Core Viewpoint - The recent guidelines issued by the Shanghai Municipal State-owned Assets Supervision and Administration Commission and the Municipal Federation of Industry and Commerce aim to promote collaboration between state-owned and private enterprises, particularly in new and future industries, through various forms of cooperation such as technology sharing and joint innovation [1][4]. Group 1: Policy Encouragement - The guidelines encourage state-owned and private enterprises to engage in mutual entry and cross-shareholding, fostering collaboration in technology innovation and resource sharing [1]. - There is a strong emphasis on forming innovation consortia and joint laboratories to enhance technological innovation and facilitate the transfer and transformation of scientific achievements [1][4]. - Traditional manufacturing enterprises are urged to adopt advanced technologies and integrate digitalization into their operations to accelerate transformation and upgrading [1]. Group 2: Role of Private Enterprises - Private manufacturing enterprises are advised to clearly define their position within the industry chain and leverage their comparative advantages when participating in innovation consortia [2]. - Collaboration with leading enterprises is crucial for private manufacturers, as it provides access to market opportunities, technical support, and financial backing [2]. Group 3: Recommendations for Implementation - The government should enhance policies and regulations to protect the rights of private manufacturing enterprises in innovation consortia, ensuring equal opportunities for participation and support [3]. - Financial institutions are encouraged to expand support for private manufacturing enterprises by developing tailored financial products and establishing a credit guarantee system to lower financing barriers [3]. - A fair and reasonable profit distribution mechanism should be established within innovation consortia to ensure that all members' contributions and risks are adequately recognized [3][4]. - There is a call for improved talent cultivation and mobility to support private manufacturing enterprises in innovation consortia, emphasizing the need for high-quality talent development and retention [4].

周家兵 前不久，上海地方国有企业与民营企业协同发展座谈会上，上海市国资委联合市工商联印发了《关于进 一步促进我市地方国有企业与民营企业协同发展的指导意见》，鼓励国企民企双向进入、交叉持股。在 新产业和未来产业领域，促进国企民企发挥各自优势，通过技术开源、产业共建等多种方式深化合作。 鼓励国企民企组建创新联合体，共建联合实验室，推动科技创新资源共享，加强科技创新联合攻关和科 技成果转移转化。鼓励国企民企相互开放和提供应用场景、试用环境，加大创新产品培育与应用力度。 推动传统制造企业积极应用先进技术，将数字化技术与企业生产经营管理深度融合，加速转型升级。鼓 励商贸服务企业，加强产业链上下游合作，共享业务资源，促进产业转型。鼓励大型企业发挥龙头带动 作用，吸引产业链企业集聚，实现协同发展。 这为民营企业打开一扇窗。在政策实际落实中，民营企业参与产业创新联合体时，应冷静而理性地看清 如下两点： 本版专栏文章仅代表作者个人观点 民营制造业企业在参与产业创新联合体时，首先要明确自身在产业链中的定位，分析自身的比较优势。 根据自身的技术特点、产品优势、市场渠道等，选择合适的创新环节和创新任务。例如：企业在某一零 部件制造方 ...

Core Viewpoint - The People's Bank of China and seven other departments have issued guidelines to enhance financial support for the new industrialization, emphasizing equal treatment of all types of enterprises, particularly private manufacturing firms [1] Group 1: Current State of Private Enterprises - Private enterprises account for over 92% of the total number of enterprises in China, with more than 420,000 recognized as national high-tech enterprises, also representing over 92% [1] - Private enterprises contribute more than 50% to both imports and exports, and over 80% to urban employment [1] - As of the end of June, the loan balance for the private economy reached 70.9 trillion yuan, reflecting a year-on-year growth of 5.4% [1] Group 2: Challenges Faced by Private Enterprises - Some private enterprises still face difficulties in financing, with issues stemming from financial institutions that either "will not lend," "dare not lend," or "do not want to lend" due to various risk assessment challenges [1] - Certain private enterprises engage in blind diversification and poor management, which increases their risk and complicates financing [2] Group 3: Proposed Solutions - A coordinated mechanism for supporting small and micro-enterprises is essential, focusing on both supply and demand to ensure that bank credit reaches the grassroots level quickly and at reasonable rates [2] - Financial institutions are urged to treat all enterprises equally, avoiding artificial barriers in financing and ensuring fair market participation [2] - Private enterprises should aim for long-term goals, enhancing governance structures to mitigate risks and improve access to financing [2] Group 4: Collaborative Efforts - The "support small and micro-enterprise financing coordination mechanism" should be leveraged to optimize financial services for private enterprises, enhancing their experience [3] - As of the end of June, over 90 million small and micro-businesses were visited under this mechanism, resulting in new credit of 23.6 trillion yuan and new loans of 17.8 trillion yuan, with credit loans making up 32.8% [3]

Group 1 - The overall economic performance in China is stable with improvements in exports and consumption growth, while facing challenges from the real estate market and external uncertainties [1][2] - The real estate market remains a significant negative factor for economic performance, with sales declining over 10% year-on-year in major cities and liquidity pressures on developers [3][4][5] - Real estate investment is expected to fluctuate around -10%, contributing to a decline in nominal GDP growth by 0.75 percentage points [5][6] Group 2 - Private investment growth is weak, with a continuous decline in fixed asset investment since 2023, primarily due to the downturn in the real estate market [6][7] - Structural issues, including market access restrictions and increased regulatory scrutiny, are contributing to the low enthusiasm for private investment [6][7] - Consumer spending may face challenges due to potential resource shortages in policy support and a conservative consumption attitude among residents [7][8] Group 3 - Export performance is under pressure from U.S. tariffs and trade barriers, particularly affecting labor-intensive industries [8][9] - Domestic demand remains weak, leading to structural deflationary pressures, with CPI and PPI showing declines [10][11] - Local government finances are strained due to declining land sales and high debt repayment pressures, limiting infrastructure investment capabilities [11][12] Group 4 - Monetary policy needs to improve coordination with fiscal policy to effectively support economic growth [12][13] - There is a need for targeted measures to support the real estate sector and enhance liquidity for developers [14][15] - Increased support for private enterprises and consumer spending is essential to stimulate economic activity [16][17] Group 5 - Recommendations include expanding fiscal support for trade enterprises and enhancing capital market stability through various financial tools [20][21][22] - The government should implement measures to alleviate the financial burden on local governments and improve their investment capabilities [23][24] - A proactive monetary policy approach is necessary to address deflationary pressures and stabilize the economy [24][25]