On January 9, the central bank released data showing that in 2023, financial support for the development of the real economy will improve quality and efficiency, postpone the expansion of bond financing support tools for private enterprises (the "second arrow"), and provide credit enhancement support for a total of 243.8 billion yuan of bonds issued by 140 private enterprises.
In 2023, the central bank will also play an important guiding role in comprehensively promoting rural revitalization, promoting green development, supporting scientific and technological innovation and advanced manufacturing, and increasing support for pension finance.
Support the high-quality development of private and small and micro enterprises and expand financing channels.
In 2023, the PBOC strengthened policy guidance for financial support for private enterprises. On August 3 and August 30, 2023, a symposium on financial support for the development of private enterprises and a work promotion meeting will be held respectively to gain an in-depth understanding of the situation of financial support for private enterprises and to study and propose financial support measures.
It is worth noting that the central bank encourages commercial banks to issue special financial bonds for small and micro enterprises, with a total of 263.7 billion yuan issued in 2023. At the same time, it will standardize the development of first-chain financial business, and from January to November 2023, the accounts receivable financing service platform of China Levy has contributed to the financing of small, medium and micro enterprises for a total of 650,000, 198 trillion yuan. This has broadened the financing channels for private, small and micro enterprises.
The People's Bank of China (PBOC) has carried out in-depth projects to improve the financial service capacity of small, medium and micro enterprises, and guided financial institutions to improve policy arrangements such as internal fund transfer pricing, due diligence and exemption, and performance appraisal.
According to the data of the central bank, at present, the preferential pricing of internal funds for small and micro businesses of national commercial banks is not less than 50bp, and the weight of inclusive finance in the comprehensive performance appraisal of branches is not less than 10%.
In addition, the central bank pointed out that last year, it also increased the import and export credit support for small, medium and micro foreign trade enterprises. Encourage banks and insurance institutions to expand cooperation in credit enhancement in policy financing, and increase support for financing credit enhancement for small, medium, and micro foreign trade enterprises. Encourage large state-owned financial institutions to increase the tilt of resources and actively meet the foreign trade financing needs of small and medium-sized enterprises. Encourage first-class financing guarantee institutions to provide financing credit enhancement support for qualified small and micro foreign trade enterprises.
Supporting the comprehensive promotion of rural revitalization In the first 11 months, agriculture-related loans increased by 151%
Last year, the central bank guided financial institutions to support the comprehensive promotion of rural revitalization and improve the policy system of financial support for rural revitalization. According to the data, as of the end of November 2023, the balance of agriculture-related loans nationwide was 5622 trillion yuan, a year-on-year increase of 151％。
In June 2023, the People's Bank of China (PBOC) took the lead in issuing the Guiding Opinions on Financial Support for Comprehensively Promoting Rural Revitalization and Accelerating the Construction of an Agricultural Power. Focus on nine aspects, including financial services for stable production and supply of grain and important agricultural products, and strengthen financial support for consolidating and expanding the achievements of poverty alleviation, and guide more financial resources to be allocated to key areas and weak links of rural revitalization.
In terms of improving the quality and efficiency of financial services for rural revitalization, the central bank guides financial institutions to enrich financial products and services to help the integrated development of primary, secondary and tertiary industries in rural areas. Increase policy support for people lifted out of poverty, such as microcredit, guaranteed loans for entrepreneurship, and national student loans.
According to the data of the central bank, as of the end of the third quarter of 2023, the balance of loans for people lifted out of poverty in the country was 114 trillion yuan, a year-on-year increase of 122%；The balance of guaranteed loans for entrepreneurship was 296.5 billion yuan, a year-on-year increase of 101%；The balance of national student loans was 165.1 billion yuan, a year-on-year increase of 236%。
In addition, the central bank has also set up a green channel for enterprises to issue rural revitalization bills to support the financing of agriculture-related enterprises. As of the end of November 2023, it has supported 156 enterprises in 28 provinces (autonomous regions and municipalities directly under the central government) to issue 252 issues of rural bills, with an issuance amount of 1,9825.7 billion yuan.
In terms of making good use of the "three rural" and small and micro special financial bonds, the central bank has also broadened the loanable funds of financial institutions. As of the end of December 2023, a total of 1,481 special financial bonds have been issued500 million yuan.
Continue to promote green development At the end of the third quarter, the balance of green loans increased by 36% year-on-year8%
Green finance is an important direction for China to promote high-quality economic development. In terms of continuing to promote green development, the PBOC strengthened credit policy guidance in 2023 to guide more credit funds to support green development.
According to central bank data, as of the end of the third quarter of 2023, the balance of green loans of China's financial institutions was 286 trillion yuan, a year-on-year increase of 368%。
The central bank has also promoted the steady development of the green bond market. In 2023, the People's Bank of China (PBOC) will release guidelines on green bond principles and information disclosure on the duration of green bonds to further unify domestic green bond standards. At the same time, innovative carbon neutrality bonds, sustainability-linked bonds, etc., have increased the support of direct financing for green development.
According to the data, as of the end of 2023, the cumulative issuance scale of labeled green bonds in China has exceeded 34 trillion yuan, the scale of existence is 19 trillion yuan, a year-on-year increase of 318%。
We will vigorously support scientific and technological innovation and advanced manufacturing and open up a green channel for bond issuance.
In terms of doing a good job in science and technology finance, the central bank will strengthen the bond financing guidance for science and technology enterprises in 2023, open up a green channel for bond issuance, and support the expansion of the issuance of science and technology innovation bills. According to the data, from January to November 2023, a total of 360 billion yuan of science and technology innovation bills were issued, twice the amount issued in 2022.
The central bank said that last year, the central bank actively played the role of incentives and guidance for scientific and technological innovation re-lending, and promoted banks to set up a franchised organizational structure, special risk control system, professional product system, and special assessment mechanism to serve scientific and technological innovation, continue to improve service capabilities, and strengthen credit support for technology-based enterprises.
As of the end of October 2023, loans to "specialized, special and new" enterprises, technology-based small and medium-sized enterprises, and high-tech enterprises increased year-on-year respectively1 and 157, significantly higher than the growth rate of various loans in the same period. The balance of medium and long-term loans in the manufacturing industry was 122 trillion yuan, maintaining a relatively high growth rate of about 30 for three consecutive years.
In addition, the central bank has also strengthened the bond financing guidance for technology-based enterprises, opened up a green channel for the registration and issuance of bonds by enterprises such as "specialized, special and new" small giants and individual champions in the manufacturing industry, and supported the expansion of the issuance of science and technology innovation bills.
Continue to increase the support of pension finance and promote the credit supply of the pension industry.
In 2023, the central bank will also continue to increase the financial support for the elderly, guide the banks to make good use of the special re-lending for the inclusive pension, and strengthen the financial support for the pension serviceStrengthen credit policy guidelines and promote credit delivery for the pension industry.
According to the data of the central bank, as of the end of the third quarter of 2023, a total of banking financial institutions have been supported to provide preferential interest rate loans to 66 inclusive pension service institutions in 5 pilot provinces including Hebei. At the same time, the balance of loans for the pension industry of the seven major banks, namely the China Development Bank, the Agricultural Development Bank, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, the Construction Bank and the Bank of Communications, was about 101.2 billion yuan, a year-on-year increase of 31%.
In addition, the central bank also encourages the upgrading of financial services for the elderly to improve the financial inclusion of the elderly. Promote bank outlets and mobile clients to carry out age-friendly transformation.
Beijing News Shell Financial Reporter Jiang Fan.
Edited by Yue Caizhou.
Proofread by Liu Baoqing.