A new round of financing policies to support private enterprises

The government has always attached great importance to the development of private economy and small and medium-sized enterprises. Recently, a series of measures have been put forward intensively to alleviate the difficulty and expensive financing of private enterprises and small and medium-sized enterprises. In the view of experts, a new round of financing policies to support private economy and SMEs will be introduced one after another, among which the targeted reduction is still the necessary choice.

Zhu Zhenxin, chief researcher of the Institute of Finance, told the Securities Daily that the formulation of monetary policy at the Politburo meeting had not changed and should be relaxed moderately. However, considering the downward pressure of the economy and the upward inflation, the orientation of monetary policy will be more cautious and the subsequent relaxation will be marginally weakened. In order to alleviate the problem of difficult financing and expensive financing, there will still be a directional reduction, and a comprehensive reduction may be delayed. Wu Qi, senior researcher of Pangu Think Tank, told Securities Daily that the problem of financing for private enterprises and small and micro-enterprises has been alleviated and targeted reduction has been adopted many times since last year, which has alleviated the structural credit crunch faced by private enterprises and small and micro-enterprises to a certain extent. Overall, there is still room for reduction this year. However, the downward pressure of the current economy has slowed down, the economic and financial data in March have warmed up, and the market funds are generally reasonable and abundant, so the need for further reduction has been reduced. However, it is more likely to implement directed quasi-equal structural monetary policy and credit policy.

Recently, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued the Guiding Opinions on Promoting the Healthy Development of Small and Medium-sized Enterprises (SMEs), proposing to improve the financing policy of SMEs. In February, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council issued "Several Opinions on Strengthening Financial Services for Private Enterprises", and made specific arrangements to enhance the pertinence and effectiveness of financial services for private enterprises. Among them, it also proposes to improve the policy of inclusive financial directional reduction.

Premier Li Keqiang of the State Council chaired the executive meeting of the State Council on April 17, pointing out that we should establish a policy framework to implement a lower deposit reserve ratio for small and medium-sized banks. In view of the problem that the difficulty of financing is mainly concentrated in private and small enterprises, we should use the released incremental funds for loans of private and small and medium-sized enterprises. The Political Bureau of the Central Committee of the Communist Party of China held a meeting on April 19, which proposed We should effectively support the development of private economy and small and medium-sized enterprises, accelerate the structural reform of the financial supply side, focus on solving the problems of financing difficulty and expensive financing, and guide the superior private enterprises to accelerate transformation and upgrading.

Zhu Zhenxin believes that in order to solve the problems of financing difficulties and high financing in the financial bubble digestion period, in addition to constantly increasing the credit policy of private enterprises and strengthening financial support for private enterprises and small and micro enterprises, we should also establish and improve the market-oriented, higher level and multi-level capital market, improve the infrastructure for providing financial services for small and medium-sized private enterprises, and provide all-round capital. Market financing services, effectively broaden the financing channels of small and medium-sized private enterprises, optimize the financing structure, and accelerate the growth of capital capacity of small and medium-sized private enterprises.

Wu Qi said that the key to solve the financing problems of private enterprises and small and micro enterprises is to enhance the willingness and ability of financial institutions to serve private enterprises and small and micro enterprises. On the one hand, commercial banks should be encouraged to increase lending to small and micro enterprises, and to loosen the bondage of banks appropriately. For example, small and medium-sized banks, as the main force of serving small and micro enterprises, implementing a lower deposit reserve ratio is conducive to releasing more incremental funds and guiding small and medium-sized banks to increase the credit input to small and micro enterprises. On the other hand, we should speed up the reform of the financial supply side, optimize the structure of the financial system, and establish a multi-level, wide coverage and sustainable financial system.

Wu Qi indicated that direct financing still needed to be vigorously developed. Especially for the technology-based enterprises in private enterprises, the financial market structure based on indirect financing is difficult to support the economic transformation and upgrading, especially the development of new industries represented by high-tech enterprises. The financial market structure dominated by indirect financing not only leads to the accumulation of systemic risks mainly within the banking system, but also makes it difficult for banks to tilt credit resources towards technology-based enterprises because of their low risk preferences.