Improving Financial Services Accessibility and Convenience for Private Enterprises Requires Coordinated Efforts from Multiple Parties——Interview with CPPCC National Committee Member, Hengyin Technology Party Committee Secretary and Chairman Jiang Haoran

(Source: Hengyin Technology)

Private sector economy, as an important part of our country’s economy, plays a vital role in stabilizing growth, promoting innovation, increasing employment, and improving people’s livelihoods. Since 2025, a series of policy documents supporting the development of the private economy have been implemented intensively, continuously sending positive signals for its growth. This year’s National Two Sessions also highly focused on the topic of “private economy” among delegates and committee members.

In supporting the growth and expansion of the private economy, finance is a key component. During this year’s National Two Sessions, a reporter from Rural Financial Times interviewed Jiang Haoran, Secretary of the Party Committee and Chairman of Hengyin Technology, a member of the National Committee of the Chinese People’s Political Consultative Conference, on topics related to financial support for private enterprises and their development.

Reporter: Due to information asymmetry, lack of collateral, and other multi-layered reasons, financing difficulties and high costs have long been constraints for private enterprises. This year, what are your observations on this?

Jiang Haoran: Since the beginning of this year, with the intensive implementation of policies supporting the private economy, there has been a significant improvement in financing difficulties and costs for private enterprises. However, core issues such as information asymmetry and the lack of collateral for light-asset companies have not been fully resolved. On a positive note, the combined efforts of fiscal and financial policies have shown remarkable results, such as the implementation of interest subsidies for loans to small and micro enterprises and equipment renewal loans, directly reducing financing costs. Meanwhile, the promotion of products like “credit loans” and “intellectual property pledge loans” by banks has accelerated, and the scale and coverage of inclusive micro and small loans continue to grow, significantly improving the financing accessibility for private tech companies and small to micro enterprises.

However, in practice, some small and micro private enterprises, especially startups and county-level private firms, still face issues such as reliance on collateral for bank risk control and information asymmetry between banks and enterprises. Some sectors also experience cumbersome financing processes and higher hidden costs. Additionally, the sense of access to financing varies greatly across regions and industries, indicating that the efficiency of targeted financial resource allocation to the private economy still has room for improvement.

Reporter: What areas do you think financial institutions should focus on to promote the “increase in volume, expansion of coverage, and reduction in costs” of private enterprise financing?

Jiang Haoran: To achieve “volume increase, coverage expansion, and cost reduction” in private enterprise financing, the core is to break through in three areas: assessment mechanisms, product innovation, and funding costs.

First, innovate credit assessment and risk control mechanisms, implement due diligence and fault tolerance policies, reduce dependence on collateral, and incorporate the effectiveness of services to private enterprises into performance evaluations, thereby boosting credit issuance and achieving “volume increase.”

Second, broaden service coverage and deepen service focus, especially targeting county-level private firms, startup tech companies, and small to micro enterprises along the industrial chain. Develop differentiated products for different industries and stages of development, such as tech credit loans for innovative companies and supply chain financing for traditional private firms, to achieve “coverage expansion.”

Third, adopt multiple measures to lower financing costs, proactively connect with fiscal interest subsidy policies to allow enterprises to enjoy policy benefits, simplify loan procedures, reduce unnecessary fees, and leverage the transmission of interest rate cuts through LPR reform to pass on rate reductions to high-quality private firms, achieving “cost reduction.”

Additionally, strengthen cooperation with government guarantee systems, share risks to further expand credit supply, and lower financing costs.

Reporter: What suggestions do you have for improving the accessibility and convenience of financial services for private enterprises?

Jiang Haoran: Improving the accessibility and convenience of financial services for private enterprises requires coordinated efforts from the government, financial institutions, and other parties to unblock bottlenecks and optimize services.

First, establish a nationwide platform for bank-enterprise information exchange, integrating data from industry and commerce, taxation, utilities, and supply chains to create precise profiles of private firms, address information asymmetry, and facilitate accurate matching of financing needs with financial supply.

Second, promote digital and streamlined financial service processes, enabling online loan applications, approvals, and disbursements. Implement policies like “instant approval without application” to allow enterprises to quickly access interest subsidies and credit support.

Third, improve government-backed financing guarantee systems by increasing guarantee limits, lowering guarantee fees, and establishing risk-sharing mechanisms between banks and guarantees to enhance creditworthiness for light-asset private firms and solve their guarantee difficulties.

Fourth, guide financial institutions to expand service outlets and resources, set up dedicated zones for private economy financial services in counties and industrial parks, and launch small, short-term, flexible financing products tailored for small and micro private firms, fully enhancing the accessibility and convenience of financial services for private enterprises.

Source: Rural Financial Times

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