Original Title: Notice from the Department of Industry and Information Technology of Shandong Province, the Development and Reform Commission of Shandong Province, the Department of Finance of Shandong Province, the Department of Commerce of Shandong Province, the Shandong Provincial Bureau of Local Financial Supervision, the People’s Bank of China Jinan Branch, the China Banking and Insurance Regulatory Commission Shandong Regulatory Bureau, and the China Securities Regulatory Commission Shandong Regulatory Bureau on Issuing the “Three-Year Action Plan for Investment and Financing in Shandong’s Advanced Manufacturing Sector”
Guided by the spirit of the 20th National Congress of the Communist Party of China and thoroughly implementing General Secretary Xi Jinping’s important directives on the strategy to build a manufacturing powerhouse,fully implement the provincial work arrangements for building a strong province in advanced manufacturing and promoting high-quality development of the private economy, and with the goal of “taking the lead and breaking new ground,” this Action Plan is formulated to actively build an investment and financing service system for advanced manufacturing, organize investment and financing institutions to precisely match the financing needs of industries and enterprises, and vigorously support the leapfrog and high-quality development of advanced manufacturing in our province.
I. General Requirements
(1) Guiding Principles. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly study and implement the spirit of the 20th CPC National Congress,and earnestly implement General Secretary Xi Jinping’s important instructions regarding Shandong’s work to “take the lead and pioneer new frontiers.” We will seize the major strategic opportunities presented by national support for Shandong to deepen the transformation of old and new growth drivers and promote green, low-carbon, and high-quality development. With the theme of promoting high-quality development in advanced manufacturing, we will guide investment and financing institutions to better serve the real economy, accelerate the deep integration of advanced manufacturing and modern financial services, and form a new investment and financing landscape characterized by resource aggregation, coordinated synergy, categorized measures, precision and efficiency, and innovation-driven empowerment, thereby advancing the construction of a manufacturing powerhouse to new heights.
(2) Basic Principles
— Policy Guidance. Closely aligned with the goal of building a manufacturing powerhouse, this initiative will use financial policies as a guide to direct investment and financing institutions toward high-quality enterprises in the advanced manufacturing sector, thereby promoting the high-quality development of advanced manufacturing.
— Market-Driven Operation. Respect market rules, fully leverage the professional strengths of investment and financing institutions, and guide them to independently determine investment strategies, directions, and operations, as well as to autonomously conduct investment management and post-investment oversight, thereby maximizing investment effectiveness.
— Service-Driven Approach. Establish a “211” financial service model by creating a project database for advanced manufacturing financing, a resource database of high-quality investment and financing institutions, and an investment and financing platform for advanced manufacturing, thereby building a service system for investment and financing collaboration.
——Benefiting Enterprises. Uphold a service-first approach that prioritizes corporate benefits, closely align with the development needs of advanced manufacturing, concentrate efforts on resolving financing challenges, and tailor comprehensive financial service solutions for enterprises.
(3) Work Objectives. Focusing on key industries and sectors, particularly the “Top Ten” industries, flagship industrial chains, and high-growth enterprises, we will select a group of investment and financing institutions from both within and outside the province. Through methods such as bank credit, fund investment, guarantee and insurance, IPO preparation, and industry-finance collaboration, we will provide comprehensive financing services to advanced manufacturing enterprises across the province. We aim to organize investment and financing service matchmaking events for 10,000 enterprises (visits) annually, achieving steady growth in manufacturing loans and fund investments.
II. Key Tasks
(1) Establish a Financing Project Database for Advanced Manufacturing. Prioritizing enterprises in the “Top Ten” industries—such as next-generation information technology, high-end equipment, new materials, high-end chemicals, and modern light industry and textiles—as well as traditional advantage industries like non-ferrous metals and building materials, and enterprises along 11 landmark industrial chains, we will establish a financing project database for advanced manufacturing covering areas such as digital transformation, green manufacturing, technological upgrading, manufacturing “single champions,” and specialized, refined, distinctive, and innovative SMEs.Implement dynamic management of the project repository, promptly optimizing and updating project information to support enterprises in accessing financial resources through investment and financing institutions, thereby accelerating their rapid development and growth. By the end of 2023, the various financing project repositories will be largely established, ensuring that all key financing projects are included in the repository.
(2) Establish a database of high-quality investment and financing institutions. Establish routine communication and regular visitation mechanisms with investment and financing institutions both within and outside the province to aggregate various investment and financing resources. Categorize these resources into bank credit, fund investment, guarantee and insurance, IPO preparation, corporate bond issuance, mergers and acquisitions, and industry-finance collaboration to build a database of high-quality investment and financing institutions. Leveraging the “Qilu Enterprise Dance” roadshow brand, attract a group of well-known funds to empower and support the development of our province’s advanced manufacturing enterprises.Add more than 100 new investment and financing institutions to the database annually, reaching approximately 500 by 2025.
(3) Establish an Advanced Manufacturing Investment and Financing Platform. Based on the “Industrial Capital Investment and Financing Cloud Platform,” create the “Advanced Manufacturing Investment and Financing Platform.” This platform will feature seven sections: a database of high-quality investment and financing institutions, a project database for advanced manufacturing financing, smart industrial capital matching, online corporate roadshows, consulting and training services, real-time financial policies, and live lecture series. It will also build three core systems: credit services, fund investment, and IPO preparation.From 2023 to 2025, approximately 1,000 investment and financing products and 3,000 financing requests will be released annually.
(4) Establish a service system for investment and financing matching and cooperation.Coordinate and integrate institutions such as banks, insurance companies, fund investment firms, financing guarantee agencies, securities investment banks, and management consulting firms. Adhering to the “five-in-one” approach of policy guidance, information sharing, channel integration, service customization, and incentive-constraint mechanisms, we will further unblock enterprises’ capital flow by tailoring financial matching solutions and providing differentiated, precise financing services. This will continuously enhance the diversity, accessibility, and convenience of corporate financing, thereby promoting the development of a scientific, standardized, and effective investment and financing matching and cooperation service system.
III. Key Tasks
(1) Expand Bank Credit. Focusing on the development of a modern industrial system, we will strengthen policy guidance through fiscal loan interest subsidies and risk compensation, reinforce close cooperation among government, banks, and enterprises, and channel credit funds to support the high-quality development of the real economy.
1. Expand the scale of technical renovation credit. Prioritize credit allocation by focusing on the “10,000 Technical Renovation Projects, 10,000 Enterprise Transformations” initiative. Leverage the guiding role of interest subsidy and guarantee fee subsidy policies for “Special Technical Renovation Loans,” establish and improve a project database for technical renovation-oriented initiatives, and open an expedited loan approval channel for “Special Technical Renovation Loans” in collaboration with partner banks and financing guarantee institutions. For major technical renovation projects with an investment of 50 million yuan or more,the provincial government will provide interest subsidies of up to 20 million yuan, calculated at 35% of the latest one-year Loan Prime Rate (LPR) published by the central bank. We encourage all cities to provide relevant policy support for technical renovation projects with investments below 50 million yuan, thereby driving sustained growth in technical renovation loans across the province.
2. Expand medium- and long-term loans and unsecured loans. Address credit bottlenecks by focusing on the “Top Ten” industries. Provide medium- and long-term loans and unsecured loans for high-end manufacturing projects, advanced manufacturing clusters, manufacturing “single-champions,” and industrial enterprises above designated size. Allocate separate credit quotas and implement monitoring and coordination mechanisms to continuously advance these efforts, supporting key manufacturing enterprises in expanding their scale and achieving sustainable production.
3. Innovate financial products and services for science and technology. Addressing key credit challenges, we will expand financing through intellectual property pledges, movable property pledges, accounts receivable pledges, and equity pledges for high-growth enterprises such as Specialized, Refined, Unique, and Innovative (SRUI) firms, gazelle enterprises, and unicorns. We will make full use of the Science and Technology Innovation Re-lending Program, the Re-lending and Rediscounting Programs for Agriculture and Small Businesses, and the dedicated quotas for SRUI and science and technology innovation guidance.and innovatively launch products such as IPO cultivation loans, "Specialized, Refined, Unique, and New" (SRUN) rapid growth loans, and "Little Giant" credit loans to facilitate the transformation of small and medium-sized manufacturing enterprises toward high-end, digital, and intelligent operations.
4. Enhance inclusive financial service capabilities. Remove bottlenecks in credit access, organize financial literacy education for micro and small enterprises, and actively promote first-time loan cultivation. Include manufacturing enterprises willing to receive guidance in the scope of financial counseling, providing them with diversified financial services such as policy dissemination and financing coordination. Support eligible financing service platforms at all levels to connect with the Shandong provincial node of the National Comprehensive Credit Service Platform for SME Financing, leverage the value of credit information applications, and assist micro, small, and medium-sized enterprises in securing financing.Implement risk compensation for loans to micro and small enterprises, leverage the catalytic role of inclusive micro and small enterprise loan support tools, and guide banking financial institutions to expand coverage, improve quality, reduce fees, and enhance efficiency, thereby increasing credit support for micro and small enterprises. Achieve an annual increase of more than 10% in both the number of new micro and small enterprise loan accounts and the total loan volume.
(2) Promote Fund Investment. Leverage the roles of provincial-level venture capital clusters and comprehensive venture capital service bases to organize and implement industrial development matching fund investment initiatives. Conduct angel investment, venture capital, risk investment, and equity investment to aggregate investment resources. Utilize methods such as fund cooperation, direct project investment, group co-investment, and investment-loan linkage to empower industrial development.
1. Seek investment from national funds. Strengthen ties with the National Manufacturing Transformation and Upgrading Fund, the Strategic Emerging Industries Development Fund, the Integrated Circuit Industry Investment Fund, the Military-Civil Fusion Industry Fund, and the SME Development Fund. Establish a project investment coordination office to organize quarterly outreach visits and project matching activities, ensuring precise alignment with key manufacturing projects in the “Top Ten” industries.
2. Amplify the impact of government-guided funds. Fully leverage the catalytic role of provincial fiscal equity investments and the Provincial New Momentum Fund. Focusing on flagship industrial chains, companies being prepared for IPO, and high-growth “Specialized, Refined, Unique, and Innovative” (SRUI) enterprises, vigorously support the development of core (leading) enterprises in industrial chains, manufacturing “single-champions,” SRUI “Little Giants,” and SRUI and innovative SMEs.
3. Expand private equity fund investments. In collaboration with fund organizations such as Zero2IPO Group, the Provincial Youth Entrepreneurs Summit platform, and the Provincial Private Equity Investment Fund Association, strengthen ties and cooperation with leading funds both within and outside the province. Based on different funds’ investment strategies, scales, and directions, organize investment matching activities for corporate financing projects by industry and category.
4. Organize the “Qilu Enterprise Dance” investment and financing roadshow. Guide the Jinan Fund Industry Association to establish a “1 (Jinan Headquarters) + 3 (Expansion Bases in Beijing, Shanghai, and Shenzhen) + 15 (Municipal Operation Centers)” investment and financing roadshow service system. This system will address the financing needs of cities, counties, and industrial parks by organizing a coordinated series of 100 investment and financing roadshow events annually, thereby facilitating the precise matching and implementation of a batch of investment and financing projects.
(III) Strengthen Guarantee and Insurance Services. Integrate and implement policy measures supporting financing guarantees for small and micro enterprises and export credit insurance to provide broader and increased credit support for manufacturing development.
1. Improve the financing guarantee service system for small and micro enterprises. Leverage the guiding role of national policies on fee reductions and subsidies for financing guarantees for small and micro enterprises to further establish and improve the financing guarantee service system. Guide government-backed financing guarantee institutions to gradually reduce the average annualized guarantee fee rate to below 1%, and encourage partner banks to conduct bulk “head-to-head” business to achieve steady growth in financing guarantees for small and micro enterprises.
2. Enhance the functions of insurance protection and credit enhancement. Actively develop intellectual property pledge guarantee insurance loans for science and technology innovation enterprises; vigorously promote bank-insurance cooperation to provide insurance and financing support for the first-of-a-kind major technical equipment, first-batch new materials, and first-version high-end software; and expand the application of product quality liability insurance, surety insurance, and surety-substitute insurance products.
3. Implement export credit insurance for foreign trade enterprises. In collaboration with export credit insurance institutions, organize initiatives to enhance the quality and scale of export credit policy financing; actively apply service mechanisms such as “Easy Claims” and “Claims Green Channels” for eligible enterprises, including small and micro government platforms, “Little Giants” (specialized, refined, distinctive, and innovative enterprises), and manufacturing single-champions; annually provide services and support to over 15,000 foreign trade and economic enterprises in our province, supporting and safeguarding exports exceeding $50 billion.
4. Strengthen support for loan renewals and extensions. Establish and improve an emergency loan transition service system for enterprises. Comprehensive use of financial continuity policies—including deferred principal and interest payments, principal-free loan renewals, and emergency loan transitions—will be employed to provide seamless loan renewal support. Banking institutions will be guided to avoid indiscriminately reducing, withdrawing, or terminating loans, thereby ensuring the safety and stability of enterprises’ liquidity. Annually, over 5,000 enterprises will be provided with more than 100 billion yuan in loan transitions and renewals.
(IV) Implement Listing Cultivation Initiatives. Launch an enterprise listing cultivation campaign and organize the “Mount Tai Summit” special initiative. Identify high-growth enterprises—including manufacturing single-champions, specialized, refined, distinctive, and innovative SMEs, as well as gazelle and unicorn companies—as “golden seeds” for listing cultivation. Facilitate connections with fund investment resources and securities firms’ listing advisory services to mentor and guide a cohort of enterprises toward listing and financing.
1. Organize standardized corporate restructuring for enterprises. Comprehensively solicit expressions of interest in going public from manufacturing enterprises; provide focused guidance to over 1,000 "Specialized, Refined, Unique, and Innovative" SMEs annually; align with relevant standards under the Company Law and Securities Law; implement standardized corporate restructuring; and build a reserve of high-potential enterprises for IPO cultivation.
2. Establish a “Specialized, Refined, Unique, and Innovative” Board. Create a dedicated “Specialized, Refined, Unique, and Innovative” board within the regional equity market, divided into incubation, standardization, and cultivation tiers. Promote the development of equity registration and custody, equity incentives and employee stock ownership, convertible bonds, and other related businesses. Establish a green channel for listing on the National Equities Exchange and Quotations (NEEQ), and organize the centralized listing and cultivation of no fewer than 500 enterprises meeting the criteria for the “Specialized, Refined, Unique, and Innovative” board each year.
3. Organize Targeted Cultivation. Relying on the Provincial SME Investment and Financing Alliance, select over 100 reputable intermediary institutions—including investment and financing firms, securities companies, accounting, legal, auditing, and management consulting firms—from both within and outside the province. These institutions will provide tailored specialized services to listed enterprises, such as development planning, equity restructuring, market capitalization valuation, financing matchmaking, and IPO guidance, conducting no fewer than 100 sessions annually to serve over 5,000 enterprises (or visits).
4. Promote corporate IPO financing. Integrate high-quality guidance resources and fully leverage the financial guidance mechanism to establish teams of corporate secretaries/IPO consultants, top-tier IPO sponsors, and IPO review advisors, fostering a cohort of high-quality enterprises to go public early and quickly. By 2025, approximately 60 new advanced manufacturing companies will be listed.
(5) Promote Industry-Finance Collaboration. Focusing closely on flagship industrial chains, distinctive industrial clusters, and industrial parks, we will innovatively develop specialized services such as supply chain financing, cluster (park) loans, financial leasing, and mergers and acquisitions to support the development of new competitive advantages for our province’s distinctive industries.
1. Implement comprehensive financial services for industrial and supply chains.We will promote information sharing among government departments, financial institutions, core enterprises, and third-party professional agencies, and strengthen the coordinated linkage of fiscal and financial resources. With leading enterprises in industrial chains as the core, we will guide financial institutions to align with industrial chain development plans and the production and operational needs of core enterprises. We will explore the establishment of an industrial chain financial guidance mechanism and promote collaboration and financing accessibility among upstream and downstream enterprises through the issuance of commercial bills, supply chain bills, and bonds, as well as the development of specialized financing products such as supply chain accounts receivable, inventory, warehouse receipts, orders, and derivatives.Aim to facilitate the issuance of 20 billion yuan in supply chain bills and the implementation of over 100 billion yuan in supply chain financing by core enterprises annually.
2. Promote the diversification of asset financing for core enterprises. In collaboration with financial institutions such as Zhongtai Securities and the Gaosutonghui Shukeke Supply Chain Platform, we will establish a “1+N” financial service model for core enterprises. By comprehensively utilizing financial instruments including credit, bond issuance, investment, trusts, futures, cross-border financing, and wealth management, we will provide integrated financial services covering financing, settlement, financial management, and industrial collaboration. This will optimize asset structures, revitalize existing assets, innovate financing methods, expand financing channels, and increase the scale of financing.Each year, we will facilitate over 50 core enterprises in implementing asset securitization totaling more than 10 billion yuan.
3. Guide mergers and acquisitions, restructuring, and financial rescue efforts. Innovatively carry out initiatives to attract investment and talent, as well as fund-based investment promotion. Strengthen collaboration with powerful central state-owned capital investment companies such as China Resources and SDIC, as well as provincial state-owned investment companies including Luxin, Lushang, and Guohui.We will connect with strong listed companies through the Shandong Listed Companies Association and the Mergers and Acquisitions Federation, promote cooperation with the province’s distinctive industries and science and technology innovation enterprises, and precisely match a group of enterprises affected by the pandemic that face temporary working capital difficulties but possess sustainable industrial capabilities and market demand. Through industrial cooperation, capital investment, private placements, and M&A investments, we will help these enterprises overcome their difficulties. Each year, we will facilitate industrial investments of over 10 billion yuan by central (state-owned) enterprises and listed companies.
4. Innovatively advance international industrial investment collaboration.Actively organize enterprises to participate in the “Belt and Road” Initiative. In collaboration with the Shandong International Investment Promotion Center, establish a “Shandong Advanced Manufacturing” section on the “Choose Shandong” platform to connect with leading domestic and international industry enterprises. Facilitate industrial integration, two-way investment, and cross-border matchmaking. Support listed manufacturing companies in engaging in overseas mergers and acquisitions and RMB investments to achieve the dual goals of “going global” and “bringing in foreign investment” to “grow bigger and stronger.” Organize more than 100 domestic and international capital-matching cooperation projects annually.
IV. Support Measures
(1) Establish a Coordination Mechanism. The Provincial Department of Industry and Information Technology, in conjunction with the Development and Reform Commission, the Department of Finance, the Department of Commerce, the Local Financial Regulatory Bureau, the People’s Bank of China Jinan Branch, the Shandong Banking and Insurance Regulatory Bureau, and the Shandong Securities Regulatory Bureau, will coordinate and advance these efforts. We will strengthen coordination among provincial, municipal, and county levels, inter-departmental collaboration, and the linkage between government, banks, and enterprises to form a collaborative governance framework.Regular cross-departmental, cross-sectoral, and cross-industry coordination meetings will be organized to focus on key investment areas and targets, formulate work measures, and support the development of advanced manufacturing.
(2) Pooling High-Quality Resources for Collaboration. Organize renowned economic experts, financial experts, investment experts, and outstanding entrepreneurs from within and outside the province to establish an “Investment and Financing Think Tank.” Liaise with high-quality investment and financing institutions both within and outside the province to establish the “Shandong Advanced Manufacturing Investment and Financing Alliance.” Combine fund investments with financial institutions such as banks, insurance companies, and securities firms, as well as equity investments from provincial fiscal funds, to innovatively implement a collaborative “investment-loan-insurance-guarantee” linkage, providing enterprises with professional, diversified, and systematic comprehensive financial services.
(3) Implementing Policy Measures to Drive Progress. Coordinate national and provincial fiscal and financial policies to guide various investment and financing resources toward increasing investment in key industries and high-growth enterprises.We will intensify the promotion of financial policies benefiting enterprises, actively facilitate the integration of financial advisory services and the “contact and support” mechanism into enterprises, and organize initiatives such as “diagnostic consultations,” “comprehensive assessments,” and “collaborative empowerment.” This will support a group of enterprises with strong innovation capabilities, robust growth, and distinct competitive advantages to expand and strengthen their operations, growing into “niche champions” in their respective sectors, “supply chain experts” for industrial development, and “pioneering leaders” in high-end manufacturing.
