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The main leaders of the company participated in the advanced training class of Zhejiang University and listened carefully to the course of Professor Zhang Yunfeng

A new beginning in August, new stories, new encounters, and new harvests will eventually bring you new pleasures. On August 1, 2021, in the class of the Advanced Seminar for Modern Entrepreneurs at Zhejiang University, Zhang Yunfeng, the current party secretary and general manager of the Shanghai Equity Custody Trading Center, representative of the Shanghai Party Congress, Shanghai Municipal Committee of the Chinese People’s Political Consultative Conference, and China’s top financial experts The teacher brought a wonderful course to the students-explained in detail the multi-level capital market system and the science and technology innovation board, etc., which gave the students a lot of inspiration.

China's economic structural adjustment has been going on for many years. With the continuous deepening of economic restructuring, the era when we relied on large enterprises to drive China's economy has passed, and now small and medium-sized enterprises have completely boarded the hall of elegance! The current number of small and medium-sized enterprises plus individual industrial and commercial households has contributed more than 65% of our country’s GDP, and the contribution of tax revenue has reached 60% from half of the previous year. These data show that Chinese SMEs have become the main force in China's economic development. However, the most prominent problem is that the development of small and medium-sized enterprises requires financial support. However, the allocation mechanism of our country's entire social resources has restricted the development of small and medium-sized enterprises to some extent. Among the small and medium-sized enterprises, only less than 0.1% of them have received social capital. These data tell us that the current allocation mechanism of our country’s entire capital is not conducive to the development of SMEs. In fact, from a foreign point of view, SME financing does not rely on banks. The intrinsic operating laws of banks determine that banks will always do the icing on the cake.

To cope with the unreasonable economic structure, it is necessary to vigorously develop the secondary industry, and to meet the needs of the development of the times, focusing on the development of high-end manufacturing, technological innovation, national defense industry, the Belt and Road Initiative, strategic emerging and modern service industries. Science and technology are the primary productive forces, and innovation is the primary driving force for development. The most difficult thing to solve in entrepreneurship is the difficulty of financing. Therefore, China's over-the-counter market is the place where these motherboards have financing needs, meet certain conditions, and meet certain development capabilities. The NEEQ was born to solve the financing problem of SMEs. It is the best choice for small and medium-sized enterprises in addition to the ChiNext and the main board. Mr. Zhang Yunfeng said. “Although the New Third Board can help companies solve some of the financing difficulties, the mechanism of the New Third Board as the financing function of the capital market is not very sound.

The important problem currently existing in the NEEQ is that the secondary market cannot drive the primary market. "The development of small and medium-sized enterprises must be promoted by funds, and the financing of small and medium-sized enterprises mainly depends on social capital, and social capital must have exit channels. In China, the exit channel is very simple, that is, the capital market. So we mention a word for SMEs. Recommendation: Make full use of China's multi-level capital market to promote the rapid development of enterprises.

Teacher Zhang Yunfeng explained through a large number of cases, focusing on the analysis of typical problems and solutions that may exist in the process of listing. The large amount of information, strong professionalism, and vivid and humorous language of the whole lecture won the praise of the students of Zhejiang University's Financial Innovation Class!

Quoted from the public account Gao Pei Center of Zhejiang University School of Economics