社论丨发挥金融支持民企的作用，为民营经济发展保驾护航

Core Viewpoint - The private economy is a vital force in advancing Chinese modernization and is essential for high-quality development, with recent legislation aimed at enhancing financial services for private enterprises to boost their confidence and promote healthy development [1] Group 1: Financial Support and Policy Mechanisms - There is a need to lower the financing threshold for private enterprises by establishing a new credit assessment system that utilizes various data sources to quantify creditworthiness, moving away from traditional collateral-based lending [1][2] - Continuous financial support is crucial for private enterprises, requiring the establishment of policy mechanisms that ensure stable funding sources, such as the Central Bank's targeted medium-term lending facility (TMLF) [2] - A risk-sharing model involving government, banks, and insurance is essential to protect banks' interests while managing fiscal risks, alongside differentiated regulatory assessments to encourage lending to private enterprises [2] Group 2: Ecosystem Reconstruction and Financial Innovation - The reconstruction of the financial ecosystem is necessary, utilizing supply chain finance to create an "industry cloud platform" that integrates upstream and downstream enterprises, thereby reducing bad debt rates and controlling risks [3] - Digital infrastructure improvements, such as the creation of a "financial data port," will enhance the ability to generate enterprise profiles quickly, facilitating better financial services for private enterprises [3] - Incorporating ESG principles into financial service models is a potential avenue for innovation in supporting private enterprises [3] Group 3: Capital Market Engagement - The capital market serves as a crucial platform for direct financing of private enterprises, with the establishment of various boards expanding financing service coverage for small and medium-sized enterprises [4] - A comprehensive range of financial services, including equity financing, bond issuance, and asset securitization, is available to meet the diverse financial needs of private enterprises at different development stages [4] - The development of a full-cycle financing chain from angel investment to the main board market is essential for addressing the funding needs of private enterprises throughout their lifecycle [4]