Chen Yulu, member of the National Committee of the Chinese People’s Political Consultative Conference, deputy director of the Economic Committee, and vice governor of the People’s Bank of China, said in an interview with a reporter from the China Securities Journal that in recent years, the People’s Bank of China and the relevant departments have taken comprehensive measures to alleviate the financing of private and small and medium-sized enterprises. difficult. In particular, since the outbreak of the epidemic this year, the financial system has acted swiftly to continuously improve the financial services of private and small, medium and micro enterprises, and has achieved remarkable results. In the next step, the People’s Bank of China will implement existing policies and measures, innovate countermeasures in light of the time and circumstances, and help private enterprises, small and medium-sized enterprises to overcome difficulties.


Comprehensive measures to solve financing problems


China Securities Journal: At present, how effective is the People ’s Bank of China in alleviating the financing difficulties of private and small and medium-sized enterprises? Especially under the impact of the epidemic, private enterprises, small and medium-sized enterprises are even more difficult. What specific measures has the People’s Bank of China introduced and how effective have they been?


Chen Yulu : First of all, it should be seen that the problem of financing difficulties for private and small and medium-sized enterprises is a worldwide problem, which is long-term and inevitable. This is due to the overcapacity in the market economy, most of the private and small and medium-sized enterprises are at the macro-end of the production chain and the difficulties in production and operation. There are also private and small and medium-sized and small enterprises that have generally short life cycles, weak anti-risk capabilities, and the existence of banks and enterprises. Obvious information asymmetry, higher loan risk premium and other microscopic reasons.

In recent years, the People ’s Bank of China and relevant departments have adhered to the problem-oriented approach, aimed at the “blocking points” and “difficult points” in the financing of private and small and medium-sized enterprises, and implemented comprehensive measures to alleviate them Private and small and medium-sized enterprises have difficulties in financing.

First, innovative and play a variety of structural monetary policy tools. The main purpose is to build a “three-grade, two-best” deposit reserve ratio policy framework, and at the same time use quantitative and price measures such as targeted RRR cuts, re-loan re-discounting, interest rates, etc. to encourage and guide financial institutions to expand private and small and medium-sized enterprise loans.

The second is the innovative launch of private enterprise bond financing support tools. In 2019, we launched the “Three Arrows” policy to support the development of private and small, medium and micro enterprises. One of the important policies is that the People ’s Bank of China provides part of the initial funds, relies on the market operation of professional institutions, and establishes credit risk mitigation certificates by establishing , Credit protection contracts and other methods to provide credit support for private enterprises to issue bonds. From January to April 2020, private enterprises issued about 266.5 billion yuan of bonds, with a net financing scaleReaching 102 billion yuan, both the issuance volume and the financing scale hit a new quarterly high in three years.

The third is to increase financing support for accounts receivable. We actively develop special actions for small and micro-enterprise accounts receivable financing, promote billing of receivables, and expand financing channels for small and micro-enterprises. In 2019, there were 17,000 newly registered small and micro users on the accounts receivable financing service platform, which contributed to the financing of 846.5 billion yuan.

The fourth is to innovate and improve credit reporting services. Give full play to the role of the national financial credit information basic database, guide market-oriented credit information agencies to provide diversified products and services, and effectively solve the problem of information asymmetry in the financing of private and small and medium-sized enterprises. At present, the unified SME database has established credit files for 2.61 million small, medium and micro enterprises across the country, and credit files for more than 190 million farmers.

In particular, since the outbreak of the epidemic this year, the financial system has acted quickly. Three times of RRR cuts released 1.75 trillion yuan of long-term liquidity, and a 300 billion yuan special project Loans, an increase of 1.5 trillion yuan inclusive refinance re-discount limit , the implementation of deferred principal and interest repayment policies for small and medium-sized enterprise loans, continuous improvement of private and small and medium-sized enterprise financial services, and achieved remarkable results.

First, small and micro enterprise loans have realized “increased volume, reduced price and expanded area”. At the end of April 2020, the balance of inclusive small and micro loans was 12.6 trillion yuan, an increase of 25.1% year-on-year, and 28.15 million small and micro business entities were supported, an increase of 21.9% year-on-year. The balance of inclusive small and micro loans of five large state-owned banks was 3 trillion yuan, a year-on-year increase of 53.9%. In April 2020, the interest rate of newly granted inclusive small and micro enterprises loans was 5.24%, a decrease of 0.77 percentage points from the previous December.

Second, the financing situation of private enterprises has improved. At the end of April 2020, the non-state-owned enterprise loan balance was 49.2 trillion yuan, an increase of 3.1 trillion yuan from the beginning of the year, an increase of 1.6 trillion yuan year-on-year, and the balance increased by 11.5% over the same period last year, and the growth rate was 5.2 percentage points higher than the same period last year. From January to April 2020, private enterprises issued about 266.5 billion yuan of bonds, with a net financing scale of 102 billion yuan. Both the volume of issuance and the scale of financing reached a single-quarter high in three years.

The third is to accelerate the issuance of small and micro financial bonds and capital bonds. From January to April 2020, 22 commercial banks have issued 217.28 billion yuan of small and micro financial bonds, exceeding the size of the issuance last year; small and medium banks issued capital supplementary bonds 54.23 billion yuan, an increase of 146.5% over the same period last year.


Innovate countermeasures according to the time and the situation


China Securities Journal: Under the premise of normalized epidemic prevention and control, in order to accelerate the restoration of the normal order of economic production and life, the next step, how will the People ’s Bank of China further support small and medium-sized enterprises to overcome difficulties and fully implement the resumption of production? Resumption requirements?


Chen Yulu : In the next step, the People ’s Bank of China will implement detailed measures for existing policies and measures, and innovate countermeasures according to the times and circumstances, in accordance with the work requirements for implementing the normalized epidemic prevention and control measures and comprehensively promoting the resumption of production and production. Help private enterprises, small and medium enterprises to overcome difficulties.

First, strengthen the counter-cyclical adjustment of monetary policy and the role of structural guidance to guide the increase of credit to private small and micro enterprises. Maintain a reasonable and sufficient liquidity in the total amount, and create a favorable monetary and financial environment for protecting market players and promoting employment. The 1 trillion yuan refinancing and rediscount policy was implemented, and funds were mainly invested in industries involving agriculture, foreign trade, and industries heavily affected by the new coronary pneumonia epidemic.

The second is the innovative introduction of new policy measures. Extend and improve the phased deferred payment policy to further alleviate the pressure on small and micro enterprises to pay back debt during the year. Provide credit-increasing support to private enterprises, some industry leaders, and important industry chain companies that have promised to maintain basic employment stability, and support low-rating companies to issue bond financing. Implement the Pratt & Whitney Credit Loan Support Program to increase the proportion of credit loans.

The third is to continue to improve the government guarantee system. Give full play to the important role of the national financing guarantee fund, expand the scale of financing guarantees, and reduce the financing guarantee fee rate. Encourage local governments to establish a “capital pool” of risk compensation for small and micro enterprise loan risk compensation and capital replenishment by government financing guarantee institutions.

Fourth is to play a multi-level financial market financing support role. Accelerate and guide the net financing of corporate credit bonds by 1 trillion yuan more than the previous year, and support financial institutions to issue 300 billion yuan of small and micro financial bonds, which are specifically used to issue loans to small and micro enterprises. Promote more use of commercial bills of account receivable with clear rights and responsibilities, and ensure that the annual receivables financing of small and medium-sized enterprises will reach 800 billion yuan.

(Originally titled “Chen YuLu: Innovative financial response measures to help private, small and medium-sized enterprises overcome difficulties “)