Since the beginning of this year, the directness and accuracy of financial policies have been significantly improved.
The People's Bank of China has created new tools for small and micro enterprise loans to guide credit to small and micro enterprises and weak links, and attract more financial "live water" for the development of small and micro enterprises.
Experts believe that the next step is to continue to implement financial support policies such as reducing the burden on market entities; to maintain reasonable and sufficient liquidity but not to engage in flood irrigation, and to effectively play the role of structural direct monetary policy tools and precise drip irrigation.
"Unexpectedly, the bank issued us a credit loan of 1 million yuan on the mobile phone." Zhang Gengbing, the person in charge of Beijing Huitong Yongda Technology Co., Ltd., said that after more than ten years of hard work in Beijing, he often encounters funds. In a tense situation, but because there is no mortgage guarantee, it has not been able to successfully finance in the bank.
“Some time ago, the Beijing Pinggu Branch of Agricultural Bank of China took the initiative to come to the door to inquire about the financial needs of companies during the COVID-19 pandemic. Based on data such as taxation sales, we obtained loans and overcame difficulties.”
Since the beginning of this year, the directness and accuracy of financial policies have been significantly improved.
The People’s Bank of China has repeatedly reduced the deposit reserve ratio, arranged policy banks and large state-owned commercial banks to issue inclusive loans, and created new tools for small and micro enterprise loans to guide credit to small and micro enterprises and weak links with precision Drip irrigation small and micro enterprises, private enterprises.
Direct access to Xiaowei to add vitality
Compared with the past, the loans received by Beijing Huitong Yongda Technology Co., Ltd. are efficient, fast and direct, and there is no need for collateral. How does the bank do it?
This depends on the new monetary policy tool that directly reaches the real economy-the credit loan support program, and the inclusive small and micro enterprise loan extension support tool.
According to reports, in order to attract more financial "live water" for the development of small and micro enterprises and improve the directness of monetary policy, the new tool links the bank's policy implementation with incentives, and accurately guides the bank to increase its services to small and micro enterprises.
Today, the new tools have been implemented for 4 months, and the effect of the policy has initially appeared.
Gao Fei, deputy director of the Financial Markets Department of the People's Bank of China, said that from June to July, the principal amount of 1.44 trillion yuan due to 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.
At the same time, 1.6 trillion yuan in inclusive small and micro credit loans were issued, an increase of 501.7 billion yuan over the same period last year.
"The new tools have significantly improved the accuracy and directness of monetary policy, and will help further ease the difficulties and expensive financing of small and micro enterprises." said Dong Ximiao, chief researcher of China Merchants Union Finance.
Cheng Shi, chief economist of ICBC International, said that from the perspective of landing effects, direct monetary policy tools have achieved dynamic balance of stable growth, structural adjustment and risk prevention, allowing monetary policy to directly reach the real economy and grassroots people’s livelihood, and reduce policy obstruction. And transmission costs, effectively activating the vitality of micro-market entities.
Stabilize the basic foreign trade
At present, foreign trade companies generally face financial difficulties due to factors such as light assets, large demand for working capital, and volatile external environments.
Especially affected by the epidemic, the financial pressure faced by foreign trade companies has become more prominent.
It is even more urgent to unblock the financing "blocks" of small, medium, and private foreign trade enterprises.
"Funding gaps and financial costs are in front of us like two big mountains." A related person in charge of a pharmaceutical company in Taizhou, Zhejiang said in an interview with reporters a few days ago. Fortunately, the business department of ICBC Taizhou Branch has tailored financing plans for us. Let us apply for direct financing from ICBC's overseas branches within the foreign debt quota, in a way that ICBC's domestic and foreign branches jointly assume the loan risk, so that the company can obtain low-cost funds.
According to reports, the Industrial and Commercial Bank of China handled the company's 60 million yuan cross-border RMB risk participation loan business, and while meeting the company's capital needs, it saved nearly 1.2 million yuan in financial costs.
Guangdong has always been a major foreign trade province, and its total imports and exports account for more than 20% of the country's total.
According to Bai Hexiang, President of the Guangzhou Branch of the People's Bank of China, in order to further support the work of securing market entities, Guangdong has further improved the level of cross-border trade facilitation, actively supported the healthy development of new trade formats, and continuously optimized foreign management and services.
For example, with the approval of the Foreign Exchange Administration, Guangdong expanded the scope of the pilot program for facilitation of foreign exchange receipts and payments from trade in goods to trade in services.
As of the end of July, the Guangdong jurisdiction (excluding Shenzhen) has handled 32,400 pilot projects of trade in goods, totaling US$35.098 billion; 479 pilot businesses of service trade, totaling US$165 million.
"Under the combined effect of a series of measures, Guangdong's financial support to protect market entities has achieved positive results." Bai Hexiang said that in the next step, we will continue to grasp various policies and measures to stabilize enterprises to ensure employment, and support Guangdong to stabilize foreign trade and stability. Foreign investment guarantees the stability of the international industrial chain and supply chain.
The service entity "overweights"
"The key to ensuring employment and people's livelihood is to protect the majority of market players." Wen Bin, chief researcher of Minsheng Bank, said that as the domestic epidemic is effectively controlled, more companies have emerged from the predicament and started to operate normally.
In the next step, we must continue to implement financial support policies such as reducing the burden on market entities.
It is necessary to maintain reasonable and abundant liquidity but avoid flood irrigation, effectively play the role of precise drip irrigation as a structural direct monetary policy tool, and ensure that the focus of new financing flows to the real economy, especially small and micro enterprises.
Wen Bin believes that, on the one hand, conventional monetary policy tools can be used to adjust the liquidity required by the market; on the other hand, the role of structural direct monetary policy tools should be brought into play. Companies, etc. carry out precise drip irrigation, "this will not only give full play to the role of finance in supporting the real economy, but also help prevent and resolve risks, and create a safe and stable monetary policy environment for economic recovery."
In addition, Dong Ximiao said that the lack of real estate and other collateral for some small and micro enterprises has largely restricted the convenience of their financing. Mortgage and guarantee related expenses have also increased the financing costs of enterprises.
Commercial banks should reduce their reliance on traditional collateral, use modern information technology, comprehensively use internal and external big data, integrate relevant information, innovate small and micro financial services, and better meet corporate financing needs.
(Economic Daily, China Economic Net reporter Yao Jin)