Core Viewpoint - The recent adjustments in the debt financing tool market aim to enhance the service capabilities of the interbank market for the real economy, reflecting a proactive response to increase direct financing and improve financial services [1][4]. Group 1: Policy Adjustments - The China Interbank Market Dealers Association announced several optimizations to the 2023 registration work regulations, including lowering the total asset return rate requirement from 3% to 2.5% and reducing the asset scale requirement from 300 billion to 250 billion [2][4]. - The information disclosure requirement has been modified to allow for either "no less than 3 issues" or "an issuance scale of no less than 10 billion," expanding the range of qualifying enterprises [2][4]. Group 2: Impact on Enterprises - More enterprises will qualify as mature layer enterprises, benefiting from registration and issuance conveniences, particularly in key industries and sectors critical to national security and economic lifelines [4][5]. - The exemption from the total asset return rate for enterprises in important industries ensures that they do not lose financing opportunities due to short-term financial metrics [2][5]. Group 3: Market Efficiency and Investor Benefits - The measures are expected to enhance issuance efficiency by approximately 20%, significantly reducing financing and time costs for enterprises [3][4]. - The optimized classification of enterprises will lead to more precise risk pricing and improved resource allocation in the market [4][5]. Group 4: Support for Private Enterprises - The notification emphasizes support for private enterprises to enjoy the conveniences of mature layer enterprise registration and issuance processes, aligning with recent policies aimed at bolstering the private economy [5][6]. - The encouragement for lead underwriters to promote eligible enterprises for registration reflects a strong incentive mechanism to enhance financial services for critical strategies and sectors [6].