Let monetary policy tools reach the real economy
According to the arrangement of the "Government Work Report", under the deployment of relevant departments, two innovative monetary policy tools that directly reach the real economy-the Pratt & Whitney small and micro enterprise loan extension support tool and the Pratt & Whitney small and micro enterprise credit loan support plan were quickly released. The central bank said that this will further improve the structural monetary policy instrument system, which will help banking financial institutions increase credit loans for small and micro enterprises and repay loans without repayment, and continue to enhance the relevance and gold content of policies for serving small and micro enterprises.
This year's "Government Work Report" clearly puts forward "innovating monetary policy tools that directly reach the real economy." According to the relevant deployment, the People's Bank of China has created two additional monetary policy tools directly to the real economy: Pratt & Whitney small and micro enterprise loan extension support tools and Pratt & Whitney small and micro enterprise credit loan support plan.
"Compared with previous monetary policy tools such as refinancing and discounting, which are directly connected to the real economy, the two new tools created this time have more significant marketization, inclusiveness, and directness." Deputy Governor of the People's Bank of China Pan Gongsheng said at a press conference on June 2 that, first, marketization, the central bank incentivized financial institutions through innovative monetary policy tools, but did not directly provide funds to enterprises and did not assume credit risk. The second is inclusiveness. As long as the qualified local corporate banks handle loan extensions or credit loans to inclusive small and micro enterprises, they can enjoy the support provided by the central bank. The third is directness. The two structural monetary policy tools newly created by the central bank directly link monetary policy operations with financial support provided by financial institutions to inclusive small and micro enterprises, ensuring precise regulation.
Should be extended—
Covering the principal of small and micro loans of about 7 trillion yuan
Affected by the new coronary pneumonia epidemic, small and medium-sized enterprises have generally experienced difficulties in capital turnover. The "Government Work Report" proposes that the loan repayment policy for small and medium-sized enterprises should be extended to March 31, 2021. The loans for inclusive small and micro enterprises should be extended as much as possible, and loans for other difficult enterprises should be negotiated for extension.
"That is to say, all inclusive small and micro enterprise loans due this year can enjoy a deferred principal and interest repayment." Guo Kai, deputy director of the Monetary Policy Department of the People's Bank of China, as long as the inclusive small and micro enterprises are applying for extension At the same time, it promised to keep the employment basically stable, and the bank would postpone the principal and interest of inclusive small and micro enterprises loans, so that it should be extended as far as possible. Loans that have previously enjoyed the extension policy can also enjoy this policy. It is expected that the deferred policy can cover about 7 trillion yuan of the principal of inclusive small and micro enterprises.
In order to encourage local corporate banks to extend loans to inclusive small and micro enterprises, the central bank created an inclusive small and micro enterprise loan extension support tool, providing 40 billion yuan of refinancing funds, and signed interest rates with local local banks through special purpose tools (SPV) The method of the swap agreement provides incentives to local corporate banks. The incentive funds are about 1% of the deferred loan principal of local corporate banks. It is expected to support the deferred loan principal of local corporate banks of about 3.7 trillion yuan, effectively mitigating the repayment of small and micro enterprises. Debt service pressure.
"This policy tool can better overcome the shortcomings of total monetary policy and improve the efficiency of monetary policy." Zhou Maohua, an analyst at the Everbright Bank's Financial Market Department, believes that the overseas epidemic has exceeded the expected time and scope of the global economy and industrial chain cycle. It is necessary to extend the loans of small and micro enterprises accordingly to avoid breaking the capital chain of small and medium-sized enterprises with weak risk resistance.
Offer discounts-
Drive small and micro credit loans about 1 trillion yuan
Small and micro enterprises have a high operating risk, and banks generally require a collateral guarantee when issuing loans. At present, small and medium-sized banks only account for about 8% of credit loans. In order to alleviate the pain point of small and micro enterprises' lack of mortgage guarantee and increase the proportion of small and micro enterprises' credit loans, the central bank created a Pratt & Whitney small and micro enterprise credit loan support plan to provide 400 billion yuan of refinancing funds through specific purpose tools (SPV) and local banks The way of signing the credit loan support plan contract provides preferential financial support to local corporate banks.
According to Zou Lan, Director of the Financial Market Department of the People's Bank of China, the credit loan support program is mainly for local banks with good operating conditions. In the most recent quarter, a local bank with a rating of 1 to 5 from a central bank financial institution may apply for a credit loan support plan. For qualified local private banks that newly issued inclusive small and micro enterprise credit loans with a term of not less than 6 months from March 1 to December 31, 2020, the central bank passed the credit loan support plan to 40% of the credit loan principal is provided with preferential funds for a period of 1 year. Inclusive small and micro enterprises benefiting from the support plan must promise to keep their jobs basically stable. It is expected that the credit loan support plan will enable local corporate banks to issue new inclusive small and micro enterprise credit loans of about 1 trillion yuan.
Wen Bin, chief researcher of Minsheng Bank, said that the main problem of small and micro enterprises' loans is high credit risk, so banks generally require mortgage guarantees, which is what small and micro enterprises do not have, which also makes financing difficult. Pratt & Whitney's small and micro enterprise credit loan support program is precisely for these problems "precise acupuncture".
"In general, this innovative monetary policy tool that directly reaches the real economy can on the one hand increase the support of financial institutions for the real economy, especially small and micro enterprises, solve the problem of difficulty in financing for small and micro enterprises, and increase loan availability. Accessibility and reduce comprehensive financing costs; on the other hand, it can also further improve the ability of local small and medium-sized banks to support small and micro enterprises." Wen Bin said.
30 measures-
Focus on long-term system construction
Recently, the People’s Bank of China, together with the China Banking and Insurance Regulatory Commission, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, the General Administration of Market Supervision, the China Securities Regulatory Commission, and the Foreign Exchange Bureau issued the "Guiding Opinions on Further Strengthening Financial Services for Small, Medium, and Micro Enterprises" "Opinions"), from the implementation of small and medium-sized enterprises to resume production and credit support policies, the development of commercial banks, small and medium-sized enterprises financial service capacity improvement project, 7 aspects, put forward 30 policy measures.
The "Opinions" require that all financial institutions implement the credit support policy for the resumption of production of small and medium-sized enterprises, and carry out the project of improving the financial service capabilities of small and medium-sized enterprises in commercial banks. National banks should play a leading role, internal transfer pricing preferences should be no less than 50 basis points, 5 large state-owned commercial banks inclusive small and micro enterprises loans growth rate of more than 40%, development and policy banks should take 3500 A special credit line of 100 million yuan has been put in place to support the resumption of production of small, medium and micro enterprises with preferential interest rates. Commercial banks should increase the weight of Pratt & Whitney Finance in the comprehensive performance evaluation of branch branches to more than 10%, and greatly increase the credit loans, first loans, and non-renewable loans of small and micro enterprises. Insurance institutions are encouraged to give full play to the role of insurance protection and provide highly targeted loan guarantee insurance products.
The "Opinions" make it clear that it is necessary to give play to the role of multi-level capital market financing support. Guided the net financing of corporate credit bonds by 1 trillion yuan more than the previous year. Financial institutions issued 300 billion yuan of special financial bonds for small and micro enterprises, releasing more resources to support small and micro enterprise loans. Support eligible small and medium-sized enterprises for listing and financing, accelerate the reform of the Growth Enterprise Market and pilot the registration system. Optimize the new third board issuance financing system, guide and encourage venture capital enterprises and angel investment to focus on investing in small and medium-sized enterprises to create innovative enterprises.
"The two policy tools of deferred principal and interest payment and credit loan support mainly focus on quantitative support and structural support. They have a clear policy goal orientation and are short-term policies. They are adopted to support enterprises in resuming production, resuming business and resuming markets. A temporary policy arrangement." Pan Gongsheng said that the "Opinions" are focused on long-term and institutional promotion. By urging commercial banks to accelerate the transformation of concepts and business transformation, they optimize internal resource allocation and policy arrangements to make them truly daring and able to lend. , Willing to lend and meeting loans to promote a "qualitative" change.