How strong is the financial support for the real economy

  □ Our reporter Chen Guojing

  Since the beginning of this year, our country's economy has continued to recover steadily and is improving.

In the first half of the year, how strong was the financial support for the real economy?

What is the trend of monetary policy in the second half of the year?

These are topics of great concern to all sectors of society.

In this regard, the Economic Daily reporter interviewed relevant experts and scholars.

"Volume increase and price decrease" benefit entities

  In the first half of the year, how did the financial system support the real economy?

  First of all, it depends on the "quantity".

In the first half of the year, the financial system consolidated the major strategic achievements in coordinating the prevention and control of the epidemic and economic and social development, put the service of the real economy in a more prominent position, and the total financial volume increased moderately.

  Judging from the data released by the People's Bank of China, RMB 12.76 trillion was newly added in the first half of the year, a year-on-year increase of 667.7 billion yuan.

The balance of broad money (M2) was 231.78 trillion yuan, a year-on-year increase of 8.6%.

The balance of social financing was 301.56 trillion yuan, a year-on-year increase of 11%.

The growth rate of M2 and social financing scale basically matches the nominal economic growth rate.

  Secondly, look at the "price".

In the first half of the year, the average interest rate of corporate loan contracts was 4.41%, a year-on-year decrease of 0.28 percentage points.

"Overall, the financial system's support for the real economy and the convenience of corporate financing have increased, and the overall financing cost has been steadily and slightly reduced." Zou Lan, Director of the Financial Market Department of the People's Bank of China, introduced.

  Since the beginning of this year, the market-based interest rate formation and transmission mechanism has been further improved. The central bank’s policy interest rate system has continued to improve, optimizing the supervision of deposit interest rates, unleashing the potential for reform of the loan market quoted interest rate, and pushing the actual loan interest rate to fall further.

  Since last year, the financial management department has continued to strengthen the management of the deposit market, rectifying and standardizing some innovative deposit products. The main measures include standardizing structured deposits and reducing the scale of deposits, calling berth interest-bearing deposit products, and restricting the absorption of deposits from other places by local corporate banks.

A series of measures are conducive to reducing the cost of liabilities of financial institutions, which in turn guides the downside of financing costs for the real economy.

On July 15, a comprehensive RRR cut was implemented, releasing 1 trillion yuan of long-term funds, which will reduce the capital cost of financial institutions by about 13 billion yuan each year. Through transmission, the overall social financing cost can be further reduced.

  It is worth noting that in June this year, the market interest rate pricing self-regulatory mechanism announced the optimization of the method for determining the self-regulatory ceiling of deposit interest rates, and the method for determining the self-regulatory ceiling of deposit interest rates was changed to "deposit benchmark interest rate + a certain basis point."

In this regard, Lian Ping, Chief Economist and Dean of the Research Institute of Zhixin Investment, said that advancing the adjustment of the self-discipline upper limit of deposit interest rate pricing can reduce the deposit interest rates of different grades to a certain extent, thereby creating a certain space for the reduction of loan interest rates. Financial institutions will increase their support for technological innovation, small and micro enterprises, and green development.

  In the first half of the year, the financial system continued its efforts to reduce fees and make profits.

On the basis of giving 1.5 trillion yuan in profits to the real economy last year, the financial system has recently sent another fee-reduction and profit-reduction "gift package"-bank account services, RMB settlement, e-banking, bank card swiping, payment account services and other 12 fee reduction measures After implementation, it is estimated that the annual fee expenditure will be reduced by about 24 billion yuan, which will benefit small and micro enterprises and individual industrial and commercial households by more than 16 billion yuan.

Focus on weak links in key areas

  Financial support has increased and the total amount has increased. Where did the incremental funds flow?

  Judging from the data released by the central bank, manufacturing and small and micro enterprises are still the focus of financial support, and the "running water" of funds is being channeled to key areas and weak links of the national economy.

  Let's look at the manufacturing industry first.

At the end of June, the balance of mid- and long-term loans in the manufacturing industry increased by 41.6% year-on-year, a growth rate of 16.9 percentage points higher than the same period last year, and the growth rate exceeded 40% for four consecutive months.

  Among them, the growth rate of medium and long-term loans for high-tech manufacturing is as high as 46.3%.

In this regard, Wang Qing, chief macro analyst at Oriental Jincheng, believes that increasing credit support for investment in manufacturing, especially high-tech manufacturing, on the one hand, can directly promote the quality and upgrade of the manufacturing industry itself, and accelerate breakthroughs in key core technologies; on the other hand, On the other hand, it can also increase the effective supply of high-end consumer goods and drive consumption upgrades.

Industry experts predict that with the improvement of the business environment, the willingness of the manufacturing industry to further expand production will continue to increase in the second half of the year, and enterprises will also have more demand for funds. It is expected that the growth rate of manufacturing credit will remain at a relatively high level in the second half of the year.

  Let's look at small and micro enterprises.

Data show that as of the end of June this year, my country's inclusive small and micro loans balance was 17.7 trillion yuan, a year-on-year increase of 31%, 18.7 percentage points higher than the growth rate of various loans in the same period; inclusive small and micro loans supported 38.3 million small and micro businesses The main body, a year-on-year increase of 29.2%.

  "Small and micro enterprise financing shows a situation of increasing volume, expanding coverage, and falling prices." Zou Lan said.

In the first half of the year, the contract interest rate for new loans issued by small and micro enterprises was 5.18%, 0.3 and 1.06 percentage points lower than the same period of the previous year and the same period in 2019, respectively. Financial institutions are continuing to give profits to small and micro enterprises and individual industrial and commercial households.

  "In the second half of the year, we should continue to increase credit support for weak links such as small and micro enterprises." Dong Ximiao, chief researcher of China Merchants Union Finance, believes that my country's macroeconomic growth has been rapid since the beginning of this year, and the recovery trend has continued to be stable.

However, some market players that have been hit harder by the new crown pneumonia epidemic have not fully recovered, especially some industries and small, medium and micro enterprises have not completely out of the predicament, and a small number of enterprises and individuals still have difficulties in their production and operation.

Next, we still need to increase support for these areas.

  At present, alleviating the financing difficulties of small and micro enterprises has entered the deep water zone.

Dong Ximiao suggested that the pursuit of scale and speed should be shifted to the pursuit of quality and efficiency, and the focus should be on establishing a long-term mechanism and optimizing the ecology of small and micro financial services.

Efforts should be made from both sides of supply and demand, deep use of financial technology, innovative products and services, improve the policy environment, and promote the high-quality development of small and micro financial services.

Monetary policy "stable" is at the forefront

  The central bank’s work conference has set the tone for the monetary policy in the second half of the year: maintaining macro policy stability, insisting on not engaging in “flood flooding”, enhancing forward-looking effectiveness, and prudent monetary policy continuing to focus on supporting the real economy.

  This means that "stability" is still the main tone of monetary policy in the second half of the year.

Lian Ping, chief economist and dean of the research institute of Zhixin Investment, believes that the currency policy will be "stable" in the second half of the year.

On the one hand, monetary policy must pay attention to external shocks, especially the recurrence of the epidemic, on the other hand, it must also pay attention to the expected tightening of the Fed’s monetary policy and at the same time strengthen the economic recovery. This requires the continued flexibility and precision of the prudent monetary policy.

  The recent Politburo meeting emphasized that a prudent monetary policy must maintain reasonable and abundant liquidity to help small and medium-sized enterprises and difficult industries continue to recover.

  Dong Ximiao believes that, based on the requirements of the Politburo meeting, monetary policy will maintain continuity, stability and sustainability in the future, which will help stabilize the confidence and expectations of market entities and help companies get out of trouble and continue to develop. Specifically, on the one hand, the monetary policy will maintain a sound tone, so as to better support and ensure that the economy operates within a reasonable range. On the other hand, liquidity will remain reasonably abundant. This means that monetary policy will not slide towards loose, let alone "overwhelming flooding." On this basis, monetary policy will be more precise, and more structural tools will be used to increase financial support for private and small and micro enterprises, rural revitalization, green and low-carbon and other key areas, and further enhance the adaptability of the financial system and financial services , Inclusiveness.