Small, medium and micro enterprises receive another trillion yuan of red envelopes to support a new round of targeted reductions in the short term.

Moderator Yu Nan: Epidemics abroad and changes in the world economic and trade situation pose new challenges to China's economic development. Only by further strengthening the adjustment of fiscal and monetary policies and adopting various measures to focus on expanding domestic demand, helping to resume production, and securing employment, help all kinds of enterprises, especially small and medium-sized enterprises, foreign trade enterprises, and individual industrial and commercial households to overcome special difficulties and ensure basic People's livelihood can maintain China's economic vitality. To this end, the State Council executive meeting held on March 31 was deployed, and a number of local government special debt quotas were issued in advance to promote the expansion of effective investment, strengthen financial support for small, medium and micro enterprises, and increase the relevant subsidy policies for difficult groups. . This newspaper reported on this today.

Our reporter Liu Qi

Following the State Council's executive meeting on March 10, the government has stepped up the introduction of targeted measures to reduce inclusive financial standards, and has increased its efforts to reduce the number of joint-stock banks. The executive meeting of the State Council has again deployed targeted reductions during the month. On March 31, the executive meeting of the State Council proposed to strengthen inclusive financial support for small, medium and micro enterprises. Increase the refinancing quota for small and medium-sized banks by 1 trillion yuan, further implement targeted reductions for small and medium-sized banks, guide small and medium-sized banks to lend all the funds they receive to small and medium-sized micro-enterprises at preferential rates, and expand agriculture-related, foreign trade, and affected by the epidemic Credit for industry.

In an interview with the Securities Daily, Wang Qing, chief macro analyst of Dongfang Jincheng, said that according to the past from the request to the pace of policy implementation, the central bank announced the possibility of a targeted reduction of small and medium banks this week or in the short term. Larger. Taking into account the current level of deposit reserve ratios of small and medium-sized banks and the implementation of previous targeted reduction policies for small and medium-sized banks, it is expected that the overall range of targeted reductions may reach 1 percentage point, and the amount of funds released may reach 100 billion yuan.

According to the analysis of Minsheng Securities Research Report, the clear target for this time is small and medium banks, which will further expand the policy benefits and release long-term funds to banks. Although the scope of the benefited small and medium-sized banks has not been announced, it is expected that the city and rural commercial banks that select locations and businesses that are more inclined to small and micro enterprises will be selected.

It is worth mentioning that the last time the State Council executive meeting proposed the implementation of the RRR cut for small and medium-sized banks was on April 17, 2019. The meeting called for "the rapid establishment of a policy framework for lower deposit reserve ratios for small and medium-sized banks." On May 6, 2019, it was announced that starting from May 15, the implementation of rural commercial banks that operate only in their county-level administrative regions or have branches in other county-level administrative regions but have assets less than 10 billion yuan will be implemented. The reserve ratio of the same grade as the rural credit cooperatives is 8%. About 1,000 county-level rural commercial banks can enjoy this preferential policy, releasing about 280 billion yuan of long-term funds. After this adjustment, China's deposit reserve system will form a clearer and more concise "three gears and two excellent" basic framework.

In addition to targeted reductions, the executive meeting of the State Council also decided to increase the re-discounting quota for small and medium banks by 1 trillion yuan. Earlier, the central bank has set up a special loan of 300 billion yuan and an increase of 500 billion yuan of rediscount loans. From the perspective of implementation, Chen Yulu, deputy governor of the central bank, said at a press conference held by the State Council on March 22 that more than 5,000 key enterprises with a special reloan of 300 billion yuan to support epidemic prevention and control have been awarded. The preferential interest rate loan has exceeded 200 billion yuan, and the actual financing cost is only about 1.27%; the reloan and rediscount quota of 500 billion yuan has so far exceeded 130 billion yuan, and the interest rate level of the loan is significantly lower. At 4.55%.

"From the perspective of the current process of resuming work and resuming production, the epidemic has had a greater impact on small and medium-sized enterprises. These policies are mainly from the perspective of targeted support. The goal is to ease the pressure on the survival and operation of small and medium-sized enterprises and stabilize the employment situation. Wang Qing believes that "increasing the rediscount and redemption quota for small and medium-sized banks" means that the central bank will increase its blood transfusion to small and medium-sized banks, enhance the latter's ability to lend to small and medium-sized enterprises, and further leverage small and medium-sized banks and small and medium-sized banks. Natural docking advantages between micro-enterprises.

Chuancai Securities Research reports that it is expected that the pressure on the debt end of small and medium-sized banks will be further eased, and the willingness of small and medium-sized banks serving SMEs to lend funds is expected to increase. In addition, the meeting put forward the follow-up "guide all small and medium-sized banks to borrow all the funds they receive from small and medium-sized enterprises at preferential interest rates, and expand credit for agriculture-related, foreign trade, and industries affected by the epidemic." Financing costs for small and micro-enterprises are expected to decrease substantially. It is expected that in the future, in order to actively guide small and medium-sized banks to lend to small and micro enterprises, the policy end is expected to introduce reasonable credit enhancement measures for small and medium-sized enterprises, and the credit financing environment for small and micro enterprises is expected to further improve. (Securities Daily)