The Guiding Opinions focuses on deepening the structural reform of the financial supply side, is guided by further creating a fair and convenient business environment, and aims at improving the availability of corporate financing, and urges banking institutions to intensify innovation and strengthen risk management in the process of high-quality service development, so as to realize the sustained and healthy development of movable property and rights financing business.
The Guiding Opinions put forward that it is necessary to strengthen chattel and rights financing services, broaden the scope of collateral scientifically and reasonably, give full play to the supporting role of chattel and rights financing in weak areas, and strengthen the differentiated management of chattel and rights financing. Support banking institutions to deepen the innovation of movable property and rights financing business, improve the quality and efficiency of accounts receivable financing service, optimize the goods rights financing business, develop accounts receivable financing and inventory guarantee financing based on supply chain, and actively develop systematic and full-scene digital supply chain financial products.
The Guiding Opinions require that banking institutions should improve the risk management and control ability of movable property financing, strengthen the evaluation of movable property and rights, and implement classified credit management. For the supply chain financing business, we can explore the "three investigations" of online loans. It is necessary to implement the requirements of guarantee registration and publicity, standardize the management of movable property custody and third-party supervision and cooperation, promote the application of new technologies for the control of seized goods, and broaden the channels for realizing movable property disposal.
The Guiding Opinions also put forward the requirements of strengthening organization and implementation, implementing the responsibilities of all parties, and creating a good external environment for optimizing the development of movable property and rights financing.
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The heads of relevant departments of the People's Bank of China and the China Banking Regulatory Commission answered questions on the Guiding Opinions on Promoting the Healthy Development of Chattel and Rights Financing Business.
In order to thoroughly implement the decision-making arrangements of the CPC Central Committee and the State Council on optimizing the business environment and developing chattel financing according to law, further improve the availability of corporate financing, promote banking institutions to optimize chattel and rights financing business, and improve the quality and efficiency of serving the real economy, recently, the China Banking Regulatory Commission and the People's Bank of China jointly issued the Guiding Opinions on Promoting the Healthy Development of Chattel and Rights Financing Business (hereinafter referred to as the Guiding Opinions), and the heads of relevant departments answered questions on the Guiding Opinions.
1. What is the background of the Guiding Opinions?
Since the 18th CPC National Congress, the CPC Central Committee has attached great importance to optimizing the business environment and made many important arrangements. In April, 2022, the Central Committee of the Communist Party of China and the State Council issued the Opinions on Accelerating the Construction of a National Unified Market, clearly proposing "developing chattel financing according to law", which pointed out the direction for related work. We resolutely implemented the decision-making arrangements of the CPC Central Committee and the State Council, and continued to supervise the banking and insurance industries to do a good job in financial services to the real economy, and achieved positive results. At present, chattel and rights financing has gradually become one of the important financing methods for enterprises, especially for new service industries and technology-intensive enterprises. It is urgent to sum up and popularize good experience and further improve the policy environment.
2. What are the considerations for drafting the Guiding Opinions?
The Guiding Opinions focuses on deepening the structural reform of the financial supply side, actively promoting banking institutions to increase innovation and strengthen risk management, and realizing the sustained and healthy development of movable property and rights financing in the process of high-quality service development. First, adhere to the problem orientation and highlight the pertinence of policies. Focusing on the mismatch between the actual asset structure of enterprises with movable property and rights and the current situation of bank-guaranteed financing with real estate as the main part, we should actively revitalize all kinds of movable property and rights, further create a fair and convenient business environment, improve the availability and sense of corporate financing, and stimulate the vitality of market players and develop endogenous motivation to a greater extent. The second is to systematically sum up useful experience and highlight the operability of policies. The Guiding Opinions summarizes the practical experience and innovative model of the current banking institutions in developing chattel and rights financing business, and puts forward requirements for banking institutions in expanding the access scope of collateral, enriching the financing service mode, deepening the supply chain financial services, and improving the risk management ability of chattel and rights financing, so as to realize the sustained and healthy development of chattel and rights financing business while serving the high-quality development of the real economy. The third is to adhere to the classification policy, reserve business innovation space, and highlight the forward-looking policy. At present, there are many types of chattel and right financing, with different business periods and obviously different risk characteristics. According to the financing characteristics of different types of movable property and rights, the Guiding Opinions proposes to optimize the pre-lending and post-lending management processes and encourage banking institutions to implement differentiated management.
3. What is the main content of the Guiding Opinions?
The Guiding Opinions are divided into five parts and seventeen articles. The first part "General Requirements and Basic Principles" puts forward the general requirements and basic principles of chattel financing business. The basic principles are: adhere to problem-oriented and goal-oriented; Adhere to innovation drive and technology empowerment; Adhere to classified policies and standardize development; Adhere to the prevention and control of risks and keep the bottom line. The second part, "Strengthening the financing service of movable property and rights", puts forward three requirements: scientifically and reasonably expanding the types of collateral, giving full play to the supporting role of movable property and rights financing in weak areas, and strengthening the differentiated management of movable property and rights financing. The third part, "Deepening the innovation of movable property and rights financing business", mainly encourages banking institutions to improve the quality and efficiency of accounts receivable financing services, optimize the financing business of goods rights, promote supply chain financing, and carry out characteristic movable property financing business. The fourth part, "Improving the risk management and control ability of chattel financing", requires banking institutions to strengthen the assessment of chattel and rights, implement classified credit management, promote the "online" management of supply chain financing, implement the requirements of guarantee registration and publicity, standardize the management of chattel custody and third-party supervision and cooperation, promote the application of new technologies for chattel custody and control, and broaden the channels for realizing chattel disposal. The fifth part is "strengthening organization and implementation", which promotes the development of chattel financing business from three aspects: implementing the responsibilities of all parties, coordinating and optimizing the external environment, and summarizing and popularizing experiences and practices.
4. How should banking institutions strengthen the financing services of movable property and rights?
First of all, broaden the scope of collateral scientifically and reasonably. Banking institutions should, according to their own business development and risk control capabilities, include movable property and rights that meet the requirements of collateral in the catalogue of collateral, including movable property such as means of transport, production equipment, biology, raw materials, semi-finished products and products, as well as existing and future rights such as accounts receivable, property rights, property rights and forest rights in intellectual property rights.
Secondly, give full play to the supporting role of movable property and rights financing in weak areas. Banking institutions should constantly improve movable property and rights financing services according to the needs of different credit subjects. Develop all kinds of financing products, reasonably reduce the dependence on real estate guarantees, and improve the quality and efficiency of financial services for small and micro enterprises and private enterprises; Promote life guarantee financing for agricultural machinery and tools, agricultural vehicles, agricultural and sideline products, livestock, aquatic products, etc., actively and steadily carry out forest right mortgage loans to serve rural revitalization; Innovate intellectual property pledge financing products to support the development of science and technology enterprises.
Third, strengthen the differentiated management of movable property and rights financing. Encourage banking institutions to establish and improve the classified management system of movable property and rights financing, allocate special quotas, improve risk tolerance, and moderately increase the upper limit of mortgage and pledge rate under the premise of risk control. Efforts should be made to train professionals, formulate differentiated assessment and incentive arrangements, implement the due diligence exemption system in detail, and improve the enthusiasm of credit personnel.
Verb (abbreviation of verb) In what aspects does the Guiding Opinions mainly hope that banks will promote innovation in movable property and rights financing business?
In terms of accounts receivable financing, the Guiding Opinions encourages banking institutions to meet the diversified financial needs of different customers through accounts receivable pledge and factoring financing, including charging rights, lease receivables and future accounts receivable secured financing.
In the financing of cargo rights, the Guiding Opinions supports banking institutions to carry out standard warehouse receipt pledge financing and explore ordinary electronic warehouse receipt financing on the premise of controllable risks. Conditional banking institutions can use goods with strong value guarantee, good liquidity and strong liquidity as collateral to carry out movable property financing, and explore various forms of movable property financing business such as floating guarantee, maximum guarantee and future property right guarantee.
In terms of supply chain financing, the Guiding Opinions proposes that banking institutions should rely on the leading position of core enterprises in order formation, inventory scheduling, circulation and distribution, information transmission, etc., develop accounts receivable financing and inventory guarantee financing based on supply chain, and actively develop systematic and full-scene digital supply chain financial products. Support national banks to handle business in local branches of core enterprises in a "one point nationwide" way according to laws and regulations, and improve supply chain financing efficiency.
At the same time, the Guiding Opinions supports banking institutions to establish a pool of pledged assets based on corporate bills and accounts receivable, and provide enterprises with various forms of financing services such as issuing working capital loans, opening bank acceptance bills, and opening letters of credit.
What new requirements does the intransitive verb "Guiding Opinions" put forward to improve the risk management and control ability of movable property financing?
In addition to further clarifying the requirements of strengthening the evaluation of movable property value and rights, implementing the requirements of guarantee registration and publicity, standardizing the management of entrusted movable property and third-party supervision cooperation, and broadening the channels for realizing movable property disposal, the Guiding Opinions also emphasize the following contents:
The first is to implement classified credit management. For businesses with mature development, standardized management and clear credit risk transfer, such as buyout factoring, movable property and rights financing with clear payment obligations or joint and several liability guarantees of the core enterprises, banking institutions can appropriately simplify the examination and investigation of borrowers and post-loan requirements on the premise of truly grasping the risk tolerance of the core enterprises. For businesses that are difficult to manage and exploratory, banking institutions should strengthen credit risk management, and comprehensively consider the operating performance and overall strength reflected in the customer's financial statements when reviewing loans, as well as the self-compensation for debt repayment requirements by the cash flow of movable property and rights transactions.
The second is to promote the "online" management of supply chain financing. For the supply chain financing business, we can explore the network-based loan "three checks". Support banking institutions to extend the credit evaluation of supply chain to "data credit" and "material credit", and realize the dynamic grasp of information in all aspects of movable property and rights financing through interaction with core data such as enterprise production transactions, warehousing and logistics, and cross-validation with intra-bank information, enterprise information and government official data. Conditional banks can model based on real transaction background and big data information to realize online approval of SME loans in supply chain.
The third is to promote the application of new technology in the control of seized goods. Banking institutions should actively promote the use of Internet of Things, electronic fences, biometrics and other means to realize the intelligent perception, identification, location, tracking and monitoring of movable collateral, and improve the intelligent level of collateral management. Conditional banking institutions can build an IOT data platform to correlate and model the data collected by IOT devices, so as to improve the accuracy and pertinence of risk control.