(Economic Observation) Millions of small and micro enterprises benefited from China's financial rescue, "timely rain" keeps coming
China News Service, Beijing, December 22 (Reporter Wang Enbo) Chinese Premier Li Keqiang presided over an executive meeting of the State Council on December 21 and decided to continue the inclusive small and micro enterprise loan deferred principal and interest payment policy and credit loan support plan.
This means that under the epidemic, the financial relief policy that has benefited millions of small and micro enterprises is "timely rain" and will continue to fall.
In order to increase financial support for the real economy this year, especially to help small and micro enterprises tide over the difficulties, the relevant Chinese authorities have introduced two direct monetary policy tools: the implementation of inclusive small and micro enterprise loans for local corporate banks to defer principal repayment. Provide certain incentives to local corporate banks to issue inclusive credit loans to small and micro enterprises.
The executive meeting of the State Council revealed that the implementation of the policy has achieved remarkable results, benefiting more than 3.1 million small and micro enterprises, and has played a positive role in alleviating financial pressure on enterprises and ensuring market entities and residents' employment.
Specifically, in order to alleviate the pressure on the capital chain of enterprises trapped by the epidemic, the People's Bank of China, in conjunction with the China Banking and Insurance Regulatory Commission, issued a policy on the deferment of loan principal and interest for small, medium and micro enterprises, clarifying that the loan principal and interest of small, medium and micro enterprises can be postponed to 2021 On March 31, loans to inclusive small and micro enterprises "should be extended as long as possible", and loans to other enterprises in difficulties were negotiated and extended.
According to statistics, as of the end of September, Chinese banking financial institutions have cumulatively extended the loan principal of 1.89 million market entities and the loan interest of 910,000 market entities, involving a total of 4.7 trillion yuan (RMB, the same below) to Period loan principal and interest.
Although the current economic operation is gradually returning to normal, the special difficulties faced by the production and operation of small and micro enterprises still need to be assisted.
The meeting determined that in the first quarter of next year, we will continue to implement the original policy of deferring principal and interest payment for inclusive small and micro enterprise loans. On this basis, the policy period should be extended appropriately to ensure that the extension should be extended in accordance with the principle of marketization. Determined through independent negotiation with the enterprise.
Local corporate banks that handle loan deferred repayment of principal and interest with a period of not less than 6 months will continue to provide incentives at 1% of the loan principal.
Analysis believes that this move will continue to reduce pressure for some industries and enterprises that have been hit harder by the epidemic, giving them more time to recover.
Another direct monetary policy tool aims to alleviate the financing difficulties of small and micro enterprises due to lack of collateral.
Liu Guoqiang, deputy governor of the central bank, introduced that in order to strengthen local corporate banks’ support for small and micro enterprises, the central bank created an inclusive small and micro enterprise credit loan support program, providing 400 billion yuan of funds, and signing credit loans with local corporate banks through specific purpose tools Support plan contracts and provide preferential financial support to local corporate banks.
In this context, from March to September this year, Chinese banking financial institutions issued a total of 2.3 trillion yuan in inclusive small and micro credit loans, 796.1 billion yuan more than the same period last year.
The meeting made it clear that the implementation period of the Inclusive Small and Micro Enterprise Credit Loan Support Program will be appropriately extended from the end of this year.
For eligible local corporate banks to issue inclusive credit loans to small and micro enterprises, continue to provide preferential financial support at 40% of the loan principal.
Talking about the necessity of the above-mentioned series of measures, Wen Bin, chief researcher of China Minsheng Bank, told reporters that China's economic growth rate has stabilized and rebounded since the second quarter of this year, and continued to rebound in the third and fourth quarters, but the operation of small and micro enterprises is still under pressure. There will be many unstable and uncertain factors next year, and the foundation of economic recovery is not yet stable. In particular, further support is needed for weak areas including small and micro enterprises.
Under such circumstances, an appropriate extension of the deferred principal and interest payment policy for inclusive small and micro enterprise loans will help them tide over difficulties better, continue to operate steadily, and help further realize the goal of securing market entities and securing employment.
The extension of the Inclusive Small and Micro Enterprise Credit Loan Support Program will promote the reduction of the funding cost of small and medium banks, increase the enthusiasm of such banks to support small and micro enterprises, and at the same time reduce the financing costs of small and micro enterprises, and better solve their financing difficulties and expensive financing problems. .
In general, Wen Bin believes that the decision to extend the two direct monetary policy tools at the executive meeting of the State Council reflects the continuity, stability and sustainability of macro-control policies and will help finance better serve the real economy.
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