For the purposes of further implementing the Law of the People's Republic of China on the Promotion of Small and Medium-Sized Enterprises, the Several Opinions of the State Council on Further Promoting the Development of Small and Medium-Sized Enterprises (No. 36 [2009], State Council), and the Opinions of the General Office of the State Council on the Implementation of Financial Support for the Development of Micro and Small Enterprises (No. 87 [2013], General Office of the State Council), promoting the sound development of small and medium-sized financial institutions, and increasing financial support for the real economy, the People's Bank of China (“PBC”) has, in conjunction with the China Banking Regulatory Commission (“CBRC”), the China Securities Regulatory Commission (“CSRC”), the China Insurance Regulatory Commission (“CIRC”), and the National Bureau of Statistics (“NBSC”), developed the Provisions on the Size Classification Standards for Financial Enterprises (see Annex), which, with the consent of the State Council, are hereby issued for your compliance and implementation.
The PBC Shanghai Head Office, all regional branches and operations offices of the PBC, and all central sub-branches of the PBC in capital cities of provinces (or autonomous regions) and sub-provincial cities shall, in conjunction with the CBRC, CSRC, CIRC and NBSC offices in these provinces (autonomous region or municipalities directly under the Central Government), forward this Notice to the relevant institutions within their respective jurisdictions.
Annex: Provisions on the Size Classification Standards for Financial Enterprises
The People's Bank of China
The China Banking Regulatory Commission
The China Securities Regulatory Commission
The China Insurance Regulatory Commission
The National Bureau of Statistics
September 28, 2015
Annex:
Provisions on the Size Classification Standards for Financial Enterprises
I. These Provisions are developed in accordance with the Law of the People's Republic of China on the Promotion of Small and Medium-Sized Enterprises , the Several Opinions of the State Council on Further Promoting the Development of Small and Medium-Sized Enterprises (No. 36 [2009], State Council), and the Opinions of the General Office of the State Council on the Implementation of Financial Support for the Development of Micro and Small Enterprises (No. 87 [2013], General Office of the State Council).
II. Applicable Scope: These Provisions apply to enterprises engaged in category J (financial) activities in the Classification of Industries in National Economy (GB / T4754-2011).
III. Industrial Classification: The compound classification method is adopted for the classification of financial enterprises. First, according to the Classification of Industries in National Economy, financial enterprises are classified into four categories: monetary and financial services, capital market services, insurance industry, and other financial industries. Second, monetary and financial services are divided into two subcategories: monetary and banking services and non-monetary and banking services, and other financial industries are divided into three subcategories: financial trust and management services, services of holding companies, and other financial industries not included. Finally, according to the economic nature, financial enterprises in the category of monetary and banking services are classified as deposit-taking financial institutions in the banking industry; financial enterprises in the category of non-monetary and banking services are divided into non-deposit-taking financial institutions in the banking industry, loan companies, petty loan companies, and pawn shops; financial enterprises in the category of capital market services are classified as financial institutions in the securities industry; financial enterprises in the insurance industry are classified as financial institutions in the insurance industry; and other financial enterprises are divided into trust companies, financial holding companies, and other financial institutions excluding loan companies, petty loan companies, and pawn shops.
IV. Size Classification Standard Indicator: The average of total assets (trust assets for trust companies) on a consolidated basis of a legal person at the end of the four quarters in a full accounting year is used as the classification standard indicator, as determined according to the data of the regulatory authorities.
V. Standard Values of the Indicator: According to the standard values of the indicator, various financial enterprises are classified into four size categories: large, medium-sized, small, and micro. Enterprises reaching or exceeding the upper limit for medium-sized enterprises are large enterprises.
1. Deposit-taking financial institutions in the banking industry: One with total assets of less than 4 trillion yuan is a micro, small, or medium-sized enterprise. Specifically, one with total assets of 500 billion yuan or more is a medium-sized enterprise, one with total assets of 5 billion yuan or more is a small enterprise, and one with total assets of less than 5 billion yuan is a micro enterprise.
2. Non-deposit-taking financial institutions in the banking industry: One with total assets of less than 100 billion yuan is a micro, small, or medium-sized enterprise. Specifically, one with total assets of 20 billion yuan or more is a medium-sized enterprise, one with total assets of 5 billion yuan or more is a small enterprise, and one with total assets of less than 5 billion yuan is a micro enterprise.
3. Loan companies, petty loan companies, and pawn shops: One with total assets of less than 100 billion yuan is a micro, small, or medium-sized enterprise. Specifically, one with total assets of 20 billion yuan or more is a medium-sized enterprise, one with total assets of 5 billion yuan or more is a small enterprise, and one with total assets of less than 5 billion yuan is a micro enterprise.
4. Financial institutions in the securities industry: One with total assets of less than 100 billion yuan is a micro, small, or medium-sized enterprise. Specifically, one with total assets of 10 billion yuan or more is a medium-sized enterprise, one with total assets of 1 billion yuan or more is a small enterprise, and one with total assets of less than 1 billion yuan is a micro enterprise.
5. Financial institutions in the insurance industry: One with total assets of less than 500 billion yuan is a micro, small, or medium-sized enterprise. Specifically, one with total assets of 40 billion yuan or more is a medium-sized enterprise, one with total assets of 2 billion yuan or more is a small enterprise, and one with total assets of less than 2 billion yuan is a micro enterprise.
6. Trust companies: One with trust assets of less than 100 billion yuan is a micro, small, or medium-sized enterprise. Specifically, one with trust assets of 40 billion yuan or more is a medium-sized enterprise, one with trust assets of 2 billion yuan or more is a small enterprise, and one with trust assets of less than 2 billion yuan is a micro enterprise.
7. Financial holding companies: One with total assets of less than 4 trillion yuan is a micro, small, or medium-sized enterprise. Specifically, one with total assets of 500 billion yuan or more is a medium-sized enterprise, one with total assets of 5 billion yuan or more is a small enterprise, and one with total assets of less than 5 billion yuan is a micro enterprise.
8. Other financial institutions excluding loan companies, petty loan companies, and pawn shops: One with total assets of less than 100 billion yuan is a micro, small, and medium-sized enterprise. Specifically, one with total assets of 20 billion yuan or more is a medium-sized enterprise, one with total assets of 5 billion yuan or more is a small enterprise, and one with total assets of less than 5 billion yuan is a micro enterprise.
VI. Organization of Implementation: The PBC shall, in conjunction with the CBRC, CSRC, CIRC, and NBSC, form a task force for the size classification standards for financial enterprises, which takes charges of the implementation, post-assessment, and adjustment of the size classification standards for financial enterprises, annually organizes the determination of the sizes of financial enterprises, and adds the corresponding field modules to the Financial Institution Information Management System established by the PBC. The determined sizes of financial enterprises shall be registered in the system to facilitate inquiries and use by government departments and all walks of life.
VII. Evaluation and adjustment of standard values: The task force for the size classification standards for financial enterprises shall, every five years, evaluate the impacts of economic development, inflation, and other factors on, and adjust, the size classification standard values.
VIII. The upper limit in the standard for medium-sized financial enterprises in these Provisions is the lower limit for large financial enterprises. The relevant departments of the State Council shall, on this basis, conduct statistical analysis of the relevant data, and shall not formulate any size classification standards for financial enterprises inconsistent with these Provisions.
IX. The size classification of financing guarantee companies shall be conducted according to the standards for “other financial institutions excluding loan companies, petty loan companies, and pawn shops” in these Provisions.
X. These Provisions shall be subject to interpretation by the PBC in conjunction with the CBRC, CSRC, CIRC, and NBSC.
XI. These Provisions shall come into force on the date of issuance.
Annex: Size Classification Standards for Financial Enterprises
(for annex please refer to the Chinese version)
