The manufacturing industry is the foundation of a country, a tool for rejuvenating a country, and the foundation of a strong country. What role does finance play in promoting the transformation of Guangdong from a "manufacturing province" to a "manufacturing master"? Experts suggest that the financial industry should further improve its "internal strength" and improve the level and efficiency of financial support for the manufacturing industry.
Government, banks and enterprises should work together to support the high-quality development of manufacturing industry
Experts said that Guangdong’s financial industry dares to make breakthroughs and innovations and has accumulated a lot of good practical experience. For example, Zeng Gang, director of the Shanghai Finance and Development Laboratory, believes: "In recent years, Guangdong's financial authorities have continuously optimized the combination of monetary policy tools, effectively exerted the precise drip-feeding effect of structural monetary policy tools, and guided new financing to focus on manufacturing companies with transformation and upgrading needs. At the same time, banking financial institutions are encouraged to continue to increase capital investment in the advanced manufacturing industry and further expand direct financing space for enterprises."
Guangdong highlights the dominance of manufacturing. What role should finance play? In this regard, Dong Ximiao, chief researcher of the China Merchants Association and part-time researcher at the Institute of Finance of Fudan University, believes that the most important thing is to focus on solving the key issues that restrict the development of the manufacturing industry and fundamentally achieve high-quality development of the manufacturing industry. Therefore, the financial industry must focus on enhancing the technological innovation capabilities of the manufacturing industry, promoting the integrated development of advanced manufacturing and modern service industries, and accelerating the optimization and upgrading of the manufacturing structure.
Experts also suggested that governments, banks, and enterprises should better form synergy to jointly support the high-quality development of the manufacturing industry. Dong Ximiao said: "For the government and financial management departments, it is necessary to create a good policy environment for financial support to serve the manufacturing industry, establish and improve the responsibility sharing and loss sharing mechanism of enterprises, finance, and government parties, such as establishing a manufacturing enterprise loan risk compensation fund and improving the guarantee system for small and medium-sized manufacturing enterprises."
Zeng Gang pointed out that the manufacturing industry in Guangdong Province has a long history, and industrial parks play an important role in gathering resources. He suggested that the government could take the lead in organizing and co-building a credit system for small and medium-sized enterprises to promote the connection between banks and enterprises. "Many specialized, special and new small and medium-sized enterprises are located in the park. Commercial banks can cooperate with local governments to provide industrial policy, fiscal and taxation and other support to the park, and provide all-round, full-life cycle services for specialized, special and new small and medium-sized enterprises in the park, thus bringing more comprehensive support to the growth of enterprises."
Financial institutions should increase product and service innovation
At present, Guangdong's manufacturing industry development opportunities and challenges coexist. Under the new situation, how should financial institutions innovate and make breakthroughs to provide manufacturing companies with products and services that meet new needs?
"First of all, we must increase innovation in financial products and services. Improve the evaluation mechanism of banking institutions internally, and at the same time improve the credit management system of banking institutions, develop syndicated loans, and adopt unified credit granting to affiliated enterprises to prevent over-lending." Zeng Gang said that financial institutions can create New and more abundant credit products and mortgage methods, such as actively developing mortgage and pledge financing for trademark rights, patent rights, copyrights, intellectual property rights, equity, pollution rights, accounts receivable, warehouse receipts, insurance policies, etc., to further expand the scope of corporate pledges.
Dong Ximiao also pointed out that according to the asset-light characteristics of technology-based enterprises and on the premise of commercial sustainability, more credit loan products can be developed, and financing guarantee companies, insurance companies, etc. can be introduced to enrich the financing and credit enhancement measures for technology-based enterprises. At present, some banks have formulated special plans that well meet the financing needs of technology-based companies.
Experts also believe that good risk control is the key for the financial industry to stably support the development of the manufacturing industry in the long term. Zeng Gang proposed that financial institutions should strengthen risk identification and management capabilities. On the one hand, it is necessary to make full use of scientific and technological means to carry out customer profiling, information collection and risk identification of small, medium and micro manufacturing enterprises to improve management efficiency. On the other hand, it is necessary to control the investment in traditional manufacturing enterprises with overcapacity, high pollution and high energy consumption, and focus on supporting the financing needs of traditional industries for transformation and upgrading, green transformation and "going out".
[Reporter] Tang Ziyi
[Author] Tang Ziyi
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