Core Viewpoint - The Chinese government is emphasizing the promotion of high-quality development of the private economy, with a focus on expanding market access, strengthening support for resources, and protecting legal rights to stimulate private investment [1]. Group 1: Policy Initiatives - The "Private Economy Promotion Law" officially took effect on May 20, 2023, with multiple regions launching related regulations to support private economic growth [2]. - Gansu and Tianjin have passed local regulations to implement the Private Economy Promotion Law, effective from January 1, 2026, which encourages banks to optimize credit evaluation mechanisms for private enterprises [2]. - Shandong's new regulation, also effective from January 1, 2026, aims to enhance financial support for private economic organizations through various loan products and services tailored to their characteristics [2]. Group 2: Banking Sector's Role - The banking sector is shifting from policy-driven support to capability-driven support for the private economy, focusing on enhancing credit service capabilities and utilizing digital technology for innovative financial solutions [3]. - Key strategies include implementing no-repayment renewal policies, leveraging digital technology for supply chain finance, and promoting collaboration between credit and equity financing [3]. Group 3: Comprehensive Financial Services - The China Banking Association and the All-China Federation of Industry and Commerce have issued an initiative to enhance financial services for private enterprises, emphasizing product innovation and tailored support for different stages of enterprise development [4]. - Banks like SPDB and GF Bank are developing specialized financial products and services to meet the diverse needs of private enterprises, particularly in technology and innovation sectors [5]. - There is a call for banks to build a comprehensive financial service system that covers the entire lifecycle of enterprises, transitioning from mere fund providers to comprehensive service partners for the private economy [6].

Core Insights - The article discusses the "Work Plan for Accelerating High-Quality Development of the Service Industry" issued by the Luoyang Municipal Government, which aims to enhance the service sector's contribution to economic growth and improve living standards by 2027 [1] Group 1: Development Goals - By 2025, Luoyang plans to add 150 various innovation platforms and achieve a 10% annual growth in online retail sales [1] - The proportion of emerging services in the total service industry is expected to exceed 60% by 2025 [1] - By 2027, the service industry's growth rate is projected to rank among the top in the province [1] Group 2: Financial Services Framework - The plan emphasizes the establishment of a comprehensive financial service system that focuses on equity investment and integrates various financing methods to support the entire lifecycle of enterprises [1] - Continuous promotion of initiatives like "Funds into Luoyang" and "Insurance Capital into Luoyang" is highlighted [1] - A total scale of 1 billion yuan (approximately 150 million USD) is allocated for the Luoyang Angel Investment Fund to attract and cultivate long-term and patient capital [1]