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 ...

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].

Group 1: Core Insights - Blockchain technology in China has transitioned from conceptual exploration to large-scale application, achieving breakthroughs in key areas such as government services, supply chain finance, and public welfare, becoming a significant engine for digital transformation [2] - The number of blockchain enterprises in China has exceeded 14,000, with core patent applications accounting for over 60% of the global total, and technology applications covering 45 key areas of the national economy [2] Group 2: Government Services - Blockchain technology is addressing inter-departmental collaboration challenges, with Beijing's "Blockchain + Government Services" platform enabling 140 services to be processed on-chain, reducing processing time by over 70% [3] - Guangdong Province has launched a "Blockchain + Electronic Certificate" system, allowing citizens to access over 200 types of electronic credentials via mobile, significantly reducing paper submissions by over 120 million [3] - The immutable nature of blockchain provides a trustworthy environment for data sharing, enhancing government governance efficiency [3] Group 3: Supply Chain Finance - Blockchain is reshaping the supply chain finance ecosystem, with Shanghai's "Ticket Payment" platform reducing financing costs by over 40% through core enterprise credit extension to upstream and downstream SMEs [5] - In the automotive sector, BYD's "On-chain Supply Chain" platform has provided financing services to over 5,000 suppliers, shortening loan processing time from 7 days to 2 hours [5] - Blockchain's smart contracts automate transaction terms, reducing manual intervention and moral hazards, offering new solutions to SMEs' financing challenges [5] Group 4: Public Welfare - Blockchain traceability systems for food safety have been implemented across all 31 provincial-level administrative regions, with JD's platform connecting over 2,000 brands, leading to a 65% reduction in counterfeit complaints [6] - Tencent's "Trust Chain" has protected over 12 million digital works' copyrights, allowing creators to register rights in 3 minutes, improving infringement dispute resolution efficiency by 90% [6] - Blockchain technology provides low-cost, high-efficiency solutions for intellectual property rights confirmation and protection, significantly promoting the creative economy [6] Group 5: Technological Breakthroughs - China's blockchain foundational technology continues to advance, with Ant Group's "FAIR" blockchain framework processing 300,000 transactions per second, reaching an internationally leading level [7] - Huawei's "Blockchain Service" platform has been deployed in 50 countries and regions, having passed national information security level protection certification [7] - China is transitioning from a technology follower to a rule-maker, having led the formulation of international standards such as the "Blockchain Privacy Protection Specification" [7] Group 6: Future Directions - Blockchain technology is deeply integrating with new-generation information technologies like artificial intelligence and the Internet of Things, giving rise to new business models such as "Blockchain + Industrial Internet" and "Blockchain + Dual Carbon" [7] - The Ministry of Industry and Information Technology plans to promote pilot applications of blockchain in energy and transportation sectors, accelerating the construction of a self-controllable industrial ecosystem [7] - As technology matures, blockchain is expected to become a core infrastructure for high-quality development of China's digital economy [7]