Recently, IB conscientiously implemented the decisions and plans of the CPC Central Committee and the State Council of the People’s Republic of China on promoting the development and growth of the private economy. It issued the Action Plans of the Industrial Bank for Supporting the Development and Growth of the Private Economy (“Action Plans”), and formulated 28 measures to contribute “IB Strength” to the high-quality development of private enterprises with greater efforts and more practical measures.
It is reported that the Action Plans introduced 28 measures, which focused on strengthening the organizational leadership, optimizing internal assessment and evaluation, putting into effect that “who has fulfilled the duties will not be held liable for anything beyond their control”, increasing tolerance for bad loans, strengthening the incentive and guidance mechanism, improving the efficiency of credit review and approval, strictly implementing fair credit, helping private enterprises to reduce fees and increase profits, optimizing the layout of characteristic outlets, continuing to conduct well the traditional credit support, expanding the bond financing support, supporting the financing of listed private enterprises, promoting the green transformation and digital transformation of private enterprises, exploring business models of serving private enterprises by digital RMB, and actively carrying out the loss-sharing business. The Bank continuously improves the long-term mechanism of “confidence, willingness and ability to granting loans” and fully supports the development and growth of the private economy.
Private enterprises are a new force to promote Chinese modernization. Since the beginning of this year, IB has seriously carried out activities such as financing promotion actions of “One Chain, One Policy, and One Batch” for MSMEs and “Visiting Ten Thousand Enterprises, Raising Confidence and Providing Better Services”, actively visited docking enterprises, clarified target requirements, formulated service plans by classification, and strengthened the progress tracking to ensure that the visiting coverage rate of enterprises in the docking list reached 100%. Moreover, it organized the docking of the list of MSMEs in the industry chain. Based on the business characteristics of the industry chain, “One Chain and One Policy” provided the diversified financial support for private MSMEs to improve financing convenience and feasibility.
Started from Fujian, a major province of private economy in China, IB has always unswervingly consolidated and developed the public sector, encouraged, supported and guided the development of the non-public sector for a long time. It inherited and promoted the “Jinjiang Experience”, shared “the same fate and common growth” with private enterprises by combining the solutions of financing pain points and difficulties of private enterprises with its own unique advantages and financial innovation, and brought continuous living financial “water” into the high-quality development of the private economy. By the end of June 2023, the Bank’s loan balance for private enterprises was nearly RMB 120 million. In the past three years, its loan balance of private enterprises increased by nearly RMB 40 billion, with an increase of more than 50%. From 2019 to 2022, IB was rated as the “Outstanding Bank Contributed for Serving Private Enterprises and MSMEs in Fujian” for four consecutive years.
At the next stage, IB will adhere to the two “unwavering” measures, earnestly implement the decisions and deployments of the CPC Central Committee and the State Council of the People’s Republic of China, and take the Action Plans as the pivot to continuously improve the accuracy and effectiveness of financial service for private enterprises and to promote greater and better development of the private economy. Furthermore, it will join hands with the majority of private enterprises to make greater contributions to advancing the new journey of Chinese modernization.