Our reporter Guo Ziyuan
Continue to increase support for small and micro enterprises, technological innovation, and green development, and the credit structure has been steadily optimized. This is an answer sheet for financial support for the real economy in 2021.
According to the latest data from the People’s Bank of China, as of the end of November 2021, the balance of inclusive small and micro loans was 18.9 trillion yuan, a year-on-year increase of 26.4%; as of the end of the third quarter of 2021, the balance of domestic and foreign currency green loans was 14.78 trillion yuan, a year-on-year increase of 27.9% , 16.5 percentage points higher than the growth rate of various loans.
Since 2021, a number of banking financial institutions have tailored service plans for technological innovation enterprises, taking the science and innovation industry as a key support direction.
The above achievements cannot be achieved without mechanism innovation.
In 2021, my country will comprehensively use a variety of monetary policy tools to maintain a reasonable and sufficient total liquidity and a balance between supply and demand in the short, medium and long term.
Among them, 300 billion yuan of small-scale reloan lines will be increased, two direct monetary policy tools will continue to be implemented and appropriately extended; carbon emission reduction support tools will be created, and special reloans will be set up to support the clean and efficient use of coal.
The People's Bank of China work conference held a few days ago proposed that the next step is to accurately increase financial support in key areas.
The first is to implement the inclusive small and micro loan support tools and the continuous conversion of the inclusive small and micro enterprise credit loan support plan; the second is to continue to improve the financial support technology innovation system; the third is to correctly understand and grasp the carbon peak and carbon neutrality, and strengthen The overall coordination and orderly progress of green finance work.
Full support to help companies bail out
The survival and development of small and micro enterprises have attracted great attention from the Party Central Committee and the State Council.
The 2021 "Government Work Report" clearly stated that market players need more help to restore their vitality and increase vitality.
It is necessary to further solve the financing problems of small, medium and micro enterprises, guide banks to expand credit loans, continue to increase the number of first loan users, and promote loan-on-demand loans, so that more funds flow to small and micro enterprises, individual industrial and commercial households, and new agricultural business entities. Affecting industry enterprises to give targeted support.
In March 2021, affected by the new crown pneumonia epidemic, the Xiongda Bailian Company, located in Shicheng County, Ganzhou City, Jiangxi Province, encountered sudden difficulties, with a sharp decline in sales and tight capital turnover.
"With the cooperation of China Postal Savings Bank, the company quickly obtained 4.15 million yuan in credit, and its operating conditions have gradually improved. It has also opened new markets in Fujian, Hunan, Guangdong and other places." said Zeng Fanlin, the person in charge of the company.
Increases and price cuts are one of the ideas for credit relief to small and medium-sized enterprises.
To this end, in September 2021, in accordance with the deployment of the executive meeting of the State Council, the central bank added 300 billion yuan of small reloan lines, and plans to issue preferential interest rates to qualified local corporate banks to support them within the remaining 4 months of 2021. Increase loans for small and micro enterprises and individual industrial and commercial households to guide the reduction of financing costs for small and micro enterprises.
In addition, the China Banking and Insurance Regulatory Commission has repeatedly requested the banking industry to help companies resume work and production, and open green channels for foreign trade companies and allocate exclusive credit resources in terms of credit approval, business acceptance, and payment of loans.
At present, the guiding effect of various policies has come to fruition.
The latest data shows that as of the end of November 2021, the balance of inclusive small and micro loans was 18.9 trillion yuan, a year-on-year increase of 26.4%; in the first 10 months of 2021, the cost of loans continued to decline, and the annualized interest rate of loans to inclusive small and micro enterprises was 5.7% , A decrease of 0.17 percentage points from the beginning of the year.
"Next, we must continue to improve the level of inclusive financial services on the basis of in-depth promotion of the inclusive financial series of measures. The first is to improve the working mechanism of'dare to lend and willing to lend', and the second is to enhance the service capabilities of'can lend and meet loans'. "Industrial and Commercial Bank of China President Liao Lin said, taking inclusive finance as an important focus of "guaranteeing employment and protecting people's livelihood", and taking digital inclusiveness as the main direction, speeding up the innovation and application of products, processes, and management tools, and improving financing. Convenience, accuracy and directness of service.
Flexible service technology innovation
At present, scientific and technological innovation is a question of development, but also a question of survival.
In 2021, multiple departments have issued documents requesting the strengthening of national strategic scientific and technological capabilities, strengthening the status of corporate innovation as the mainstay, and stimulating the emergence of a large number of "specialized, special and new" companies.
In order to improve the financial system that supports technological innovation, the China Banking and Insurance Regulatory Commission issued the "Guiding Opinions on Supporting High-Level Technological Self-reliance in the Banking and Insurance Industry" (hereinafter referred to as the "Opinions") in 2021, starting with indirect financing and direct financing. Put forward a number of innovative measures.
On the one hand, indirect financing should explore new models of technology credit services and encourage the use of more flexible interest rate pricing and interest repayment methods.
Up to now, Industrial and Commercial Bank of China, Shanghai Pudong Development Bank, China CITIC Bank, Bank of Beijing, etc. have all launched "specialized, special and new" small and medium-sized enterprises exclusive credit products, and expressed that they will take the science and technology industry as a key support direction.
“In order to solve the pain points of high R&D investment and frequent financing activities of science and technology enterprises, we have improved the credit concept and broadened the sources of repayment, not limited to traditional sources of repayment such as revenue funds and collateral, and added new sources of financing. Cash flow as a source of repayment makes credit products more in line with the law of equity financing of science and technology enterprises." said the relevant person in charge of the Beijing branch of ICBC.
On the other hand, the "Opinions" put forward that the coordinated promotion of direct financing and indirect financing complements each other, and actively supports the direct financing of technology companies.
For example, under the premise of compliance with laws and regulations, controllable risks, and voluntary business, support commercial banks with investment function subsidiaries, insurance institutions, trust companies, etc. to invest in venture capital funds, government industrial investment funds, etc., and provide equity for the development of technology companies Financing.
On November 15, 2021, the Beijing Stock Exchange officially opened, which provided an opportunity for the innovation of the "debt + equity" service model.
The first batch of 11 Beijing enterprises listed on the market are mainly concentrated in high-tech fields such as biomedicine, intelligent manufacturing, and information technology, with "specialized, special and new" enterprises accounting for more than 70%.
Among the above companies, Sanyuan Gene has been an "old friend" of ICBC Beijing Branch for 7 years. Before listing, the bank has allocated a team of experts for it to track and study corporate financing needs for a long time.
"Financial service science and technology innovation enterprises must be based on earlier, more refined services, and full-cycle thinking." The above-mentioned person in charge of the bank said that at present, the ICBC head office has signed a strategic cooperation agreement with the National Equities Exchange and the Beijing Stock Exchange. The Beijing Branch will take this opportunity to continue to vigorously support the development of listed companies on the Beijing Stock Exchange and help build a multi-level capital market.
Innovation to promote green development
In 2021, in order to implement the important decision and deployment of “carbon peak and carbon neutrality”, the financial system will continue to improve financial support policies and improve the service level of green, low-carbon and circular economy development.
As of the end of the third quarter of 2021, the balance of green loans in domestic and foreign currencies reached 14.78 trillion yuan, a year-on-year increase of 27.9%, which was 16.5% higher than the growth rate of various loans.
Among them, loans to projects with direct and indirect carbon emission reduction benefits were 6.98 trillion yuan and 2.91 trillion yuan respectively, accounting for 66.9% of green loans in total.
The development of green credit is inseparable from application scenarios.
In August 2021, Quzhou City, Zhejiang Province, issued the "Guiding Opinions on the Construction of Financially Supported Carbon Account System". Based on the six major areas of industry, agriculture, energy, construction, transportation and individual residents, the first "Industrial Carbon Account Enterprise Application Loan" 500 Ten thousand yuan has now landed, and the funds are used for the construction of the company's "carbon recovery" project.
"In order to cooperate with the above pilots and enrich the application scenarios of industrial carbon accounts, Zheshang Bank specially designed the "Easy Carbon Loan" business to provide special financing support for enterprises in energy saving, carbon reduction, emission reduction and other technological transformations and supporting facilities construction. "The relevant person in charge of Zheshang Bank said that at the same time, the bank embeds carbon emission information in the credit granting process and uses it as a decision-making reference; in the post-loan management, the company’s carbon emission changes are taken as a key indicator to pay attention to the loan. Carry out differentiated pricing and give preferential interest rates to guide enterprises to better achieve green and sustainable development.
The development of green credit is also inseparable from the promotion of low-cost funds.
It should be noted that many green projects have long investment cycles and uncertain rates of return. Some financial institutions have expressed concerns about their commercial sustainability.
In order to solve the above concerns and leverage more social funds to promote carbon emission reduction, the Central Bank officially launched the "Carbon Emission Reduction Support Tool" in November 2021.
As a structural monetary policy tool, the central bank provides financial institutions with low-cost funds through it, and guides financial institutions to provide carbon emission reduction loans to all types of enterprises in key areas of carbon emission reduction under the premise of independent decision-making and risk-taking. The loan interest rate should be roughly the same as the market quoted interest rate (LPR) for loans of the same maturity grade.
The relevant person in charge of the central bank said that the carbon reduction support tool is "addition", using incremental funds to support investment and construction in key areas such as clean energy, thereby increasing the overall energy supply capacity.
Next, financial institutions should provide financing support in accordance with the principles of marketization and rule of law to help the country's energy security supply and green and low-carbon transition.