China's real economy welcomes "ammunition supply" with precision kung fu with financial support

(Economic Observation) China's real economy welcomes "ammunition supply" with precision kung fu with financial support

　　China News Service, Beijing, August 17 (Reporter Wang Enbo) Chinese Premier Li Keqiang presided over an executive meeting of the State Council on the 17th, calling for further implementation of financial support for the real economy policy measures to help market players develop relief. China's real economy, hit by the epidemic, once again welcomes "ammunition supply."

　　The meeting pointed out that since the beginning of this year, the financial sector has actively implemented financial support for the real economy. In accordance with the principles of commercial sustainability, through measures such as lowering interest rates, reducing fees, and deferring loan repayments, it has reduced the burden on market entities by more than 8,700 in the first 7 months. 100 million yuan (RMB, the same below), the support for small and micro enterprises has been significantly increased.

　　In terms of monetary policy, the central bank has decisively increased counter-cyclical adjustments and innovated monetary policy tools. For example, during the Spring Festival holiday, 300 billion yuan of special re-loans were urgently issued, which achieved positive results in guaranteeing supply; firmly supported the financial market to open as scheduled on February 3 after the Spring Festival, and exceeded expectations for short-term liquidity of 1.7 trillion yuan; Following the announcement on January 1 this year that the deposit reserve ratio was reduced by 0.5 percentage points, the deposit reserve ratio was lowered twice, and a total of 1.75 trillion yuan was invested in long-term funds.

　　However, it is worth noting that since the second quarter, the central bank has not launched further large-scale interest rate cuts, but has worked hard on the word “precision”. A typical example is that the central bank innovated the inclusive small and micro enterprise loan extension support tool and the inclusive small and micro enterprise credit loan support program, two monetary tools that directly reach the real economy, providing small and micro enterprises with 40 billion yuan and 400 billion yuan respectively. Yuan re-loan funds.

　　Regarding how to continue to implement financial support policies such as reducing the burden on market entities in the next step, this meeting continued the precise and appropriate policy direction, emphasizing maintaining reasonable and sufficient liquidity but not flooding, but effectively using structural direct monetary policy tools The role of precise drip irrigation ensures that the focus of new financing flows to the real economy, especially small and micro enterprises.

　　Statistics show that China’s new RMB loans increased by 12.09 trillion yuan in the first half of this year, an increase of 2.42 trillion yuan year-on-year. As of the end of June, loans for inclusive small and micro enterprises increased by 28.4% year-on-year, and loans for scientific research and technology increased by 26.95% year-on-year. Funds are mainly invested in key areas and weak links such as manufacturing, infrastructure, technological innovation, and small and micro businesses such as agriculture, rural areas and farmers. In the first half of the year, new manufacturing loans hit a record high, exceeding the sum of the previous four years of increments, and the total amount and structure of loans have been greatly optimized.

　　Zhu Jianfang, chief economist at CITIC Securities, said that after China’s economy is gradually moving towards the recovery stage, monetary policy is gradually being deployed to normalization. The probability of an obvious RRR cut and interest rate reduction may decrease, but this does not mean “lenient”. Credit" has changed. In the future, a series of structural monetary policies introduced in the first half of the year will continue to be implemented. It is expected that loans to inclusive, small and micro businesses will continue to increase, and loans to manufacturing will also increase.

　　In addition, while "replenishing ammunition", the meeting also paid attention to "stretching fences", emphasizing the prevention of financial risks and improving the sustainability of bank services in the real economy.

　　"Financial stability leads to economic stability. Therefore, we must ensure the sustainable and healthy development of finance itself in order to better serve the real economy," said Wen Bin, chief researcher of China Minsheng Bank. Affected by the epidemic, the non-performing loan rate of China's banking industry has been lower than that at the beginning of the year. Rise, due to the lag of non-performing loans, it is expected that the NPL ratio and non-performing quota will further increase in the second half of the year. But generally speaking, the asset adequacy ratio and provision coverage ratio of the banking industry are higher than the regulatory requirements, and the related risks are controllable.

　　He further pointed out that after governance and rectification in the past few years, the overall anti-risk capability of China's financial industry has been significantly improved. Although affected by the epidemic this year, as long as the financial industry can play its role in counter-cyclical regulation, focus on supporting key links and weak areas in the national economy, and increase its efforts in manufacturing, infrastructure, small and micro enterprises, and the "two new and one heavy" industries. Support will definitely help China's economy to recover sustainably, and it will also help the banking industry to operate stably. (Finish)