China'S First Private Financing Management Approach Landed In Zhejiang
The first way to guide and regulate private financing in Zhejiang Province is landing in Zhejiang Province.
Leveraging trillions of private capital flows to industry
The private financing which has been wandering in the gray area is at the cusp of the storm.
In the second half of this year, "usury"
"," run ","
The words "crash" and other words make their negative image magnified rapidly.
Private capital is a double-edged sword.
Zhejiang, as a land of abundant public funding, has a huge amount of money lurking in the private sector of hundreds of billions or trillions of dollars.
Such a large-scale private financing market surviving underground, can not be reasonably guided, will inevitably form.
Pass off the sham as the genuine
The situation.
On the one hand, there is a large amount of capital into the real economy, to a certain extent, to relieve the financing difficulties of small and medium-sized enterprises; on the other hand, there are a lot of funds to enter.
Speculation
Channels, or even illegal channels, are burying huge financial risks and moral hazard risks.
Plugging is better than sparse.
The first government guidance and regulation on private financing issued by the provincial government recently, "some opinions on strengthening and improving private financing management (Trial Implementation)" are aimed at guiding and standardizing the behavior of private financing, giving full play to its positive role, and gradually building a sunlit system that moves it from the ground to the ground.
One of the channels: towards the real economy.
The key to the sunshine of private financing is to find suitable investment channels for private capital.
The "opinions" established a way to actively expand the channels for private capital investment and rationally guide the flow of private capital, and explicitly defined the right to enter private capital, including encouraging and guiding private capital to enter the real economy, major projects and other fields.
In fact, private capital does not exclude the real economy.
People's Bank of China Wenzhou central sub branch survey shows that in 2003, the proportion of private lending funds in Wenzhou reached 90% in the industrial areas, such as production and operation, small businesses and aquaculture, and only 10% of them entered other ways of building houses and houses.
Over the next few years, as the real estate market heated up and mineral resources and other resources rose sharply, they gradually deviated from the industry, and a large amount of capital was poured into real estate, mining and other speculative areas to make "quick money".
This year, the scale of private lending in Wenzhou is about 110 billion yuan, of which the proportion of investment in production and operation has dropped to 35%, accounting for 20% of real estate investment, and up to 45% of the funds flowing into the private lending market.
The head of the provincial finance office said that the key to attracting private capital to return to industry is to let them see the prospect of investment.
The "sunshine" investment area set up by the "opinions" for private capital has a lot of investment opportunities and rewards.
Take the "12th Five-Year" marine economic major construction project planning as an example, the province has arranged nearly 500 key construction projects, with a total investment of about 1 trillion and 200 billion yuan, and will invest about 800000000000 yuan during the "12th Five-Year" period.
From 2010 to 2012, the provincial government allocated 1 billion yuan of special funds annually, focusing on the construction of island infrastructure and marine science and technology research and development projects, and set up a 1 billion yuan marine industry fund to guide social capital to invest in marine emerging industries and port advanced manufacturing industries.
Because of the huge development space, we need the help of capital more.
Like the modern service industry and strategic emerging industries, they are also the key areas for the development of Zhejiang in the "12th Five-Year" period. It can be said that early entry benefits early, and whoever takes the initiative will master the initiative of future development.
Channel two: gray financing for new clothes
How can the abundant private capital be effectively pformed into a large scale industrial capital? How can the private "underground financing" be pformed into a standardized investment under the sunshine? The rising PE (private equity investment) is undoubtedly one of the suitable paths for the sunshine of private capital.
Chen Guoping, executive vice president of the Provincial Finance Research Institute and President of the association of Listed Companies in Zhejiang, said that there is a need to guide and assemble a financial tool for private capital in PE.
In recent years, many Zhejiang PE institutions are surging and surging, just like the "sunshine room" that people receive sunshine nurturing.
According to statistics from the Ministry of Commerce and industry, at present, the province has registered about 200 enterprises in the name of venture capital and venture capital, with a registered capital of more than 10 billion yuan. More than 1000 registered companies in the name of investment management and equity investment, together with all kinds of enterprises participating in equity investment, Zhejiang PE is spectacular. Most of its funds come from private enterprises.
It is precisely these large and small PE, like a "pipe", absorbing private capital and orderly flowing to new strategic industries such as new energy, new materials, Internet of things, marine economy and modern service industry.
Chen Yuemeng, chairman of Zhejiang venture capital, feels deeply about this. Since its inception, Zheshang venture capital has set up an early fundraising fund almost every time.
The government is more than happy and willing to work harder.
In addition to introducing support policies for equity investment institutions, our province has launched the first provincial investment fund in Zhejiang Province with a scale of 5 billion yuan and a provincial venture capital fund with a scale of 500 million yuan, and has launched a pilot project to pfer unlisted companies shares in the province.
Chen Guoping said that the purpose of setting up the government guidance fund and various equity investment funds is to give full play to the advantages of abundant public funds, high investor enthusiasm and strong risk tolerance.
Channel three: it is expected to "marry" into the bank.
Zhejiang's private capital has an unusual enthusiasm for joining the financial industry.
In recent years, whether the establishment of Zhejiang Merchants Bank, or the reform of urban credit cooperatives, urban commercial banks, or small loan companies, village banks, rural financial mutual cooperatives and other new rural financial organizations, all of which have been active in Zhejiang's private capital.
By the end of 11, 200 small loan companies had been approved in the province, and 171 had been officially opened. All these small loan companies were almost entirely sponsored by private enterprises.
Village banks are also the same. Yang Xiaoping, former director of the Zhejiang banking regulatory bureau, said that even under the relevant provisions of the CBRC, private capital can only serve as a village bank under second shareholders, and private capital still flock to it. In the 32 existing village banks (including Ningbo) in the province, every family has private capital shareholders.
Private capital has entered the financial sector, and there are no obstacles in terms of policy and law.
Tong Songqing, senior lawyer and senior lawyer of Zhejiang Golden Road law firm, said that in 2005 and 2010, the State Council promulgated two "36" documents, namely, 36 of the non-public sectors of the economy and several opinions on encouraging and guiding the development of private investment.
However, from the operational level, it is still a long time for public capital to enter the financial field without any obstacle. Especially, the phenomenon of "glass doors" and "spring doors" encountered by public funds are urgently needed to be eliminated.
Therefore, the key to attracting private capital to enter the financial industry lies in opening up and implementation.
This "opinion" clearly speeds up the pace of development of local financial institutions and attracts more private capital to participate in the reform of local financial institutions. It clearly indicates that our province will further open its door to public funding in the reform of local financial institutions.
In fact, Zhejiang's local financial reform started early and developed rapidly, forming its own characteristics and advantages and leading the country in a leading position.
In the "12th Five-Year" period, whether it is to build a financial service center for small and medium-sized enterprises or to create a wealth management center for private sector, it means a rare opportunity for private capital.
Specifically, like the reform of local commercial banks and rural credit cooperatives, the establishment and capital increase of small loan companies, and the expansion of rural banks and rural mutual cooperatives will hopefully become a "dream workshop" of public funding.
Chen Guoping believes that private finance is the logical starting point for the growth of local financial institutions.
Because the main service objects of local financial institutions are small and medium-sized enterprises and local residents, which coincide with the positioning of service objects of private finance.
It is an objective and endogenous requirement for non-governmental financial institutions to form highly organized regular financial institutions through scale.
As a result, private finance and local financial institutions have a natural "blood relationship" to some extent.
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