央企供应链金融平台要守住赋能中小企业的初心与边界

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has recognized the role of central enterprises in providing liquidity support to market entities through low-interest loans and deferred payments in the current economic environment [1] Group 1: Central Enterprises' Initiatives - Ansteel Group and Bank of Communications launched the "Ansteel Rongxin" supply chain financial product, which is seen as a significant step towards high-quality development and fulfilling social responsibilities [1] - The "Ansteel Rongxin" product utilizes digital technology for online order financing, providing low-cost funding support to small and medium-sized steel mills [1] - Ansteel Group Capital Holding Co., Ltd. has established an industrial financial service platform that includes products like Ansteel Huixin and Ansteel Rongxin, aiding small enterprises in expanding their financing channels [1] Group 2: Policy Guidance and Responsibilities - The SASAC issued a notice in May 2022, directing central enterprises to leverage their creditworthiness and technological advancements to support small and medium enterprises [2] - The notice emphasizes that central enterprises must actively engage in supply chain financing and transmit their credit to smaller enterprises, prohibiting high-interest arbitrage practices [2] - The core mission of the supply chain financial platform is to alleviate the difficulties faced by small enterprises and ensure payment rights, rather than serving as a tool for profit maximization [2] Group 3: Regulatory Developments - The Financial Regulatory Bureau has indicated that the restoration of "one head outside" financial services by financial companies is unlikely in the short term due to severe regulatory scrutiny [3] - Investigations revealed that some enterprises engaged in improper practices, such as using financial company bills to replace cash settlements, leading to dual profit models that harm small enterprises [3] - The new management measures for corporate financial companies, effective from November 2022, restrict their operations to serving internal group members and emphasize the need for focused management [3] Group 4: Historical Context and Future Directions - The "one head outside" business model for financial companies began in 2014 but was ultimately terminated due to misalignment with its intended purpose [4] - The Financial Regulatory Bureau's guidance in April 2024 reiterated the importance of financial companies serving their groups and preventing them from becoming mere financing channels [4] - Central enterprise supply chain financial platforms must prioritize genuine service to small enterprises and adhere to the principles of empowering the real economy to maintain their foundational role [4]