of the National Financial Regulatory Administration, and the Municipal Big Data Administration in accordance with their respective responsibilities)

(16) Prevent and resolve debt risks. Strengthen operational monitoring of key manufacturing industrial clusters and core manufacturing enterprises, and enhance capabilities for financial risk early warning, prevention, and resolution.For manufacturing enterprises that align with industrial development priorities, have a clear core business, employ advanced technology, possess marketable products, face temporary financing difficulties, and demonstrate a strong willingness to overcome these challenges, we will make full use of mechanisms such as diagnostic assistance for private enterprises and full-process bankruptcy protection for distressed enterprises. In accordance with market-oriented and rule-of-law principles, we will coordinate the formation of creditor committees comprising financial institutions to provide targeted, “one-enterprise-one-policy” assistance and prudently resolve corporate debt risks.Support manufacturing enterprises facing temporary financing difficulties in undertaking self-rescue efforts through measures such as attracting strategic investors, mergers and acquisitions, and market-based debt-to-equity swaps. For enterprises that have lost their viability for rescue, dispose of them in a lawful and prudent manner to promptly isolate the spread of risks and prevent chain reactions. Improve institutional mechanisms involving corporate lawyers, notary advisors, and arbitration, and provide legal services such as compliance reviews, financial arbitration, and notarization of financial enforcement orders to fully leverage their positive role in preventing financial risks and expediting the realization of claims.(The Municipal Court, Municipal Bureau of Industry and Information Technology, Municipal Market Regulation Bureau, Yangzhou Branch of the People’s Bank of China, Yangzhou Regulatory Sub-bureau of the National Financial Regulatory Administration, Municipal Financial Regulatory Bureau, Municipal Taxation Bureau, Municipal Justice Bureau, and Municipal Arbitration Commission shall implement these measures in accordance with their respective responsibilities.)

These guidelines shall take effect on October 1, 2023, and remain valid until September 30, 2028.