Core Viewpoint - The Chinese government is implementing a comprehensive financial policy package to stabilize the market and expectations, focusing on real estate financing, foreign trade financial support, and the establishment of Asset Investment Companies (AIC) by commercial banks [1][2]. Financial Stability - The overall financial operation is stable, with major regulatory indicators in a healthy range. The capital adequacy ratio of banks and insurance companies is improving, with a decrease in non-performing loan ratios by approximately 0.1 percentage points year-on-year and an increase in provision coverage ratios by about 10 percentage points [2][3]. - In the first quarter of 2024, the core Tier 1 capital adequacy ratios for major banks were as follows: China Construction Bank at 13.98%, Industrial and Commercial Bank of China at 13.89%, Bank of China at 11.82%, Agricultural Bank of China at 11.23%, Bank of Communications at 10.25%, and Postal Savings Bank of China at 9.21% [2][3]. Policy Measures - Eight new policies will be introduced to support financial stability: 1. Develop financing systems compatible with new real estate development models to stabilize the real estate market [4]. 2. Expand the pilot scope for long-term insurance fund investments to introduce more incremental funds [5]. 3. Optimize regulatory rules to lower investment risk factors for insurance companies, supporting capital market stability [6]. 4. Implement a comprehensive policy to support financing for small and private enterprises [6]. 5. Formulate policies to support foreign trade development, particularly for businesses affected by tariffs [6]. 6. Revise management measures for merger loans to promote industrial transformation [6]. 7. Expand the establishment of AICs to qualified national commercial banks to increase investment in technology enterprises [8]. 8. Develop high-quality development opinions for technology insurance to support innovation [8]. Real Estate Financing - The approved "white list" loans by commercial banks have increased to 6.7 trillion yuan, supporting the construction and delivery of over 16 million residential units. In the first quarter of this year, the real estate loan balance increased by over 750 billion yuan, with new personal housing loans showing the largest quarterly increase since 2022 [8][9]. Support for Foreign Trade - In the first four months, the banking and insurance sectors provided approximately 17 trillion yuan in new financing for the real economy. The no-repayment renewal loan policy has facilitated 4.4 trillion yuan in renewals for small and micro enterprises [10][11]. - A comprehensive policy package will be introduced to support small and private enterprises, focusing on increasing supply, reducing costs, improving efficiency, and enhancing the business environment [12]. AIC Establishment - The establishment of AICs is progressing, with signed intent amounts exceeding 380 billion yuan. The pilot program has expanded to 18 cities, with relaxed investment limits and optimized assessment mechanisms [13][14].

Core Viewpoint - The Chinese government is implementing a comprehensive financial policy package aimed at stabilizing the market and boosting expectations, with a focus on the real estate and capital markets, as well as supporting small and micro enterprises and foreign trade development [1]. Group 1: Real Estate Market Support - The National Financial Regulatory Administration is enhancing the city real estate financing coordination mechanism, with bank-approved "white list" loans increasing to 6.7 trillion yuan, supporting over 16 million housing units [2]. - In Q1, the real estate loan balance increased by over 750 billion yuan, with new personal housing loans reaching the largest quarterly increase since 2022, and housing rental loans growing by 28% year-on-year [2]. - Future plans include improving financing systems to match new real estate development models and ensuring stable financing for high-quality housing [2]. Group 2: Capital Market Stability - The National Financial Regulatory Administration is leveraging insurance funds as long-term capital to stabilize the stock market, with recent reforms allowing for increased investment from insurance funds [3]. - Specific measures to support the capital market include expanding long-term investment trials for insurance funds, increasing the investment limit by 60 billion yuan, and adjusting risk factors for stock investments [3]. - The administration aims to promote a long-term investment approach by enhancing performance evaluation mechanisms for institutions [3]. Group 3: Support for Small and Micro Enterprises - A comprehensive policy package will be introduced to support financing for small and micro enterprises, focusing on increasing supply, reducing costs, improving efficiency, and creating a favorable environment [4]. - Efforts will include deepening financing coordination, increasing the availability of loans, and simplifying internal processes to expedite loan approvals [4]. - The administration will also enhance collaboration among monetary, fiscal, industrial, and regulatory policies to create a more conducive development environment [4]. Group 4: Foreign Trade Development Support - The National Financial Regulatory Administration plans to implement policies to support foreign trade development, focusing on financial assistance amid increasing external pressures [5]. - Measures include expanding financing coordination to all foreign trade enterprises and providing tailored services for businesses facing challenges due to tariffs [6]. - The administration will optimize export credit insurance policies and support the transition of foreign trade enterprises to domestic sales, thereby enhancing consumption and expanding domestic demand [6].

国务院新闻办公室5月7日上午举行新闻发布会，请中国人民银行行长潘功胜、国家金融监督管理总局 局长李云泽、中国证券监督管理委员会主席吴清介绍"一揽子金融政策支持稳市场稳预期"有关情况， 并答记者问。 金融监管总局：继续支持稳定和活跃资本市场 5月7日，国家金融监管总局局长李云泽在参加国新办新闻发布会时表示，稳住楼市股市对提振社会预期、 畅通内需循环具有重要意义。 稳楼市方面，金融监管总局扎实推动城市房地产融资协调机制扩围增效，支持打赢保交房攻坚战。目前， 商业银行审批通过的"白名单"贷款增至6.7万亿元，支持了1600多万套住宅建设和交付，有力保障了购房 人合法权益，为房地产市场止跌回稳提供了重要支撑。房地产市场的积极变化在信贷数据上也有所体现。 一季度，房地产贷款余额增加7500多亿元，其中新增个人住房贷款创2022年以来单季最大增幅，住房租赁 贷款同比增长28%，最近一些来华的头部国际投资机构也认为中国房地产市场的投资价值正在逐步显现。 四是优环境，强化货币、财税、产业、监管等相关政策协同，在担保增信、信用修复、划型标准等方面， 加快完善相关制度，营造更加适宜的发展环境。 李云泽：将制定实施银行业保险业护航 ...

民营企业是科技创新的重要力量。做好民企股债融资支持，需要充分发挥资本市场功能。 创新债券融资产品、发布民企指数、加速交易型开放式指数基金（ETF）扩容……近年来，证券交易 所积极完善机制、创新产品，对接民企融资需求，为民企发展提供更多金融助力。 4月23日，首单中小微企业支持可续期公募公司债券在北京证券交易所成功发行。由江西省金融控股 集团有限公司发行的这期债券，发行规模5亿元，期限3+N年，募集资金大部分用于支持产业链上下游或自 身经营业务相关的中小微企业发展。 "本期发行通过为集团产业链上下游相关中小微企业提供流动性支持的方式，贯彻普惠金融导向，助 力破解中小微企业融资难融资贵问题。"北交所相关负责人表示。 民营企业中，中小微企业居多。围绕精准服务中小微企业，交易所持续创新公司债和资产证券化产 品，发行规模稳步增长。上海证券交易所数据显示，2022年至今，沪市中小微企业融资支持资产支持证券 已累计发行超过5000亿元。 "资产证券化产品是适应和匹配中小微企业融资特征、引导金融资源有效配置至普惠金融领域的有效 工具。"上交所债券业务相关负责人说，中小微企业融资需求多呈现"短、小、频、急"的特征，资产证券 化 ...

金十数据5月7日讯，金融监管总局局长李云泽5月7日在国新办举行的新闻发布会上表示，将尽快推出支 持小微企业、民营企业融资一揽子政策，做深做实融资协调工作机制，助力稳企业稳经济。制定实施银 行业保险业护航外贸发展系列政策措施，对受关税影响较大的市场主体提供精准服务，全力帮扶稳定经 营、拓展市场。 （新华社） 金融监管总局：尽快推出支持小微企业、民营企业融资一揽子政策 ...

央行上海总部联合上海市委统战部、市工商联举办民营企业融资对接暨惠企政策发布和集中签约活动 金十数据4月30日讯，4月28日，人民银行上海总部联合上海市委统战部、市工商联举办2025年金融支持 民营经济高质量发展暨"政会银企"工作推进会。在集中签约环节，上海科创基金等5家股权投资机构与5 家科技型民营企业现场签署投资意向协议，被投企业均为瞪羚企业或独角兽企业，拥有专精特新企业或 高新技术企业等资质，签约投资金额共计3.3亿元，通过为企业注入"耐心资本"，助力企业突破技术壁 垒、加速成果转化。工商银行等5家获得人民银行科技创新和技术改造再贷款支持的金融机构与5家民营 企业集中签约，授信金额共计28.8亿元；农业银行等5家获得股票回购增持再贷款支持的金融机构与5家 民营企业集中签约，授信金额共计8.6亿元；通过充分发挥央行低成本资金的引领撬动作用，有力支持 企业大规模设备更新、市值管理等融资需求。 ...

央行副行长邹澜在国新办发布会上回答第一财经提问时表示，督促金融机构不盲目抽贷、断贷、压贷，积极满足民营外贸企业合理的资金需求。 近期，中美贸易战再升级，民营企业发展面临新的困难和挑战。 二是更有针对性地拓宽民营企业多元化融资渠道。发挥民营企业债券融资支持工具的作用，扩大民营企业债券融资规模。推广"两新"债务融资工 具，支持民营企业等主体发债融资。用好股票回购增持再贷款，满足民营上市公司市值管理的资金需求。完善跨境投融资便利化政策，提高民营 企业利用外资的效率。 三是更大力度推动完善民营企业融资配套机制。全面推广全国中小微企业资金流信用信息共享平台运用，研究建立民营中小企业增信制度，破解 民营中小企业信用不足、信息不对称等融资制约。继续加强金融与财政、产业等政策的协同，共同营造更优的民营企业发展环境。 近年来，人民银行积极健全政策框架，推进金融服务能力建设，完善激励约束机制，强化督导落实，为民营经济高质量发展提供强有力的金融支 持。注重金融、财政、产业等政策协调配合，在增加金融供给的同时，引导民营企业依法合规诚信经营、健全融资配套机制，确保各项政策同向 发力，形成合力，引导金融资源更多流向小微和民营企业。 4月 ...

我国民营企业数量众多、行业分布广泛，发展阶段和融资诉求各不相同。继续下大气力解决民营企业融 资难融资贵的问题，要在当前金融服务民营企业成效的基础上，继续加快金融供给侧结构性改革，更加 精准、更加广泛地满足各类民营企业的融资需求。 继续下大气力解决民营企业融资难融资贵的问题，要做到各类民营企业全覆盖。融资难中很大一部分 是"首贷难"，我国还有很多民营小微企业、个体工商户从未在银行体系获得授信。有数据显示，民营小 微企业获得首次贷款后，后续再获得贷款的可能性将大幅提高。因此破解"首贷难"是解决问题的重要抓 手，金融政策应当进一步向拓展"首贷户"倾斜，金融机构也应当加快民营企业各类数据整合应用，更精 准地为企业"画像"、破解信息不对称的问题。此外，中型民营企业的融资问题也值得进一步关注，中型 民营企业金融需求大，但有的成长起来以后不再满足普惠金融的标准，应当进一步拓展针对这类民营企 业的金融产品。 继续下大气力解决民营企业融资难融资贵的问题，要强化多层次金融服务体系的支持。我国金融体系以 银行业主导的间接融资为主，推动大型银行加大力度投放民营企业信贷的同时，还要更注重发挥中小金 融机构立足本地服务中小微企业和民营企 ...

智通财经4月13日电，从深圳证券交易所获悉，2024年初至2025年4月6日，深交所累计支持民营企业发 行公司债券114只，融资1966.80亿元；发行资产支持证券142只，融资918.16亿元。 2024年以来深交所支持民企发行公司债券融资近2000亿元 ...

中国银行间市场交易商协会（下称"交易商协会"）3月12日召开银行间市场支持民营企业高质量发展座谈 会，民营企业、主承销商、投资人、增信机构等代表参会。 中国人民银行相关司局负责人在座谈会上指出，将实施好适度宽松的货币政策，发挥好结构性货币政策工具作 用，执行好金融支持民营经济25条举措，畅通股、债、贷多种融资渠道，引导金融机构"一视同仁"对待各类所 有制企业，持续加大金融资源投入，助力民营经济高质量发展。 本次座谈会上，应流机电、润泽科技、牧原食品、韵达控股等民营企业代表介绍了企业经营融资情况及建议。 中信银行、中邮理财、易方达基金、浙江担保等金融机构就民营企业债券承销、投资、增信等方面作经验交 流。中债信用增进公司介绍了民营企业债券融资支持工具（"第二支箭"）扩面增量的工作进展。 总体来看，与会机构肯定了银行间市场支持民营企业取得的成绩。参会机构还介绍了民营企业在当前形势下遇 到的困难和挑战，并对进一步优化民营企业融资环境提出了意见和建议。 针对参会机构提出的意见建议，交易商协会副会长、副秘书长徐忠表示，交易商协会将强化债券市场制度建设 和产品创新，持续发挥"第二支箭"撬动引领作用，扩大民营企业债券融资规模 ...