Core Viewpoint - The Credit Risk Mitigation Warrant (CRMW) serves as a "credit bridge" to alleviate financing difficulties for private enterprises, with recent revisions to the operational guidelines aimed at enhancing its effectiveness in supporting the real economy [1][2]. Summary by Relevant Sections CRMW Overview - CRMW is a key tool for supporting bond financing for private enterprises and risk-sharing for technology innovation bonds, functioning similarly to a "credit insurance policy" for specific debts [2]. - Since the introduction of the CRMW model linked to bond issuance in 2018, approximately 150 billion has been created, supporting over 340 billion in bond issuances for more than a hundred enterprises [2]. Recent Developments - The inclusion of "debt restructuring" as a credit event in CRMW products for technology companies marks a significant expansion of risk coverage, enhancing investor confidence and improving financial services for the real economy [3]. Revisions to Operational Guidelines - The recent revisions to the operational guidelines include four main optimizations to better support the financing of the real economy: 1. Establishing a comprehensive CRMW regulatory framework that includes self-regulatory rules, business guidelines, operational details, and standard texts [4]. 2. Removing restrictions on CRMW business by decoupling the creation institutions from core dealers, allowing more financial and credit enhancement institutions to participate [5]. 3. Strengthening the responsibilities and rights of participants by adding self-regulatory norms and clarifying requirements for information disclosure, pricing, trading, and management [5]. 4. Setting differentiated requirements based on the characteristics of CRMW, such as simplifying disclosure requirements for financial institutions and allowing for price inquiry methods for bond-linked creations [5].