Guangdong Province Promotes The Reform Of Market-Oriented Allocation Of Capital Elements And Plans To Double The Number Of Listed Companies In Guangdong Province By 2025

"By 2025, the proportion of direct financing in Guangdong Province will further increase, and the total number of domestic and foreign listed companies will exceed 1500, including 500 listed companies on the science and technology innovation board and the growth enterprise market." recently, Guangdong Province printed and issued the action plan for further promoting the market-oriented allocation of capital elements (the action plan for short), which plans to build an international financial hub in Guangdong, Hong Kong and Macao Bay area Based on the regional development pattern of "one core, one belt and one zone", we should strengthen the ability of capital allocation, guide credit funds to focus areas, expand direct financing channels, create a multi-level capital market with complementary functions and internal and external connectivity, and build a cross-border capital circulation bridge at home and abroad.

According to the overall goal of the action plan, by 2025, the balance of local and foreign currency loans in Guangdong Province will reach 30 trillion yuan, including 3 trillion yuan for manufacturing industry loans, 3.5 trillion yuan for inclusive loans and 2 trillion yuan for agriculture related loans; The proportion of direct financing has further increased, with more than 1500 listed companies at home and abroad, including 500 listed companies on the science and technology innovation board and gem; The scale of cross-border capital flow reached 2 trillion US dollars; The balance of green credit has reached 3 trillion yuan, and the pilot project of green asset securitization has achieved positive results.

21 measures to deepen financial reform

According to the action plan, the Guangdong provincial government launched a series of 21 reform measures in six aspects to vigorously build a modern financial system and strengthen the ability to allocate capital elements; Deepen the reform of capital market and increase the proportion of direct financing in capital market; We will deepen cross-border financial reform and open up channels for cross-border capital flows; Deepen the financial reform of science and technology innovation, and improve the capital chain around the innovation chain; We should deepen the reform of Inclusive Finance and guide capital elements to focus on key areas; We should deepen the reform of green finance and make use of capital elements to realize sustainable development.

The Guangdong provincial government said that it would seize the historical opportunity of building the Guangdong Hong Kong Macao Bay area and the leading demonstration area of socialism with Chinese characteristics in Shenzhen, deepen the financial reform and opening up, accelerate the development of modern financial system, and improve the system and mechanism of capital factor allocation, so as to provide strong financial support for Guangdong to create a strategic fulcrum of new development pattern.

According to the detailed rules of the action plan, Guangdong Province will speed up the construction of a national capital factor trading platform, create financial institutions with industry influence, standardize the development of local factor trading venues, vigorously support the Shenzhen Stock Exchange to carry out the "new three board" transfer pilot, build a bond issuance platform in Guangdong, Hong Kong and Macao, and establish a national comprehensive service platform connecting the technology market and the capital market, Guangzhou futures exchange will be built at a high level.

In addition, according to the action plan, Guangdong Province will steadily promote the pilot reform of regional equity markets, optimize the market access environment for private equity funds, comprehensively promote the listing and financing of high-quality enterprises and projects, guide enterprises to steadily expand the financing scale of the bond market, and promote the regional equity trading center to build a centralized custody platform for unlisted securities, We will support the pilot projects of equity investment and venture capital share transfer, and pilot cross-border investment of private equity investment funds such as qualified domestic limited partners (qdlp), and explore new forms of private equity funds.

Guangdong Province will fully support the characteristic financial innovation and development of Hengqin Guangdong Macao deep cooperation zone, accelerate the interconnection of financial markets in Guangdong, Hong Kong and Macao Bay area, accelerate the settlement of foreign financial institutions, promote the free use of RMB and the convertibility of capital account, and promote the pilot project of "cross border financial integration" to be implemented as soon as possible.

At the same time, the action plan reveals that Guangdong Province will deepen the reform of science and technology innovation finance, innovate and develop the technology trading market in Guangdong, Hong Kong and Macao, accelerate the transformation of scientific and technological achievements, explore the establishment of a comprehensive scientific and technological innovation financial service platform, promote the industrialization of scientific and technological achievements, strive to establish a scientific and technological innovation financial reform pilot area, and further deepen the inclusive financial reform in Guangdong Province, We will support cities and prefectures with conditions to create national inclusive financial experimental zones, build a new inclusive financial system of "Green Finance + Digital inclusive", reduce the financing costs of small and medium-sized enterprises, make accurate efforts to revitalize rural areas, further improve the green financial policy system, explore an international carbon market with linkage between construction period and present, and study and build a carbon emission trading market in Guangdong, Hong Kong and Macao, Actively explore green financial services and products.

Double the number of listed companies

The 21st century economic report reporter noted that according to the action plan and measures, Guangdong Province will be led by the provincial development and Reform Commission, the local financial supervision bureau, the Guangdong securities regulatory bureau and the Shenzhen Securities Regulatory Bureau, with the cooperation of the Provincial Department of science and technology, the Provincial Department of industry and information technology, and the governments at and above the municipal level to comprehensively promote the listing and financing of high-quality enterprises and projects, and encourage the listed companies in the province, the Guangdong securities regulatory bureau and the Shenzhen Securities Regulatory Bureau Listed companies use the multi-level capital market to become better and stronger.

According to the action plan, Guangdong Province will push forward the action plan of doubling the listing of enterprises, and cultivate enterprises to be listed in a precise hierarchical and dynamic manner.

At the same time, it will formulate guidelines for Guangdong Province to support the restructuring and listing of small and medium-sized enterprises, guide all cities to establish direct financing incentive and green channel service mechanism, so as to facilitate the listing of small and medium-sized enterprises; Support the establishment of a comprehensive listing service platform for enterprises in cooperation with Guangdong equity trading center; We will support the listing and financing of the development and construction entities of national high-tech zones, explore the pilot listing of provincial science and technology industrial parks, and actively carry out real estate investment trust funds (REITs) in the field of infrastructure, and effectively revitalize high-quality stock assets.

According to the overall goal of the action plan, by 2025, Guangdong Province plans to achieve a total of more than 1500 listed companies at home and abroad, including 500 listed companies on the science and technology innovation board and the growth enterprise market.

According to the statistics of 21st century economic report, as of the first half of this year, there were 367 listed companies in Guangdong Province (excluding Shenzhen), with a total market value of 6139.129 billion yuan, and 668 enterprises listed on the new third board. The number of Listed Companies in Shenzhen is 356, of which 121 are listed on the gem and 26 are listed on the science and technology innovation board. The total market value of listed companies is 9329.799 billion yuan. There are 381 companies listed on the new third board, including 57 innovative companies.

As of the first half of this year, there were 723 listed companies in Guangdong Province and 1049 listed companies on the new third board, with a total market value of over 15.46 trillion yuan. According to the target of the action plan, the number of Listed Companies in Guangdong Province will double by 2025.

At present, with 723 listed companies, Guangdong Province ranks first in all provinces and cities in China, more than 160 more than Zhejiang Province, the second place, and nearly 200 more than Jiangsu Province, the third place. Many analysts in the industry commented that Guangdong Province, as the largest economic province and a strong financial province, has launched an action plan to further promote the market-oriented allocation of capital factors, placing the construction of a modern financial system and deepening the reform of the capital market, and increasing the proportion of direct financing in the capital market, which will further consolidate its position as a strong financial province, Leading the development of China's financial capital market.

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