On May 8th, the State Council Information Office held a press conference to introduce the relevant situation of the \People's Republic of China Private Economy Promotion Law\.

Deputy Director of the Banking and Insurance Regulatory Commission, Cong Lin, stated that in recent years, private enterprises have performed impressively in the fields of high-tech and emerging industries. Efforts are being made to improve the financial service model for science and technology. Firstly, it is about promoting the integration of investment and financing. A pilot program for equity investment by financial asset investment companies is underway to support investment in technological innovation enterprises, and 74 private equity funds have been established to date. Additionally, technology enterprise merger and acquisition loans have been implemented in 18 pilot cities to support the smooth circulation of capital for technology enterprises. Secondly, there is the innovation in credit enhancement methods. Efforts are being made to build a comprehensive experimental zone for intellectual property finance ecology, optimizing policies related to the registration, evaluation, disposal, and compensation of intellectual property to facilitate intellectual property pledge financing. In conjunction with fiscal departments, a support plan for scientific and technological innovation guarantees has been introduced, providing special guarantees for loans to small and medium-sized enterprises that are technology-oriented, high-tech, and specialized and sophisticated. By the end of the first quarter of this year, the loan balance of national high-tech enterprises reached 17.7 trillion yuan, a year-on-year increase of 20%. Supporting the transformation of scientific and technological achievements, two insurance compensation pilots have been carried out for the first application of major technical equipment and key new materials, which have provided risk protection exceeding trillion yuan to date.

In the foreign trade and consumer fields dominated by small, medium, and micro private enterprises, the first step is to single out the foreign trade sector in the microfinance coordination mechanism, comprehensively sort out the list of foreign trade companies, and prioritize visits and financing connections. Additionally, short-term export credit insurance is used to support export trade, with the insured amount exceeding 240 billion US dollars in the first quarter of this year. For industries that play a significant role in supporting foreign trade, such as electronic information, modern chemical industry, and complete vehicle engineering machinery, the insured amount has risen sharply. Innovate the \cross-border e-commerce insurance\ model to support new forms of foreign trade, guide insurance companies to develop exclusive guarantee insurance products, and provide credit protection for domestic procurement of cross-border e-commerce. Increase credit investment in fields such as wholesale and retail, accommodation and catering, cultural tourism, education and training, and health and elderly care, to support the healthy development of private enterprises in the consumer service industry.

In terms of encouraging private investment, in conjunction with the National Development and Reform Commission, a special working mechanism has been established for financing docking, a list of key private investment projects has been formed, and pushed to banks, guiding banks to independently dock financing services. Some places also have good practices and explorations, such as some places have built a special online docking platform, banks can obtain project information through the platform, use big data technology, accurately identify projects that match credit policies, and achieve the transformation from \projects looking for funds\ to \funds looking for projects\, effectively improving the efficiency of docking.