“科技板”用好“稳定器” 金融基础设施协同推进信用风险缓释工具创新

Core Viewpoint - The development of credit risk mitigation tools (CRM) in China's financial market infrastructure is enhancing the innovation and effectiveness of credit derivatives, particularly benefiting the financing needs of technology enterprises [1][2][7]. Group 1: Credit Risk Mitigation Tools and Technology Board - The integration of CRM tools with the "Technology Board" is helping to increase debt financing scale and reduce costs, addressing the financing difficulties faced by private enterprises [2][10]. - Since the launch of the "Technology Board," credit risk mitigation certificates (CRMW) have supported the issuance of technology innovation bonds, with a total of 6 registrations amounting to 395 million yuan, facilitating the issuance of 1.25 billion yuan in technology innovation bonds [1][7]. Group 2: Market Infrastructure and Business Models - The CRMW creation and bond issuance model has created approximately 150 billion yuan in support for over 340 billion yuan in bond issuances since its introduction in 2018 [3][6]. - Major banks such as Zheshang Bank, Ping An Bank, and Bank of Communications have been leading in CRMW creation, with amounts of 1.215 billion yuan, 1.056 billion yuan, and 410 million yuan respectively in the first half of 2025 [4][3]. Group 3: Regulatory and Operational Enhancements - Recent revisions to the CRM business guidelines have streamlined processes and improved operational efficiency, allowing for a more comprehensive regulatory framework for CRM activities [6][7]. - The Shanghai Clearing House has enhanced its services for CRM, enabling online processing for credit events and early termination of CRMW, significantly improving operational convenience [6][7]. Group 4: Broader Economic Impact - CRM tools are increasingly recognized as effective financing aids, helping to mitigate credit risks in the bond market and ensuring smooth financing for the real economy [10][11]. - Local financial institutions are expected to play a crucial role in the creation of CRMW, leveraging their regional knowledge to provide credit risk protection for local enterprises [10][11].