The banking industry implements extension of the principal and interest of corporate loans exceeding 3.7 trillion yuan
Transferring 1.25 trillion yuan to the real economy in the first 10 months
Yesterday, the State Council Information Office held a regular briefing on State Council policies.
Relevant persons in charge of the Central Bank and the China Banking and Insurance Regulatory Commission attended the press conference to introduce the progress of the implementation of reasonable profit distribution by financial institutions and answer questions from the media.
According to the data released at the conference, the financial system has given away about 1.25 trillion yuan to the real economy in the first 10 months of this year; the banking industry has now extended the principal and interest of more than 3.7 trillion yuan of corporate loans.
How is the financial system for profitable entities progressing?
1.5 trillion yuan in profits can be realized throughout the year
Liu Guoqiang, deputy governor of the central bank, stated at the briefing that according to data from the People’s Bank of China and the China Banking and Insurance Regulatory Commission, the financial system adopted two direct tools, namely lower interest rates, deferred repayment of principal and interest for small, medium and micro enterprises, and inclusive small and micro credit loans in the first 10 months of this year. , Reduce fees, support corporate restructuring and debt-to-equity swaps, and other channels have already given away about 1.25 trillion yuan to the real economy.
It is estimated that the goal of 1.5 trillion yuan in profit distribution can be achieved throughout the year.
"In general, various measures have achieved remarkable results, and the quality and efficiency of financial services to the real economy have continued to improve." Liu Guoqiang said that the corporate loan interest rate in September was 4.63%, a year-on-year decrease of 0.61 percentage points, which was at a historically low level.
Small and micro enterprise financing "increased in volume, expanded in coverage, and decreased in price."
As of the end of September, small and micro enterprise financing increased by 3 trillion yuan, an increase of 1.2 trillion yuan year-on-year; 31.28 million small and micro business entities were supported, an increase of 21.8% year-on-year; the average interest rate of newly issued inclusive small and micro business loans in September was 4.92%, a decrease of 0.96 percentage points from December of the previous year.
Liang Tao, the vice chairman of the China Banking and Insurance Regulatory Commission, said that the extension of the principal and interest of more than 3.7 trillion yuan of corporate loans has been implemented, which has effectively helped companies relieve their difficulties and provided strong support for economic and social recovery and development.
"At present, various fee reduction and profit concession policies continue to play a role, and the banking industry has also taken the initiative to give profit in combination with its own operating characteristics and customer needs, and further intensified its fee reduction efforts." Liang Tao said that from January to September this year, 21 national banks have charged service fees. The reduction in fees and benefits will be 187.3 billion yuan, and the overall fee reduction and benefit in the banking industry will be about 274.3 billion yuan. It is expected that the annual fee reduction and benefits will be about 360 billion yuan.
From the perspective of 21 nationwide bank service fee reductions and exemptions, the implementation of the "two prohibitions and two restrictions" policy for small and micro enterprises has reduced 21.2 billion yuan, supported enterprises to resume work and production and personal anti-epidemic reductions and exemptions by 23.3 billion yuan. Model innovation, upstream fee reduction and transfer, etc., actively reduced or exempted 31.6 billion yuan in service fees for market adjustment prices.
How to prevent risks related to shadow banking and financial technology?
Bring all financial activities into unified supervision
Liu Fushou, chief lawyer of the China Banking and Insurance Regulatory Commission, said that in response to the financial risks faced by the banking and insurance industry, the China Banking and Insurance Regulatory Commission has taken various measures and achieved positive results.
The battle to prevent and resolve financial risks has achieved significant results, laying a solid foundation for effectively responding to the impact of the epidemic.
According to reports, shadow banking risks continue to converge.
Since 2017, we have focused on rectifying irregular inter-bank wealth management and off-balance sheet businesses. So far, the scale of shadow banking has dropped by about 20 trillion yuan from its historical peak.
The identification and disposal of non-performing assets has been greatly advanced.
At the end of the third quarter, the ratio of domestic commercial banks' loans overdue for more than 90 days to non-performing loans was 80.2%, and some banks' loans overdue for more than 60 days were all included in non-performing loans.
The Internet financial risk situation has fundamentally improved.
The actual operation of P2P online lending institutions across the country has dropped from about 5,000 during the peak period to three at present.
The scale of borrowing and the number of participants declined for 28 consecutive months.
The "gray rhino" threatening financial security is brought under control.
In the first three quarters, the proportion of new real estate loans in all new loans decreased by 3.7 percentage points compared with the same period last year. To coordinate with local governments to resolve debt risks, while reducing stock risks, support local governments to regulate financing by issuing local government bonds. In the past three years, bancassurance institutions have accumulated 11 trillion yuan in holdings of local government bonds.
Since the beginning of this year, in the face of the impact of the new crown pneumonia epidemic, the China Banking and Insurance Regulatory Commission has introduced a series of relief measures in a timely manner to make every effort to promote the return of the economy to a normal cycle, plan early to respond to the resurgence of risks, and strictly monitor and prevent the impact of external risks. Major financial risks caused by public health emergencies.
When talking about financial technology, Liu Fushou said that he supports the financial industry to make reasonable innovations under the premise of controllable risks, while insisting that innovation is to serve the real economy and to contribute to the real economy.
According to the financial nature of fintech, all financial activities are included in a unified scope of supervision.
How is the construction of the third pillar old-age security progress?
"Elderly" short-term financial products substandard resolutely clean up
When introducing the progress of the construction of the third pillar of pension insurance, Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission, said that in May 2018, the pilot of the personal tax deferred pension insurance started, marking the beginning of the use of tax incentives to explore the establishment of the third pillar. .
As of the end of 2019, the number of insured persons was 47,000, and the premium income was 245 million yuan.
He pointed out that pension finance is an important part of my country's third pillar, and the State Council’s Financial Committee has made special arrangements to require active, steady, gradual and gradual improvement.
Currently, the China Banking and Insurance Regulatory Commission is actively advancing related work in accordance with the "walking on two legs" policy.
On the one hand, adhere to the principle of clearing the source, research and clarify the standards of pension financial products, and resolutely clean up all kinds of short-term financial products that do not meet the standards with the word “old-age” in accordance with the principle of “consistent name and reality”.
On the other hand, it has steadily promoted innovation pilot projects, and selected a few qualified financial institutions and franchised institutions to carry out pension finance pilot projects.
Support the development of relevant institutions that embody long-term, safe, and restrictive pension financial products that truly have pension functions, including pension savings deposits, pension financing, exclusive pension insurance, commercial pensions, etc., and strive to lead by demonstration to provide comprehensive pension finance A new path has been explored for development.
Will the monetary policy be adjusted in the next stage?
No "policy cliff"
The GDP growth rate in the fourth quarter will return to the level before the epidemic. How will the large number of special policies introduced by financial institutions to support the real economy during the epidemic be adjusted?
In answering this question yesterday, the deputy governor of the Central Bank Liu Guoqiang said that the policy in a special period cannot be long-term, and withdrawal is necessary sooner or later, but the timing and method of withdrawal need to be carefully evaluated.
According to him, the central bank has recently conducted some surveys. From the perspective of trends, my country's economy is relatively strong, policy effects are playing a role, and market confidence is recovering.
Whether it is exports, investment, or consumption, although some have not reached the normal speed, the trend of change from month to month is very strong.
Liu Guoqiang pointed out that in the face of this situation, we must also consider the next policy.
In general, of course, continue to maintain a moderate degree of tightness. Policy adjustments should be based on accurate assessment of economic conditions. They should not be hasty or weakened the effect of financial services to the real economy. The real economy should be served well.
In addition, there must be no "policy cliff". Sudden policy interruption may not be able to adapt to many aspects. Therefore, adjustment of policies must be evaluated and these factors must be considered.
In the next phase, the People's Bank of China will adhere to a prudent monetary policy that is more flexible, appropriate, and precise, build a financial support system for the real economy, and continue to strengthen financial support for the real economy.
Sun Guofeng, Director of the Monetary Policy Department of the Central Bank, also said yesterday that in the next stage, a prudent monetary policy will be more flexible, moderate and precise, and adjust the intensity, pace and focus of the policy in a timely manner according to changes in the situation and market demand. On the one hand, the policies introduced during special periods will be timely. Appropriate adjustments, on the other hand, further increase policy support for areas that require long-term support.
Sun Guofeng stated that the central bank will do a good job in cross-cycle policy design, innovate and improve the structural monetary policy tool system, accurately design incentive compatibility mechanisms, guide financial institutions to increase support for related fields in line with new development concepts, and continue to increase small and micro Enterprise first loan, credit loan, and renewal without repayment, with innovation-driven high-quality supply to lead and create new demand, and accelerate the construction of a new development pattern with domestic and international cycles as the main body and mutual promotion of domestic and international cycles.
Text/Reporter Cheng Jie