The central bank offered two new tools: support 3.7 trillion deferred loan principal and drive 1 trillion credit loans

In order to support small and medium-sized enterprises, the central bank created another Two monetary policy tools that go directly to the real economy. One is the Pratt & Whitney small and micro enterprise loan extension support tool. It is expected to support the deferred loan principal of the local corporate bank of about 3.7 trillion yuan; the other is the Pratt & Whitney small and micro enterprise credit loan support plan, which is expected to drive the local corporate bank. About 1 trillion yuan of credit loans for inclusive small and micro enterprises were newly issued.

On June 1, 2020, the Central Bank, in conjunction with the China Banking and Insurance Regulatory Commission, the Ministry of Finance, the Development and Reform Commission, and the Ministry of Industry and Information Technology issued the “About Notice on the Implementation of Phased Deferred Debt and Interest Repayment for Micro-enterprise Loans (hereinafter referred to as “Deferred Debt Repayment Notice”) and “Notice on Increasing the Strength of Credit Loan Support for Micro-Enterprises” (hereinafter referred to as “Credit Loan Support Notice”) , Formally disclosed to the outside world the two new monetary policy tools directly connected to the real economy.

Support deferred principal and interest payment, the central bank ’s Ministry of Finance incentivizes banks with a 1% loan principal

Deferred principal and interest payment notice requirements, With regard to the principal of the Pratt & Whitney small and micro loans due before the end of 2020 and the interest payable on the Pratt & Whitney small and micro loans that exist before the end of 2020, the banking financial institution should grant a deferred principal and interest payment arrangement based on the application of the enterprise. The longest can be extended to March 31, 2021, and free of penalty interest. For other small and medium-sized enterprise loans due to the end of 2020 and loans for enterprises with special difficulties, such as large-scale international industrial chain enterprises (foreign trade enterprises), the enterprises and the banking financial institutions may negotiate and postpone principal and interest repayment.

The central bank said that all inclusive small and micro enterprise loans that are due this year can enjoy a deferred principal and interest payment. As long as Pratt & Whitney small and micro enterprises apply for an extension while promising to keep their jobs basically stable, the bank will extend the principal and interest of the Pratt & Whitney small and micro enterprises ’loans, so that“ the delay should be extended ”. Loans that have previously enjoyed the extension policy can also enjoy this policy. It is expected that the deferred policy can cover about 7 trillion yuan of the principal of inclusive small and micro enterprises.

At the same time, in order to fully mobilize the enthusiasm of the local corporate bank, the People ’s Bank of China and the Ministry of Finance of the local corporate bank will give it a deferred repayment of the principal of the Pratt & Whitney small and micro loans % As an incentive. Create a Pratt & Whitney small and micro enterprise loan extension support tool to provide 40 billion yuan of refinancing funds, through specificThe purpose tool (SPV) and local legal person bank sign an interest rate swap agreement , Provide incentives to local legal person bank, the incentive fund is about 1% of the local legal person bank deferred loan principal, it is expected to support The deferred loan principal of the corporate bank is about 3.7 trillion yuan, which effectively eases the pressure on small and micro enterprises to repay principal and interest.

Zeng Gang, deputy director of the National Finance and Development Laboratory, believes that the “Deferred Repayment Notice” is actually a detailed account of the “Government Work Report” It is more operable in order to better support the bank’s demand for deferred repayment, and give full play to the financial support of entities. Banks should also consider the affordability of banks while making profits, so certain compensation must be made for the losses that banks may make from profits, especially for small and medium-sized banks.

Dong Ximiao, chief researcher of Xinwang Bank, believes that, in general, the new monetary policy tools mainly reflect the spirit of three points: First, comprehensive measures, direct financing and indirect financing are all effective. There is no shortage of small and medium-sized banks; the second is to strengthen the evaluation of financial institutions, especially positive incentives and the application of financial technology; the third is to reduce the transmission of monetary policy and improve the efficiency of transmission.

The central bank ’s purchase of inclusive small and micro credit loans can drive 1 trillion yuan of inclusive small and micro credit loans

“Credit Loan Support Notice” It is clear that from June 1, 2020, the People’s Bank of China will use the special loan quota of 400 billion yuan through innovative monetary policy tools to purchase eligible local people’s banks from March 1 to December 31, 2020. 40% of small and micro credit loans, to promote banks to increase the credit loans of micro and small enterprises, and support more small and micro enterprises to obtain mortgage-free credit loan support.

Specifically, the central bank will provide 400 billion yuan of refinancing funds through the Pratt & Whitney Small and Micro Enterprise Credit Loan Support Program, and through specific purpose tools (SPV) with local corporate banks The way of signing the credit loan support plan contract provides preferential financial support to local corporate banks.

The credit loan support plan is mainly for local banks with better operating conditions. In the most recent quarter, local corporate banks rated 1-5 by central bank financial institutions may apply for credit loan support programs. For the qualified local private bank from March 1 to December 31, 2020, the newly issued inclusive small and micro enterprise credit loans with a term of not less than 6 months, the central bank through the credit loan support plan, according toLocal corporate banks actually provide 40% of the credit loan principal to provide preferential funds for a period of 1 year.

The central bank said that credit loan support is expected to drive local method banks to issue new inclusive small and micro enterprise credit loans of about 1 trillion yuan, effectively mitigating small and micro enterprises Difficulties in financing.

Zeng Gang believes that this policy has great benefits for further promoting the financing of small and micro enterprises: First, small and medium-sized banks sell part of their loans to the central bank , When the central bank bought it, it was lower than the cost of funds of the bank, which meant that the interest margin would expand, which was equivalent to providing a low-cost source of funds to the bank, which was conducive to reducing the cost of capital for small and medium-sized banks; second, the reduction in financing costs meant that The expansion of the bank’s income will increase the bank’s investment in small and micro loans of pure credit. By expanding the level of income, it will promote the bank’s willingness to increase credit loans; third, improve the bank’s liquidity and sell Funds given to the central bank can be withdrawn, and the ability of small and medium-sized banks to issue loans has been improved, helping to increase support for the real economy.

There are two points to note about the support policy for the purchase of Pratt & Whitney credit loans. First, after the People ’s Bank of China purchases the above-mentioned loans through monetary policy tools, it entrusts the management of the lending bank. The interest on the loan part of the purchase is charged by the lender bank, and the loss of bad debts is also borne by the lender bank; the second is the funds for the purchase of the above-mentioned loans, the lender bank should return the original amount upon the expiration of one year from the date of purchase.

Zeng Gang believes that these two requirements are the manifestation of the principle of prudence and the principle of incentive compatibility while policy innovations increase support for the real economy. The bank sells the loan to the central bank, but the risk is still borne by the bank. In addition, it is stipulated that the return will be based on the original amount after one year, indicating that the current policy of this direct entity is a staged policy, and the monetary policy in the medium and long term is still stable, which not only supports the structural optimization effect of the real economy, but also As for the result of the long-term so-called “flood irrigation”, it shows very good innovation in the system design.

Because this is an unsecured and unsecured credit loan for small and micro enterprises, the new policy tool also mentions the importance of paying the first source of repayment, with special emphasis on big data, Financial technology means such as cloud computing, integrate internal and external credit information, and improve the risk control capabilities of issuing institutions.

For this detail, Zeng Bin, chief researcher of China Minsheng Bank, believes that traditional small and micro enterprise loans need to be mortgaged, which also causes small and micro enterprises to “finance difficult” and “expensive financing” “The problem. Large banks have many outlets and capitalThe comparative advantage of low cost, for small and medium-sized banks, it is important for small and micro-enterprise loans to develop financial technology, and use advanced financial technology to do risk control and risk management. Loans with small and micro enterprises have achieved sound development. In general, this innovative monetary policy tool directly connected to the real economy, on the one hand, increases financial institutions’ support for the real economy, especially small and micro enterprises, especially in terms of encouraging credit loans, improving loan availability and The comprehensive financing cost of the enterprise; on the other hand, this monetary policy tool enhances the ability of local institutions to improve the real economy.