China News Service, Beijing, November 16 (Reporter Zhao Jianhua) The Ministry of Finance of China, the People's Bank of China, and the China Banking and Insurance Regulatory Commission will organize the implementation of the central government's support for inclusive finance development demonstration zone awards and subsidies policy from 2022, and support local governments to build their own products according to local conditions. A characteristic demonstration zone for the development of inclusive finance will enhance the inclusiveness of finance.
The relevant person in charge of the Ministry of Finance introduced on the 16th that the central government will provide rewards and supplements to all provinces (autonomous regions, municipalities and Xinjiang Production and Construction Corps, hereinafter collectively referred to as provinces) to support the independent development of inclusive finance development demonstration zones determined by the provinces to ease inclusiveness. Group financing is difficult and expensive.
The bonus funds are coordinated by the demonstration zone for interest subsidies for small-scale agriculture loans, risk compensation for small-scale agriculture loans, as well as government financing guarantee agencies’ agricultural business fee reduction bonuses, capital replenishment, and risk compensation.
In July 2019, the Ministry of Finance, in conjunction with relevant departments, launched financial support to deepen the work of pilot cities for the comprehensive reform of financial services for private and small and micro enterprises.
Since 2020, many pilot cities have innovated and introduced a large number of policies and measures to support financing of private and small and micro enterprises around the overall support of epidemic prevention and control and the resumption of production, which have played an active role in stabilizing enterprises and ensuring employment and hedging economic downward pressure.
The relevant person in charge of the Ministry of Finance stated that financial support to deepen the comprehensive reform of private and small and micro enterprise financial services in pilot cities has had the effect of promoting coverage, coordinating efforts, and getting twice the result with half the effort.
On the basis of comprehensively summarizing the implementation experience of the reward and subsidy policy in the pilot cities, the reward and subsidy policy in the demonstration zone has been further optimized and improved.
According to the person in charge, in the future, there will be three levels of rewards and supplements based on the results of the performance appraisal. The eastern region's rewards and supplements are 30 million yuan (RMB, the same below), 45 million, and 60 million yuan per year, respectively. It is 50 million yuan, 75 million yuan, and 100 million yuan per year.
In addition, according to the results of the performance appraisal, 3 demonstration areas are determined from the 5 cities separately listed in the plan each year, with 30 million yuan in rewards and subsidies.
The difference between the highest and lowest grade bonus funds is doubled, fully realizing positive incentives.
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