On April 12, 2024, The State Council issued the "Several Opinions on Strengthening Supervision to Prevent Risks and Promote High-quality Development of the Capital Market" (referred to as the new "Nine"), which opened the curtain of the current round of capital market reform. The new "National nine" of the capital market has been upgraded after a decade, and the timetable, road map and task book for the high-quality development of the capital market have been clarified around the goal of accelerating the construction of a financial power proposed at the Central Financial Work Conference.

Compared with the previous "National nine", the new "National nine" highlights the main line of strong supervision, risk prevention and high-quality development, emphasizing that we must firmly grasp the theme of high-quality development, adhere to innovation, and more effectively serve the key areas of the national economy and the construction of a modern industrial system, which is fully consistent with the development direction and logic of state-owned enterprises. Since the beginning of this year, the State-owned Assets Supervision and Administration Commission of the State Council has frequently "pointed out" market value management, guiding state-owned enterprises to pay more attention to their intrinsic value and market performance, accelerate the development of new quality productivity, and more actively convey confidence and stable expectations to the market. As a state-owned investment group that actively serves the high-quality development of state-owned enterprises, CDB Group earnestly implements the new "National Nine", carries out the practice of "New Era of State-owned enterprise debt reduction Financing (DRF) and common high-quality development of private enterprises" nationwide, constantly supports state-owned enterprise financing and innovation, and helps state-owned enterprises play a greater role in economic growth.

The new "National Nine" proposed to increase the support for equity and debt financing of enterprises that meet the guidance of national industrial policy and break through key core technologies, which is also the business direction of the State Construction Group in the process of cracking the financing problems of state-owned enterprises. "The New Era of State-owned Enterprise Debt Reduction Financing (DRF) with Private Enterprises Common high-quality development project" combines debt investment, equity investment and the development needs of state-owned enterprises through joint equity (UE), joint Asset management (UCM), TRS industry fund, payable asset management (PCM), income asset management (ECM), asset management (AM) and revenue asset management (RCM) projects. On the premise of not increasing the debt ratio for state-owned enterprises to carry out low-cost capital "blood transfusion". After the enterprise obtains all the DRF funds, part of the DRF funds can be used to solve the current financial difficulties of the enterprise, and the other part of the DRF funds can participate in the industrial equity fund established by China Construction Group, invest in high-quality state-owned enterprises or private enterprises in the whole industrial chain, and exit through listing or acquisition, so that the enterprise can obtain considerable investment returns and improve the "hematopoietic" function. Fundamentally crack the problem of state-owned enterprises "borrowing the new and returning the old". According to the latest statistics, in 2023, the total investment of China Construction Group in various business sectors is 253.69 billion yuan, involving a total of 268 investment projects, helping a large number of important enterprises to solve the financial problem, fully releasing the vitality of enterprises, and providing a strong guarantee for the steady development of enterprises.

There are many participants in the capital market and its operation mechanism is complex. The joint efforts of all parties are indispensable for promoting the high-quality development of the capital market. To this end, the new "National nine" requires better service for the implementation of national strategies such as scientific and technological innovation, green development, state-owned assets and state-owned enterprise reform, and the development and growth of small and medium-sized enterprises and private enterprises. In the specific practice of "The New Era of State-owned enterprise debt reduction financing (DRF) with private enterprises for common high-quality development", the State Construction Group adheres to the "two unwavering", which can not only effectively enhance the core competitiveness of state-owned enterprises and industrial driving force, but also stimulate the development power and operational vitality of private enterprises, and promote the deep integration of resources and factors of upstream and downstream enterprises in the industrial chain. Strengthen the mutually beneficial cooperation between state-owned enterprises and private enterprises in new fields and new tracks, and promote the cooperation and symbiosis between private enterprises and state-owned enterprises to complement each other's advantages, and improve the effect of the combination of industry and finance. The relevant research results have been published in the authoritative internal reference journal "Internal Reference on Administrative Reform" (Issue 12, 2023), which is supervised by the Party School of the CPC Central Committee (National Academy of Governance), and the state-level authoritative journal "Enterprise Reform and Development" (issue 12, 2023), which is supervised by the National Development and Reform Commission, becoming an important theoretical and practical basis for the common high-quality development of state-owned enterprises and private enterprises.

With the in-depth implementation of the new "National nine" and the landing of the "1+N" system in the capital market, a series of supporting policies related to the long-term have been introduced. The State Construction Group will strictly implement the relevant policy requirements, anchor the goal of building a financial power, serve the development and growth of state-owned enterprises and private enterprises, and promote the accelerated development of new quality productivity. We will continue to build state-owned investment groups with high-level policy response capabilities, capital gathering capabilities, and industrial leadership capabilities to deliver high-quality enterprises to the capital market and inject capital into the real economy, so as to promote the healthy, stable and high-quality development of China's economy.