Chongqing- On July 14, the press conference of the Policies of Chongqing to Strengthen Medium and Long-term Financing Support for Manufacturing Industries (the Policies) was held. At the conference, the Chongqing Business Management Department of the People's Bank of China had introduced and interpreted the Policies.

The Policies are composed of 20 specific measures in three parts, including increasing the support for medium and long-term loans in the manufacturing industry, broadening the financing channels of the manufacturing industry, optimizing the policy guarantee measures, and more.

In terms of the key supported fields, the Policies closely focuses on the key areas of Chongqing's current manufacturing development, accurately highlighting emerging industries, such as new-generation information technology, new materials, high-end equipment manufacturing, new energy vehicles, biomedicine, and more. Meanwhile, the Policies also focuses on the core panel devices of core networks smart industry, traditional industrial transformation and upgrading, strategic emerging industry clusters, high-level R&D platforms for manufacturing, digital transformation and upgrading of manufacturing, and more. Moreover, the Policies will guide financial institutions to increase credit supply. At the same time, it will strive to increase the growth rate of loans for manufacturing companies higher than the growth rate of various loans, and the growth of medium- and long-term loans for manufacturing companies increased year-on-year. The while list system for manufacturing quality projects, established by the Chongqing Development and Reform Commission, will support the peer-to-peer and face-to-face tailor-made services to the companies in the list to ensure smooth financing of quality projects.

In addition, with regard to the key measures to increase medium and long-term loans for manufacturing industries, the Policies require further optimization of the loan procedures for technological transformation projects and the convenience of project loan processing. Meanwhile, relevant departments in Chongqing will promote syndicated loans for key manufacturing enterprises, establish information-sharing mechanisms, accurately meet corporate financing needs, optimize bank-enterprise cooperation, and build a community of bank-enterprise cooperation.

In terms of broadening the financing channels of the manufacturing industry, the Policies will support various medium and long-term financing of the manufacturing industry from various financing channels such as stocks, bonds, and loans. Meanwhile, increasing the cooperation of commercial banks, financial leasing, financing guarantees, private equity funds, and other institutions to provide manufacturing companies with comprehensive services, such as investment and loan linkage, lease and loan linkage, and financial planning.

Furthermore, the Policies requires Chongqing's financial, industrial, and other departments, as well as district and county governments, to strengthen monetary and credit policy guidance, strengthening risk compensation, and improving manufacturing non-performing asset disposal and financing monitoring and supervision. Establishing a joint meeting system to promote the implementation of various support policies based on changes in the manufacturing situation and the implementation of financial policies. Besides, establishing a mechanism to crack down on enterprises' malicious debt evasion severely and debt cancellation and building a joint disciplinary mechanism for dishonesty to construction a better financial ecology in Chongqing.

"The Policies treat foreign-funded companies and domestic capital companies equally. It's even more convenient for those foreign-funded companies, who want to settle down in Chongqing. As many people know, many foreign-funded companies want to settle in a city, and generally rely on the parent company's financial support in the initial stage of operation. Now that the Policies can provide financial supports for those companies, which means they can apply for financial supports, like loans and capital raising, more conveniently," said the relative staff member of the Chongqing Business Management Department of the People's Bank of China, "In this way, we can also create a business environment that is more conducive to development."