Recently, the private enterprise bond financing support tool (hereinafter referred to as the "second arrow") has continued to make efforts to support multiple private real estate enterprises and other industrial enterprises to successfully issue bonds for financing. According to data from the China Interbank Trading Market Association, as of now, the "second arrow" has supported nearly 20 private enterprises to issue over 38 billion yuan of debt financing instruments, involving important industries such as real estate and manufacturing. It has played an important role in improving the financing environment for private enterprises, boosting market confidence, and resolving project risks. Since December 2023, private enterprises such as Jinhui Group, Xincheng Holdings, and Longhu Real Estate have successfully issued medium-term notes with the support of the "second arrow"; Advanced manufacturing enterprises in the Yangtze River Delta, such as Guoxuan High tech, Shangneng Electric, and Ningbo Jizhi Technology, have also successfully issued short-term financing bonds with the support of the "second arrow". The issuance scale is 700 million yuan, with a term of 270 days and an issuance interest rate of 2.98%. Industry insiders have stated that since the policy extension and expansion to private real estate enterprises in November 2022, the "second arrow" has continuously increased its efforts to support the increasing number of private enterprise entities and bond issuance scale. Since the second half of 2023, promoting the expansion and increment of the "second arrow" to support the development of private enterprises has received much attention. In early August 2023, Pan Gongsheng, Secretary of the Party Committee and President of the People's Bank of China, requested at a symposium on financial support for the development of private enterprises to promote the expansion and increment of the "second arrow" and strengthen financial market support for the development of private enterprises; In November 2023, the People's Bank of China, the State Administration of Financial Supervision, and eight other departments jointly issued a notice on strengthening financial support measures to help the development and growth of the private economy, proposing the work requirements for the second arrow, a financing support tool for private enterprise bonds, to promote the expansion and increment of the second arrow, and stabilize the stock. These have played a positive role in releasing positive signals, stabilizing market expectations, alleviating credit contraction of private enterprises, and maintaining reasonable financing needs of private enterprises. Zhang Xu, Chief Fixed Income Analyst at Everbright Securities, believes that the support of the "second arrow" for private enterprise bond financing is reflected in two aspects. Firstly, it supports private enterprises that are temporarily facing liquidity difficulties in issuing bonds and financing through guarantees, creating credit risk mitigation certificates, and directly purchasing bonds; The second arrow is beneficial for boosting market confidence, assisting more private enterprises in smooth financing, and reducing financing costs. Feng Lin, Senior Analyst at the Research and Development Department of Dongfang Jincheng, stated that promoting the expansion and increment of the "second arrow" will help expand the benefits of the "second arrow" to private enterprises, drive more bond market funds to flow to private enterprises, help a larger range and more levels of private enterprises improve the success rate of bond issuance, and reduce the cost of bond financing. The relevant person in charge of the China Interbank Trading Market Association stated that they will continue to adhere to the "two unwavering" principles, fully implement the relevant requirements of the People's Bank of China Financial Support for the Development of Private Enterprises Symposium, continue to increase support for private enterprise support tools, promote the expansion and increment of private enterprise support tools, meet the reasonable financing needs of private enterprises, especially continue to increase the financial supply in key areas such as advanced manufacturing, strategic emerging industries, and technology-based enterprises, and strengthen the private sector