China News Service, June 2nd, according to the central bank's website, a few days ago, the central bank, in conjunction with the China Banking and Insurance Regulatory Commission and other departments released two new monetary and credit policy tools. Pan Gongsheng, deputy governor of the central bank, said on the 2nd that these two new policy tools are not in conflict with the existing monetary policy tools and interest rate and RRR cut policy tools, and neither quantitative nor quantitative quantification is possible in terms of nature and scale.
Data map: People's Bank of China. China News Agency reporter Zhang Xinglong photo
On June 2, the central bank held a press conference to publish an interpretation of the financial support to stabilize employment policies for enterprises. Pan Gongsheng made the above statement when answering reporters' questions.
Pan Gongsheng introduced at the meeting that in order to implement the Party Central Committee's decision-making deployment and improve the accuracy and directness of financial support policies, the Central Bank, in conjunction with the Banking and Insurance Regulatory Commission and other departments, issued two new monetary and credit policy tools. One is the loan and interest payment policy of small and medium-sized enterprises, and the People’s Bank of China innovated special purpose tools to support the implementation of this policy. It is actually a policy arrangement of deferred debt and service payment policy plus a support tool. .
The other is the Pratt & Whitney small and micro enterprise credit loan support program. This support plan aims to expand the credit lending of financial institutions. At the same time, the central bank issued a policy guideline to further improve the financial services of small, medium and micro enterprises from the perspective of a combination of length and shortcomings and comprehensive measures to guide commercial banks to enhance their financial service capabilities, promote local governments and relevant departments to optimize the financing environment, and further strengthen small and medium enterprises Financial services.
Pan Gongsheng said that these two new policy tools are not in contradiction with the existing monetary policy tools and interest rate and RRR cut policy tools. For example, we called the first policy tool to postpone debt service. The original policy was due to expire on June 30, due to the impact of the epidemic, due to June 30 can not solve the problem, so now the loan due before December 31, can be extended to March next year No. 31 is a special regulatory policy arrangement in a special period.
The second policy tool is also different from the central bank's previous monetary policy tools. It incorporates some elements, that is, buying credit loans for small and micro enterprises directly from small and medium-sized financial institutions is also a short-term policy arrangement.
"We may only buy 400 billion, 40% of the total loan is 1 trillion. So these policies are not quantitative easing in terms of nature and scale." Pan Gongsheng said.
Pan Gongsheng pointed out that compared with other developed economies in the world, China still has room for monetary policy tools and is still in the scope of normalized monetary and credit policies.