2025-12-31
Views: 0In order to further leverage the credit-enhancing role of the sexual financing guarantee system and guide more financial resources to accurately support employment and entrepreneurship, the Ministry of Finance, together with the Ministry of Human Resources and Social Security, the People's Bank of China, and the State Administration of Financial Supervision, issued the "Guiding Opinions on Further Playing the Role of the Sexual Financing Guarantee System in Increasing Support for Employment and Entrepreneurship" (Caijin [2025] No. 135, referred to as the "Guidance Opinions"). Recently, the relevant person in charge of the Ministry of Finance answered reporters' questions on the situation related to the "Guiding Opinions".
1. Please introduce the main background and considerations for the issuance of the "Guiding Opinions"?
Answer: Sexual financing guarantees enhance the credit of small and micro enterprises and share risks for financial institutions. They are an important policy tool for the coordination and cooperation of fiscal and financial policies to support the financing development of small and micro enterprises, promote employment, and expand domestic demand. 2026 is the first year of the "15th Five-Year Plan". To implement the deployment requirements of the Central Economic Work Conference, we will increase fiscal and financial coordination. The "Guiding Opinions" will work in conjunction with policies such as loan interest discounts to promote effective economic improvement in quality and reasonable growth in quantity, and serve high-quality economic and social development. The issuance of the "Guiding Opinions" is mainly based on the following three considerations:
The first is to serve the national employment priority strategy. The Party Central Committee and the State Council have placed stabilizing and expanding employment in a prominent position and made a series of important arrangements. The report of the 20th National Congress of the Communist Party of China proposed that employment is the most basic people's livelihood, strengthen employment priority policies, improve employment promotion mechanisms, and promote high-quality and full employment. The "Recommendations of the Central Committee on Formulating the 15th Five-Year Plan for National Economic and Social Development" proposes to thoroughly implement the employment priority strategy, improve the employment promotion mechanism, and build an employment-friendly development model; stabilize and expand the employment of key groups such as college graduates, migrant workers, and retired military personnel; increase support for entrepreneurship and enhance the effect of entrepreneurship in driving employment. The Central Economic Work Conference requires efforts to stabilize employment, enterprises, markets, and expectations, implement actions to stabilize jobs, expand capacity and improve quality, and stabilize the employment of key groups such as college graduates and migrant workers. The promotional financing guarantee system serves the overall employment situation and is a specific measure to implement the employment priority strategy.
Second, leverage the supporting role of guarantees in stabilizing employment and expanding domestic demand. Expanding domestic demand is a strategic move. Currently, insufficient aggregate demand is a prominent contradiction facing economic operation, and it is urgent to address the shortcomings in domestic demand, especially consumption. Stabilizing and promoting employment is the foundation for ensuring that residents are able, willing, and able to consume. Small and micro enterprises are the main force in absorbing and driving employment. Small and micro enterprises need credit resources to support their expanded production and investment, but some small and micro enterprises have limited effective collateral and weak creditworthiness. Guaranteed financing has important functions of "credit enhancement, risk sharing, and intermediation," and is an important policy tool to help small and micro enterprises finance and develop. It can effectively support small and micro enterprises in stabilizing and expanding employment, increasing residents' income, thereby expanding new space for domestic demand growth and helping to strengthen the domestic economic cycle.
The third is to improve the financing guarantee development policy system. As the sexual financing guarantee system continues to develop, there is an increasingly urgent need to strengthen the linkage between guarantee resources and employment contributions and accurately support employment and entrepreneurship. The Ministry of Finance, together with relevant departments, formulated the "Guiding Opinions" on the basis of in-depth research, summarizing local practical experience, and repeated demonstrations and improvements, aiming to promote the sexual financing guarantee system to further focus on employment orientation, refine policy tools and implementation paths, and build a long-term mechanism with clear goals and compatible incentives to provide strong support for benefiting people's livelihood, promoting consumption, and expanding domestic demand.
2. In recent years, the Ministry of Finance has continuously improved the sexual financing guarantee system. What is the current development pattern? What positive effect will the introduction of policies to support employment and entrepreneurship have on the development of the financing guarantee system?
Answer: The Ministry of Finance, together with relevant parties, continues to promote the development of financial guarantees and has formed a development layout with a sound and comprehensive financing guarantee system as "one body" and serving employment and entrepreneurship and supporting technological innovation as "two wings". "One body supports and two wings fly together" to increase support for the real economy.
Strengthening the foundation through a unified approach. The Ministry of Finance has established a three-tiered organizational structure: the National Financing Guarantee Fund (hereinafter referred to as the Financing Guarantee Fund), provincial-level reinsurance institutions, and municipal and county-level direct guarantee institutions. Following the "80/20 risk sharing" principle, the financing guarantee system typically shares loan risk responsibility at a ratio of 20% for the Financing Guarantee Fund, 20% for provincial-level reinsurance institutions, 40% for municipal and county-level direct guarantee institutions, and 20% for banks. Currently, it has achieved full coverage of municipal-level institutions and county-level business. This multi-tiered risk-sharing model facilitates policy transmission, risk mitigation, and efficient resource allocation. Under the guidance of the Ministry of Finance, the Financing Guarantee Fund has played a leading role in the system, uniting over 1,500 guarantee institutions. The cumulative reinsurance cooperation business volume has exceeded 6.7 trillion yuan, with an average annual growth of approximately 40%. The average guarantee fee rate of cooperating institutions has dropped to below 1%, and the comprehensive financing cost for micro and small enterprises has decreased to below 5%.
The "two wings" work together. The Ministry of Finance promotes financing guarantees to deeply explore inclusive areas such as small and micro enterprises and "agriculture, rural areas and farmers", forming a two-wheel-driven development situation of "supporting innovation + serving employment". In terms of supporting innovation, a special guarantee plan to support scientific and technological innovation will be implemented from 2024. By increasing risk sharing and compensation, it will support 40,000 small and medium-sized scientific and technological innovation enterprises to obtain bank loans of more than 170 billion yuan, covering a wide range of strategic emerging industries such as new generation information technology, high-end equipment manufacturing, biomedicine, and new materials. It will provide high-quality financial services for scientific and technological innovation enterprises to reduce costs, open up markets, increase research and development, and expand production capacity. In terms of service employment, according to estimates from the financing guarantee industry, more than 800 people can be stably employed for every 100 million yuan of guarantee provided. The Ministry of Finance guided the financial guarantee fund to optimize its business structure and led the system to increase support for labor-intensive enterprises. The financial guarantee fund has served more than 5.7 million small and micro enterprises and other business entities, stabilizing employment for about 59 million people. The "Guiding Opinions" further improve the policy system of financing guarantees to support employment, provide requirements, directions and paths for financing guarantees to support employment and entrepreneurship, and take the effectiveness of employment promotion as an important consideration in the subsequent allocation of guarantee resources and related policy support.
3. We have noticed that the "Guiding Opinions" have put forward many practical measures in guiding guaranteed resources to support employment. Can you introduce the key contents and main considerations?
Answer: The "Guiding Opinions" established a set of quantitative evaluation and incentive and restraint mechanisms to promote the transformation of guaranteed resources from expansion and increment to quality and efficiency improvement. The core is to increase the contribution of guided financing guarantees to employment, which can be summarized as "one key indicator, two linking mechanisms, and three policy guarantees."
First, a key indicator for employment contribution is established. This indicator is calculated by weighting the number of jobs supported by comprehensive financing guarantee institutions based on their contribution to employment growth and the number of jobs stabilized by their guarantee resources. It emphasizes a performance orientation that integrates business scale, risk control, and job creation, guiding more guarantee resources to precisely serve employment. For example, assuming that the number of jobs stabilized by financing guarantee institutions in Province A in 2024 and 2025 are 1.3 million and 1.35 million respectively, and that in 2025, every 100 million yuan of guaranteed loans in Province A will serve approximately 850 jobs, and the average number of jobs stabilized by every 100 million yuan of guaranteed loans in the financing guarantee industry in 2025 will be approximately 800, then the calculated employment contribution indicator for Province A in 2025 would be (1.35/1.30) × 50% + (850/800) × 50% = 1.05.
The second is to implement the “two linking mechanisms” between employment contribution and guaranteed resource allocation. On the one hand, employment contribution is linked to credit limit. When allocating credit lines for re-guarantee business, the Financial Guarantee Fund takes employment contribution as an important basis, and will favor re-guarantee resources for cooperative institutions with higher employment contributions. On the other hand, employment contribution is linked to the re-guarantee fee discount. Establish a tiered preferential mechanism, and the financial guarantee fund will provide a maximum re-guarantee fee discount of no more than 20% to cooperative institutions with high employment contributions. This mechanism design not only reduces the cost of cooperative institutions, but also forms an incentive-compatible policy transmission mechanism to ensure the effective implementation of employment orientation.
The third is to establish a "triple policy guarantee" of lowering the threshold, improving quality and efficiency, and product innovation. Lower the guarantee threshold. Required financing guarantee agencies will gradually reduce or cancel mortgage and pledge counter-guarantee requirements for labor-intensive small and micro enterprises that employ many people, weaken profitability assessments, and increase support for first-time borrowers. Improve service quality and efficiency. Strengthen technological empowerment, create convenient online inclusive small and micro products, explore the deep integration of cutting-edge technology and guarantee business, meet the diversified financing needs of small and micro enterprises, and strive to improve financing convenience. Encourage product innovation. Summarize and promote local successful experiences such as "salary guarantee" and "job stabilization and job expansion loan", encourage banks to cooperate in formulating exclusive service plans, explore and develop financial products for paying employees' wages, and proactively provide high-quality financial services to enterprises that have not reduced their number of employees and are greatly affected by tariffs.
4. In terms of supporting key groups to start their own businesses, what are the policy highlights of the "Guiding Opinions"?
Answer: The entrepreneurial guaranteed loan award and subsidy policy is an important measure to leverage the leveraging role of fiscal funds to ensure the employment and entrepreneurship of key groups such as college graduates, migrant workers, and retired military personnel. On average, every 100 million yuan in subsidies from the central government can leverage about 5 billion yuan in newly issued entrepreneurial guaranteed loans and support about 17,500 people to start their own businesses. In terms of strengthening the coordination of financing guarantees and loan interest discount policies, the "Guiding Opinions" focus on five aspects: "expanding coverage, reducing fees, innovation, increasing strength, and increasing efficiency":
First, the scope of support is expanded in an orderly manner. On the basis of the original support for ten key groups including college graduates, previous college graduates and qualified vocational school graduates are clearly included in the scope of policy support, which effectively responds to the actual needs of the current job market and expands the fairness and coverage of the policy.
Second, comprehensive costs continued to decline. Guiding financing guarantee institutions will reduce or refund part of the guarantee fees for eligible entrepreneurial guaranteed loans, and include entrepreneurial guaranteed loan business carried out under the bank loss sharing model into the scope of re-guarantee fee discounts to help key groups start their own businesses with ease.
The third is pilot innovation in cooperation models. Where conditions permit, pilot financing guarantee institutions will be piloted to use a general guarantee liability model to provide guarantees and credit enhancement for entrepreneurial guaranteed loan business, giving full play to the bank's recovery advantages, reducing bank guarantee repetitive work, improving recovery efficiency, and better focusing on the main business.
Fourth, strengthen financial support through incentives and subsidies. Local governments are encouraged to increase financial support for guaranteed loans for entrepreneurship, coordinate fiscal funds, and use them efficiently and effectively for related work such as interest subsidies for guaranteed loans, risk compensation, replenishment of guarantee funds, and incentives for guarantee fees, so as to promote the sustainable development of financing guarantee institutions.
Fifth, service efficiency has been comprehensively improved. From the perspective of entrepreneurial entities, the key to policy support such as credit and guarantees is "quick enjoyment". By establishing mechanisms such as "quick review, quick approval, quick guarantee, and quick loan", promoting online business, and strengthening bank-guarantee coordination, the process is greatly simplified, time is compressed, and credit funds are ensured to reach entrepreneurs conveniently and directly.
5. In the next step, what are the Ministry of Finance’s considerations in promoting the implementation of the Guiding Opinions?
Answer: In order to promote the accurate implementation and efficient implementation of various measures in the "Guiding Opinions", we will focus on the following four aspects:
The first is to improve the data sharing mechanism. Encourage local financial departments, human resources and social security departments, and branches of the People's Bank of China to establish data sharing platforms for qualification review, loan issuance, guarantee credit enhancement, fiscal interest discounts, etc., to optimize data statistics and improve data quality. Sexual financing guarantee institutions should make full use of big data such as enterprise employment numbers, social security payments, wage payments, and settlement flows to promote the transformation of financing services from "experience-driven" to "data-driven" and improve service quality and efficiency.
The second is to improve the departmental linkage mechanism. Strengthen the coordination and linkage of finance, human resources and social security, financial management and other departments, and financial management departments will strengthen positive incentives, adopt differentiated regulatory policies, and jointly promote banks and financial guarantee institutions to invest more credit resources in small and micro enterprises, "agriculture, rural areas and farmers" and other inclusive financial fields.
The third is to improve the assessment and evaluation mechanism. Incorporate the effectiveness of promoting employment and entrepreneurship into the assessment system of sexual financing guarantee institutions, use the evaluation results as an important basis for policy support and rewards and incentives, make good use of the assessment "baton", and stimulate the endogenous motivation of sexual financing guarantee institutions to serve employment and entrepreneurship.
The fourth is to improve the tracking and monitoring mechanism. Guide financial guarantee funds to optimize the functions of the national financing guarantee digital platform and strengthen statistical monitoring and dynamic analysis of employment-related businesses. At the same time, the main responsibilities of all parties should be consolidated, and financing guarantee institutions should be urged to improve their risk management systems and strictly adhere to the risk bottom line to ensure that policies operate in the sun and business develops in a regulated manner.
VI. The Financing Guarantee Fund is the leading entity in the financing guarantee system. What key tasks will the Ministry of Finance promote the Financing Guarantee Fund to undertake in 2026 in terms of promoting employment and entrepreneurship and expanding domestic demand?
Answer: We will guide the financial guarantee fund to adhere to the original intention of supporting small and rural areas, practice the mission of universal benefit and benefiting the people, and while promoting the financing guarantee system to strengthen employment support, actively coordinate with policies such as loan interest discounts to form policy synergies to jointly support the financing development of small and micro enterprises, effectively enhance economic vitality, and boost social confidence.
In terms of business focus, it is well connected with the deployment requirements of the Central Economic Work Conference. Implement the Central Economic Work Conference's deployment requirements of "focusing on stabilizing employment, stabilizing enterprises, stabilizing markets, and stabilizing expectations", promote financial guarantee funds to regard "four stability" as the focus of business development, comprehensively promote the guarantee resource allocation mechanism linked to employment contribution, and fully coordinate the implementation of entrepreneurial guaranteed loan policies. The guided financing guarantee system will integrate the development of serving entities and supporting employment, help small and micro enterprises stabilize and increase jobs in expanding production and investment, boost market expectations, and promote my country's financing guarantee industry to follow a development path with Chinese characteristics during the "15th Five-Year Plan" period.
In terms of fiscal and financial coordination, it should be well connected with relevant policies. In 2026, the central government will deeply connect fiscal and financial policies such as promotional financing guarantees with loan interest discounts, use financing guarantees to alleviate financing difficulties, and use fiscal discounts to alleviate the problem of expensive financing. It will comprehensively study the use of risk compensation, fee reduction subsidies, capital supplements and other measures to enhance the capacity of sexual financing guarantees, increase support for private investment, guide banks to increase medium- and long-term credit, and form a closed loop of "fiscal leverage, guarantee credit enhancement, loan follow-up, and entity benefits" to jointly promote the expansion of domestic demand, investment and improve expectations.
