作者：江西财经大学九银票据研究院 肖小和、李紫薇 2025年是"十四五"规划的收官之年，也是票据市场在制度完善、基础设施健全、服务实体、科技赋能等 方面取得扎实进展的关键一年。随着供应链票据加快推广、综合服务平台正式上线、《票据法》修订启 动提速以及利率低位运行特征凸显，票据市场在规模稳增的同时，也展现出更强的服务效能与运行韧 性。展望2026年——"十五五"开局之年，票据市场将在服务中小微企业、畅通产业链供应链、深化价格 分层改革等方面持续发力，开启高质量发展新篇章。 一、中国票据市场2025年回顾 2025年，全球经济增长动能持续承压，主要发达经济体通胀虽进一步回落至接近目标水平，但需求疲 弱、债务高企与金融条件收紧制约复苏力度；国际地缘政治冲突延宕升级，叠加多国大选带来的政策不 确定性，显著抑制了全球贸易与跨境投资活力。2025年是中国"十四五"规划的收官之年，在以习近平同 志为核心的党中央坚强领导下，全党全国各族人民坚定信心、迎难而上、精准施策，持续加大宏观政策 逆周期调节力度，深化重点领域改革，扩大高水平对外开放，着力激发内需潜力，加快构建现代化产业 体系，我国经济延续回升向好态势，高质量发展取得新 ...

Core Viewpoint - The recent announcement by the China Internet Finance Association highlights compliance issues in supply chain finance, with three banks failing to submit required information, raising concerns about the industry's regulatory progress [1] Group 1: Regulatory Changes - The People's Bank of China and five other departments issued the "Document No. 77" to regulate supply chain finance, aiming to optimize financing for small and medium-sized enterprises (SMEs) and mitigate risks [1] - The new regulations are pushing the industry from "wild growth" to "standardization and transparency" [1][6] Group 2: Reasons for Non-Submission - One bank attributed its failure to submit information to delays in its data system, with updates expected next month [2] - Experts suggest three potential reasons for the non-submission: compliance adjustments and technical separation, strategic reassessment of business models, and pressures from data governance and system upgrades [3] Group 3: Industry Restructuring - The "Document No. 77" imposes strict requirements on banks regarding electronic receivables, emphasizing the need for platforms to return to their role as "information intermediaries" [4] - Nine types of prohibited activities have been identified, including issuing receivables without real trade backgrounds and extending payment terms without justification [4] Group 4: Future Development Trends - The industry is expected to experience a "pain period" in the short term, with a trend towards differentiation and consolidation, as compliance costs rise and weaker platforms exit the market [6] - Long-term trends indicate a shift towards services based on real trade backgrounds, integration of advanced technologies like blockchain and AI, and the establishment of an open ecosystem for supply chain finance [6]

肖小和1，余显财2，金睿1，柯睿2 （1.江西财经大学九银票据研究院，江西南昌 330038） （2.复旦大学经济学院，上海200433） "十五五"是我国经济发展的关键时期，拉动需求，提高消费能级，尤其是大力发展批发零售行业对消费 增长至关重要。发挥票据功能作用，助力批发零售行业发展是金融的应有职能。 （一）转变票据理念 商业汇票既有支付结算功能，也有扩张信用的融资功能，是我国实体企业多层次融资体系的一部分。批 发零售行业属于高速周转的资金密集型行业，业内企业根据具体贸易品种和处于供应链中地位的不同， 均可能存在或长或短的账期，天然有着旺盛的短期资金融通需求。一方面，批发零售行业市场化程度 高、竞争激烈、行业集中度低，行业内部以中小型企业居多，很难在资本市场上利用股票、公司债券、 短融、中票、PPN、ABS等工具融资。另一方面，相对于银行贷款，票据市场基础设施完善，电子票据 最长期限达到一年，并且可以自主约定到期期限，通过企业网银签发、流转非常便捷，还可以同开户银 行一事一议，满足双方约定的特定条件可获得银行承兑作为信用加持，这些基本属性同批发零售企业的 短期融资需求十分契合。同时，依托于上下游的真实贸易背 ...

首期《供应链信息服务机构自律管理情况通告》显示，共有217家供应链信息服务机构向协会登记机构 基本信息。其中，206家登记其运营的供应链信息服务系统信息，186家按月报送业务数据。目前，中国 互联网金融协会已经常态化开展自律备案工作。具备条件的供应链信息服务机构，可以按程序和相关要 求申请备案。 普兰金服副总裁周海滨解释道，中国互联网金融协会在《供应链信息服务机构自律备案管理细则》第六 条明确规定了"供应链信息服务机构应及时向协会提交备案申请"，在细则发布前投入运营的，提交备案 申请时3年应收账款电子债权凭证业务汇总信息；原则上至少有3家核心企业和3家融资机构推荐等。备 案是机构主动退出应收账款凭证业务的核心原因。 多位业内人士在接受《中国经营报》记者采访指出，14家供应链信息服务机构自愿退出应收账款凭证业 务的申请，是监管政策、市场选择和行业转型多重因素叠加的必然结果。 西南财经大学金融安全协同创新中心首席研究员毛强华分析，部分机构主动退出应收账款业务有三大原 因：一是能力不达标，主动退出。许多平台（尤其是技术或业务能力较弱的中小平台）评估后发现，自 身难以满足77号文提出的严格整改要求（例如在底层技术、业 ...

Core Viewpoint - The conference on the development of the Chinese bill market during the "14th Five-Year Plan" to "15th Five-Year Plan" highlighted the increasing importance of the bill market in optimizing financing structures, transmitting monetary policy, and preventing financial risks, while also addressing the challenges and opportunities presented by the digital economy and green development [4][6][10]. Group 1: Conference Overview - The conference was organized by Jiangxi University of Finance and Economics and the Jiujiang Bank, featuring various industry experts and academics [2]. - Keynote speeches focused on macroeconomic conditions, the development of the bill market, and the integration of supply chain finance [6][10]. Group 2: Key Insights from Speakers - The Vice President of Jiangxi University of Finance and Economics emphasized the need for the bill market to better serve small and micro enterprises and to enhance risk prevention systems during the "15th Five-Year Plan" [4]. - The Vice President of Jiujiang Bank highlighted the bill market's role as a crucial link between finance and the real economy, advocating for innovative approaches to support high-quality economic development [6]. - The Director of the Jiangxi Financial Development Research Institute discussed the shift in macro-financial policy from stimulus to structural optimization, focusing on quality and safety in financial services [8]. Group 3: Future Directions and Recommendations - The Executive Dean of the Jiujiang University Bill Research Institute outlined the importance of the bill market in achieving high-quality economic development and proposed several initiatives, including promoting technology-driven financial solutions and enhancing the integration of supply chain finance [10][12]. - The Shanghai Bill Exchange's Legal Compliance Department emphasized the growing demand for simplified credit mechanisms and the legal foundation for limited recourse services in supply chain bills [14]. - The Director of the China Banking Association's Bill Professional Committee pointed out the need for diversified financing channels and the integration of digital currency with the bill market to enhance efficiency and risk management [16]. Group 4: Institutional Developments - The Jiujiang University Bill Research Institute celebrated its ninth anniversary, reflecting on its achievements in academic research and practical applications in the bill market [22]. - A new research project was initiated to focus on cutting-edge topics in the bill field, providing internship opportunities for students [23]. - An award ceremony for a writing competition related to the bill market was held, showcasing the engagement of academia and industry in this sector [26].

Group 1 - The manufacturing industry is the foundation of the national economy, and China has become the world's largest manufacturing country, but it still faces challenges in independent innovation and reliance on foreign technology [1][2] - The "14th Five-Year Plan" emphasizes high-quality development of the manufacturing sector, focusing on transformation towards high-end, intelligent, and green manufacturing [2][3] - Acceptance bills are a crucial financing tool for manufacturing enterprises, with over 30% of the total bill issuance in 2024 coming from the manufacturing sector [2][3] Group 2 - In 2024, the total amount of acceptance bills issued reached 38 trillion yuan, with the manufacturing sector accounting for 11.7 trillion yuan, indicating a continuous upward trend [3] - Small and medium-sized enterprises (SMEs) are significantly benefiting from the acceptance bill market, with 93.2% of bill issuers being SMEs [3][4] - Acceptance bills provide a flexible financing option for SMEs, which often struggle to access traditional financing methods [4][5] Group 3 - The twelve major manufacturing industries in China include electronics, machinery, automotive, and chemical manufacturing, all of which are adapting to new business models and enhancing their digital capabilities [7][8] - Acceptance bills can effectively match the cash flow cycles of these industries, reducing capital occupation and expanding commercial credit [7][8] Group 4 - The promotion of receivables bill financing is essential for alleviating liquidity pressures faced by manufacturing enterprises, especially SMEs [8][9] - The integration of technology, such as big data and AI, into the bill financing process can enhance service efficiency and reduce transaction costs for manufacturing enterprises [15][16] Group 5 - The development of green bills is aligned with China's carbon neutrality goals, providing financial support for green projects within the manufacturing sector [10][11] - Financial institutions are encouraged to support the acceptance, discounting, and re-discounting of green bills to facilitate the transition towards sustainable manufacturing practices [11][12] Group 6 - The current macroeconomic environment presents challenges for credit access among SMEs, necessitating a focus on enhancing the efficiency of bill financing processes [13][14] - The central bank's re-discount policy can be leveraged to support manufacturing enterprises, particularly those with strong credit profiles [14][16]

Core Insights - The introduction of new regulations in supply chain finance is reshaping the roles and responsibilities of core enterprises, requiring them to adopt an ecological mindset to remain competitive [2][15] - Financial institutions are transitioning from passive risk control to proactive restructuring, focusing on technology, data, and product innovation to build a new risk control system [2][18] - Supply chain financial information service providers are returning to their core business, promoting more standardized practices in supply chain finance [2][23] Market Growth - China's supply chain finance market is projected to grow from 25.2 trillion yuan in 2020 to 41.8 trillion yuan by 2024, with a compound annual growth rate of 13.5% [2] - The total amount of basic assets, including accounts receivable, prepayments, and inventory, is expected to increase from 75.9 trillion yuan in 2020 to 107.6 trillion yuan by 2024, reflecting a 9.1% compound annual growth rate [2] Regulatory Environment - The recent regulations aim to optimize the financing environment for small and medium-sized enterprises (SMEs) and enhance the standardization of supply chain finance [6][8] - A series of policies have been introduced since 2020 to promote the orderly development of supply chain finance, with the latest regulation issued in April 2025 [7][8] Key Drivers of Change - The new regulations focus on three main areas: assisting SMEs with funding challenges, promoting data-driven credit systems, and establishing self-regulatory mechanisms to enhance risk control [12][9] - The shift from core enterprise credit to real transaction data as the basis for trust in supply chain finance is a significant transformation [15][16] Innovations and Upgrades - Supply chain finance is experiencing four major upgrades: optimization of market structure, efficiency improvements through technology, deeper integration of green finance, and enhanced risk control capabilities [13][14] - Innovations in financing tools, risk control methods, and green finance are emerging, with a focus on expanding the range of financing products available [14][26] Role of Financial Institutions - Financial institutions are actively reconstructing their risk control systems by leveraging technology, data sharing, product innovation, and insurance integration [18][20] - The use of blockchain, AI, and big data is becoming essential for enhancing transparency and efficiency in supply chain finance [21][22] Transformation of Information Service Providers - Supply chain financial information service providers are evolving to focus on data aggregation and compliance, moving away from financial functions [24][25] - The competitive landscape is shifting towards a model driven by technology and compliance, leading to increased market concentration [24][27]

Core Viewpoint - The article emphasizes the significance of bill culture as a vital component of financial culture, highlighting its impact on the efficiency of the bill market and its service to the real economy during the "14th Five-Year Plan" period (2021-2025) [1]. Group 1: Concept and Characteristics of Bill Culture - Bill culture is defined as a cultural accumulation formed through historical development and practice, uniting concepts and values, and combining material and spiritual civilization [2]. - Key characteristics of bill culture include: - A legal culture that prioritizes contractual spirit, ensuring compliance with laws and regulations governing bill activities [3]. - An integrity culture based on commercial credit, where the essence of bills lies in the trust they embody [4]. - A foundational culture that serves the real economy, rooted in genuine commodity transactions and labor payments [5]. - An evolving culture that integrates historical accumulation with contemporary innovation, adapting to societal changes and financial developments [5]. Group 2: Relationship Between Bill Culture and Financial Culture - Bill culture is an important branch of financial culture, embodying principles of honesty, service to the economy, and compliance [7]. - There is a value interconnectivity between bill culture and financial culture, where the development of financial culture influences bill culture and vice versa [7]. - Bill culture plays a unique role in the construction of financial culture, promoting credit awareness and enhancing market regulation [8]. Group 3: Review of Bill Culture Development During the "14th Five-Year Plan" - The bill market has significantly contributed to the real economy, risk prevention, and supply-side reform during the "14th Five-Year Plan" period [9]. - The effectiveness of bill culture in serving the real economy has been enhanced, particularly in supporting small and micro enterprises, with the total volume of supply chain bills reaching 436.7 billion yuan in 2024, a 95% increase from the previous year [10]. - Market standardization and transparency have improved, with over 100,000 enterprises covered by new disclosure regulations, enhancing credit transparency [11]. - Technological empowerment has advanced, with digital platforms facilitating efficient bill transactions, and blockchain technology being explored for various bill processes [12]. - The market's financing function has become more active, with the discounting of commercial bills reaching 30.5 trillion yuan in 2024, a year-on-year increase of 28.1% [13]. Group 4: Characteristics and Achievements of Bill Culture Development - Digital transformation has accelerated, with the number of enterprises using bills reaching 3.52 million in 2024, an increase of 320,000 from 2023 [14]. - Compliance culture has been strengthened, with financial institutions enhancing internal controls and risk management [15]. - Innovative product practices have become more pronounced, with significant growth in supply chain bill activities and the introduction of new financial products [16][17]. - The service concept has become more precise, focusing on supporting small and micro enterprises and green industries, with substantial engagement in these sectors [18].

Economic Performance - In 2024, Shandong Province achieved a GDP of 9.9 trillion yuan, with a year-on-year growth of 5.7%, surpassing the national growth rate by 0.7 percentage points[2] - Fixed asset investment (excluding farmers) grew by 3.3%, with manufacturing investment increasing by 15.1% and high-tech industry investment rising by 15.9%[3] - The total retail sales of consumer goods reached 3.8 trillion yuan, growing by 5.0% year-on-year, with online retail sales at 754.3 billion yuan, up 7.8%[3] Financial Sector Performance - The total social financing scale in Shandong reached 23.8 trillion yuan, with a year-on-year growth of 10.2%[62] - New loans amounted to 1.2 trillion yuan, with a year-on-year growth of 9.0%, exceeding the national average by 1.8 percentage points[44] - The balance of debt financing tools issued by enterprises was 622.8 billion yuan, reflecting a 9.6% increase year-on-year[66] Employment and Income - Urban employment increased by 1.245 million, achieving 113.2% of the annual target, while per capita disposable income rose by 5.5%[34] - The rural per capita disposable income growth rate outpaced that of urban residents, indicating a positive trend in rural economic conditions[34] Price Stability - The consumer price index (CPI) rose by 0.2%, with food prices declining by 0.5% and non-food prices increasing by 0.4%[35] - The industrial producer price index (PPI) decreased by 2.1%, with the decline narrowing by 1.4 percentage points compared to the previous year[35] Financial Risk Management - The non-performing loan ratio in the banking sector was 1.15%, a decrease of 0.01 percentage points, marking six consecutive years of decline[59] - The provision coverage ratio reached 276.6%, indicating enhanced risk resistance capabilities within the banking institutions[59]

Group 1 - The article emphasizes the importance of risk prevention in the bill financing process, suggesting that companies should ensure the authenticity of bills and the credibility of the issuer [1] - Companies are advised to standardize the endorsement process to maintain continuity and clarity in signatures, and to review the alignment of bill maturity dates with their liquidity arrangements to avoid defaults [1] - Collaboration with regulated financial institutions or platforms is recommended to obtain professional bill services and risk management advice, reducing financial losses due to information asymmetry or operational errors [1] Group 2 - Linyi Mall Digital Technology Group Co., Ltd. was established in 2017 and operates the "Yilian Tong" supply chain bill public service platform, which has been approved for direct connection to the Shanghai Bill Exchange [3] - The Yilian Tong platform has integrated with the bill business systems of 41 financial institutions, including major banks, and has established partnerships with 50 leading vertical e-commerce and fintech platforms [3] - The company aims to support the high-quality development of the supply chain bill ecosystem while serving millions of small and micro enterprises, adhering to its mission of innovation and openness [3]