The recently launched incremental monetary and fiscal policies by the People's Bank of China and the Ministry of Finance focus on continuously strengthening the development of the private economy, including the establishment of 1 trillion yuan private enterprise refinancing loans, new small and medium-sized enterprise loan interest subsidies, and new private investment special guarantee plans. Among them, including medium-sized private enterprises with previously weak financing availability in the key support scope is a prominent highlight of the above policy, which is expected to bridge the "middle gap" of financial support, activate the innovation vitality and expansion momentum of medium-sized private enterprises, and consolidate the foundation for economic recovery and improvement. Bridging the "middle gap" in private enterprise financing, small and medium-sized banks have indeed had shortcomings in providing financial services to medium-sized enterprises, and policy support is relatively lacking. ”A business representative from a rural commercial bank told a reporter from Shanghai Securities News that the series of new policies introduced this time undoubtedly sends a clear positive signal to small and medium-sized banks serving medium-sized private enterprises. In the eyes of industry insiders, the increased focus of macro policies on medium-sized private enterprises is not accidental, but a comprehensive consideration based on their special economic status, development potential, business challenges, and relatively blank supportive policies in the early stage. Medium sized enterprises have a very important but long underestimated position in China's economic system. ”Cheng Fengchao, a member of the Academic Advisory Committee of the China Association of Listed Companies, told a reporter from Shanghai Securities News that in terms of size, medium-sized enterprises have a large number, strong ability to absorb employment, and deep integration into the industrial chain. They are the "key nodes" connecting large enterprises with small and medium-sized enterprises, as well as an important supporting force for manufacturing upgrading and regional economic stability. The aforementioned personnel from rural commercial banks believe that medium-sized private enterprises generally have stronger vitality in technological innovation, going global, and solving employment problems than small and micro enterprises. Medium sized enterprises are often in a period of growth and leap, possessing a certain scale and technological accumulation, and playing a prominent role in industrial chain synergy and regional economic driving. However, compared to small and micro enterprises, there is also a problem of insufficient policy coverage. ”Tian Xuan, Dean of the National Institute of Finance at Tsinghua University and Vice Dean of the Wudaokou School of Finance, told Shanghai Securities News reporters that focusing on supporting medium-sized private enterprises is a key link in breaking through the obstruction of financial resource transmission and optimizing financing structure. Medium sized private enterprises face long-term "growth troubles" in their operations. In Cheng Fengchao's view, medium-sized enterprises have long faced a "triple squeeze": firstly, insufficient financing availability, which is neither as strong as that of large enterprises in terms of financing ability, nor as difficult to enjoy the policy dividends of small and micro enterprises, becoming a "middle fault" in financial support; The second is the coexistence of rising costs and profit compression; Thirdly, the investment in transformation and upgrading is large and the cycle is long, but the financial support is relatively insufficient. Especially in recent years, China has increased its financial assistance to inclusive small and micro enterprises, and the policy coverage has been quite sufficient. Industry insiders believe that the policy effect of continuing to increase support may be marginally diminishing, so more attention has been paid to the funding needs of medium-sized private enterprises. Although the number of medium-sized enterprises is less than that of small and micro enterprises, the financial needs of a single enterprise may be much greater than those of small and micro enterprises. Due to its lack of small-scale decentralized inclusive financial operations, it is unable to fully enjoy inclusive financial policies. Even in extreme cases, some companies that have grown from small to medium-sized enterprises are unable to continue receiving credit support from banks due to not meeting inclusive financial standards. ”Dong Ximiao, Chief Researcher of the China Merchants Association, told a reporter from Shanghai Securities News. However, medium-sized private enterprises themselves are not a group facing financing difficulties. The aforementioned person from the rural commercial bank stated that based on the operational practices of their institution, as long as medium-sized private enterprises have no problems with their own operations and credit conditions, loans can basically be granted without significant financing obstacles. The person believes that considering the current slow growth rate of private investment, the new policy launched this time also has the intention of expanding investment in medium-sized private enterprises - by providing low-cost funds, dispelling the financial concerns of medium-sized private enterprises to expand investment. The recently introduced monetary and fiscal policies will further alleviate the financing difficulties of private enterprises from multiple dimensions, help them save financing costs, enhance profitability, enhance their innovation vitality and expansion momentum, and better stimulate the "spring water" of private investment. The People's Bank of China announced the establishment of private enterprise refinancing loans under the agriculture and small business refinancing program, with a total amount of 1 trillion yuan. On the basis of continuing to support private small and micro enterprises, the new tool includes medium-sized private enterprises in the scope of support. It is expected to leverage over one trillion yuan of incremental credit resources to flow into the private economy, effectively alleviate the financing difficulties of private enterprises, and further activate the vitality of business entities. ”Tian Xuan stated that the establishment of private enterprise refinancing for the first time will significantly improve the accuracy of credit support for private enterprises and fill the gap in financing policies for medium-sized private enterprises. Tian Xuan stated that re lending to private enterprises will incentivize financial institutions to increase their support for medium-sized private enterprises with stable operations and innovative potential, and alleviate their liquidity pressure. In addition, targeted support for medium-sized private enterprises can effectively leverage their pivotal role in the industrial chain, enhance the financing accessibility of upstream and downstream small and medium-sized enterprises, and form a radiating effect from point to area. Strengthening support for medium-sized private enterprises is essentially an important lever to stabilize employment, safeguard people's livelihoods, and promote circulation, consolidating the foundation for economic recovery and improvement. The Ministry of Finance has proposed to implement interest subsidy policies for loans to small and medium-sized enterprises, implement special guarantee plans for private investment, and increase support for medium-sized enterprises. Including medium-sized enterprises in the scope of support is a dual upgrade of policy precision and coverage. ”Zeng Gang, Deputy Director of the National Finance and Development Laboratory, told Shanghai Securities News reporters that the interest subsidy policy for loans to small and medium-sized enterprises covers 14 key industrial chains and upstream and downstream industries, directly reducing financing costs for medium-sized enterprises' technological upgrading and capacity expansion; The newly established private investment special guarantee plan breaks the limitations of previous government guarantees that supported small businesses and agriculture, and includes medium-sized enterprises as support targets. Zeng Gang believed that the two policies formed a "combination punch" of "interest subsidy to reduce costs+guarantee to increase credibility", which not only filled the policy gap of financing support for medium-sized private enterprises, but also leveraged social capital through fiscal and financial policies to help medium-sized private enterprises play a central role in strengthening the industrial chain and supplementing the chain, and expanding private investment, injecting stronger micro power into the economic recovery and improvement. Improving the quality and efficiency of financial services for medium-sized private enterprises "The central bank's inclusion of medium-sized enterprises in re lending support has institutional breakthrough significance and helps fill the" middle gap "in financial support. ”Cheng Fengchao stated that the key to the next step is how policy tools can accurately reach entities; How can financial institutions establish risk assessment and service mechanisms that match the long-term development of medium-sized enterprises; How to guide financial support to form a virtuous cycle with corporate governance improvement and technological upgrading. Regarding the improvement of the quality and efficiency of financial services for medium-sized private enterprises, Dong Ximiao suggests that financial management departments can study and establish financial service mechanisms that are suitable for the risk characteristics and needs of medium-sized private enterprises, form gradient cultivation and cycle closed-loop management, and guide financial institutions to continuously increase financial support for medium-sized private enterprises. Financial institutions should deeply understand the economic status, growth characteristics, and financing difficulties of medium-sized enterprises, re-examine their service strategies and work methods, actively address information asymmetry, and make efforts to establish a credit support path that can cover the entire life cycle of enterprises to ensure continuous credit support for enterprise development. ”Dong Ximiao stated that financial institutions should also strengthen post loan tracking and risk prevention, and guard against risks such as "multi credit" for medium-sized private enterprises. (New Society)