Financing costs are related to the investment and consumption momentum of enterprises and residents, and are the key variables for the recovery of the real economy. The reporter recently learned from the People's Bank of China that in the first 11 months of this year, the interest rate on corporate loans was 389%, down 03 percentage points, which continued to remain at a historical low since statistics began.
* The Economic Work Conference proposed to "give full play to the dual functions of the total amount and structure of monetary policy tools, revitalize the stock and improve efficiency" and "promote the steady and moderate decline of comprehensive social financing costs", which not only pointed out the direction for the next step of the financial system, but also eliminated the doubts in the market about "whether the financing cost can be reduced again". In fact, with the marginal easing of internal and external constraints, the autonomy and effectiveness of China's monetary policy will be further enhanced, and it will continue to provide solid support for high-quality economic development.
Improve the targeted coordination of interest rate policies.
Interest rates determine the flow of money. Since the beginning of this year, the financial management department has comprehensively considered the characteristics of economic and financial operations, reasonably coordinated the timing of the introduction of policies, and implemented a series of interest rate policies, and the pertinence and coordination of policies have been significantly enhanced.
At present, the loan market interest rate (LPR) has become the "anchor" of the loan interest rate pricing of financial institutions, which directly affects the financing cost of various business entities. Since the beginning of this year, the People's Bank of China (PBoC) has guided the open market to operate reverse repo and medium-term lending facilities, with the winning interest rates for reverse repo and medium-term lending facilities falling by 20 basis points and 25 basis points respectively, driving down 1-year LPR and LPR over 5 years by 20 and 10 basis points respectively. At the same time, we will continue to give full play to the role of the market-oriented adjustment mechanism for deposit interest rates, and guide major banks to lower deposit interest rates of one year or more by 10 to 25 basis points, thus alleviating the tendency of fixed-term deposits, enhancing the investment and consumption momentum of enterprises and residents, and creating favorable conditions for banks to make profits to the real economy.
Interest rate policy has also played an active role in promoting a virtuous cycle of finance and real estate. Since the beginning of this year, in order to adapt to the new situation of major changes in the relationship between supply and demand in the real estate market, the regulatory authorities have adjusted and optimized the mortgage interest rate policy in a timely manner, including establishing a dynamic adjustment mechanism for the interest rate policy of the newly issued first home loan and lowering the lower limit of the mortgage interest rate policy. These measures not only effectively support all localities to make full use of the policy toolbox and stabilize policy expectations, but also help to better meet the needs of residents for rigid and improved housing.
According to the data, as of the end of September, the interest rate of more than 22 trillion yuan of existing housing loans has been lowered, and the adjusted weighted average interest rate is 427%, an average reduction of 73 basis points, reducing borrowers' interest expenses by 160 billion yuan to 170 billion yuan per year. At the same time, among the 343 cities (prefecture level and above) in the country, 119 cities that meet the conditions for relaxing the lower limit of the first home loan interest rate policy have relaxed the lower limit.
Since last year, the Federal Reserve has raised interest rates rapidly, but China's monetary policy has adhered to me, and the policy interest rate has been steadily declining. Pan Gongsheng, governor of the People's Bank of China, said that he will adhere to the implementation of interest rate regulation and control, and guide and grasp the macro interest rate level in accordance with economic laws and the needs of countercyclical macroeconomic regulation and control. Give full play to the efficiency of interest rate reform in the loan market, and reduce the cost of enterprise financing and household credit.
Optimize the credit structure and revitalize the stock of funds.
Not only is the price "excellent", but the structural optimization is also a highlight of credit delivery. Since the beginning of this year, the People's Bank of China (PBoC) has continued to strengthen its support for sectors with vitality in the real economy and good employment-driven effects. According to the data, at the end of September, the balance of medium and long-term loans in the manufacturing industry increased by 38 percent year-on-year2%, which is 27 higher than the growth rate of various loans3 percentage points;The balance of medium and long-term loans in the infrastructure sector increased by 15% year-on-year1%, which is 4 higher than the growth rate of various loans2 percentage points;The balance of loans to specialized, special and new small and medium-sized enterprises increased by 18 percent year-on-year6%, 7 times higher than the growth rate of various loans7 percentage points.
Private enterprises have always been the focus of policy support. Especially since the second half of the year, the People's Bank of China has successively held a symposium on financial support for the development of private enterprises, a symposium on the promotion of financial support for the development of private enterprises, and a symposium on financial institutions, emphasizing many times that it should adhere to the requirements of "two unwavering" and "equal treatment".
At present, positive results have been achieved in financial support for the private economy. According to the data, the balance of loans to privately held enterprises at the end of September was 413 trillion yuan, the proportion of new loans in the first three quarters increased by 3 compared with last year2 percentage points;Loans to privately held companies increased by 10% year-on-year9%, which is basically the same as the growth rate of all loans. In particular, in the field of new kinetic energy such as science and technology innovation and green energy, in which private enterprises are deeply involved, the investment of financial resources has increased significantly, which strongly supports the sustainable development and transformation and upgrading of the economy.
In recent years, the transformation of the economic structure and the return of finance to its roots have brought profound changes to the growth and structure of financing. Compared with other financing methods, China's loan growth has been stable at a high level of more than double digits, maintaining support for the real economy. At the same time, it should also be noted that not only can incremental credit support the real economy, but also revitalize inefficient existing loans will also help economic growth. Industry experts said that it is not necessary to pay too much attention to the increase of loans, but also to think about how to make good use of the existing capital.
China's stock of money and credit is already very large, and by revitalizing the circulation of stock funds, optimizing incremental credit, and improving the efficiency of capital use, unit credit can support more economic growth. Wen Bin, chief economist of Minsheng Bank, said that in order to make the policy effect more effective, the next step should be to strengthen the coordination and cooperation between monetary policy and fiscal, industrial, regional, science and technology policies, and actively revitalize the financial resources that are inefficient and ineffective, so as to achieve "increase and decrease" in the credit structure and "rise and fall" in the financing structure, so as to better match the needs of macroeconomic development and business entities.
Make good use of structural monetary policy tools.
To strengthen countercyclical adjustment, the precise guidance of structural monetary policy tools is indispensable. Increase the amount of re-lending and re-discounting for rural and small enterprises by 200 billion yuan, increase the amount of re-lending for rural and small enterprises in areas severely affected by floods by 35 billion yuan, extend the term of inclusive small and micro loan support tools and rental housing loan support programs to the end of 2024, and extend the term of the loan support plan for guaranteed delivery of buildings to May 2024 ......Since the beginning of this year, the structural monetary policy has focused on key points, reasonable and moderate, and there are advances and retreats, and as of the end of September, the balance of various structural monetary policy tools in China totaled 7 trillion yuan.
Cheng Shi, Chief Economist of ICBC International, said that "progress" refers to continuously strengthening support for major strategies, key areas and weak links, optimizing the capital supply structure, and devoting more financial resources to doing a good job in science and technology finance, green finance, inclusive finance, pension finance and digital finance"Withdrawal" refers to the adjustment of temporary and industry-specific policies in some fields according to the laws of economic operation at different stages and changes in the macro environment, so as to optimize the allocation of financial resources.
In recent years, the People's Bank of China (PBoC) has created a series of structural monetary policy tools. These tools have the dual functions of aggregate regulation and structural regulation, and can achieve the effect of precise drip irrigation through structural policy functions, and at the same time contribute to aggregate regulation and control.
Experts expect that the People's Bank of China will continue to make good use of various structural monetary policy tools, and if necessary, create new tools to guide financial institutions to increase support for scientific and technological innovation and green transformation. In addition, industry insiders suggest that the steady and orderly guidance of funds for the steady exit of non-intensive and inefficient industries, fields and enterprises, to make room for key areas and weak links, and to reduce the credit lines occupied by inefficiency, so as to further improve the efficiency of financial resource allocation and achieve a steady and moderate reduction in social comprehensive financing costs. (Reporter Yao Jin).
*:Economy**.