Monetary policy continues to exert efforts to stabilize growth


　　This year's "Government Work Report" proposes to intensify the implementation of a prudent monetary policy.

Give full play to the dual functions of monetary policy tools in aggregate and structure to provide stronger support for the real economy.

Encourage financial institutions to reduce the actual loan interest rate and reduce fees, so that the majority of market players can feel the convenience of financing and the reduction of comprehensive financing costs.

The meeting of the State Council Financial Committee held on March 16 emphasized that monetary policy should take the initiative to respond, and new loans should maintain moderate growth.

　　On the basis that the weighted average interest rate of corporate loans hit the lowest level in more than 40 years of reform and opening up last year, this year, financial support for the real economy will continue to focus on the word "real", so that market players have a real sense of gain.

Proactively respond to downward pressure

　　"It is very important for finance to provide services and support to the real economy," said Wen Bin, chief researcher of China Minsheng Bank.

The meeting of the Finance Committee proposed that to effectively boost the economy in the first quarter, monetary policy should take the initiative to respond, and new loans should maintain moderate growth.

Wen Bin believes that my country's economic recovery in the first quarter is crucial to the economic development of this year. At present, my country's economy is facing a more complex, severe and uncertain external environment, as well as the triple pressure of demand contraction, supply shock, and weakening expectations. Currency is needed. Policy proactively responds.

　　The Central Economic Work Conference held in December last year deployed a series of measures to stabilize growth. This year's "Government Work Report" put forward the target of GDP growth of about 5.5%, and further required that macro policies should adhere to the principle of stability, seek progress while maintaining stability, and maintain continuous growth. sex, enhance effectiveness.

Wen Bin said that facing the complex situation and the medium-to-high-speed growth target on a high base, it is very important for financial services to serve the real economy well.

　　Since the second half of last year, monetary policy has begun to support stable growth.

Last year, the new RMB loans reached nearly 20 trillion yuan, exceeding the level of the previous year.

The central bank has cut the reserve requirement ratio for two consecutive times, optimized the structure of bank capital terms, lowered reverse repurchase, medium-term lending facility (MLF), and re-lending interest rates for agriculture and small businesses, and guided the loan market quotation rate (LPR) to be reduced by a total of 15 basis points twice. Wait.

In the first two months of this year, new loans reached 5.2 trillion yuan, an increase of 270 billion yuan over the same period last year. These measures have played a positive role in the stabilization and recovery of the economy.

　　Wang Qing, chief macro analyst at Oriental Jincheng, said that in order to cope with the pressure in economic development, the next monetary policy should focus on stabilizing growth.

　　The "China Monetary Policy Implementation Report for the Fourth Quarter of 2021" issued by the People's Bank of China emphasized that a prudent monetary policy should be flexible and appropriate, increase cross-cycle adjustment, give full play to the dual functions of monetary policy tools in terms of volume and structure, and focus on making full use of their efforts. , Precisely exert force, and exert force ahead, not to engage in "flooding", but also to meet the reasonable and effective financing needs of the real economy, focus on increasing financial support for key areas and weak links, and achieve a relatively stable total volume and excellent structure. Good combination.

　Give full play to the dual function of total structure

　　The "Government Work Report" proposes that a prudent monetary policy should be flexible and appropriate, and liquidity should be kept reasonably sufficient.

Strengthen the implementation of prudent monetary policy, and give full play to the dual functions of monetary policy tools in terms of aggregate and structure to provide stronger support for the real economy.

　　What exactly does the dual function of total volume and structure refer to?

Wang Qing analyzed that the "aggregate function" of monetary policy means that the growth rate of aggregate financial indicators such as credit, social financing and broad money (M2) should match the growth rate of nominal GDP; while the "structural function" refers to guiding More financial resources such as credit are invested in key areas such as small and micro enterprises, green development, and technological innovation.

　　Since last year, monetary policy has significantly increased support for key areas and weak links in the national economy.

At the beginning of last year, the re-loan quota was increased by 200 billion yuan to guide local corporate banks in areas with slow credit growth to increase credit; in September, the small re-lending quota of 300 billion yuan was increased to support local corporate banks to increase loans to small and micro enterprises and individual industrial and commercial households;11 In January, it launched carbon emission reduction support tools and 200 billion yuan of special re-loans to support the clean and efficient use of coal to support low-carbon transformation and development.

The combination of aggregate and structural policy tools has played a positive role in maintaining reasonable and sufficient market liquidity and increasing support for the real economy.

　　Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, said that at present, on the premise of maintaining reasonable and sufficient liquidity and moderate growth of total credit, structural tools can be used to optimize the credit structure and guide financial institutions to increase their support for small and micro enterprises, "agriculture, rural areas and farmers". We will support weak links in the real economy and emerging fields such as manufacturing and green technology to stimulate the vitality of micro-subjects.

　　"Monetary policy should take the initiative to respond." Wen Bin believes that the major macroeconomic data in the first two months exceeded market expectations, and both supply and demand showed signs of improvement.

In the next stage, as emphasized by the Financial Services Committee, monetary policy must take the initiative to respond, and new loans must maintain moderate growth.

In particular, problems such as insufficient effective demand and rising costs still have a certain impact on small, medium and micro enterprises. The recovery foundation of these market players is not yet solid enough. The pressure to achieve the annual economic growth target is not small, and internal and external risks and challenges have increased significantly. This requires Monetary policy continued to respond proactively.

In the future, it is expected that my country's monetary policy will adhere to the principle of me, and at the same time, we must pay close attention to changes in the environment and policies, take into account stable growth, prevent risks, control inflation, and take the initiative to promote economic operation within a reasonable range.

　　Continue to make profits to entities

　　Data released by the Payment and Settlement Department of the People's Bank of China shows that since the implementation of the fee reduction policy on September 30, 2021, more than 82 million market players have been reduced or exempted by more than 12 billion yuan in payment fees.

　　In the early stage, the central bank conducted a survey on nearly 50,000 enterprises across the country through on-site visits and questionnaires.

Bank account service fees, RMB transfer and remittance fees, bill business fees, bank card swiping fees... For these basic services with high demand for fee reduction and high frequency of use, last year, the People's Bank of China, together with the China Banking and Insurance Regulatory Commission, the National Development and Reform Commission, the market The State Administration of Supervision issued the "Notice on Reducing Payment Fees for Small and Micro Enterprises and Individual Industrial and Commercial Households", and introduced 12 fee reduction policies in five areas, including bank account services, RMB settlement, electronic banking, bank card swiping, and payment account services.

According to statistics, after the implementation of all fee reduction measures, it is estimated that the annual fee reduction will be about 24 billion yuan.

Among them, more than 16 billion yuan benefited small and micro enterprises and individual industrial and commercial households.

　　The "Government Work Report" emphasizes that financial institutions should be urged to reduce actual loan interest rates and fees, so that the majority of market players can personally feel that the convenience of financing has improved and the comprehensive financing cost has actually dropped.

The absorption of market entities such as small and micro enterprises and individual industrial and commercial households has led to a large number of jobs, and there are huge innovation and entrepreneurial activities. By further reducing fees and guiding financing costs to decline, they can reduce their capital circulation costs and effectively support the development of market entities. And thus stimulate the vitality of the market.

Statistics show that in 2021, inclusive loans to small and micro enterprises by banking financial institutions will increase by 27.3%, and loans to inclusive small and micro enterprises by large commercial banks will increase by more than 40%.

　　According to recent data released by the Monetary Policy Department of the People's Bank of China, since the loan market quoted rate (LPR) reform in August 2019, the transmission efficiency of monetary policy has been significantly enhanced, and the corporate loan interest rate has dropped significantly, from 5.32% in July 2019 to 2022. January's 4.5%, a cumulative decrease of 0.82 percentage points, the lowest level since the reform and opening up, and largely alleviated the long-standing problem of small and micro enterprises' difficulty and high financing costs.

In the next step, the People's Bank of China stated that it will continue to implement the various financial policies that have been introduced to benefit enterprises, promote innovation in financial products and service methods, optimize the financing environment, increase support for difficult industries in the service industry, and better meet the needs of small and medium-sized enterprises. Micro-enterprises have reasonable financing needs and support the development of small and micro market players.

　　Lian Ping, chief economist of Zhixin Investment Research Institute, believes that in the next step, monetary policy tools will strengthen forward-looking operations and deploy in advance.

In the next stage, it is possible to further reduce the re-lending interest rate to support agriculture and small-scale enterprises, increase the re-lending and re-discount investment of financial institutions, and encourage financial institutions to provide small and medium-sized enterprises, private enterprises, advanced manufacturing, and carbon reduction under the requirements of risk control. Provide more, more preferential, longer term credit support in areas such as loan arrangement; expand the support of inclusive small and micro loans and other structural instruments, and give full play to the "incremental, price reduction, and coverage" role of inclusive small and micro loans.

Our reporter Chen Guojing