Expert analysis: In the future, the central bank can also use targeted reductions in interest rates, interest rates, or other targeted methods to improve the momentum of small and micro private enterprises' production expansion.
To coordinate the advancement of epidemic prevention and control and economic and social development, the State Council Executive Meeting held on the 10th deployed three major events.
State Council Premier Li Keqiang presided over a state meeting on March 10 to determine new measures to deal with the impact of the epidemic and stabilize foreign trade and foreign investment; deploy further smoothing of the capital chain of the industrial chain and promote the coordinated resumption of production and production in all aspects; and require better use of special reloan and rediscount The role of policies supports the development of epidemic prevention, control, supply and relief.
Experts analyze that the current central bank provides preferential interest rate credit support through low-cost special reloans and the central government's discounted interest rates. This is only the first step in structural monetary policy during the epidemic. In the future, the central bank can still take targeted reductions in interest rates, interest rates, or other targets. Means to enhance the momentum of production expansion of small and micro private enterprises.
The whole industry chain accelerates the resumption of work and production
The meeting pointed out that, while implementing precise prevention and control in different regions and regions, it is necessary to orderly promote the resumption of production and production across the entire industry chain in an orderly manner. First, according to the epidemic situation, the guidelines for the prevention and control of resumption and resumption of production should be improved, the State Council's work mechanism for the resumption of resumption and production should be brought into full play, inter-departmental work classes should be established, and overall guidance and coordination services should be strengthened to open up industrial and supply chain block points. Second, we need to strengthen international coordination and cooperation, and maintain smooth international supply chains through measures such as increasing international cargo flights. Third, we must guide financial institutions to actively connect with core enterprises in the industry chain, increase liquidity loan support, and provide reasonable credit lines.
In the modern industrial system, the industrial chains are intertwined. One link is blocked, and both upstream and downstream enterprises are unable to operate. Therefore, in the process of resuming production and restarting production, it is necessary to strengthen the connection between upstream and downstream production and sales, and promote the coordinated resumption of production and production in all links of the industrial chain.
At present, relevant departments start with the protection of leading enterprises, promote the resumption of production and restart of key enterprises, leading enterprises and supporting enterprises, and improve the systemicity and synergy of the resumption and production of the industrial chain. At the same time, we will strengthen logistics transportation support, enhance transportation capacity, and ensure the smooth operation of foreign trade logistics.
Recently, affected by the new crown pneumonia epidemic, the airmail route from South Korea to Shanghai was blocked, resulting in a backlog of anti-epidemic materials purchased by consumers from South Korea. The route between international postal services is a closed loop channel, and once set, it is difficult to change. In order to return the backlog of goods from South Korea as soon as possible, the China Merchants Subsidiary of the China Merchants Administration organized a "Four Ports Linkage". The goods were first transported by land from Incheon Airport in South Korea to Incheon Port, and then by sea to Weihai Port. The sharing time was 14 hours. . At the scene, Weihai Customs and Weihai Port completed the operations of unloading and transferring goods in just 20 minutes.
In China, China National Shipping, a subsidiary of China Merchants, undertakes the project of Sinopec's South China Chemical Polypropylene project. It will transport polypropylene, an important raw material for mask production, from Hainan to Shantou and distribute it to downstream mask manufacturers. Due to the establishment of inter-provincial and inter-city transportation corridors, product transportation is severely restricted. Facing the grim situation of customers' raw materials being inaccessible and inaccessible, Sinotrans urgently organized logistics resources to build the "Yangpu- The “Shantou” water and land multimodal transport logistics channel provides door-to-door supply chain logistics services to help resume work and resume production.
The Director of the Foreign Trade Department of the Ministry of Commerce, Li Xinggan, said recently that China has the world's largest, most complete, and most complete manufacturing system, and the advantages of a complete industrial chain are irreplaceable. China's foreign trade development is sufficiently resilient and has ample room for development, and its position in the global industrial chain and supply chain will not change.
Tight funds have become the biggest difficulty for SMEs. A previous report issued by the China Association of Small and Medium Enterprises shows that nearly 70% of SMEs report a decrease in operating income, and nearly 90% of enterprises have less than 3 months of funds on their books, of which 33.73% have less than 1 In March, 32.75% of the companies reported that they could support 2 months. Only 9.89% of enterprises can support more than half a year.
In order to alleviate the financial pressure of enterprises in the process of resuming work and production, the meeting pointed out that after supporting core enterprises to raise funds through credit, bonds, etc., they can pay cash to upstream and downstream companies in the form of prepayments, reducing the cash flow pressure and financing costs of upstream and downstream SMEs. Support enterprises in financing with accounts receivable, warehouse receipts, and pledged inventory. Appropriately reduce the proportion of banks' acceptance bills for good credit enterprises.
Play the role of special re-loan rediscount policy
In recent times, relevant departments have guided financial institutions to implement 300 billion yuan of special reloans and 500 billion yuan of reloan rediscount policies in accordance with the requirements of the State Council, and strongly supported the outbreak prevention and control materials guarantee supply, agriculture and enterprises, especially small businesses with preferential interest rates. Micro-enterprises resumed production.
The meeting pointed out that it is necessary to further put policies in place, speed up the progress of loans, and better protect the funding needs of epidemic prevention supplies, spring ploughing, international supply chain product production, labor-intensive industries, and small and medium-sized enterprises. Appropriate decentralization of credit approval authority. Strengthen audit supervision to prevent “ranching and dripping” and improve the effectiveness of supporting the real economy. We will step up the introduction of targeted inflow reduction measures for inclusive finance, and increase the reduction of shareholding banks, promote commercial banks to increase loan support for small and micro enterprises, and individual industrial and commercial households, help resume work and production, and reduce financing costs.
Wu Jiayuan, member of the CPA Australia North China Committee, told First Financial that for small and micro enterprises, a series of specific measures to reduce taxes and fees have been launched from the central to the local level to help small and micro enterprises reduce their burdens and meet challenges. In addition, the intensive introduction of a series of measures to reduce corporate financing costs, including fiscal discounts, will also help ease the current cash flow pressure on small and micro enterprises. Small and micro enterprises should make full use of taxation and financing facilities, including preferential policies and related supporting measures, especially for small and micro enterprises, to reduce the burden on enterprises and taxpayers.
Zhang Jun, chief economist at Morgan Stanley Huaxin Securities, told First Financial News that the current central bank provides preferential interest rate credit support through low-cost special reloans and central government discounted interest rates, which is only the first of structural monetary policy during the epidemic. In the future, the central bank can still take targeted reductions in interest rates, interest rates, or other targeted measures to improve the corporate environment and consolidate the long-term working mechanism of “willing to, dare to lend, and lend money” to improve the production of small and micro private enterprises from the inside. Expansion kinetic energy.
The meeting emphasized that, while implementing the recently introduced policies and efforts to reduce the impact of the epidemic, we must step up research on measures to further deepen reforms and expand opening up, to more effectively stimulate market vitality, expand domestic demand, and increase momentum. It is necessary to provide more opportunities for entrepreneurial employment and flexible employment, and stabilize the overall employment situation, by in-depth promotion of the reform of "decentralization of management services", "Internet +", and dual entrepreneurship.
Author: sweet wish