Peng Yang Lianrun

　　According to the website of the People's Bank of China, on August 22, Yi Gang, Governor of the People's Bank of China and Director of the Office of the Financial Committee of the State Council, presided over a symposium for some financial institutions.

The meeting emphasized the need to maintain the stability of the growth of total loans, increase loans to the real economy, ensure reasonable financing needs for real estate, increase financial support for key areas of the platform economy in compliance with laws and regulations, and make good use of policy-based development financial tools.

　　The meeting pointed out that my country's economy continues to recover and develop, but there are still slight fluctuations.

We are currently at the most arduous point of economic stabilization, and we must consolidate the foundation for economic recovery and development with a sense of urgency that cannot wait.

The financial system must further improve its political position, enhance its sense of responsibility, fully implement the requirements of preventing the epidemic, stabilizing the economy, and ensuring safety in development, and carefully implement the decisions and arrangements of the Party Central Committee and the State Council, and maintain the economic operation within a reasonable range. To meet the party's 20th victory with practical actions.

　　For the next stage of monetary and credit work, the meeting emphasized that major financial institutions, especially large state-owned banks, should strengthen macro-thinking, give full play to their leading and supporting roles, and maintain the stability of the growth of total loans.

It is necessary to increase the issuance of loans to the real economy, and further improve the credit support for small and micro enterprises, green development, scientific and technological innovation and other fields.

To ensure the reasonable financing needs of real estate.

It is necessary to increase financial support for key areas of the platform economy in compliance with laws and regulations.

Policy-oriented development banks should make good use of policy-oriented development financial tools, and increase their efforts in key areas such as network infrastructure construction, industrial upgrading infrastructure construction, urban infrastructure construction, agricultural and rural infrastructure construction, and national security infrastructure construction. The support of the project will form a physical workload as soon as possible, and promote loan issuance.

We must adhere to the principles of marketization and the rule of law, and coordinate the relationship between the steady growth of credit and the prevention of financial risks.

　　In the opinion of industry insiders, the meeting revealed at least three policy information: in order to consolidate the foundation of economic recovery, monetary and credit policies are increasing efforts to support the real economy; continue to emphasize the stability of total loan growth, indicating "easy credit" It is still the top priority in the future; the key areas of credit support are clarified, in addition to small and micro enterprises, green development, technological innovation, etc., reasonable support is also required for real estate, platform economy and other fields.

　　"For credit work, this meeting released a clear signal of 'stabilizing the total amount and optimizing the structure'." Zhou Maohua, a macro analyst at the Financial Market Department of China Everbright Bank, believes that the follow-up financial management department will focus on maintaining a reasonable increase in the total amount of credit at the same time. , to guide financial institutions to increase support for key areas, stimulate the vitality of micro-subjects, protect market players, stabilize employment and expand domestic demand.

　　Talking about the role of large state-owned banks in "relaxing credit", Du Yang, a researcher at the Bank of China Research Institute, said: "As the 'vanguard' of my country's financial industry, large commercial banks will take the initiative at the most difficult point of economic stabilization. As a way to help the real economy through precise and powerful credit issuance."

　　Regarding the formulation of "increasing financial support for key areas of the platform economy in compliance with laws and regulations", some experts said that by increasing financial support for key areas of the platform economy and promoting the healthy development of the platform economy, the platform economy can be fully utilized to stabilize employment The role of promoting consumption will also support the further development of the domestic digital economy.

　　The meeting pointed out that since the beginning of this year, the People's Bank of China and the China Banking and Insurance Regulatory Commission have stepped up the implementation of prudent monetary policies, taking into account the short-term and long-term, economic growth and price stability, internal and external balance, and supporting the coordination of epidemic prevention and control and economic and social development.

All major financial institutions took the initiative to take the initiative to increase credit supply, which strongly supported the positive economic growth in the second quarter.

　　Data released at the meeting showed that in the first seven months of this year, new RMB loans reached 14.4 trillion yuan, an increase of 516.1 billion yuan year-on-year.

At the end of July, the growth rate of broad money (M2), social financing scale, and RMB loan balance remained above 10%.

The loan interest rate continued to decline. From January to July, the corporate loan interest rate was 4.29%, a year-on-year decrease of 0.34 percentage points.

　　Since the beginning of this year, the People's Bank of China has continued to deepen the reform of interest rate liberalization, continued to release the dividends of the loan market quoted rate (LPR) reform, optimized the supervision of deposit interest rates, and promoted the further reduction of the actual loan interest rate.

According to the China Monetary Policy Implementation Report for the second quarter of 2022, in June, the weighted average interest rate of loans was 4.41%, down 0.52 percentage points year-on-year.

Corporate financing costs have dropped significantly, and corporate loan interest rates have hit a new low since statistics.

　　The two term varieties of the new LPR released on August 22 both declined.

Industry insiders expect that corporate financing costs and personal consumption credit costs will further decline.