Zhang Cuoyong: Good afternoon, everyone! Thank the organizing Committee for giving me such an opportunity. In order to save time, I want to say three things: first, my personal basic judgment on the current economic and financial situation in China; Second, the analysis of financing methods of SMEs; The third is the positioning of small and medium-sized enterprises in the financing process.
China's economy has experienced more than 2,000 years of prosperity in ancient times and nearly 200 years of weakness in modern times. With the re-emergence of modern times for more than 20 years, China's economy is on the rise, which is recognized by all, especially in the past two years, the stock market and housing market are very hot. In the process of rapid economic growth, due to the lag of financial system reform, China's financial industry lags behind China's economic growth level. If we want to maintain the high-speed economic growth in China, there is bound to be accelerated growth. Now that financial stocks are so hot, foreign capital desperately wants to come in. Thirdly, in the accelerated development pattern of China's financial industry, China's private finance should have more room for accelerated development. I use a word, "the history is strikingly similar." During the first round of reform and opening-up in China in the late 1970s and early 1980s, most of the self-employed individuals who had not finished cutting off the capitalist tail were washed away, except for a few outstanding state-owned enterprises in competitive fields, and humble self-employed individuals have sprung up in these 20 years. After the financial reform in China, what will be the road to the rise of private economy? We will wait and see. Therefore, I think that the guarantee industry, the reason why I do guarantee, is because it is a bridge between private capital and financial capital in China.
In short, the financing model of small and medium-sized enterprises in China can be summarized into five stages. The first stage is the start-up period, and the financing method is mainly family-owned investment funds; The second stage is the promotion period, when the established enterprises start to promote their business, and the business is not available or very small. At this time, the financing method mainly depends on private financing. According to incomplete statistics, there are 7-8 trillion private financing in China, including pawnshops and illegal underground banks. In the third stage, in the early and middle stages of growth, the financing method is mainly secured financing. Through the guarantee of the guarantee institution, he can enter the entry threshold of the bank in advance and obtain funds from the bank. The fourth stage is the middle and late stage of bank financing, which represents China's current formal financial system, and the loan scale is about 30 trillion. At this time, small and medium-sized enterprises have accumulated their own credit, have a certain income, have a certain amount of collateral and pledge, and can obtain funds from banks. Fifth, it is the integration period and maturity period, and financing mainly depends on equity financing, which is probably the pattern. Among them, the second stage of private financing and the fourth stage of bank financing, between them, we call it dual financial structure. The bank financing system consists of four parts. First of all, the approval period is long, one or two months, three or five months, or even longer, the loan period is long, the loan interest rate is low, and the interest rate is from 5 to 8, and the mechanism is relatively stable and inflexible. On the other hand, the approval period of private financing is short, the loan term is also short, one or two days, one or two weeks, the interest is high, the annual interest is as high as 20 or even 50, and the mechanism is relatively flexible. This is the basic feature of dual financial structure.
At present, as the largest guarantee institution in China, Zhongke Zhi benefits from the support of many small and medium-sized enterprise customers, banks and investment circles. In cooperation with investment institutions such as Citibank, the accumulated investment has exceeded $6,543.8+billion, and now the accumulated guarantee amount has exceeded 50 billion, with tens of thousands of customers. We used to be a traditional bank loan guarantee for small and medium-sized enterprises, and grew up with small and medium-sized enterprises. We want to build two platforms. The first is the debt financing platform of quasi-commercial banks. We use a slogan to express, "SME comprehensive financing provider, emphasizing the combination of private financing and bank financing, debt financing and equity financing." thank you