Since the beginning of this year, China's macro policies have continuously improved in quality and efficiency, and economic performance has generally picked up. Prudent monetary policy has been precise and effective, counter-cyclical adjustment has been intensified, the credit structure has been continuously optimized, the financing cost of the real economy has been stable and decreased, and financial support for the real economy has continued to strengthen.

Financing costs are stable and falling

On August 15, the central bank carried out 204 billion yuan open market reverse repurchase operations and 401 billion yuan medium-term lending facility (MLF) operations, of which the 7-day reverse repurchase operation bid rate fell 10 basis points, from 1.9% to 1.8%; The MLF operation bid rate fell 15 basis points, from 2.65% to 2.5%.

The MLF interest rate decline is conducive to providing low-cost medium-term liquidity funds for the financial system, reducing financing costs, supporting the development of the real economy, and promoting the sustained and steady improvement of the economy. Liang Si, a researcher at the Research Institute of the Bank of China, said that after the bid rate of the MLF operation fell by 10 basis points in June, the 7-day reverse repo rate and the MLF rate fell by 10 basis points and 15 basis points respectively in August, achieving two downward policy interest rates within three months.

RRR cuts, open market operations, medium-term lending facilities and various structural monetary policy tools all have a aggregate effect of injecting liquidity, and they need to be coordinated and flexibly used to maintain reasonable and abundant liquidity in the banking system. Liang Si believes that the manufacturing PMI in July increased 0.3 percentage points from June to 49.3%, indicating that business confidence has recovered, driven by the sharp "interest rate cut", business and residential confidence is expected to increase.

Data show that since the beginning of this year, the comprehensive financing cost of enterprises has further declined. In the first half of this year, the average interest rate of new loans to inclusive small and micro enterprises was down 0.39 percentage points from the average level of last year, the average interest rate of new loans to private enterprises was down 0.15 percentage points from the average level of last year, and the average interest rate of new loans to manufacturing industries remained low. The latest data from the central bank show that in June, the weighted average interest rate of corporate loans was 3.95%, down 0.21 percentage points year-on-year and at a historical low.

Zou LAN, director of the Monetary Policy Department of the People's Bank of China, said not long ago that in recent years, the corporate loan interest rate has decreased significantly, and the future will continue to play a good role in the efficiency and guidance of the loan market quotation interest rate reform. At the same time, we will continue to give full play to the important role of the market-oriented adjustment mechanism for deposit interest rates, maintain the order of market competition, support banks to properly control the cost of debt, and enhance the ability of finance to continue to support the real economy.

Policy tools are effective

Into the exhibition hall of Mingyang Smart Energy Group Co., LTD., its self-developed "digital Earth" giant screen attracts people to stop. Click the mouse, you can see a piece of unattended smart wind farms on the screen, including wind speed, wave height, voltage and current, 24-hour power curve and other real-time data.

Fan Yuanfeng, vice president of Mingyang Group, said in an interview: "Wind power is a technology-intensive industry, which also means capital-intensive. Wind power equipment sales contracts have special characteristics, usually according to the project cycle payment, the time line will be pulled very long. In this process, whether it is purchasing raw materials or manufacturing, it needs bank credit support."

Referring to the carbon emission reduction support tool launched by the central bank, Fan Yuanfeng said that the company is looking forward to the extension of the tool, because low-cost capital can give new energy enterprises more space for innovation and development. At the beginning of this year, the People's Bank of China issued a notice to continue the implementation of three monetary policy tools, including the carbon reduction support tool, which will continue to be implemented until the end of 2024. As of the end of June this year, the balance of carbon emission reduction support tools was 453 billion yuan, an increase of 143.3 billion yuan over the end of last year, and financial institutions were supported to issue carbon emission reduction loans of more than 750 billion yuan.

Since the beginning of this year, the People's Bank of China has continued to adjust and improve the system of structural monetary policy tools in key areas and weak links of the national economy, and has played a positive role in encouraging and guiding financial institutions to optimize the allocation of credit resources.

By the end of June this year, the balance of structural monetary policy tools was about 6.9 trillion yuan. Among them, the balance of rural and small loans and rediscount to support inclusive finance was basically the same as that at the end of last year; The balance of support for green, low-carbon and scientific and technological innovation increased by 516.6 billion yuan from the end of last year.

Pratt & Whitney business continues to optimize

Recently, the People's Bank of China issued the "Standard for the Digital Model of Inclusive Financial Business in the Banking Industry", which standardized the inclusive financial business with the core of operational credit business carried out by banking financial institutions through the digital model.

"This is the first financial industry standard for digital inclusion in China." The relevant business personnel of China Construction Bank told reporters that the "norms" are based on the digital inclusive model of the Construction Bank and incorporate the advanced practices and practices of the digitalization of inclusive financial services of banking financial institutions.

Since the beginning of this year, the inclusive business of banking financial institutions has continued to strengthen, product innovation, service quality and efficiency. In the first half of this year, loans to inclusive small and micro enterprises increased by 3.8 trillion yuan.

In response to the lack of mortgage guarantees for small and micro enterprises, and the mismatch between loan terms and production and business cycles, regulators encouraged banks to develop credit loans, renewal loans, and medium - and long-term loan products. As of the end of June, small and micro enterprise credit loans, renewal loans and medium and long-term loans increased by 37.93%, 30.64% and 24.45%, respectively.

"The company has just obtained 20 million yuan credit support from the Bank of China for workshop decoration and equipment purchase." Zhuhai Hengqin East sunshine cordyceps Co., Ltd. production director Hong Zhengmao said.

According to the relevant business personnel of the Guangdong Branch of the Bank of China, at present, Guangdong high-tech enterprises can obtain "science and technology loans" without any collateral, and the maximum credit loan support for small and micro enterprises can reach 30 million yuan.

The inclusive services of financial institutions are continuously optimized. The person in charge of inclusive business of SPD Bank said that on the one hand, accelerate the iterative innovation of online products and improve the convenience and reach of services. On the other hand, we continue to optimize the operational experience of enterprise customers across the line and improve the convenience and availability of financing. At the same time, explore and innovate all kinds of exclusive financial service programs, and focus credit resources on state-supported scientific and technological enterprises to improve service quality and efficiency.

Source: Chinese government website