The State Council is deploying to ease the financing of small and micro enterprises
Li Keqiang, Premier of the State Council, presided over the State Council executive meeting on June 20, deployed to further ease the financing difficulties of small and micro enterprises, and continued to promote the cost reduction of the real economy; determined to speed up the examination and approval of new drugs listed overseas, implement anti-cancer drug price reduction measures, and strengthen shortage drugs Supply security; passed the "Regulations on Prevention and Treatment of Medical Disputes (Draft)".
The meeting pointed out that it is necessary to adhere to a stable and neutral monetary policy, maintain a sound and sufficient liquidity and stable financial operation, strengthen policy coordination and coordination, consolidate the stable and stable economic situation, enhance market confidence, promote more full employment, and maintain economic operations in a reasonable range. . The meeting identified measures to further alleviate the financing difficulties of small and micro enterprises. First, increase support for small and micro enterprises and “three rural†refinancing, rediscounting quotas, and reduce the interest rate of small loans. Second, from September 1 this year to the end of 2020, the eligible interest income of small and micro enterprises and individual industrial and commercial households will be exempted from the upper limit of the credit line of single-digit VAT, from 1 million yuan to 5 million yuan. Third, it is forbidden for financial institutions to collect commitment fees and fund management fees from small and micro enterprise loans, and reduce financing surcharges. Fourth, support banks to explore the small and micro enterprise market, use monetary policy tools such as targeted RRR cuts, enhance the supply capacity of small and micro credits, and accelerate the landing of contracted debt-to-equity swap projects. Encourage banks that have not established the Inclusive Finance Department to add communities and small and micro branches. The fifth is to include the small and micro enterprise loans of single-funded credits of 5 million yuan and below into the medium-term loan facilitation collateral.
Wen Bin, chief researcher of China Minsheng Bank, said that the meeting reflected the two major directions of structural and hedging of future monetary policy combination tools. The structure is mainly reflected in the reserve policy, the open market operation is targeted, not “big flood irrigationâ€, but emphasizes the support for small and medium-sized micro, green, “three rural†and other fields; the hedging is mainly reflected in monetary policy. Active easing, but in the current macro-prudential environment, the impact of seasonal factors and other factors, to achieve the effect of "shaving peaks and filling the valley."
Shen Jianguang, chief economist of Mizuho Securities, said that in the short-term, compared with the use of MLF open market operations to ease the financing pressure of entities, especially small and medium-sized enterprises, the scope of the RRR reduction is broader and more targeted. "Overall, monetary policy will still serve the requirements of financial deleveraging. It is expected that the marginal strength of monetary policy will not be further tightened in the future, but will pay more attention to camera choices, fine-tuning through RRR reduction and MLF, and making monetary policy more stable. Neutral, maintaining market liquidity balance, achieving multiple goals such as preventing and controlling financial risks and supporting the real economy," he said.
Wen Bin said that from the beginning of this year, the targeted RRR reduction for inclusive finance was effective, which not only reduced the capital cost of some financial institutions, but also led financial institutions to increase the number of small and micro enterprises, “agriculture, rural areas and farmersâ€. Support strength. Adopting differentiated credit policies for overcapacity industries and real estate industries will help optimize credit structure and prevent financial risks.
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