Core Viewpoint - The Shanghai Commercial Paper Exchange (票交所) has achieved significant milestones in the financial sector during the "14th Five-Year Plan" period, focusing on risk prevention, service to the real economy, and enhancing financial infrastructure to support China's modernization efforts [1][8]. Group 1: Leadership and Governance - The exchange emphasizes the importance of strong party leadership and integrates it with corporate governance to ensure high-quality development [2]. - It actively promotes the implementation of the Party's policies and guidelines, ensuring that the leadership is reflected in operational practices [2][8]. - The exchange has strengthened its political guidance and service capabilities, particularly for small and micro enterprises [2][3]. Group 2: Service to the Central Bank - The exchange plays a crucial role in supporting the People's Bank of China (PBOC) by enhancing monetary policy transmission and market regulation [3]. - It has optimized its re-discount business system, aiming for a re-discount balance of 575.8 billion yuan by the end of 2024 [3]. - The exchange actively participates in the development of regulatory frameworks and risk monitoring to support the PBOC's objectives [3][6]. Group 3: Support for the Real Economy - The exchange is committed to serving the real economy, with a total business volume of 244 trillion yuan in the bill market for 2024, reflecting an average annual growth of 13.1% over the past five years [4][5]. - It has introduced a supply chain bill platform to alleviate financing challenges for enterprises, particularly small and micro businesses [4][5]. - The average discount rate for bills has decreased significantly, saving enterprises substantial financial costs [5]. Group 4: Risk Management - The exchange prioritizes risk prevention, with a focus on maintaining a stable bill market and reducing overdue rates [6]. - It has established a robust risk monitoring system and enhanced credit information disclosure, covering over 100,000 enterprises [6][7]. - The exchange collaborates with regulatory bodies to create a favorable legal environment for the bill market [6]. Group 5: Technological Innovation and Security - The exchange is advancing its technological capabilities, having developed a new bill business system that integrates both paper and electronic bills [7]. - It emphasizes the importance of balancing innovation with security, ensuring the stability of its operational systems [7]. - The exchange is committed to enhancing its technological governance and management to meet the demands of the financial market [7][8].
做优做强基础设施服务 赋能票据市场高质量发展
Jin Rong Shi Bao·2025-10-23 01:21