China News Service, May 12 (Xinhua) According to the WeChat public account of the Central Bank, the People ’s Bank of China has taken the initiative to actively promote the prevention and control of the new crown pneumonia epidemic and economic and social development, and has arranged 300 billion yuan of special re-loans according to the progress of epidemic prevention and control. , 500 billion yuan of re-discounting of re-loan, 1 trillion yuan of re-discounting of re-loan totaling 1.8 trillion yuan, giving full play to the role of precise drip irrigation of re-loan of re-discounting, supporting anti-epidemic insurance supply, resumption of production and small and medium-sized enterprises, etc. Real economy development.
Data map: People's Bank of China. China News Service issued Yang Ming still photo source: CNSPHOTO
The central bank pointed out that the three batches of re-loan rediscounting policies issued in sequence and increasing gradually are an orderly response to China's epidemic prevention and control situation and economic and social development needs. To support the anti-epidemic insurance supply, during the Spring Festival on January 31, the People's Bank of China arranged a special refinancing of 300 billion yuan to provide low-cost funds to major national banks and some local corporate banks in key provinces such as Hubei, and support banks to provide key medical care. Key enterprises in the production, transportation and sale of prevention and control materials and daily necessities provide preferential interest rate loans. Under the initial control of the domestic epidemic, in order to support the orderly resumption of production and production of enterprises, on February 26, the newly re-discounted re-loan amount was 500 billion yuan, and the interest rate for agriculture and small re-financing was reduced by 0.25 percentage points to 2.5%. Increase the coverage and inclusiveness of financial support, provide enterprises with low-cost and inclusive financial support, and effectively solve the urgent problems of debt repayment, capital turnover and expanded financing faced by enterprises when they resume production. In order to further support the development of the real economy and hedge against the impact of the global outbreak, on April 20, another re-loan and discount amount of 1 trillion was added again, and loans were provided by small and medium-sized enterprises with a wide range of preferential interest rates to support the expansion of the Agricultural, foreign trade, and credit-heavy industries affected by the epidemic have greater credit support, wider coverage, and greater inclusiveness.
The central bank said that the three-batch re-loan rediscount policy has the characteristics of gradually expanding the coverage of capital support, gradually increasing inclusiveness, maintaining preferential interest rates for funds, and precise investment management requirements.
First, the coverage of financial support has gradually expanded, and inclusiveness has gradually increased. The 300 billion yuan special re-loan was issued to 9 national banks and 31 local banks in 10 provinces and cities. The list management of key enterprises was implemented. The list was determined by the Development and Reform Commission, the Ministry of Industry and Information Technology, and the provincial governments of key provinces. The funds must be used for the production and operation activities required by the epidemic. 500 billion yuan and 1 trillion yuan of re-loans are issued to more than 4,000 local financial institutions in the country. 500 billion yuan is expected to support more than 500,000 enterprises and other economic entities, and 1 trillion yuan is expected to support more than 2 million economic entities.
The second is to maintain preferential interest rates on funds and reduce the financing cost of the real economy. The 300 billion yuan special loan repayment rate is 250 basis points less than the one-month loan market quoted rate (LPR) of the previous month, which is currently 1.35%. Financial institutions are required to use special reloan funds to issue loans with interest rates not exceeding the most recently announced year The LPR will be reduced by 100 basis points to 2.85%, and the 50% financial discount will ensure that the actual financing cost of the company will fall below 1.6%. The re-loan interest rate of 500 billion yuan is 2.5%, and the loan interest rate required by financial institutions to use re-loan re-discount funds is not higher than the one-year LPR plus 50 basis points recently announced, which is currently 4.35%. The 1 trillion yuan refinancing and re-discounting guide small and medium-sized banks to provide loans at a preferential interest rate of about 5.5% to a wide range of small and medium-sized enterprises. The overall average financing cost is within 5.5%.
Third, funds are invested in a reimbursement system that uses "loan first, then borrow" to prevent funds from "running and leaking." Financial institutions first issue loans that meet the requirements to enterprises, and then apply for re-loans to the People's Bank of China in equal amounts to ensure that the re-loan funds are invested more accurately. The People's Bank of China requires financial institutions to establish an electronic ledger and track and monitor the use of funds to prevent funds from “running and leaking”.
The central bank said that the three batches of re-loan and discount policies have played a positive role in supporting epidemic prevention and control, resumption of production and economic development, and economic and social development. The first batch of 300 billion yuan special re-loan policy has entered the closing stage. As of May 5, 9 national banks and 10 provincial, municipal, and local corporate banks have issued a total of 269.3 billion yuan in concessional loans to 7037 key enterprises. On average, each company received no more than 40 million yuan in concessional loans. The weighted average interest rate of preferential loans is 2.50%. After 50% financial discount, the actual financing interest rate of the company is about 1.25%. At present, the tension of medical supplies has been significantly alleviated, and the supply of main living materials has also become normal. The progress of the second batch of RMB 500 billion re-loan rediscount policy is nearly 80%. As of May 5, local corporate banks have issued a total of 399.6 billion yuan in preferential interest loans (including discounts) and 524,000 support enterprises (including rural households). Among them, agriculture-related loans were 72.6 billion yuan, the weighted average interest rate was 4.38%; Pratt & Whitney loans were 258.3 billion yuan, the weighted average interest rate was 4.43%; discounts were 68.7 billion yuan, the weighted average interest rate was 3.05%, and the interest rates were not higher than the latest when the loan was issued. A one-year LPR plus 50 basis points is announced at a time. The third batch of 1 trillion yuan of re-loan rediscount policy has been implemented, and the People's Bank of China branch has carried out orderly release work, which is in an orderly connection with the previous two batches of policies, and will continue to work hard to provide credit support for the development of the real economy and guide the reduction. Social financing costs.