Core Viewpoint - The "14th Five-Year Plan" period (2021-2025) marks a critical phase for China's bill market, which has undergone significant transformation and development, evolving from a simple payment tool to a comprehensive financial market system that supports financing, liquidity management, and monetary policy transmission [1][2]. Group 1: Economic Development Support - The bill market has shown a strong correlation with economic growth, with the total bill issuance reaching 22.10 trillion yuan by the end of 2020, 1.56 times the issuance of corporate credit bonds during the same period [3]. - By 2024, the total bill issuance is projected to reach 38.30 trillion yuan, with a discount volume of 30.50 trillion yuan, reflecting a 127% increase from the beginning of the period [3]. - In the first half of 2025, the national GDP reached 66.05 trillion yuan, with bill acceptance and discount volumes growing by 11.57% and 12.09% year-on-year, respectively [3]. Group 2: Support for SMEs - The bill market has become a key financial tool for addressing the "financing difficulties and high costs" faced by small and micro enterprises, with 93.80% of bill-signing enterprises being small and micro firms by 2024 [4]. - The total signing amount for small and micro enterprises reached 27.40 trillion yuan, accounting for 71.50% of the total signing amount [4]. - The People's Bank of China reduced the re-discount rate by 0.25 percentage points, effectively lowering the overall financing costs for society [4]. Group 3: Regional Economic Development - The bill market has demonstrated regional characteristics and innovative practices, with local adaptations enhancing economic development [5]. - The successful issuance of the first supply chain bill asset securitization product in Shandong exemplifies the integration of bills and bond markets to support small and micro enterprises [5]. - By July 2025, the bill exchange had established direct connections with 45 supply chain platforms, improving the efficiency and security of supply chain bill operations [5]. Group 4: Innovation and Development - Institutional innovations have been implemented to enhance the regulatory framework, with key regulations introduced to standardize market operations and promote innovation [7]. - The supply chain bill model has emerged as a significant innovation, effectively supporting financing for small and micro enterprises by leveraging core enterprise credit [8]. - Financial institutions have launched diverse bill products tailored to different industries and stages of development, significantly enhancing market service capabilities [9]. Group 5: Infrastructure Improvement - The Shanghai Bill Exchange has played a central role in the bill market's infrastructure, completing major upgrades to enhance operational efficiency and market integration [10]. - The establishment of a bill information disclosure platform has improved transparency and reduced information asymmetry, with over 100,000 enterprises registered by the end of 2024 [11]. - Commercial banks are actively pursuing digital transformation in bill operations, enhancing service and risk management capabilities [12]. Group 6: Risk Management - The risk prevention system in the bill market has significantly improved, establishing a multi-layered, comprehensive risk management network [13]. - Regulatory measures have been introduced to strengthen capital adequacy and liquidity management for financial companies involved in bill operations [13]. - The introduction of an account management function by the Shanghai Bill Exchange has effectively mitigated the risk of fraudulent bill transactions [13]. Group 7: Research and Talent Development - The research ecosystem for the bill market has diversified, with institutions like the Shanghai Bill Exchange conducting regular training and publishing reports to support market innovation [14]. - A systematic approach to talent cultivation has been established, with numerous training sessions conducted to enhance the professional skills of market participants [15]. - Industry communication platforms have been developed to facilitate knowledge sharing and promote innovation within the bill market [16]. Group 8: Market Development Outcomes - The bill market has achieved steady growth and structural optimization during the "14th Five-Year Plan" period, playing an increasingly important role in supporting enterprises, especially small and micro businesses [16][17]. - The market has focused on serving the real economy, preventing financial risks, and promoting financial innovation, leading to significant advancements in market scale, business models, infrastructure, and regulatory frameworks [16][17].