Cut interest rates to reduce the burden on enterprises, and increase credit to help small and micro businesses recover——

Significantly improved financial service quality and efficiency

　　Our reporter Lu Min, Chen Guojing, Guo Ziyuan

　　Corporate loan interest rates have been lowered, digital credit has reduced collateral reliance, personal banking can be done at home, and digital renminbi can be used for payment...In 2020, financial support for the development of the real economy will continue to increase, and financial services will be innovative. It is also continuing to accelerate, and the quality and efficiency of financial services has been greatly improved.

　　The latest statistics from the People’s Bank of China show that in September 2020, the corporate loan interest rate was 4.63%, a year-on-year decrease of 0.61 percentage points, which was at a historically low level; at the same time, small and micro enterprise financing "increased in volume, expanded in scope, and decreased in price", as of 2020 At the end of September 2009, small and micro enterprises' financing increased by 3 trillion yuan, an increase of 1.2 trillion yuan year-on-year.

What are the driving factors behind these achievements?

What innovation opportunities will usher in in the future?

What impact will it have on economic life?

"Fee reduction and profit reduction" supporting entities

　　In 2020, affected by the new crown pneumonia epidemic, many companies have encountered problems such as declining operating income and tight cash flow.

How can we better help companies survive and develop and stabilize economic fundamentals?

Promoting the "reasonable profit transfer" of the financial system has become one of the key starting points.

　　In June 2020, the executive meeting of the State Council clearly stated that it is necessary to grasp the key of "reasonable profit transfer", protect market players, accelerate the implementation of fee reduction policies, and promote the financial system to transfer 1.5 trillion yuan to various enterprises in a reasonable manner throughout the year.

　　From a practical point of view, there are three main channels for the financial sector to transfer profits to enterprises.

The first is to reduce interest rates; the second is to make use of the two “direct monetary policy tools” of small, medium and micro enterprises deferred repayment and inclusive small and micro credit loans; the third is to reduce fees and support corporate restructuring and debt-to-equity swaps through banks Wait for channels to make profit.

　　"According to data from the People's Bank of China and the China Banking and Insurance Regulatory Commission, the financial system has already distributed about 1.25 trillion yuan in profits to the real economy in the first 10 months of 2020, and it is expected that the target of 1.5 trillion yuan in profits will be realized throughout the year." Liu Guoqiang, deputy governor of the central bank Say.

　　Specifically, in the first 10 months of 2020, the financial system will reduce interest rates to benefit the real economy by about 625 billion yuan, and through the two "direct monetary policy tools" of deferred debt repayment by small, medium and micro enterprises and inclusive small and micro credit loans. The transfer of profits is about 275 billion yuan, a total of about 900 billion yuan; through measures such as reducing or exempting service fees, supporting enterprise restructuring, and debt-to-equity swaps, a total of about 1.25 trillion yuan has been transferred to the real economy, completing the 1.5 trillion yuan transfer for the whole year. Timing progress.

　　"Overall, the above measures have achieved remarkable results, and financing costs have been significantly reduced." Liu Guoqiang said.

　　"Next, we must further standardize credit financing charges, cancel credit fund management fees, and early repayment of liquidated damages for small and micro enterprises, etc., to reduce the comprehensive cost of corporate financing." said Liang Tao, vice chairman of the China Banking and Insurance Regulatory Commission.

　　It is worth noting that there are also concerns in the market regarding the sustainability of the fee reduction policy.

Liu Guoqiang said that in the next stage, the central bank will maintain policy stability, make good use of existing preferential policies, continue to release relevant policy dividends, and make good use of the policies that have been introduced and further implement them in place.

"Contactless" services are becoming more abundant

　　While reducing corporate financial costs through “fee reduction and profit sharing”, how to increase the possibility of enterprises obtaining credit funds is also crucial.

　　In this process, financial technology has undoubtedly become an important force in preventing and fighting the epidemic and helping companies resume work and production.

“Digital credit has fundamentally improved loan services for small and micro enterprises, individual industrial and commercial households, and rural households.” Guo Shuqing, Chairman of the China Banking and Insurance Regulatory Commission, said that banks and other financial institutions use big data to carry out intelligent risk control, reduce reliance on collateral, and greatly increase Improve the availability of financing.

　　Regulatory data shows that as of the end of October 2020, China’s banking industry has served 27 million small and micro enterprise credit customers. Inclusive small and micro enterprise and individual industrial and commercial household loans have increased by more than 30% year-on-year, and rural household loans have increased by 14.3%.

　　Guangzhou Zhongshan Precision Technology Co., Ltd. is the beneficiary of digitalization.

"Affected by the epidemic, the company's production and sales have declined, and the financial pressure is great." The company's person in charge said: "Our upstream companies are mainly special steel suppliers, and the purchase of raw materials requires advance deposits. Downstream companies are large-scale Chinese and foreign precision equipment manufacturers. Mainly, the accounts receivable have a longer period."

　　After understanding the company’s difficulties and combining its business model, Guangzhou Rural Commercial Bank tried to use the industrial chain credit products on the “cross-border financial blockchain service platform” to handle the pledge financing of export accounts receivable for the company.

"The technical advantage of the platform is that the entire process of financing application, customs declaration verification, bank financing acceptance review, registration and lending can be completed online, effectively alleviating the inconvenience of face-to-face business during the epidemic, and also reducing remote document verification and risks. The difficulty of management and control shortens the processing time of foreign trade business," said the relevant person in charge of Guangzhou Rural Commercial Bank.

　　In addition to corporate financial services, personal financial services are also undergoing rapid innovation in the "contactless" direction.

According to the reporter's understanding, many financial institutions have accelerated the optimization of mobile APP and other online channel services, aiming to provide customers with safer and more convenient online financial products.

　　"Technology runs more and customers run errands. This is an important goal of ICBC to improve personal financial services." The relevant person in charge of the personal finance department of ICBC said that at present, the bank has built technology based on cloud computing and distributed technologies. The platform provides 7×24 hours of “contactless” financial services. Among them, the online processing rate of counter business has increased to 99.2%.

　　In addition, ICBC also innovatively launched the "Cloud Studio" for personal account managers in February 2020, allowing customers to complete related business consultations at home; at the same time, it strengthened integrated online and offline services to provide customers with credit certificates and debit cards. One-stop services such as "online application, offline mailing (collecting)", such as changing cards and not changing numbers, can reduce the number of round trips for customers.

Payment development enters the "fast lane"

　　Counting down the early forms of "contactless" services, there is nothing more than electronic payment, especially mobile payment.

In the future, digital renminbi will bring more new choices for payment services.

　　Starting from December 5, 2020, 100,000 citizens of Suzhou have obtained a special red envelope-digital renminbi consumption red envelopes through lottery, each with an amount of 200 yuan, totaling 20 million yuan.

　　At 8:00 pm on December 11, 2020, the Suzhou Digital RMB consumption red envelope takes effect.

Only one minute later, the first digital renminbi offline transaction was generated in a merchant in Lakala—Jiangsu Neptune Xingchen Health Pharmacy. This Suzhou citizen spent 109.8 yuan to buy some anti-epidemic supplies.

　　This is the second time the digital renminbi has been tested by the "red envelope" method in 2020.

From 18:00 on October 12 to 24:00 on October 18, 2020, digital renminbi was tested in Shenzhen. A total of 47,573 winning individuals successfully received digital renminbi red envelopes and 62,788 transactions using red envelopes.

　　Currently, the digital renminbi is undergoing internal closed pilot tests in cities such as Shenzhen, Suzhou, Xiongan, and Chengdu to test its theoretical reliability, system stability, functional availability, process convenience, scenario applicability, and risk controllability.

　　"With the popularization of electronic payments, especially mobile payments, China has achieved full coverage of basic financial services in urban and rural areas." Guo Shuqing said that China's mobile payment penetration rate and scale rank first in the world, and deposits, withdrawals and remittances are almost all realized in real time. Account.

Online consumption is booming, and the lives of urban and rural residents have become more convenient.

　　In 2020, which is affected by the epidemic, online consumer payments are still "hot".

According to data from the Net Union platform, during the "Double 12" online promotion event in 2020, from 0:00 on December 10 to 24:00 on December 12, the Net Union platform processed a total of 5.633 billion fund-related cross-institutional online payment transactions with an amount of 37,800. The year-on-year increase was 34.16% and 27.65% respectively.

　　According to data released by the People's Bank of China, in the third quarter of 2020, banks processed 64.997 billion electronic payment transactions, amounting to 696.44 trillion yuan.

Among them, 24.244 billion online payment services amounted to 551.60 trillion yuan, an increase of 12.56% and 11.29% year-on-year; 34.495 billion mobile payment services amounted to 116.74 trillion yuan, an increase of 26.48% and 35.57% year-on-year.

　　At present, digitization has been integrated into all aspects of people's lives, and the incremental demand brought by the development of the digital economy has also put the development of the payment industry into the "fast lane".

Among them, payment has been combined with big data, artificial intelligence and other technologies to meet the digital business needs of enterprises transforming from offline to online through technological improvement, and promote the integrated development of digital economy and real economy.

According to the think tank, the scale of the value-added service business of payment companies will be huge from 2021 to 2024, reaching 506 billion yuan in 2024, with a compound growth rate of over 30.4%.