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Central heavy tune! "28 countries" vigorously develop private enterprises, and then introduce gem and new three boards. The capital market will play 8 roles and open up 5 industries.

quanshangcn @ 2019/12/23




In the winter solstice, private enterprises have come to a "reassurance". This is another heavy profit of private enterprises after the fourth Plenary Session of the 19th CPC Central Committee.


Xinhua news agency, Beijing, December, 22, the CPC Central Committee and the State Council issued a heavy announcement on building a better environment for development and reform of private enterprises. The full text of 5523 words, a total of 28 articles, to support the development of private enterprises. Among them, "further liberalization of private enterprises' market access" is placed in the very important position of the document.


In addition, following the central economic work conference, the reform of the gem and the new three boards was mentioned again. The paper points out that the capital market should play 8 roles in deepening the reform of the second board, the third board and serving the sustainable development of private enterprises. The article also focuses on protecting the legitimate property of entrepreneurs.



In the fourth Plenary Session of the 19th CPC Central Committee, we reiterated that "unswervingly consolidate and develop the public sector of the economy, unswervingly encourage, support and guide the development of the non-public sector of the economy". In February this year, the state run office also issued "18 private enterprises in financial services". In October last year, Xi Jinping spoke at a private enterprise forum to further clarify and affirm the status and role of the private economy. These actions show the consistent position of the Central Committee, and emphasize that adhering to the "two unwavering" is the inevitable choice and general policy of economic development in the new era.


Look at the interpretation!


Affirming the contribution of private enterprises


The opinions first point out that private enterprises have played an irreplaceable role in promoting development, promoting innovation, increasing employment, improving people's livelihood and opening wider to the outside world for more than 40 years since reform and opening up. The private economy has become an important part of China's public ownership as the main body and the development of the diversified ownership economy.


In November 1, 2018, Xi Jinping pointed out at the Symposium of private enterprises that China's private economy has become an indispensable force to promote China's development. It has become an important field of entrepreneurship and employment, an important body of technological innovation, and an important source of State Taxation. It has played an important role in the development of China's socialistic market economy, the transformation of government functions, the transfer of surplus rural labor force, and the opening up of international markets. For a long time, the vast number of private entrepreneurs have organized and led millions of workers to work hard, work hard and innovate continuously with the pioneering spirit of innovation and perseverance. China's economic development can create a miracle in China.


In February 14th this year, the general office of the CPC Central Committee and the general office of the State Council issued the "opinions on strengthening private enterprises in financial services", calling for strengthening financial services for private enterprises. Through comprehensive measures, all kinds of ownership enterprises have been treated equally in financing, ensuring that the financial services of private enterprises have been effectively improved, the scale of financing has been steadily expanded, the efficiency of financing has been significantly improved, the cost of financing has gradually declined and stabilized at a reasonable level. Private enterprises, especially small and micro enterprises, have been relieved of financing difficulties and the problems of financing have been effectively alleviated, so as to fully stimulate the vitality and creativity of the private economy.


In the fourth Plenary Session of the 19th CPC Central Committee, it reiterated that "unswervingly consolidating and developing the public sector of the economy and unswervingly encouraging, supporting and guiding the development of the non-public sector of the economy". There are various signs that the position of private enterprises has not wavered, and the central government's determination to support the development of private enterprises has not changed.


The five industries will be open to private enterprises.


In the opinion, the market environment for optimizing fair competition has been placed in a very important position. Among them, further opening up the market access of private enterprises is placed in the most prominent position.


The opinion points out that we should further liberalize the market access of private enterprises. We should deepen the reform of the "discharge service", further streamline the administrative approval matters for market access, and not impose additional conditions for admission to private enterprises. We should comprehensively implement policies and measures to relax the market access of private enterprises, continuously track and regularly assess the implementation of relevant policies for market access, and comprehensively investigate and systematically clean up all kinds of explicit and implicit barriers.


In the key industries and fields such as power, telecommunications, railways, oil and natural gas, we should liberate competitive businesses and further introduce the market competition mechanism.


Support private enterprises to carry out basic telecom operation in the form of share participation, and carry out power generation and distribution business in the form of holding or shareholding.


Support private enterprises to enter the field of oil and gas exploration and development, refining and marketing, and build infrastructure such as crude oil, natural gas, refined oil storage and transportation, and pipeline transportation. Support eligible enterprises to participate in crude oil imports and refined oil exports.


In the field of infrastructure, social undertakings and financial services, market access has been greatly relaxed. The relevant functional departments of the above industries and fields should study and formulate specific paths and methods for private enterprises to enter the market in different sectors, sub sectors and sub sectors, and clarify the road map and timetable.


In March 2016, Xi Jinping pointed out at the four session of the twelve session of the CPPCC National Committee of the Federation of civil engineering and industry and Commerce Committee, "we should strive to liberate market access. All sectors and areas where laws and regulations are not explicitly prohibited should be encouraged to enter private capital. All areas where our government has opened or committed to opening up should be open to domestic private capital".


This time, the "28 countries" are put forward in a prominent position, and the market access of private enterprises should be further liberalized. This is expected to further stimulate the vitality and creativity of private enterprises and give full play to the important role of the private sector in promoting the structural reform of supply side, promoting the development of high quality and building a modern economic system.


Gem and new three boards have been mentioned again


At the central economic work conference held recently, it was proposed that next year we should accelerate the reform of the financial system, improve the basic system of capital market, improve the quality of listed companies, improve the exit mechanism, and steadily push forward the reform of the second board and third board. The "28 countries" also mentioned the role of gem and new three boards in supporting private enterprises. It pointed out that "we should deepen the reform of the second board and third board to serve the sustainable development of private enterprises".


The opinion points out that in order to improve the direct financing support system of private enterprises, the capital market should play 8 roles.


1, improve the stock issuance and refinancing system to improve the efficiency of private enterprises' initial listing and refinancing audit.

2, actively encourage qualified private enterprises to list on the science and innovation board.

3, deepen the reform of the second board and third board to serve the sustainable development of private enterprises.

4, support the construction of regional equity market for private enterprises.

5, support private enterprises to issue bonds and reduce the issuing threshold of convertible bonds.

6, under the premise of compliance with the law, we should support information management products and insurance funds to actively participate in the relief of private enterprises by investing in private equity funds.

7, encourage debt restructuring and other ways to jointly resolve the risk of stock pledge.

8, actively attract social forces to participate in debt to equity swap of private enterprises.


Improving the equal protection of the rule of law environment


The twelfth article points out that we should improve the equal protection mechanism of law enforcement and judicature for private enterprises. We should increase the criminal protection of private enterprises and punish the illegal and criminal acts that infringe upon the legitimate rights and interests of investors, managers and practitioners of private enterprises. We should improve the efficiency of judicial trial and execution, and prevent enterprises' production and operation from being delayed by litigation. To protect the legitimate rights and interests of private entrepreneurs in assisting discipline inspection and supervision organs in conducting investigation and investigation. We should improve the punitive damages system of intellectual property infringement, improve the rules of evidence, evidence disclosure and evidence exclusion rules.


The thirteenth article points out that we should protect the lawful property of private enterprises and entrepreneurs. In strict accordance with the legal procedures, measures such as seizure, seizure and freezing shall be taken to strictly distinguish between illegal income, other involved property and lawful property, strictly distinguish between the property of the enterprise legal person and the personal property of the shareholder, and strictly distinguish the personal property of the involved person and the property of the family member. We should continue to discriminate and correct the wrong cases that infringe upon the property rights of private enterprises and enterprises. Establish a long-term mechanism governing government property disputes.



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Chinese:中央重磅定调!"国28条"力挺民企发展,再提创业板、新三板!资本市场将发挥8大作用,开放5大行业