In the first three quarters, the growth rate of medium and long-term loans to enterprises accelerated, and the direct financing of enterprises increased significantly.

　　Positive changes in my country’s social financing structure

　　Chen Guojing, reporter of Economic Daily and China Economic Net

　　In the first three quarters, medium and long-term loans to the real economy reached 11.85 trillion yuan, accounting for 72.9% of all loan increments; financing for small and micro enterprises increased by 3 trillion yuan, an increase of 1.2 trillion yuan year-on-year; net corporate bond financing was 41,000 yuan 100 million yuan, 1.65 trillion yuan more than the same period last year; corporate domestic stock financing was 609.9 billion yuan, 375.6 billion yuan more than the same period last year.

These data show that the growth of medium and long-term loans by enterprises has accelerated, and the direct financing of enterprises has improved significantly, which is critical to the recovery of the manufacturing industry and the development of small and medium-sized enterprises.

At the same time, the improvement of direct financing will also help stabilize the level of corporate leverage.

　　The latest data released by the People's Bank of China shows that the scale of social financing in the first three quarters has increased in volume and quality, and there have been obvious positive changes in the structure.

　　Preliminary statistics show that the cumulative increase in the scale of social financing in the first three quarters of this year was 29.62 trillion yuan, 9.01 trillion yuan more than the same period last year.

These new funds have significantly increased their tilt towards the real economy, especially small and micro enterprises. For example, the balance of inclusive small and micro loans has hit a record high in the past 7 months.

At the same time, the direct financing of the bond market and the A-share market continued to exert force, which also attracted more sources of water for enterprises.

　　Increase in the proportion and growth rate of medium and long-term loans

　　Nantong Baoye Machinery Technology Co., Ltd. is a private small and micro manufacturing enterprise in Nantong Precision Machinery Industrial Park. Part of its products are precision accessories related to mask machines.

After the outbreak of the new crown pneumonia, the company won a large number of production orders for precision parts of mask machines.

　　"Orders are pouring in, but funding has become a problem." The person in charge of the company told reporters that before the epidemic, the company had a loan of 8 million yuan from the Jiangsu Branch of Agricultural Bank. Due to the good development momentum, it originally planned to further expand its production scale this year. But I didn't expect so many orders at once.

After learning of the increase in business orders but the shortage of funds, the Agricultural Bank added an additional 20 million yuan in loans.

With financial support, the company has become a leading enterprise in the industrial park where it is located, and successfully completed its capacity expansion and transformation and upgrading plan.

　　In the first three quarters, the credit support of financial institutions to the real economy increased significantly.

According to data from the Central Bank, in the first three quarters, RMB loans issued by financial institutions to the real economy increased by 16.69 trillion yuan, close to the level of 16.88 trillion yuan last year, an increase of 2.79 trillion yuan over the same period last year.

　　"In the first three quarters, companies received more long-term funds, which can better stabilize their confidence." Ruan Jianhong, director of the People’s Bank of China's Department of Regulation and Management, said that the medium and long-term loans to the real economy in the first three quarters reached 11.85 trillion yuan. Accounted for 72.9% of the new loans.

For enterprises, medium and long-term loans are very conducive to their recovery and further growth.

　　From the perspective of corporate loans, domestic and foreign currency loans of enterprises (institutions) at the end of September increased by 12.3% year-on-year, and this growth rate was 1.8 and 1.9 percentage points higher than the end of the previous year and the same period of the previous year.

What is more noteworthy is that since March this year, the growth rate of medium and long-term corporate loan balances has accelerated significantly, reaching 14.8% at the end of September, a record high since 2018.

　　Mid- and long-term loans have focused on manufacturing, especially high-tech manufacturing, infrastructure, and industries that are relatively affected by the epidemic, such as wholesale and retail, transportation, warehousing, post, culture, sports, and entertainment.

The growth rate of long-term and medium-term loans in the manufacturing industry has been rising for 11 consecutive months. At the end of September, the balance of long-term and medium-term loans in the manufacturing industry increased by 30.5%, an increase of 15.7 percentage points from the end of the previous year.

In the first three quarters, new medium- and long-term loans to the manufacturing industry were 967.5 billion yuan, an increase of 636.2 billion yuan year-on-year. The balance of medium and long-term loans for high-tech manufacturing industries increased by 45.8%, 4.9 percentage points higher than the end of the previous year.

In the first three quarters, a cumulative increase of 263.3 billion yuan in medium and long-term loans for high-tech manufacturing was an increase of 100 billion yuan year-on-year.

　　Small and micro enterprise financing hits a new high

　　On September 30, a small and micro enterprise with only 45 employees who had just achieved breakeven this year received a credit support of 1.2 million yuan from the Hangzhou Branch of Industrial and Commercial Bank of China.

　　According to the staff of the Hangzhou branch of ICBC, Zhejiang Suao Environmental Technology Co., Ltd., which obtained the loan, is a high-tech enterprise specializing in waste gas treatment, mainly engaged in equipment research and development, design, manufacturing, operation and maintenance.

Although the company is not large, it currently has more than 30 patents.

Therefore, before granting 1.2 million yuan of credit to this company, ICBC had already loaned 4.4 million yuan to it in the first half of the year.

　　"Last year, our loan interest rate at other financial institutions exceeded 7%; now, ICBC loan interest rate is less than 4%, which has greatly eased our operating cost pressure." Shao Jianxin, the founder of the company, told reporters that the company's sales in the first half of this year Reached 15 million yuan, achieving a breakeven.

So far, the company's sales have reached 30 million yuan, far exceeding the previously estimated 20 million yuan.

　　As of the end of September this year, ICBC Hangzhou Branch has served more than 7,170 small and micro enterprises, with a balance of inclusive loans of 16.935 billion yuan, an increase of over 85%.

　　From a national perspective, data released by the central bank showed that the balance of inclusive small and micro loans at the end of September was 14.6 trillion yuan, a year-on-year increase of 29.6%, and the growth rate was 6.5 percentage points higher than the end of the previous year, and hit a record high in the past 7 months.

　　"Small and micro enterprise financing has shown a good trend of volume increase, coverage expansion, and price reduction. Supporting the development of small and micro enterprises has also led to more employment." Peng Lifeng, deputy director of the Financial Market Department of the Central Bank, introduced the financing of small and micro enterprises in the first three quarters. The increase was 3 trillion yuan, an increase of 1.2 trillion yuan year-on-year. These funds supported 31.28 million small and micro business entities, a year-on-year increase of 21.8%.

The average interest rate of newly issued inclusive small and micro enterprise loans in September was 4.92%, a decrease of 0.96 percentage points from December 2019.

　　Since the beginning of this year, financial support for the real economy has focused on enhancing directness and accuracy.

On June 1, the central bank created two monetary policy tools that directly reach the real economy, urging banks to actively handle the deferred repayment of corporate loans and inclusive credit loans for small and micro enterprises.

　　As of the end of August this year, banking financial institutions have extended the principal and interest of loans of 3.7 trillion yuan.

From June to August this year, banking financial institutions extended a total of 729,000 inclusive small and micro loans with 617.6 billion yuan. Among them, local corporate banks extended a total of 464,000 inclusive small and micro loans with 375.1 billion yuan.

From March to August this year, banking financial institutions issued a total of 1.89 trillion yuan in inclusive small and micro credit loans, an increase of 627.9 billion yuan over the same period last year.

　　Direct financing of stocks and bonds

　　Tongkun Group Co., Ltd. recently issued a new low in the issuance price of the third phase of ultra-short-term financing bonds in 2020. The coupon rate of 2.25% has set a record low in the issuance price of 2A+ private corporate bonds.

　　Ultra-short-term financing bills are a kind of debt financing tool for non-financial enterprises. The issuing company can independently choose the issuance period of no more than 270 days (including 270 days) according to its short-term financing needs and capital use arrangements. It has simple information disclosure and registration. Features such as high efficiency, convenient issuance, and flexible use of funds.

　　According to the staff of the ICBC Jiaxing Branch, the lead underwriter of the bond, in order to help enterprises to resume work and production, the bank proactively meets corporate financial needs, strengthens market information collection and analysis, and predicts and estimates issuance rates in advance. Looking for market investors, multi-party communication issuance plans, etc., and finally successfully issued at a historically lowest price of 2.25%.

　　Since the beginning of this year, the real economy's direct financing from the bond market has increased substantially, which is also one of the positive changes in the social financing structure.

Data show that in the first three quarters, corporate bond financing was 4.1 trillion yuan, 1.65 trillion yuan more than the same period last year.

　　"Since this year, the demand for corporate listing financing has been relatively strong. In September, stock financing was 114 billion yuan, which was above 100 billion yuan for three consecutive months." said Wen Bin, chief researcher of China Minsheng Bank.

　　Affected by a series of factors such as the rapid development of the Science and Technology Innovation Board and the implementation of the GEM registration system, the expansion of the A-share market has accelerated significantly since the beginning of this year, and the capital market's support for the real economy has also been increasing.

According to data from the central bank, the domestic stock financing of enterprises in the first three quarters was 609.9 billion yuan, 375.6 billion yuan more than the same period last year.

　　According to data from the China Securities Regulatory Commission, since the implementation of the reform of the registration system of the Sci-tech Innovation Board and the Growth Enterprise Market, listing resources have been sufficient and liquidity has significantly exceeded other sectors.

As of September 15, there were 173 companies listed on the Science and Technology Innovation Board, with a total of 260.7 billion yuan in IPO financing, accounting for 51% of the amount of A-share IPO financing in the same period, and a total market value of 2.8 trillion yuan; the GEM issued listed companies through the registration system There are 24 companies with a total of 22.4 billion yuan in IPO financing.

　　Wen Bin believes that financial support for the prevention and control of the new crown pneumonia epidemic and the recovery and development of the social economy has continued to increase.

In the next stage, the monetary policy should continue to increase support for the real economy and not engage in "flood flooding."

We should pay close attention to the international economy and the epidemic situation, and strengthen risk prevention.

At the same time, improve the strength and effect of structural policies, and provide precise support for weak links in the recovery and development of the real economy such as manufacturing, small and medium-sized enterprises.

　　Chen Guojing