两会｜林罡：加强中小金融机构并购重组，聚焦三大问题并精准施策

Core Viewpoint - The 2026 government work report emphasizes the importance of small and medium-sized financial institutions (SMFIs) in risk resolution and resource integration to enhance service quality for the real economy [1][5]. Group 1: Current State of SMFIs - The pace of mergers and acquisitions (M&A) among SMFIs has accelerated, with over 400 financial institutions exiting the market in 2025 [4]. - The reform and restructuring of rural credit cooperatives have progressed, with six provinces establishing unified legal entity provincial rural commercial banks [4]. - Despite some progress, M&A among SMFIs is still in the exploratory stage, facing issues such as strong government leadership and weak market-driven initiatives [5][6]. Group 2: Key Issues in M&A of SMFIs - There is a lack of clarity in the division of responsibilities among local governments, regulatory bodies, and participating institutions, leading to ineffective collaboration [6]. - Difficulty in securing funding for high-risk SMFIs due to unclear funding sources and insufficient market participation [7]. - Numerous policy constraints exist, particularly regarding risk asset disposal and regulatory approvals, which hinder effective restructuring [7]. Group 3: Recommendations for Improvement - Clarify the roles and responsibilities of all parties involved in M&A, establishing a collaborative framework that includes government guidance and market operations [8]. - Innovate diversified funding mechanisms to broaden capital sources for M&A, including the establishment of stabilization funds at national and provincial levels [9]. - Relax policy restrictions to facilitate asset disposal and provide necessary support for M&A entities, including tax reductions and regulatory exemptions [10].