Zhongxin Finance, April 18. On the 18th, the People's Bank of China and the State Administration of Foreign Exchange issued the "Notice on Doing a Good Job in Financial Services for Epidemic Prevention and Control and Economic and Social Development" (hereinafter referred to as the "Notice"). 23 policy measures to strengthen financial services and increase support for the real economy were put forward in three aspects: poverty, smooth national economic circulation, and promotion of foreign trade exports.
The "Notice" pointed out that it is necessary to give full play to the dual functions of monetary policy volume and structure, and increase financial support for industries, enterprises, and groups of people affected by the epidemic.
The People's Bank of China will maintain reasonably sufficient liquidity, and guide financial institutions to expand lending and make reasonable profits to the real economy.
Timely increase the re-loan quota for supporting agriculture, small and micro businesses, make good use of inclusive small and micro loan support tools, and provide incentive funds based on 1% of the incremental balance of inclusive small and micro loans of local corporate financial institutions, which will be used to support inclusive small and micro credit The 400 billion yuan re-lending quota of the loan will continue to be used on a rolling basis, promoting financial resources to be tilted towards enterprises, industries and regions affected by the epidemic.
Guarantee the timely and accurate direct access to the remaining tax refund funds, and promote the market players to enjoy the policy dividends as soon as possible.
For the trapped people, financial institutions should flexibly support them by delaying the repayment time, extending the loan period, and delaying the repayment of the principal, and relevant overdue loans may not be reported as overdue records.
The "Notice" emphasizes that it is necessary to do a good job of implementing financial policies to support the real economy.
Make good use of the re-loan re-discount and carbon emission reduction support tools, optimize and support the special re-loan for the clean and efficient utilization of coal, and make every effort to ensure the stable supply of food and energy.
A special re-loan for inclusive elderly care was established to support the financing of inclusive elderly care institutions.
Make good use of the guaranteed loan policy for business start-ups to enrich financial products and services for new citizens.
Support local governments to appropriately advance infrastructure investment, and ensure the reasonable financing needs of financing platform companies in compliance with laws and regulations.
City-specific policies shall be adopted to reasonably determine the minimum down payment ratio and minimum loan interest rate requirements for commercial personal housing loans, support the reasonable financing needs of real estate development enterprises and construction enterprises, and promote the stable and healthy development of the real estate market.
Guide platform enterprises to carry out inclusive financial business in compliance with laws and regulations, and maximize benefits for enterprises and the people.
Financial institutions are required to implement the "two unswervingly" and increase the proportion of private enterprise loans in newly issued enterprise loans.
In order to implement the spirit of the National Conference on Guaranteeing Logistics Flow and Promoting the Stability of Industrial Chains and Supply Chains, the "Notice" requires that the role of civil aviation emergency loans should be brought into full play, the implementation of scientific and technological innovation and re-lending should be accelerated, and a credit and bond financing docking mechanism should be established to support the smooth flow of freight and logistics and the industry. Chain supply chain stable circulation.
Financial institutions should take the initiative to follow up and effectively meet the financing needs of transportation and logistics enterprises and truck drivers, and provide reasonable loan extension and renewal arrangements for those who have difficulty in temporarily repaying loans.
For flexible employment subjects such as truck drivers, taxi drivers, and online shop owners, more business loan support will be provided in comparison with individual industrial and commercial households and small and micro business owners.
The "Notice" clarifies that the facilitation policy of high-quality enterprises' trade foreign exchange receipts and payments will be extended to the whole country, and the pilot program of higher-level RMB settlement facilitation and enterprises' foreign debt facilitation quota will be carried out.
The settlement and use of domestic foreign exchange loans with trade export background are allowed.
Improve the efficiency of cross-border RMB use by enterprises, and improve the management services for enterprise exchange rate hedging.
China Foreign Exchange Trade System waives the inter-bank foreign exchange market transaction fees related to foreign exchange derivatives transactions of small and medium-sized enterprises.
Increase support for export credit insurance.
Since the beginning of this year, the People's Bank of China has increased its liquidity investment. In order to support the accelerated implementation of tax rebates for small and micro enterprises, the People's Bank of China has made efforts to speed up the transfer of surplus profits to the central government. As of mid-April, 600 billion yuan has been turned over, mainly for The remaining tax refunds and transfer payments to local governments are equivalent to 600 billion yuan in base currency, which is basically the same as a 0.25 percentage point reduction in the overall reserve ratio.
On April 15, the People's Bank of China announced that it would cut the reserve requirement ratio by 0.25 percentage points in an all-round way, and would invest another 530 billion yuan in long-term funds.
For the whole year, the People's Bank of China will turn over a total of more than 1,100 billion yuan of surplus profits. The progress of payment is ahead of schedule, and the tax rebate needs to be paid in a timely manner. It cooperates with other monetary policy operations to effectively maintain a reasonable and sufficient liquidity.
Since the beginning of this year, the People's Bank of China has guided the market interest rate to fall by 0.1-0.15 percentage points, driving the corporate loan interest rate in the first quarter to drop by 0.21 percentage point year-on-year to 4.4%, which is a record low since statistics.
Increase support for structural monetary policy tools such as re-lending, make good use of re-lending to support agriculture and small businesses and two carbon reduction tools, speed up the investment of 100 billion yuan in re-lending in the field of transportation and logistics, and create 200 billion yuan in technological innovation and 40 billion yuan in re-lending. Yuan Inclusive pension re-lending is expected to drive an additional 1 trillion yuan in loans from financial institutions.
In the next step, the People's Bank of China and the State Administration of Foreign Exchange will work side by side with relevant departments, local party and government and financial institutions, solidly promote the precise implementation of various policies, release policy dividends as soon as possible, and go all out to support the overall planning of epidemic prevention and control and economic and social development. The overall situation of work.
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Notice on Doing a Good Job in Financial Services for Epidemic Prevention and Control and Economic and Social Development
At the beginning of the outbreak of the novel coronavirus pneumonia, in accordance with the decisions and arrangements of the CPC Central Committee and the State Council, the People's Bank of China, together with relevant departments, promptly issued the "Notice on Further Strengthening Financial Support for the Prevention and Control of the Novel Coronavirus Pneumonia Epidemic" (Document No. 29 [2020] of Yin Fa), 30 measures including monetary credit and financial services were proposed, which provided strong support for epidemic prevention and control and the recovery and development of the real economy.
At present, due to the combined effects of the epidemic and domestic and foreign factors, my country's economic development is facing increasing pressures from shrinking demand, supply shocks, and weakening expectations.
In order to further improve financial support for epidemic prevention and control and economic and social development, the relevant matters are hereby notified as follows:
1. Give full play to the dual functions of monetary policy volume and structure, and increase financial support for industries, enterprises, and groups of people affected by the epidemic
(1) Maintain a reasonable and sufficient liquidity.
Provide sufficient liquidity through open market operations, standing lending facilities, re-lending, re-discounting and other monetary policy tools, guide financial institutions to expand loan offerings, and enhance the stability of total credit growth.
Give full play to the efficiency of the reform of the interest rate quoted in the loan market, promote the stability and decline of the comprehensive financing cost of enterprises, and promote the reasonable transfer of profits from financial institutions to the real economy.
For financial institutions that are substantially affected by the epidemic, the branches of the People's Bank of China may appropriately increase the tolerance of the assessment of deposit reserves according to the actual situation.
(2) Provide differentiated financial services for industries that have been greatly affected by the epidemic.
Make good use of the re-loan and re-discount policies to support agriculture and small businesses, increase the amount of re-lending to support agriculture and small businesses in a timely manner, and guide local corporate financial institutions to increase contact-type service industries such as accommodation, catering, wholesale and retail, and cultural tourism that have been greatly affected by the epidemic. and other promising but temporarily difficult industries due to the impact of the epidemic.
Strengthen information sharing with competent departments of commerce, cultural tourism, transportation and other industries, organize various forms of government-bank-enterprise docking activities, help banks improve customer acquisition, risk assessment and management capabilities, and develop movable property mortgages and credits according to the characteristics of enterprises. loan products.
(3) Increase financial support for small and micro enterprises and other troubled market players.
Give full play to the role of inclusive small and micro loan support tools. From January 1, 2022 to the end of June 2023, incentive funds will be provided according to 1% of the incremental balance of inclusive small and micro loans of local corporate financial institutions, and financial institutions will be encouraged to stabilize inclusive small and micro loans. The stock of micro-loans will be expanded and the increment will be expanded.
Incorporate the Inclusive Small and Micro Enterprise Credit Loan Support Plan into the re-loan management for supporting agriculture and supporting small and medium-sized enterprises. From 2022, the 400 billion yuan re-loan quota originally used to support inclusive small and micro credit loans will continue to be used on a rolling basis, and can be re-loaned if necessary. Further increase, and guide financial institutions to increase the proportion of credit loans and first-time lenders.
Financial institutions should promote the mode of active credit extension and loan repayment as needed to better meet the needs of small and micro enterprises.
It is necessary to refine and implement internal fund transfer pricing, non-performing tolerance, due diligence exemption, performance appraisal and other requirements, optimize the allocation of credit resources, strengthen the empowerment of financial technology, and accelerate the improvement of the financial service capabilities of small and micro enterprises.
According to the principle of marketization, by providing medium and long-term loans, reducing interest rates, extending or renewing loans, etc., we must actively support distressed enterprises in resisting the impact of the epidemic.
It is necessary to actively connect with the credit information platform related to enterprise-related credit information in different fields such as finance, government affairs, public utilities, and commerce, so as to alleviate the information asymmetry between banks and enterprises and improve the efficiency of financing.
(4) Improve the quality and efficiency of financial services to key areas and the beleaguered population.
Financial institutions should improve the level of financial supply in areas severely affected by the epidemic by adjusting regional financing policies, internal fund transfer pricing, and implementing differentiated performance appraisal methods.
For those who are hospitalized or quarantined due to infection with COVID-19, those who need to be quarantined and observed for epidemic prevention and control, and those who have temporarily lost their source of income due to the epidemic, financial institutions should optimize their credit policies in a timely manner, distinguish between repayment ability and repayment willingness, and distinguish between those affected by the epidemic. The short-term repayment ability and the medium- and long-term repayment ability of the company will be supported by adjusting the repayment plan by flexibly adjusting the repayment time, extending the loan period, and delaying the repayment of the existing personal housing and other loans.
For flexible employment subjects such as taxi drivers, online shop owners, and truck drivers, financial institutions can increase their support for operating loans by comparing individual industrial and commercial households and small and micro business owners.
(5) Provide convenient financial market services.
Financial market infrastructure should further optimize services such as issuance, trading, clearing, and settlement, provide a variety of service channels, adjust some business development methods, and strengthen service guarantees.
The National Association of Financial Market Institutional Investors, the Interbank Market Clearing House Co., Ltd., etc. should use the "green channel" established earlier to simplify business processes and moderately relax information disclosure requirements for bond issuers that have been greatly affected by the epidemic. Increase support.
(6) Guarantee the smooth flow of basic financial services.
Strengthen cash management to ensure cash supply and cash safety and hygiene.
Ensure the smooth operation of payment and settlement, release the business limits of the small-amount payment system as needed, extend the operating time of the large-amount payment system and the central bank's accounting data centralized system, and increase the guarantee of electronic payment services.
When necessary, financial institutions shall conduct business such as examination and approval of loans for enterprises by means of office work at the nearest outlet, holding video conferences, etc.
It is necessary to effectively protect the rights and interests of the public in relation to credit investigation, and continue to implement the relevant provisions that overdue loans affected by the epidemic may not be submitted with overdue records.
Smooth online consultation and complaint handling channels for financial consumers.
It is necessary to establish a coordinated working mechanism of finance-taxation-treasury-bank to ensure smooth channels for fund transfers and ensure that funds for epidemic prevention and control are allocated in place in a timely manner.
The treasury at all levels should implement the VAT credit and refund policy to help enterprises bail out.
Unblock the channels for disbursement and refund of tax rebate funds, effectively ensure that tax rebate funds reach market entities in a timely, accurate and safe manner, and promote market entities to enjoy policy dividends as soon as possible.
2. Give full play to the role of finance in smoothing the circulation of the national economy, and do a good job in the implementation of financial policies to support the real economy
(7) Make every effort to provide financial guarantee for food security and the production and marketing of important agricultural products.
Make good use of re-lending and re-discount tools to support agriculture, increase the amount of re-lending in a timely manner, and guide local corporate financial institutions to increase support for agriculture-related entities.
Differentiated credit support measures were formulated around the entire industrial chain such as spring ploughing and preparation, grain circulation, purchase, storage and processing.
Give full play to the role of policy banks to ensure the supply of central grain reserve credit funds in a timely manner.
Encourage financial institutions to participate in the market-oriented acquisition of grain, and take the initiative to meet the financial needs of acquisition and processing.
Financial institutions should increase credit for the production, purchase, sale, and processing of important agricultural products such as soybeans and oilseeds, and strengthen financial guarantees for key agricultural core technologies such as seed sources.
(8) Provide financial services for coal and other energy supply.
Optimize and support special re-loans for the clean and efficient use of coal, reasonably meet the needs of safe coal production and construction, coal purchases by power generation companies, and coal reserves, and ensure a stable supply of power, coal and other energy sources.
The implementation of carbon emission reduction support tools will be implemented, and the support for the transformation and upgrading of large-scale wind power photovoltaic bases and surrounding coal-fired power plants will be increased. While ensuring the security of energy supply, the economy will be supported in the transition to a green and low-carbon economy.
(9) Increase financial support for the smooth circulation of logistics and shipping.
Financial institutions should actively follow up and effectively meet the financing needs of transportation enterprises.
Open up "green channels" for transportation and logistics enterprises that undertake heavy tasks of epidemic prevention and control and emergency transportation, optimize the credit approval process, and provide flexible and convenient financial services.
For transportation and logistics enterprises and truck drivers who have temporary difficulties in repaying loans due to the impact of the epidemic, support financial institutions in scientifically and rationally extending and renewing loans.
It is necessary to make full use of civil aviation emergency loans and other tools, and take multiple measures to increase credit support for airlines and airports.
(10) Strengthen financial support for core enterprises in the industrial chain and supply chain.
Establish scientific and technological innovation re-loans, provide re-loan support for qualified technological innovation loans, and guide financial institutions to increase support for technological development and technological transformation of enterprises.
Establish a credit and bond financing docking mechanism to guide financial institutions to quickly respond to the financing needs of the core industry chain and supporting enterprises.
Standardize the development of supply chain financial business, give play to the role of supply chain bills and other financial instruments and accounts receivable financing service platforms, and support supply chain enterprise financing.
(11) Increase financial support for effective investment.
Development and policy banks shall, in light of their own business scope, increase their financial support for key investment projects.
Financial institutions should take the initiative to connect with major projects, and increase their efforts to improve people's livelihood, make up for shortcomings in areas such as water conservancy, transportation, pipeline network, municipal infrastructure, and new infrastructure such as fifth-generation mobile communications (5G), industrial Internet, and data centers. With the support of construction, we will promote the start of new projects as soon as possible, and realize the physical workload.
It is necessary to reasonably purchase local government bonds and support local governments to carry out infrastructure investment in a moderately advanced manner.
Under the premise of controllable risks and compliance with laws and regulations, the reasonable financing needs of financing platform companies should be guaranteed in accordance with the principle of marketization, and loans should not be withdrawn, suppressed or suspended blindly, so as to ensure the smooth implementation of projects under construction.
Do a good job of financial support for private investment and cooperation between the government and social capital.
The proportion of new loans by financial institutions to provinces (autonomous regions) with slow credit growth should be stable and rising.
(12) Actively support the healthy development of private enterprises.
Adhere to the "two unswerving", and treat the state-owned economy and the private economy equally in financial policies such as loans and bond financing policies.
Encourage financial institutions to build medium and long-term cooperative relations with private enterprises, formulate annual service targets for private enterprises, fully meet the reasonable financial needs of the private economy, and further increase the proportion of private enterprise loans in newly issued corporate loans.
Give play to the leading role of the National Financing Guarantee Fund, encourage places where conditions permit to set up special funds for private enterprise loan risk compensation or credit guarantee funds, and focus on providing credit enhancement services for initial loans, on-lending, and renewals.
Improve the bond financing support mechanism for private enterprises, and encourage financial institutions to increase investment in bonds of private enterprises.
(13) Improve financial services in the housing sector.
It is necessary to adhere to the positioning of "houses are for living, not for speculation", centering on the goal of "stabilizing land prices, housing prices, and expectations", implement differentiated housing credit policies according to city-specific policies, and reasonably determine commercial individual housing within the jurisdiction The minimum down payment ratio and minimum loan interest rate requirements for loans can better meet the reasonable housing needs of home buyers and promote the stable and healthy development of the local real estate market.
Financial institutions should distinguish between project risks and enterprise group risks, increase support for high-quality projects, do not blindly withdraw, cut off, or suppress loans, and do not engage in "one size fits all", so as to maintain stable and orderly distribution of real estate development loans.
Commercial banks, financial asset management companies, etc. shall provide financial services for mergers and acquisitions for key real estate enterprise risk disposal projects, carry out mergers and acquisitions loan business in a steady and orderly manner, increase support for mergers and acquisitions bond financing, and actively provide mergers and acquisitions financial advisory services.
On the basis of controllable risks, financial institutions should appropriately increase support such as liquidity loans to meet the reasonable financing needs of construction enterprises, not to blindly withdraw, cut off, or suppress loans, and maintain continuous and stable financing of construction enterprises.
(14) Guide platform enterprises to carry out inclusive finance business in compliance with laws and regulations.
On the basis of promoting the standardized and healthy development of the online financial business of platform enterprises, the active role of platform enterprise financial services shall be brought into play.
Support platform enterprises to use Internet technology to optimize scenario-based online financing products and provide contactless financial services to platform merchants and consumers.
Encourage platform enterprises to give full play to their advantages in customer acquisition, data, risk control and technology, and increase support for first loans and credit loans in the fields of "three rural areas" and small and micro enterprises.
Guide platform companies to steadily reduce interest and fee levels, and provide loan customers affected by the epidemic with deferred principal and interest repayment services, so as to maximize benefits for enterprises and the people.
Urge platform companies to standardize business cooperation with financial institutions, empower financial institutions to accelerate digital transformation, and improve the efficiency and coverage of financial services.
(15) Strengthen financial services for key consumption areas and new citizen groups.
Set up special re-loans for inclusive elderly care, provide re-lending support for eligible inclusive elderly care loans, and increase financial support for inclusive elderly care institutions.
Guide financial institutions to standardize the development of consumer credit products and services, and increase support for medical and health care, elderly care, cultural tourism, new consumption, green consumption, and county-level rural consumption.
Encourage financial institutions to enrich consumer financial products such as automobiles to meet reasonable consumer capital needs.
Financial institutions should make good use of the entrepreneurship guaranteed loan policy, focus on new citizens' entrepreneurial patterns, income characteristics, and capital needs, enrich the supply of credit products, reduce new citizens' financing costs, and stimulate new citizens' entrepreneurship and employment vitality.
Actively innovate financial products and services for new citizens' consumption, vocational skills training, children's education, health insurance, old-age security, housing and other fields, and improve the equality and convenience of basic financial services.
3. Optimizing foreign exchange and cross-border RMB business handling to promote the steady development of foreign trade exports
(16) Improve the level of trade facilitation.
Promote the facilitation policy of high-quality enterprises' trade foreign exchange receipts and payments to the whole country, steadily carry out higher-level trade and investment RMB settlement facilitation pilot projects, and encourage banks to include more high-quality small and medium-sized enterprises in the scope of facilitation policies.
Further expand settlement channels, and support eligible non-bank payment institutions and banks to provide efficient and low-cost cross-border fund settlement services for market entities related to new trade formats such as cross-border e-commerce and comprehensive foreign trade services based on electronic transaction information.
(17) Facilitate enterprises to carry out cross-border financing.
Support qualified high-tech, specialized, specialized, and new small and medium-sized enterprises to carry out pilot projects of foreign debt facilitation quotas.
It will further facilitate enterprises to borrow foreign debts, and support non-financial enterprises to share one foreign debt account with multiple foreign debts.
Support enterprises to apply for foreign debt registration online.
Eligible non-financial enterprises in the pilot areas can directly go to banks to handle foreign exchange registration for foreign debts and other capital projects according to regulations.
Domestic foreign exchange loans with trade export background are allowed to settle and use, and enterprises should in principle repay with the funds collected from trade export.
If an enterprise is unable to collect foreign exchange on schedule due to special circumstances and has no foreign exchange funds to repay domestic foreign exchange loans with a background in trade exports, the lending bank may go through the procedures for repaying foreign exchange purchases for the enterprise in accordance with regulations.
Financial institutions should actively innovate trade financial products, improve the service level of trade financing, and provide necessary financial support for the import and export trade of enterprises.
(18) Improve enterprise exchange rate risk management services.
Financial institutions should promptly respond to the exchange rate hedging needs of foreign trade enterprises and other market players, support enterprises to expand cross-border RMB settlement, optimize the management and services of foreign exchange derivatives business, and reduce the cost of hedging and hedging enterprises.
Encourage qualified regions to strengthen government-bank-enterprise cooperation, explore and improve the exchange rate hedging cost sharing mechanism, expand the government financing guarantee system to provide enterprises with guarantees for trade financing and exchange rate hedging business, and improve the ability of enterprises to cope with exchange rate fluctuations.
China Foreign Exchange Trade System waives the inter-bank foreign exchange market transaction fees related to foreign exchange derivatives transactions of small and medium-sized enterprises.
(19) Optimizing cross-border business processing procedures and services.
To further improve the level of digitalization of cross-border business, banks can provide cross-border settlement services through online and paperless methods such as reviewing electronic documents.
Banks should improve the efficiency of cross-border receipts and payments under the current account of enterprises.
Encourage banks to enrich renminbi investment and financing products, and facilitate enterprises to use renminbi in foreign economic and trade activities and international cooperation.
(20) Increase support for export credit insurance.
Give play to the role of export credit insurance in credit enhancement, guide insurance institutions to provide financial services to small, medium and micro foreign trade enterprises, and further improve the efficiency of insurance claims.
Deepen the four-party cooperation between government, insurance, banks and enterprises, and provide more abundant background information on cross-border trade and more convenient verification services through the application scenario of "export credit insurance policy financing" on the cross-border financial service platform, accurately serve foreign trade enterprises, and expand the scale of policy financing.
(21) Improve the convenience of cross-border investment and financing for investors.
Promote unified access standards for the inter-bank and exchange bond markets, simplify the market entry process, and improve the management of funds for foreign investors to invest in the domestic bond market.
The management of funds for domestic issuance of bonds (panda bonds) by overseas institutions shall be optimized, and domestic affiliated enterprises of panda bond issuers can borrow relevant panda bond funds according to actual needs.
Further facilitate the registration of domestic securities and futures investment funds by Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII).
Fourth, strengthen the leadership of the party, improve the long-term sustainability of policies and the effectiveness of policy publicity
(22) Give full play to the leading role of party building.
All units and financial institutions of the People's Bank of China and the foreign exchange bureau system must improve their political position, unify their thoughts and actions into the decision-making and deployment of the Party Central Committee and the State Council, adhere to the people first and life first, and effectively coordinate the prevention and control of the epidemic and the economy. Social development work is a major political task at present, strengthen organizational leadership, implement relevant policies, and go all out to provide financial services.
(23) Strengthen the sustainability of financial support.
Financial institutions should adhere to the principles of marketization and the rule of law, comprehensively consider factors such as profit, provision, and write-off, independently review loans, make independent decisions, bear risks, and continue to do a good job in financial support.
It is necessary to prevent moral hazard, strengthen the monitoring of capital flow and risk situation, and ensure that enterprises use funds in a compliant and rational manner.
All units of the People's Bank of China and the foreign exchange bureau system must solve the pain points and difficulties of policy implementation, actively respond to the reasonable demands of financial institutions and market players, and improve the long-term mechanism for policy implementation.
It is necessary to increase policy publicity through the media and the Internet to ensure that policies benefit market players in a timely manner.
(Finish)