China News Service, Beijing, March 24 (Reporter Wang Enbo) The Executive Meeting of the State Council of China held on the 24th decided to extend the inclusive small and micro enterprise loan deferred principal and interest payment policy and credit loan support plan to the end of the year.
This means that large, small and micro enterprises affected by the epidemic will continue to enjoy the "red envelope" of financial policies.
Since last year, in order to increase financial support to the real economy, especially to help small and micro enterprises tide over the difficulties, relevant Chinese authorities have introduced two direct monetary policy tools, namely, the deferred principal payment for inclusive small and micro enterprise loans by local corporate banks. To provide incentives for the issuance of small and micro credit loans and provide preferential financial support.
The executive meeting of the State Council pointed out that the above-mentioned policies have played an important role in helping small and micro enterprises overcome difficulties, ensure employment and people's livelihood, and stabilize the economic fundamentals.
Chen Yulu, deputy governor of the People’s Bank of China, previously revealed that last year, the central bank and other financial management departments innovated monetary and financial policy tools that directly reached the real economy and small, medium and micro enterprises. They established a total of 1.8 trillion yuan (RMB, the same below) low-interest special re-lending and re-lending. Discounted funds, the deferred principal and interest payment policy was implemented for 7.3 trillion yuan of small and micro enterprise loans, 4 trillion yuan of unsecured credit loans for small and micro enterprises were issued, and 2.3 trillion yuan was issued to small and micro enterprises in the supply chain of the industrial chain. Yuan accounts receivable pledge loan.
According to Chen Yulu, the above-mentioned policies and measures have provided timely financing support to more than 32 million small and medium-sized enterprises and individual industrial and commercial households, and the financing interest rate and expense rate have also been significantly reduced.
As China's economic operation returns to the right track, due to sustainability considerations, some phased relief policies are facing withdrawal.
However, a large number of market entities still need help and assistance to recover from the epidemic and increase their vitality.
In order to keep the financial support for small and micro enterprises unabated, and to ensure more convenient financing for small and micro enterprises, and the overall financing cost is stable and reduced, the meeting decided to continue the implementation of the two direct monetary policy instruments in the early stage until the first quarter of this year. On the basis of this, we will further extend the implementation period to the end of this year, and provide further assistance to small and micro enterprises to better play their important role in stabilizing employment.
First, for inclusive small and micro enterprise loans due before the end of 2021, the enterprise and the bank independently negotiate the deferment of principal and interest, and continue to provide incentives to the local corporate bank that handles the deferred principal and interest of the loan. The incentive ratio is 1% of the loan principal.
The second is to issue small and micro credit loans to qualified local corporate banks, and continue to provide preferential financial support at 40% of the principal.
At the same time, it is necessary to study and increase policy support for individual industrial and commercial households.
According to Wen Bin, chief researcher of China Minsheng Bank, this move is very necessary.
He told reporters that although China’s economy is currently undergoing recovery growth, small and micro enterprises are still facing greater operating pressure. The relevant measures will help small and micro enterprises to better solve the financial pressure, and at the same time, they will also play an active role in employment stability. effect.
On the other hand, local corporate financial institutions play a very important role in serving small and micro enterprises, but such institutions also face capital constraints. Two innovative monetary policy tools can help improve the ability of local corporate financial institutions to serve the real economy. Lay a solid foundation for a stable economic recovery.
Under the epidemic situation, officials have successively introduced measures to support small and micro enterprises.
But in the long run, it is necessary to build a long-term mechanism to improve the financing environment for small and micro enterprises.
It is worth noting that this year's government work report has spent a considerable length of time deploying work related to "further solving the financing problems of small and micro enterprises".
While continuing the “emergency” of some phased policies, the report also put forward many long-term institutional measures, such as improving the loan risk sharing and compensation mechanism, improving the assessment, evaluation and due diligence exemption system of financial institutions, and guiding banks to expand credit loans, Continue to increase the number of first-lending customers, promote loan-on-demand loans, etc.
"For small and micro enterprises, financial support this year is still not simple." Wen Bin mentioned that this year's government work report clearly stated that large commercial banks inclusive of small and micro enterprise loans will increase by more than 30%, and at the same time, financial institutions are required to focus more on increasing loans. Credit loans and first loan rates for small and micro enterprises, and reduce overall financing costs.
From these perspectives, it is helpful to establish a long-term mechanism to further solve the problem of financing difficulties for small and micro enterprises.
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