The Central Bank Supports The Implementation Of The Wenzhou Gold Reform " The New 12 "

In March 28, 2012, the State Council approved the establishment of the first comprehensive financial reform pilot area in Wenzhou to determine the 12 important tasks of the gold reform.

The main points are: formulating standardized management methods for private financing, and establishing a private financing record management system.

We should encourage and support private capital to participate in the reform of local financial institutions, and guide private capital to set up venture capital enterprises, equity investment enterprises and related investment management institutions according to law.

In accordance with the law, non-listed company shares pfer and technology, culture and other property rights pactions.

The risk prevention mechanism of financial comprehensive reform should be established.

In the past 3 years,

In accordance with the State Council's "12 items" and the progress achieved, the gold reform has achieved phased results. The following are the following: the first national private financing regulation has been promulgated, the mandatory record system for large amount of private lending has been implemented, the private banks have been established, and the "Wenzhou interest rate index" to promote the marketization of private lending rates has been set up and released globally. A number of private lending service centers have been set up, and a number of private capital management companies have been pioneered. The first private capital has entered the "happy stock" and "Blue Ocean shares" of the government's large infrastructure, and has improved the 31 level results of the local financial supervision and management mechanism.

The Zhejiang provincial Party committee and the provincial government believe that after 3 years of

Exploration, operable reform measures in the reform plan of the 12 tasks have been implemented, and it is urgent to enrich the connotation of reform according to the new situation and the new situation.

In particular, we should establish the concept of "problem oriented" and "effect oriented" in order to solve the problems, so that the private enterprises and the common people will have a sense of "acquisition". We should also absorb the experience of the 13 regions in our country.

As a result, the top-level design of the gold reform scheme should be further innovating, breaking through to the new field, and developing further.

Accordingly,

The provincial government drafted the "opinions on further deepening the construction of the pilot area for comprehensive financial reform in Wenzhou" (New 12 article), and submitted it to the people's Bank of China for support.

The main contents of the new 12 articles are:

Support the development of corporate financial institutions.

Encourage private banks to innovate and develop.

The establishment of private capital and the establishment of insurance companies and securities companies.

Carry out pilot operation of mutual insurance cooperatives in rural areas.

Innovate and optimize financial products and services.

Strive for the issuance of large certificates of deposit.

Deepening rural financial reform.

Construction of small credit loan, mortgage guarantee loan, guarantee institution guarantee loan "Trinity" rural credit product system.

Deepening the insurance service to the real economy.

The SME loan guarantee insurance mechanism, which is jointly operated by the government, insurance companies and banks, is established.

We should encourage innovative businesses such as high engineering guarantee insurance and start a pilot project for catastrophe insurance.

Support Internet financial innovation and development.

Support the healthy development of Internet Financial formats such as third party network payment and "equity financing".

We support the launching and establishment of a special sub fund for Internet financial development, focusing on start-up and growth Internet financial enterprises.

Developing multi-level capital market.

PPP (public private partnership) mode is used to guide social capital to participate in infrastructure development and high-tech enterprises development.

We should explore the securitization of non-performing assets and the issuance of proceeds from municipal projects.

Explore asset securitization of small loan companies.

We should explore qualified foreign qualified institutions to raise renminbi funds in Renminbi and raise public funds or private equity funds.

Establish a long-term government credit enhancement system.

Set up a small and micro enterprise credit guarantee fund.

Develop industry associations, chambers of Commerce and enterprises to promote mutual trust and mutual credit mechanism.

Develop venture capital fund and industry guidance fund.

We should actively promote provincial government guidance (investment) funds to set up sub fund in Wenzhou.

Expand outward oriented financial services Exchange.

Supporting overseas financial institutions to set up branches in Wenzhou or invest in financial institutions of Wenzhou legal persons.

Timely promote the issuance of RMB bonds in Taiwan by Taiwanese investment enterprises in the experimental area.

We should explore the issue of RMB bonds abroad.

Constructing regional financial stability mechanism.

A regional financial Asset Management Co is set up to deal with non-performing assets.

Innovating judicial practice and ensuring financial stability.

We should innovate the handling mechanism of financial risks outside judicial proceedings, and encourage financial disputes to be resolved through mediation outside litigation, pfer of creditor's rights, bad write offs, packing and hanging.

We should properly promote the trial of bankruptcy cases.

Promoting local financial supervision and innovation.

We should explore the authority of financial supervision and move forward, and actively strive for the higher authorities to authorize Wenzhou's territorial supervision departments by some functions such as institutional admittance, business innovation, product review, and senior management approval, so as to implement pre regulation.

The "Regulations on the management of private financing" should be promoted to be implemented at the provincial level.

Optimize regional financial ecological environment.

We will promote the cooperation between the Wenzhou branch of the people's Bank of China and the Wenzhou public credit information system.

Support the third party enterprises credit information service agencies to carry out their business independently.