GuShiio.com ① How to do a good job in finance in public and private equity, the implementation plan is here;
② Serving the entire chain and life cycle of technology-based enterprises is the top priority;
③ Enrich product maps and optimize industry ecology.
Financial News Agency, February 7 (Reporter Yan Jun)How can the capital market do a good job in the “five big issues” of finance? Fund companies have a roadmap.
On February 7, the China Securities Regulatory Commission issued the “Implementation Opinions on the” Five Major Articles “of Finance in the Capital Market”(referred to as the “Implementation Opinions”). Later, spokesperson Zhou Xiaozhou made his first appearance to discuss the “Implementation Opinions”. Answer questions from reporters.
As the connector between the investment end and the financing end, the fund industry has been highlighted 23 times in the “Implementation Opinions”, involving strengthening financial services for the entire chain and life cycle of technology-based enterprises, enriching the capital market to promote green and low-carbon transformation products. Institutional system, improving the efficiency of capital markets in serving inclusive finance, promoting capital markets to better meet diversified pension finance needs, and accelerating the advancement of digitalization and intelligent empowerment of capital markets, a total of 8 measures.
Specifically:
The first is to strengthen financial services for the entire chain and life cycle of technology-based enterprises, encourage the development of M & A funds, guide private equity venture capital funds to invest in early, small, long-term, hard technology, and support artificial intelligence, data centers, smart cities, etc. Real Estate Investment Trusts (REITs) issued for projects such as new infrastructure and science and technology innovation industrial parks
The second is to enrich the capital market’s product system to promote green and low-carbon transformation, launch more green-themed public funds, and encourage the development of green private equity venture capital funds.
The third is to improve the efficiency of the capital market in serving inclusive finance, promote securities fund operating institutions to accelerate the transformation of wealth management, enrich the spectrum of public fund products with different risk-return characteristics, steadily reduce the comprehensive premium rate of the public fund industry, standardize the fund sales charging mechanism, and promote The pilot of public fund investment business has become routine.
The fourth is to promote the capital market to better meet diversified pension financial needs, and explore the issuance of asset-backed securities and REITs using pension facilities and other basic assets. Support public fund management companies to set up subsidiaries specializing in pension financial services.
The fifth is to accelerate the advancement of digitalization and intelligent empowerment of the capital market, improve the unified query platform function of public fund account share information, and steadily promote the pilot optimization of securities company account management functions into routine.
In answering reporters ‘questions, Zhou Xiaozhou reviewed the achievements of public and private equity funds in the “five major articles” of technology finance, green finance, inclusive finance, pension finance, and digital finance.
Serving the entire chain and the entire life cycle of technology-based enterprises
In serving the real economy, the “Implementation Plan” emphasizes strengthening financial services for the entire chain and life cycle of technology-based enterprises, and puts forward separate requirements for private placement and public offerings.
Technology-based companies need financial support in the early stages. In this regard, private equity needs more action.
The “Implementation Plan” proposes to encourage the development of M & A funds. Guide private equity venture capital funds to invest early, small, long-term, and hard technology. Implement the policy arrangements of the General Office of the State Council on promoting the high-quality development of venture capital, smooth the diversified exit channels for private equity venture capital funds, and promote a virtuous cycle of “fundraising, investment, management and withdrawal”. It is also necessary to optimize the exit of private equity venture capital funds from the “reverse linkage” policy, promote the pilot project of private equity venture capital funds allocating shares in kind to investors, study and improve the private equity venture capital fund share transfer system and mechanism, support the development of private equity secondary market funds (S funds), and support the pilot project of direct equity investment by financial asset investment companies. Expand the funding sources of private equity and venture capital funds through multiple channels, make greater efforts to attract social capital participation, and actively develop patient capital.
Zhou Xiaozhou introduced that it will gradually build a market ecosystem that guides private equity venture capital funds to “invest early, invest small, invest long-term, and invest hard in technology.” In recent years, the proportion of private equity venture capital funds invested in strategic emerging industries such as semiconductors, new energy, and biomedicine has continued to increase. Currently, there are more than 100,000 investment projects, and the principal invested exceeds 4 trillion yuan.
For public offerings, more scientific and technological innovation indices will be compiled and more scientific and technological innovation-themed public funds and related futures and options products will be developed. In addition, it supports the issuance of real estate investment trusts (REITs) for projects in new infrastructure such as artificial intelligence, data centers, and smart cities, as well as science and technology innovation industrial parks, promotes the revitalization of existing assets, and supports the digital transformation of traditional infrastructure.
Enrich the public and private equity product system around the “five big articles”
Focusing on green finance, inclusive finance, pension finance, digital finance and other fields, the “Implementation Plan” proposes to enrich the capital market to promote green and low-carbon transformation, serve inclusive financial efficiency, meet diversified pension finance needs, and promote digitalization and intelligence Empowering capital markets and other products and services.
Specifically, in terms of green finance, more green-themed public funds will be launched. Encourage the development of green private equity venture capital funds. In recent years, my country’s green theme funds have developed rapidly. As of the end of 2024, there are 350 funds and more than 310 billion yuan. They cover topics such as ESG, low-carbon, new energy, and climate change, and cover major categories of assets such as stocks and bonds.
In terms of inclusive finance, promote securities fund operating institutions to accelerate the transformation of wealth management. Enrich the pedigree of public fund products with different risk-return characteristics. Steadily reduce the comprehensive rate of the public fund industry, standardize the fund sales charging mechanism, and guide the conversion of short-term transaction funds into long-term allocation funds. Improve the investment advisory system and rules, promote the pilot transformation of public fund investment and advisory business to routine, explore and build industry practice standards, cultivate and strengthen the talent team, and orderly expand the range of investment products.
In terms of pension finance, we support the financing of stocks and bonds of qualified health, pension and other silver economic enterprises, and explore the issuance of asset-backed securities and REITs using pension facilities and other basic assets. Support public fund management companies to set up subsidiaries specializing in pension financial services. Promote securities fund operating institutions to increase efforts to transform business outlets, service apps, etc. to be aging-friendly. Strengthen the popularization and education of financial knowledge for the elderly and protect the legitimate rights and interests of elderly investors.
In December 2024, the Ministry of Human Resources and Social Security and other five departments jointly issued a document to expand the personal pension system to the whole country. Investment targets such as publicly offered FOF funds and publicly offered index funds that operate safely, are mature and stable, have standardized targets, and focus on long-term value preservation will be included in the personal pension product catalog. As of the end of 2024, nearly 300 funds have been included. The public fund industry has been entrusted to manage various pension assets exceeding 6 trillion yuan.
In terms of digital finance, we will improve the functions of the unified query platform for public fund account share information, and steadily promote the pilot optimization of securities company account management functions into routine.
Increase the intensity of ecological reform in the fund industry
Focusing on the ecological construction of the fund industry, this “Implementation Opinions” put forward various arrangements. First, we should implement the “Guiding Opinions on Promoting Medium and Long-term Funds to Enter the Market” and the implementation plan to open up obstacles for medium and long-term funds to enter the market; steadily reduce the comprehensive rate of the public offering fund industry and improve the rules of the investment advisory system;
The second is to make arrangements for improving and improving the multi-level capital market system, including: promoting the virtuous cycle of “raising, investment, management and withdrawal” of private equity venture capital funds, promoting the optimization of the “reverse linkage” policy of fund exit and the pilot allocation of stocks in kind, and studying and improving the transfer of fund shares. Mechanism, developing private equity secondary market funds (S funds), etc.
Zhou Xiaozhou emphasized that the capital market has unique advantages in sharing innovation risks and promoting the formation of innovative capital. Doing a good job in the “five major articles” of finance is not only the responsibility of serving the real economy, but also the inherent requirement for the high-quality development of the capital market itself. The China Securities Regulatory Commission will formulate a detailed implementation work plan to effectively implement various policies and measures.
