China News Service, Beijing, September 7 (Reporter Xia Bin) The recent executive meeting of the State Council of China proposed that this year an additional 300 billion yuan (RMB, the same below) will be added for small refinancing to support local corporate banks to small and micro enterprises. Grant loans to individual industrial and commercial households.
Pan Gongsheng, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, revealed more information about the above-mentioned loans when attending a briefing in Beijing on the 7th.
Pan Gongsheng said that the new 300 billion yuan of small reloans will be issued in the remaining four months of this year, that is, from September to December.
The central bank provides commercial banks with a re-lending interest rate of 2.25%. Commercial banks receive this loan mainly for small and micro enterprises, and the average interest rate for loans is around 5.5%.
At the same time, the model of "loan first and then borrow" will also be adopted to ensure the accuracy and direct access of funds.
In addition to refinancing, what other financial policies will further support SMEs?
Pan Gongsheng said that it will increase the implementation of inclusive small and micro credit loan support policies, increase the coverage of government financing guarantees, reduce the rate of financing guarantees, and innovate the supply chain financial service model to solve the receivables of small, medium and micro enterprises. Difficulties in capital turnover caused by the occupation of accounts, and at the same time strengthened the construction of financial services for small, medium and micro enterprises.
"We will continue to make good use of the joint efforts of finance, industry and information, taxation and other departments as well as local governments to further boost market demand, stabilize commodity prices, and reduce the operating costs of small, medium and micro enterprises. At the same time, we will promote the strengthening of loan risk sharing and compensation and credit information sharing mechanisms. Construction to improve the efficiency of financial services for small and micro enterprises.” Pan Gongsheng said.
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