The Central Bank issued a report on the implementation
of monetary policy prudent monetary policy has achieved remarkable results
Beijing, August 9th (Reporter Xu Peiyu) The People's Bank of China released the second quarter of 2020 China's monetary policy implementation report on the 6th. It pointed out that since this year, the prudent monetary policy has achieved remarkable results, and the transmission efficiency has been further improved, reflecting the forward-looking The financial support for the real economy has increased significantly.
Since the beginning of this year, the People's Bank of China has improved the structural monetary policy tool system and used precise drip irrigation. At present, 300 billion yuan of special re-lending and 500 billion yuan of re-lending and rediscount policies have basically been implemented, and the 1 trillion yuan of re-lending and rediscount policies have been linked in an orderly manner. At the same time, innovate two policy tools that directly reach the real economy, and increase support for inclusive small and micro enterprises.
The report revealed that recently, the People’s Bank of China launched the first credit loan support program operation for eligible credit loans issued by local corporate banks from March 1 to May 31 this year, involving 1170 local corporate banks and 390,000 local corporate banks across the country. A small and micro enterprise. The principal of eligible credit loans is 70.9 billion yuan, and the weighted average interest rate is 6.76%.
Since the beginning of this year, the structural monetary policy has been effective, and the financing of small, medium and micro enterprises has "increased in volume, decreased in price, and expanded." Data show that at the end of June, the balance of inclusive small and micro loans increased by 26.5% year-on-year, 3.4 percentage points higher than the end of the previous year; the average interest rate of corporate loans in June was 4.64%, a decrease of 0.48 percentage points from December of the previous year.
The report pointed out that in the long run, the fundamentals of China's economic stability and improvement, long-term improvement, and high-quality development have not changed. But at the same time, we must also realize that there are still some structural, institutional, and cyclical problems in China's economic operation, and the problem of unbalanced and insufficient development is still prominent.