New RMB loans in the first half of the year hit a record high-

  finance accurately supports the real economy

   Chen Guojing, reporter from Economic Daily and China Economic Net

  Since the beginning of this year, RMB loans have maintained a relatively high growth rate.

In August, RMB loans increased by 1.28 trillion yuan, an increase of 69.4 billion yuan year-on-year.

In the first half of this year, RMB loans increased by 12.09 trillion yuan, an increase of 2.42 trillion yuan year-on-year, setting a record high.

Not only has credit data surged, broad money (M2) has also maintained double-digit growth for six consecutive months.

How are these data realized?

What is the effect of supporting the real economy?

  Unprecedented financial support

  Since the beginning of this year, the countercyclical adjustment of monetary policy has been intensified, and the support policy has never been stronger.

  Since the outbreak of the new crown pneumonia, the central bank has quickly established a special re-loan of 300 billion yuan for epidemic prevention and control, and subsequently increased the re-loan re-discount line of 500 billion yuan.

In early April, considering that Hubei Province’s epidemic prevention and control tasks were still heavy and key enterprises still had a strong demand for funds, the central bank increased Hubei’s special re-loan quota by 20 billion yuan.

Since then, a 1 trillion yuan re-loan and rediscount policy will soon be introduced, which can cover 7% to 10% of small, medium and micro enterprises nationwide and help them tide over the difficulties.

  From 300 billion yuan to 500 billion yuan and then to 1 trillion yuan, the support has been continuously increased, and the implementation of policies has been intense.

Sun Guofeng, Director of the Monetary Policy Department of the Central Bank, said, "The Central Bank will do a good job in linking up the three policies of 300 billion yuan, 500 billion yuan, and 1 trillion yuan in re-lending to avoid'disruption'."

  Up to now, judging from the use of re-lending and rediscounting, the 300 billion yuan special re-lending has basically been released, supporting more than 7,600 companies that have supported epidemic prevention and supply; 1.5 trillion yuan of re-lending and re-discount has now been released over 1 trillion yuan , Supporting more than 1.4 million market entities such as enterprises.

  How to further enhance the accuracy of policies and benefit small and micro enterprises is the focus of social attention.

In order to enhance the "directness" of monetary policy, the central bank has created two monetary policy tools that directly reach the real economy, namely the Inclusive Small and Micro Enterprise Loan Extension Support Tool and the Inclusive Small and Micro Enterprise Credit Loan Support Program.

Judging from the progress of the two direct instruments, in June and July, the principal amount of 1.44 trillion yuan due for 506,000 enterprises has been extended, of which the principal amount of inclusive small and micro loans has been extended by 412.6 billion yuan.

From March to July this year, 1.6 trillion yuan of inclusive small and micro credit loans have been issued, an increase of 501.7 billion yuan over the same period last year.

  Strong demand for corporate funds

  "The supply and demand of corporate credit are booming." Ruan Jianhong, director of the Central Bank's Survey and Statistics Department, said that the central bank's credit demand survey of more than 300 cities across the country showed that the rate of withdrawal of loans approved by financial institutions has increased significantly.

The scale of corporate loans approved by the surveyed banks currently exceeds that in the first three quarters of last year.

The capital needs of enterprises are also relatively strong, and the withdrawal rate is 5.1 percentage points higher than last year.

  The latest data shows that the investment enthusiasm of enterprises has increased, which is reflected in the financial data that the medium and long-term loans of enterprises have increased significantly.

In August, medium and long-term loans to enterprises increased by 725.2 billion yuan, an increase of 296.7 billion yuan over the same period last year.

Tang Jianwei, chief researcher of the Bank of Communications Financial Research Center, said that this data shows that the real economy is expected to continue to improve in the future prospects, and investment enthusiasm is gradually restored.

  "From a structural point of view, the current supply of credit better matches the liquidity needs of enterprises and the needs of the entire society for anti-epidemic funds." Ruan Jianhong said that banks in provinces that have been more affected by the epidemic are basically doing all the loans. Loan should be fast loan.

  "Monitoring data in July showed that the operating conditions and financing access of Hubei market entities have improved significantly." said Wang Yuling, president of the Wuhan branch of the People's Bank of China. The coverage of loans in Hubei has increased significantly, and loans in key areas such as manufacturing have maintained rapid growth and optimized structures. .

At the same time, corporate loan interest rates have fallen further, and the overall situation of market entities has gradually improved.

  The Governor of the People's Bank of China, Yi Gang, stated at the 12th Lujiazui Forum that it is estimated that RMB loans will increase by nearly 20 trillion yuan throughout the year, and the increase in social financing will exceed 30 trillion yuan.

Wen Bin, chief researcher of China Minsheng Bank, said that based on this calculation, there is still nearly 4 trillion yuan in social financing and 5.6 trillion yuan in credit increments in the future. As the economy recovers, the remaining increments will continue to stabilize enterprises. Ensuring employment forms a strong support.

  Let financial institutions dare to borrow

  How to realize the unabated policy support for enterprises?

The key lies in financial institutions.

Previously, among the 11 financial reform measures issued by the Office of the Financial Commission of the State Council, specific measures were proposed for establishing and improving mechanisms for financial institutions to lend and willingly lend.

  At a series of press conferences on "Financial Support to Ensure Market Entities", Mao Hongjun, the first-level inspector of the Inclusive Finance Department of the China Banking and Insurance Regulatory Commission, said that "dare to lend and willing to lend" is mainly a mechanism issue.

Why are the bank's grassroots institutions and personnel unwilling to lend?

Because it is not cost-effective, low performance or no performance.

Why not dare to borrow?

Because of "high badness, fear of accountability."

Therefore, the establishment of a sound mechanism for small and micro enterprises to dare and willingly lend, in the final analysis is to solve the problem of the endogenous motivation of banks to serve small and micro enterprises.

  At present, the "Measures for the Supervision and Evaluation of Financial Services for Small and Micro Enterprises of Commercial Banks" has been implemented, and it is aimed at the problem of unwillingness to borrow.

  In order to solve the problem of “not cost-effective” in basic-level bank loans, the current national commercial banks' loans to small and micro enterprises are given preferential treatment at a rate of no less than 50 basis points in the internal fund transfer pricing. Some banks even offer preferential treatment to 100 Above base point.

In response to the problem of “no performance” for bank employees, the regulatory agency clearly requires commercial banks to increase the weight of financial inclusion indicators in the performance appraisal of their branches to more than 10%. At present, some banks have increased it to 20%.

  In response to the problem of “dare not lending”, regulatory policies have increased the tolerance for non-performing loans, making it clear that the non-performing rate of loans for inclusive small and micro enterprises can be higher than the non-performing rates of various loans within 3 percentage points. Institutions can appropriately increase the tolerance of non-performing loans, etc., to relieve the worries of serving small and micro enterprises for the grassroots employees of financial institutions.

Chen Guojing