Xinhua News Agency, Beijing, August 6 (Reporter Wu Yu) A report released by the People's Bank of China on the 6th pointed out that since this year, the prudent monetary policy has achieved remarkable results and the transmission efficiency has been further improved. In the next stage, a prudent monetary policy will be more flexible, moderate, and precise. Effectively play the role of precise drip irrigation of structural monetary policy tools, improve the "directness" of policies, and support the real economy, especially small, medium and micro enterprises, to tide over difficulties and develop steadily.
The "Report on China's Monetary Policy Implementation in the Second Quarter of 2020" issued by the People's Bank on the same day showed that since this year, the People's Bank has improved the structural monetary policy tool system and precise drip irrigation. The 300 billion yuan special re-lending and 500 billion yuan re-lending and rediscount policies have basically been implemented, and the 1 trillion yuan re-lending and rediscount policies have been integrated in an orderly manner. Innovate two policy tools that directly reach the real economy, and increase support for inclusive small and micro enterprises.
The report revealed that recently, the People’s Bank of China launched the first credit loan support program operation for eligible credit loans issued by local corporate banks from March 1 to May 31 this year, involving 1,170 local corporate banks and 390,000 banks across the country. Small and micro enterprises. The principal of eligible credit loans is 70.9 billion yuan, and the weighted average interest rate is 6.76%.
According to the report, practice has proved that the structural monetary policy is effective. Since the beginning of this year, financing for small, medium and micro enterprises has "increased in volume, decreased in price, and expanded in scope." At the end of June, the balance of inclusive small and micro loans increased by 26.5% year-on-year, and the growth rate was 3.4 percentage points higher than that at the end of the previous year. The average interest rate of corporate loans in June was 4.64%, a decrease of 0.48 percentage points from December of the previous year.
When talking about the main policy ideas for the next stage, the report pointed out that the role of monetary and credit policies in promoting economic structural adjustment should be brought into play to better serve the real economy. Maintain the continuity, consistency, and stability of the real estate financial policy, and implement the real estate financial prudential management system.
In addition, the report also proposes to coordinate the domestic and foreign currency policies, handle the internal and external economic balance, and accelerate the formation of a new development pattern with domestic and international cycles as the mainstay and mutual promotion of domestic and international cycles.