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China SME Finance Report 2013 SHI JIAN PING Mintai Institute of Finance and Banking China SME Finance Report 2013 © 2013 Mintai Institute of Finance and Banking / Central University of Finance and Economics Room 107, ZhuanJia Hotel No. 39, South College Road, Hai Dian District Central University of Finance and Economics Beijing, 100081 China Telephone: 86-10-62289768 E-mail: [email protected] / [email protected] All rights reserved This work is a product of the staff of Mintai Institute of Finance and Banking / Central University of Finance and Economics (CUFE). The findings, interpretations, and conclusions expressed in this paper do not necessarily reflect the views of the official of Central University of Finance and Economics or Chinese governments. Central University of Finance and Economics does not guarantee the accuracy of the data included in this work. Rights and Permissions The material in this report is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. For permission to photocopy or reprint any part of this work, please send a request with complete information to Mintai Institute of Finance and Banking, No. 39 South College Road, Hai Dian District, Beijing 100081,China; Telephone: 86-10-62289876; E-mail:[email protected]/[email protected]. The Chinese version of China SME Finance Report 2013 has been published by CHINA FINANCIAL PUBLISHING HOUSE. All queries on rights and licenses of the Chineses publication should be contacted with CHINA FINANCIAL PUBLISHING HOUSE; Telephone: 86-10-66070833/62568380; E-mail: jiaocaiyibu@126. ISBN 978-9-5049-7050-3/F.6610 China SME Finance Report 2013 Acknowledgments The Chinese version of this report has been prepared by a core team led by Shi Jianping and Yang Rubing, and comprising He Xuan, Hou Mingjun, Hu Jiandong, Huang Danping, Huang Zhen, Li Defeng, Li Meng, Li Shuo, Li Yingying, Qi Xinlin, Shi Xiuhong, Shi Yucheng, Sun Shaokun, Wang Jian, Wang Shengchun, Wang Tingting, Wang Wanting, Wang Wei, Wang Xizhe, Xia Yumeng, Yang Yinjie, Zhang Tao, Zhang Yi, Zhou Xin. Wang Wanting was responsible for the English version of this report. Very grateful to Shi Erjing, Hou Mingjun, Qi Xinlin and Zhou Xin, who offer professional revision sugggestions for the translation of this English version. We acknowledge financial support from the National Natural Science Foundation of China (NSFC) under grant number 71173247. Deeply appreciate the scholar and experts who patiently accept our research and consulting on SME financial services. Their study provides very professional advice and practice experience. This Report condenses their wisdom. China SME Finance Report 2013 Forword Small and medium enterprises (SMEs) drive the sources of economic vitality and, more importantly, create jobs and improve people’s livelihoods. In China, however, a conflict persists between the importance of SMEs and their financing difficulties, which has raised an academic concern as to the issue of SME financial services. Based on a long-term follow-up study on SME financial services, the Mintai Institute of Finance and Banking (CUFE) attempted to establish a system of market analysis for SME financial services beginning in 2008. In May 2009, the Institute officially launched the Annual Report of SME Finane in China, the first of a series of annual reports, which depicts the full view of the Chinese SME financial market at the present stage in an all-round manner, covering the major institutions and markets for SME financial services, offering a complete collation and summary of the current state of SME financial services, and providing policy recommendations to address the most urgent issues. From 2008 to 2013, five consecutive development reports on China’s SME financial services have been issued. Through concerted effort for five years, the research group, has consistently adhered to the principle of being “stringently objective and neutral”, and while ensuring a continuation in the style and quality of reporting, the breadth of reporting and the depth of the content have expanded with the more vivid pattern of presentation, so that the China SME Finance Report 2013 could become more polished in terms of content, structure, information collection and form of expression. The content and structure of the report are arranged according to detailed sub-sections on the state of SME financial services in the four sectors of banking financial institutions, other quasi-financial institutions, financial markets and private financing. It has been found in the five years of collating developments of SME financial services, as the world economy declined and as China entered into economic restructuring and deepening of financial reforms, the development of Chinese SME financial services has constantly been changing. In 2012, as the world economic recovery continued to face difficulties, international market demand was further shrunk, and domestic economic growth continued to fall, micro, small and medium enterprises (MSMEs) struggled to survive and grow in this new era. We have clearly seen the marketization of Chinese China SME Finance Report 2013 interest rate plays an active role in adjusting the customer structure of commercial banks, which has drawn the attention of many commercial banks to the value of micro and small enterprises (MSEs) and retail customers. Moreover, the interest rate marketization is expected to become a real driving force in the development of MSME financial services. As for the MSME financial services of commercial banks, “fierce competition” is still a key word among industry insiders, while the risks of MSE financial services continued to persist through 2012. Miro-credit, pawns, financial leasing and other such industries continued to maintain relatively rapid growth, offering more services to MSMEs. Unfortunately, the stock market winter of 2012 led to a significant decrease in the scale of SME financing through the open markets. Given the lackluster performance of capital markets, the venture capital investment industry has also experienced a profound restructuring, with a dramatic decrease in the number of SMEs backed by venture capital investment and the funds raised by them. Fortunately, bond markets experienced a promising bit of growth in 2012, with private placements as a new instrument by which SMEs can access capital markets. Moreover, MSE financial bonds held a dominant position in overall commercial bank financial bond financing in 2012, offering a more stable source of funding for commercial banks to develop MSE financial services. The role of bond markets in promoting the development of MSME financial services has also become increasingly clear. Private financing remained active in 2012, and as various regions began to explore financial reform, online financing, as represented by P2P lending, has become a hot spot and a cause for concern and heated debate within the traditional financial sector. We are happy to see that new technologies and new ideas have injected newfound vitality in MSME financial services, and we also look forward to even more beneficial innovations following financial essence. Through accessing a large amount of foreign literature and data, we have come to deeply realize that SME financing is an international challenge, and all circles around the world have also fully affirmed the great significance of SME financial services in promoting cluster development of SMEs and endogenous economic growth. In light of this, we also sincerely hope that the development reports on China’s SME financial services may construct a platform for international exchange to allow professional parties engaged in domestic and international SME financial services to exchange their views with each other and jointly promote the true maturation of the SME financial service market. China SME Finance Report 2013 Table of Contents 1. Status of Micro, Small and Medium Enterprise Financial Services: Development Overview .......................................................................................................................................................... 1 1.1 Financial Services System of Micro, Small and Medium Enterprises ................................ 1 1.2 Overview of Small and Medium Enterprise Financial Services ......................................... 2 1.2.1 Banking Financial Institutions ................................................................................. 2 1.2.2 Other Quasi-Financial Institutions ........................................................................... 6 1.2.3 Financial Markets ..................................................................................................... 8 1.2.4 Private Financing ..................................................................................................... 9 2. Commercial Banks: Diversified Competition Pattern ........................................................... 10 2.1 Small, Medium and Large (SML) Banks – Varied Growth and Distinctive Features ....... 10 2.2 Enhanced Sci-Tech SME Services .................................................................................... 17 2.2.1 Settle-down of the First Domestic Sci-Tech Bank ................................................. 17 2.2.2 Further Promotion of Institutions Specializing in Sci-Tech Financial Services ..... 18 2.2.3 Fervent Sci-Tech SME Brand Innovations ............................................................. 19 2.3
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