Leaders and guests:
Good afternoon!There are three main aspects of what I want to share with you today: first, why should we develop science and technology finance?Second, what exactly can commercial banks do?Third, do a good job in some policy suggestions for science and technology finance.
Fintech is at the top of the five major articles, and everyone may think it may be a little surprising. Many people even confuse "fintech" with "fintech". In fact, the relationship between finance and technological innovation was well studied by the economist Schumpeter in 1912. British economist Pelex has written a book on the important role of financial capital in scientific and technological innovation. In China, in 1993, the Shenzhen Science and Technology Bureau for the first time abbreviated science and technology and finance as "science and technology finance". In 2009, Zhao Changwen made a relatively complete definition of technology finance. From the perspective of banks, many studies have shown that bank credit can promote the recombination of production factors, and bank loans have a significant role in promoting scientific and technological innovation, etc., including Tao Yiping, former president of Industrial Bank, who proposed that we should bear in mind the "great man of the country" and fully understand that science and technology finance is a "compulsory course" for commercial banks to rush to the new era.
From the perspective of national policies, science and technology finance has been encouraged by many policies for a long time. For example, in 2006, the former China Banking Regulatory Commission issued the "Guiding Opinions on Improving and Strengthening Financial Services for High-tech Enterprises by Commercial Banks", requiring banks to establish awareness of financial service technology, promote the improvement of independent innovation capabilities and the development of science and technology industries, and realize the commercial sustainable development of financial services for high-tech enterprises. In 2014, the former China Banking Regulatory Commission and the People's Bank of China issued the "Opinions on Vigorously Promoting Institutional and Mechanism Innovation and Doing a Solid Job in Science and Technology Financial Services", which clearly proposed to do a good job in science and technology financial services. In 2016, the former China Banking Regulatory Commission, the Ministry of Science and Technology, and the People's Bank of China issued the "Guiding Opinions on Supporting Banking Financial Institutions to Increase Innovation and Carry out Pilot Projects for Investment and Loan Linkage of Science and Technology Enterprises", but unfortunately such a pilot was not implemented. Since 2021, we have begun to attach great importance to it and issued a series of documents to promote the innovation and development of science and technology finance. Starting in Jinan in 2021, five cities in the Yangtze River Delta in 2022, and Zhongguancun this year, seven regions have been listed as experimental areas for scientific and technological innovation financial reform. It should be said that it is a very important policy innovation in science and technology finance.
"Science and technology finance" is simply the same thing as "technology finance". From the perspective of cities, according to the "China City Science and Technology Innovation Finance Index" released by the China (Shenzhen) Comprehensive Development Research Institute in April, Shenzhen, Beijing, Hangzhou, Suzhou, Shanghai, Nanjing, Guangzhou, Xi'an, Wuhan, Jinan and other cities ranked in the top 10. Among them, Beijing is second only to Shenzhen, and the science and technology innovation financial index ranks second in the country.
In the second part, let's take a look at what role and mission commercial banks assume since technology and finance are so importantIn recent years, the banking industry has had some practice in the development of science and technology finance. According to data released by the People's Bank of China, the balance of medium and long-term loans for the high-tech manufacturing industry in the first half of this year was 25 trillion, the balance of loans for small and medium-sized enterprises in science and technology is 236 trillion, the balance of loans for "specialized, special and new" enterprises in the country is 272 trillion. Moreover, the growth rate of the three types of loans is very fast, all of which are above 20%, especially the medium and long-term loans for high-tech manufacturing industry grew by 41% year-on-year in the first half of the year5%。This is inseparable from policy promotion.
According to my research, commercial banks develop science and technology finance, mainly small and medium-sized banks, and mainly explore and innovate in five aspects: market positioning, organizational system, mechanism and policy, product and service, and ecological operation. Therefore, I believe that the role of commercial banks in technology finance is three: new force, connector, and catalyst. I originally wanted to mention the "main force", and from the current point of view, banks may really play the role of "main force", but technology and finance cannot put all the burden on commercial banks, in that case, it may return to the old way. In the next step, the role of direct financing should be given more play, but the role of banks in three aspects should be more prominent for a long time to come.
First, the role of the new force. China's financial system is dominated by banks, with bank assets accounting for more than 90% of the total assets of the financial industry. From this point of view, the role of commercial banks is irreplaceable. Second, the role of connectors. Commercial banks can connect indirect financing and direct financing, scientific and technological innovation and the real economy, especially the connecting role of banks is reflected in the investment and loan linkage, in April 2016 to implement the investment and loan linkage pilot has not been pushed down, that refers to the internal investment and loan linkage. However, the external linkage between investment and lending has been ongoing. Third, the role of catalysts. Although Silicon Valley Bank has gone bankrupt, Silicon Valley Bank's technology finance is still worth learning. From Silicon Valley Bank's perspective, foreign equity investment in technology companies accounted for 1% of assets in 2021, but drove 46% of loans to high-growth companies in the United States. From the perspective of the domestic situation, although commercial banks cannot take a stake in science and technology enterprises, the loans issued by banks can bring credit endorsement and valuation improvement to science and technology enterprises. In addition, bank risk control empowerment can transform technology capital and technology assets into evaluable technology credit assets.
In general, banks can play the role of a new force, a connector, a catalyst, etc. It is necessary to promote the transformation of banks from simple "capital intermediaries" to comprehensive "service intermediaries", which is not only the requirements of the development of science and technology finance for banks, but also the requirements of the transformation and development of banks themselves in the new era. Banks will accelerate the development of science and technology finance, will better adhere to the political, people's and professional nature of finance, will promote the coordination of the industrial chain, innovation chain and capital chain, and can promote the virtuous cycle of science and technology industry finance, and finally use the power of finance and the services of banks to promote the acceleration of scientific and technological self-reliance and self-reliance, and solve the problem of "stuck neck".
Finally, some suggestions. For the high-quality development of science and technology finance, for relevant departments, it is necessary to increase policy support for science and technology finance, including fiscal and taxation policies, monetary policies, etc. For example, whether it is possible to build a national intellectual property exchange in Zhongguancun, and whether the re-lending of scientific and technological innovation can cover more small and medium-sized banks. It is also necessary to speed up the introduction of relevant standards, including the identification standards for science and technology enterprises, warrant business standards, etc., and promote the organic connection between the identification standards of science and technology enterprises and the identification standards of specialized and special new enterprises, national high-tech enterprises, and provincial science and technology small and medium-sized enterprises. In addition, it is proposed to revise the capital supervision regulations to reasonably determine the risk weight of commercial banks' equity investments.
At present, China is building science and technology financial reform experimental zones in 7 regions, and local governments can take this opportunity to do a good job in three aspects: first, further consolidate the data infrastructure and optimize the policy environment of science and technology finance;The second is to strengthen the best guidance and improve the risk diversification, sharing and compensation mechanism of science and technology financeThe third is to explore the construction of science and technology finance think tanks, and strengthen the research and brand building of science and technology finance. It is suggested that Zhongguancun should establish a science and technology finance research institute to build a national highland for science and technology finance research and development.
For commercial banks, the first is to improve their understanding of science and technology finance, and promote it from the height of "number one project".Second, it is necessary to improve the ecosystem of science and technology finance, cultivate science and technology financial talents, and strengthen internal and external cooperationThe third is to use financial technology to empower science and technology finance, and give full play to the active role of wealth management subsidiaries.
That's all for my sharing, and I would like to ask leaders and experts to criticize and correct what is wrong.
Thank you!(According to Dong Ximiao.)December 20, 2023dayIn the Zhongguancun Forum series of activities - the 11th Digital Finance Conferenceon the speech).