(Countering new crown pneumonia) China's economic war "epidemic" record: the State Council sends a policy "big gift package" to solve the shortage of money for small, medium and micro enterprises
China News Agency, Beijing, April 1 (Reporter Wang Enbo) Chinese Premier Li Keqiang hosted an executive meeting of the State Council on March 31 to deploy and strengthen financial support for small, medium and micro enterprises. The small businesses most affected by the epidemic have ushered in a new round of policy “big gifts”.
SMEs are a vital force for China's national economic and social development, and also an important support for expanding employment and improving people's livelihood. But they are the most vulnerable under the impact of the epidemic.
Zhang Jingqiang, executive chairman of China Association of Small and Medium Enterprises, said in an interview with the media that financing difficulties have long been one of the main problems restricting the development of small and medium-sized enterprises. After the epidemic, the financial situation of SMEs has become even tighter. "The epidemic has made it difficult for companies to sell a large amount of inventory, and if the funds are not collected, there is no money to buy raw materials to continue production. At present, some companies' capital chains are indeed facing major problems."
Some small, medium and micro enterprises are hovering on the "life and death line". The chain reaction and the problems in it cannot be ignored.
Some companies report that although the current resumption of production and resumption is very high, the resumption of production of supporting small, medium and micro enterprises is not ideal, which directly affects the smooth flow of the upstream and downstream industrial and supply chains. Some enterprises also said that although the country has recently introduced a series of policies to help enterprises with their financial difficulties, many small, medium, and micro enterprises and self-employed people still cannot get loans due to the lack of due diligence systems for local financial institutions.
It is imperative to continue to increase financial support for small, medium and micro enterprises, and as the main force serving such enterprises and inclusive finance, small and medium banks have become the focus of attention of the State Council.
The executive meeting of the State Council proposed to increase the re-discount redemption quota for small and medium banks by 1 trillion yuan (RMB, the same below), further implement the targeted reduction of small and medium banks, and guide all the funds that small and medium banks will receive at preferential interest rates. Large and medium-sized small and medium-sized enterprises provide loans to support the expansion of credit loans to agriculture, foreign trade, and industries affected by the epidemic. Support financial institutions to issue 300 billion yuan of small and micro financial bonds, all of which are used to issue small and micro loans.
Wen Bin, chief researcher of China Minsheng Bank, told reporters that the move aims to give full play to the role of small and medium banks in inclusive finance and urge them to focus on their main business. The meeting solved the problem of funding sources for small and medium-sized banks through targeted reductions and other measures, and reduced the cost of funds for them, which will help guide them to increase their support for inclusive finance.
Wen Bin also observed that previously, the government has issued corresponding requirements and incentive measures for large state-owned banks, joint-stock banks, policy banking services inclusive finance, and small and medium-sized enterprises. With the attention of small and medium-sized banks this time, a complete inclusive finance The system is gradually taking shape. Within this system, different types of financial institutions will give play to their respective comparative advantages and work together to solve the difficult and expensive financing problems faced by small, medium and micro enterprises.
In addition, in order to solve the shortage of money faced by small, medium and micro enterprises, and to ensure their resumption of production, this meeting also launched a series of policies "combination boxing."
For example, the company's net financing of credit bonds increased by 1 trillion yuan over the previous year to broaden channels for low-cost financing of private and small and medium-sized enterprises; encouraged the development of supply chain financial products such as orders, warehouse receipts, and accounts receivable financing, and promoted small and medium-sized enterprises. The micro-enterprise accounts receivable financing of 800 billion yuan throughout the year; improve the loan risk sharing mechanism, encourage the development of commercial insurance products that increase the credit of small and medium-sized enterprises, reduce government financing guarantee rates, and reduce the burden of comprehensive financing costs of small and medium-sized enterprises.
"The size of the structured liquidity support exceeded market expectations," said Zhu Jianfang, chief economist of CITIC Securities. It included not only small and micro enterprises and agricultural-related enterprises for which traditional refinancing and rediscounting are targeted, but also specifically mentioned In order to provide targeted support to foreign trade companies that have been affected by the recent overseas epidemic, the weakest small, medium and micro enterprises in the period of increasing short-term economic pressure are taken as the core of policy tilt.
Wen Bin said that in general, in the context of the current domestic and international epidemics and the rapid changes in the world economic and trade situation, China's financial system has taken multiple measures to achieve synergy between indirect and direct financing, and effectively solve the financing difficulties faced by small, medium and micro enterprises, helping Its reduction of financing costs and better response to the impact of the epidemic well reflects the role of finance in supporting the real economy. (Finish)