Financial support for real estate is strong and effective, and the financing of "white list" projects is accelerating
Promoting the steady and healthy development of the real estate market is one of the important contents of the current economic and financial work. On March 5, Premier Li Qiang proposed in the work report to introduce this year's work tasks to optimize the real estate policy, and support the reasonable financing needs of real estate enterprises under different ownership systems without discrimination, so as to promote the steady and healthy development of the real estate market. Since the beginning of this year, measures to support the development of the real estate market have been continuously introduced, and the implementation of the urban real estate financing coordination mechanism has been accelerated. On the one hand, the "white list" projects in many places have been launched rapidly, with a fast pace of implementation and large project coverage; On the other hand, financial institutions have stepped up their efforts to promote the docking and implementation of projects with practical actions and accelerate the investment of funds. On the whole, the urban real estate financing coordination mechanism has achieved certain results since its establishment. Industry insiders said that with the gradual arrival of project funds, the project construction will be accelerated, the overall positive impact on the market is expected to be further revealed, and the follow-up related supporting policies are also expected to be further improved. Commercial banks are advancing the implementation in an orderly mannerThe 2023 ** Economic Work Conference clearly stated that real estate risks should be actively and prudently resolved, and the reasonable financing needs of real estate enterprises with different ownership systems should be met without discrimination, so as to promote the stable and healthy development of the real estate market. In January this year, the Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision jointly issued the Notice on the Establishment of an Urban Real Estate Financing Coordination Mechanism, which clearly established an urban real estate financing coordination mechanism. Subsequently, the two departments held meetings one after another to further deploy and implement the relevant work of the urban real estate financing coordination mechanism. On February 6, the State Administration of Financial Supervision and Administration held a special meeting to require that "all commercial banks should take the initiative to connect with the coordination mechanism, review the list of real estate projects in a timely manner, speed up the approval of credit, and achieve 'full satisfaction' for reasonable financing needs". On February 20 and February 29, two scheduling meetings of the urban real estate financing coordination mechanism were held to promote the acceleration of the implementation of the urban real estate financing coordination mechanism. As of February 28, 276 cities in 31 provinces across the country have established urban financing coordination mechanisms, with a total of about 6,000 real estate projects proposed and loans approved by commercial banks exceeding 200 billion yuan. According to previously disclosed data, as of February 20, 214 cities in 29 provinces across the country have established real estate financing coordination mechanisms, involving a total of 5,349 projects. In comparison, in 8 days, 62 cities and more than 600 projects were added. Behind the good start of the work is the joint dispatch of the Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision and Administration, and the rapid action of all localities and relevant financial institutions to establish mechanisms, submit lists, and grasp implementation. The reporter learned from the interview that after the establishment of the urban financing coordination mechanism, a number of banks responded positively, through the establishment of a "special working group", on-site research, the opening of green channels, the formulation of personalized measures and a series of measures to promote the project loan delivery is both "fast" and "stable". Judging from the most intuitive presentation of the data, as of February 22, ICBC has docked about 3,800 projects, completed nearly 100 approval projects, and approved about 40 billion yuan, and has raised about 8 billion yuan for nearly 40 projects in 25 cities such as Guangzhou, Beijing, Suzhou and Zhengzhou. Up to now, ABC has docked more than 4,000 projects, with a cumulative credit of nearly 50 billion yuan, and private enterprises and other non-state-owned entities account for more than 80% of the loan subjects. Bank of China has approved or is in the process of approving more than 100 projects with an amount of more than 30 billion yuan, and nearly 2,500 projects are being evaluated. CCB has docked nearly 3,000 projects and approved nearly 100 projects, with an approval amount of more than 50 billion yuan. Minsheng Bank has received 867 projects from the financing coordination mechanism. Looking at the practices behind the data, each bank's specific approach has its own characteristics. For example, in Chongqing, ICBC has established a "Working Group for Real Estate Financing Coordination Mechanism" and set up an exclusive review team for real estate financing business to open up a green channel for credit approval for "whitelist" projects, so as to achieve full coverage of "whitelist" projects in Chongqing. In Anhui, the Agricultural Bank of China focused on protecting the rights and interests of home buyers, implemented the "four priorities" working mechanism of "priority acceptance, priority investigation, priority review, and priority approval", and took the lead in approving the first batch of local coordination mechanism project amounts16800 million yuan. In order to ensure the implementation of financial services, Ge Haijiao, chairman of Bank of China, carried out special research on the coordination mechanism of real estate financing in Chengdu, Sichuan Province and Changsha, Hunan Province from February 27 to February 28, and set up a two-level working class for the head office and branch headed by the president, and deployed professional backbone forces to efficiently organize project review and promote new progress in the financing of "white list" projects. China Construction Bank and Minsheng Bank have also set up special working groups to actively connect with the real estate projects in the list, optimize business processes and improve handling efficiency. "Judging from the data, the financing coordination mechanism has achieved remarkable results, and the progress of the approval and fund issuance of 'white list' projects has been significantly accelerated, which will help alleviate the financial pressure of real estate enterprises and promote the acceleration of construction and delivery of real estate enterprises; At the same time, it is also conducive to boosting the market's confidence in the recovery of the real estate industry. Zhou Maohua, a macro researcher at the financial market department of Everbright Bank, told the reporter. Lou Feipeng, a researcher at the Postal Savings Bank of China, told the reporter that under the promotion of policies, commercial banks have actively connected with the "white list" projects, and some have carried out loan financing and loan extensions, and the coordination mechanism for urban real estate financing has been rapidly implemented. With the orderly implementation of commercial banks, it is expected that the implementation of the "white list" project may be accelerated in the future. Treat everyone equally, and implement policies according to categoriesIn the process of implementing the real estate financing coordination mechanism by banks, "meeting the reasonable financing needs of real estate enterprises under different ownership systems without discrimination" has been repeatedly mentioned, which is also one of the content of the policy requirements. For banks, how to achieve equal treatment and optimize the loan approval process is the key to effectively promoting the virtuous cycle of the financial and real estate markets. For the projects in the list, Bank of China has chosen to implement classified policies and screen them one by one, that is, to evaluate the projects in accordance with the principles of marketization and rule of law. For projects with normal development and construction, sufficient collateral, reasonable assets and liabilities, and guaranteed repayment, the bank has established a green channel for credit granting, optimized the approval process, shortened the approval time limit, and actively met reasonable financing needs. For projects that encounter temporary difficulties in development and construction but can basically balance funds, we will not blindly draw loans, cut off loans, or pressure loans, but will support them by extending existing loans, adjusting repayment arrangements, and adding new loans. If Bank of China is classified in a horizontal dimension, ICBC's measures are stratified in a vertical dimension. Specifically, through the combination of "fast" and "stable", ICBC distinguishes the risks of the group and the project itself, supports the reasonable financing needs of high-quality projects of real estate enterprises more accurately, prevents project delivery risks, and promotes the stable and healthy development of the real estate market. Liu Shui, director of enterprise research at the China Index Research Institute, told the reporter that in terms of the "white list" projects pushed by the coordination mechanism, commercial banks need to evaluate the white list pushed by the coordination mechanism in accordance with the principles of marketization and rule of law. In terms of working mechanism, commercial banks should establish a special working mechanism to optimize the loan approval process, improve the approval system, and refine the provisions on due diligence and exemption. Lou Feipeng believes that when commercial banks provide financial services in the real estate sector, they should focus on studying and judging their project conditions and the cash flow of financing entities, pay attention to risk mitigation measures, and meet their reasonable financing needs for projects or real estate enterprises that meet the bank's access conditions. In the early stage, the approval of the Coordination Mechanism projects will be treated equally, and it is also necessary to strictly review the use of funds in the later stage. The regulator requires "to ensure that all funds are used for project development and construction, and to prevent funds from being misappropriated for land purchases, debt repayment or other investments". The staff of the relevant departments of the Agricultural Bank of China told the reporter that the bank issued loans in strict accordance with the progress of the project according to the projects in the list. At the same time, strengthen the monitoring of the whole process of the use of loan funds, and review the expenditure of funds one by one according to the regulations on the premise of strictly implementing the supervision regulations of relevant departments on pre-sale funds, so as to ensure that all funds are used for project development and construction. Lou Feipeng believes that banks need to pay full attention to the cash flow of real estate enterprises and projects in the process of access management, scientifically and reasonably calculate the scale of loan funds, and prevent excessive credit and financing. In the process of loan issuance and payment, do a good job of entrusted payment, pay attention to the payment cycle, and provide timely loans according to the project capital flow. In Liu Shui's view, it is necessary to strengthen the closed-loop management of "issuance-use-repayment" of loans, prevent loans from being misappropriated, and ensure the safety of credit funds. Zhang Bo, president of the 58 Anjuke Research Institute, told the reporter that on the one hand, it is necessary to focus on the distribution and management of funds and the supervision of special accounts. For example, according to the progress of the project, the corresponding funds are allocated, the process is well controlled, and the flow of funds is managed in a penetrating manner. On the other hand, the implementation of the main responsibility of local supervision, not only the bank checks, but through the way of layers of checks, to ensure the safety of funds to the greatest extent. Financial institutions need to accelerate the optimization of business processesAs a powerful starting point to solve the current financing dilemma of real estate enterprises, the urban real estate financing coordination mechanism is an effective means to safeguard the legitimate rights and interests of home buyers, and it is also a major innovation to improve the management of real estate projects, which plays an important role in promoting the stable and healthy development of the real estate market. The Ministry of Housing and Urban-Rural Development and the State Administration of Financial Supervision and Administration jointly held the first scheduling meeting of the urban real estate financing coordination mechanism on February 29, emphasizing that in accordance with the principle of "building as much as possible" of the coordination mechanism, before March 15, cities at and above the prefecture level should establish a financing coordination mechanism, not only to complete the "white list" push with high quality, but also to coordinate and solve the difficult problems of the project with high efficiency. It is necessary to do a good job in project screening in strict accordance with the standards, and form the first batch of qualified projects after confirmation by financial institutions. Financial institutions should expedite their reviews. The reporter learned that the major state-owned banks have expressed that they will always adhere to the responsibility of the big banks, coordinate the whole bank to further promote the implementation of the urban real estate financing coordination mechanism, and meet the reasonable financing needs of real estate enterprises of different ownership systems without discrimination. At the same time, we will continue to do a good job in the "three major projects" of financial services affordable housing, the transformation of urban villages in megacities, and the construction of public infrastructure for both ordinary and emergency purposes, so as to help build a new model of real estate development. "After the introduction of a series of policy measures, the policy effect has gradually emerged, which will help stabilize the real estate market. Lou Feipeng believes that in terms of further stabilizing the real estate market, there is still policy space in supporting supply and stabilizing demand. Zhou Maohua also said that there is still room for the package of policy measures to stabilize the property market introduced before, and the focus is that each region should make good use of policy tools according to the supply and demand situation of the local market, stabilize expectations, and continue to release policy dividends. In order to maximize the effectiveness of the financing coordination mechanism, it is necessary to strengthen the coordination and cooperation of departments and reduce information asymmetry. At the same time, financial institutions should speed up the optimization of business processes and improve the efficiency of business handling. "In the context of a deep adjustment in the real estate market. The property market policy still needs to be combined in the long and short term to jointly promote the continuous stability of the market. Zhang Bo said that from the perspective of short-term policies, on the one hand, pay attention to people's livelihood, and implement policies such as "guaranteed delivery of buildings" and "reducing stock housing loans", aiming to improve residents' happiness and sense of gain. On the other hand, we will increase the pull on both supply and demand, and focus on the implementation of the policy of equal treatment of financing and relaxation of purchase restrictions in first-tier cities, so as to solve the problems of difficult loans for developers and high thresholds for home buyers. From the perspective of long-term policies, there is a lot of room for development in upgrading the quality of living and expanding the coverage of guarantees.
Science and technology finance boosts scientific and technological innovation and strengthens the "bones" of the real economy
The economy is the body, finance is the blood, and the two are symbiotic and co-prosperous. Last year's first financial work conference proposed to "do a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance". On March 5 this year, Premier Li Qiang proposed in the work report that "vigorously develop science and technology finance, green finance, inclusive finance, pension finance, and digital finance." Optimize supporting measures such as financing credit enhancement, risk sharing, and information sharing, to better meet the financing needs of small, medium and micro enterprises." Science and technology finance is one of the hot topics that the members of the national table pay attention to this year. At present, loans to technology-based enterprises continue to maintain a rapid growth rate, financial support for science and technology-related fields and weak links is precise and powerful, and the financial "bloodline" is continuing to smooth scientific and technological innovation and strengthen the "bones" of the real economy. On how to better "water" science and technology enterprises in the next step of financial "living water", the members of the national first-class table have made suggestions and suggestions. Financial support for science and technology enterprises to "accelerate the run".On March 6, Pan Gongsheng, governor of the People's Bank of China, said at the economic theme press conference of the second session of the 14th National People's Congress that doing a good job in the "five major articles" such as science and technology finance is an important focus of the high-quality development of the real economy of financial services, and is also an important content of deepening the structural reform of the financial supply side. In the next step, the People's Bank of China will strengthen coordination and cooperation with industry management departments such as science and technology and environmental protection to further enhance financial support, sustainability and professionalism. Focusing on financial support for the development of scientific and technological innovation, Yang Weikun, deputy to the National People's Congress, dean of Hebei University of Finance, and vice chairman of the Hebei Provincial Committee of the Peasants and Workers Party, suggested that the development of science and technology finance should be accelerated and the financial ecosystem of science and technology innovation should be cultivated. Yang Weikun told the reporter that it is necessary to encourage commercial banks to set up science and technology branches, implement the "first loan household" cultivation project for science and technology enterprises, support them to carry out credit financing, equity pledge financing, intellectual property pledge financing, issue science and technology innovation notes, scientific and technological innovation corporate bonds, and steadily expand the scale of financing through the bond market. Explore the establishment of risk compensation for intellectual property pledge financing**, implement risk compensation for intellectual property pledge financing for start-up enterprises with no collateral assets, no cash flow, and no orders, and support qualified technology-based small and medium-sized enterprises to issue high-yield bonds. Financial regulators have responded positively to concerns. In recent years, the China Securities Regulatory Commission (CSRC) has adhered to the "two unwavering", continuously expanded the coverage and inclusiveness of various policies, supported enterprises of various ownerships, including private enterprises, to use the capital market to develop and grow, and helped "specialized, special and new" small and medium-sized enterprises to thrive through the multi-level capital market. The Ministry of Science and Technology has also transformed the suggestions and suggestions of the deputies and members into practical measures to promote scientific and technological innovation. The Ministry of Science and Technology has studied measures to support scientific and technological innovation of enterprises, supported leading enterprises in science and technology to form innovation consortia, undertaken national scientific and technological tasks, and promoted leading enterprises in science and technology to become an important force in scientific and technological innovation in China. At present, with the joint efforts of various parties, the financing convenience of technology-based enterprises continues to improve. China's science and technology innovation financial system and market system continue to improve. The financial regulatory authorities have strengthened the top-level design, continuously improved the policy framework for financial support for scientific and technological innovation, optimized the market mechanism, enriched financial support tools, and initially built a comprehensive and multi-level financial service system for scientific and technological innovation, including bank credit, bond market, ** market, venture capital, insurance and financing guarantee. According to central bank data, as of the end of 2023, the balance of inclusive small and micro loans increased by 23 percent year-on-year5%, "specialized, special and new", and the growth rate of loans to small and medium-sized enterprises in science and technology was 186% and 219%。The balance of medium and long-term loans to the manufacturing industry increased by 31% year-on-year9%, of which the growth rate of medium and long-term loans for high-tech manufacturing reached 34%, and the balance of medium and long-term loans for infrastructure increased by 15% year-on-year. Li Yifan, a postdoctoral fellow at the Bank of China Research Institute, told the reporter: "From the bank's point of view, we can make efforts from the following aspects: First, continue to increase the support of science and technology finance. Explore and optimize the layout of outlets, promote the construction of characteristic outlets of science and technology finance, and realize the accurate supply of related products and services. The second is to improve the system of science and technology financial products and services. Promote the transformation of the supply of related products from single credit to comprehensive financial services. Third, we will continue to deepen bank-government cooperation. We will fully support the acceleration of the emergence of disruptive technologies and cutting-edge technologies, and help drive innovation-driven high-quality development. Fourth, optimize the risk control system. ”Direct financing channels for technology-based enterprises remain unimpededPromoting more financial resources to be invested in technology-based enterprises, providing more accurate, high-quality and efficient financial services for technology-based enterprises is also reflected in improving the direct financing function of the multi-level capital market. At present, the direct financing channels of science and technology enterprises remain unimpeded, and the function of the capital market to serve science and technology enterprises has been significantly enhanced. Regulators have launched bond products such as science and technology innovation bills and science and technology corporate bonds to broaden the direct financing channels for science and technology enterprises. The establishment of the Science and Technology Innovation Board and the Beijing Stock Exchange will deepen the reform and guide the sustainable and healthy development of venture capital and private equity investment. As of the end of June 2023, the balance of science and technology innovation notes and science and technology company bonds is about 450 billion yuan, more than 1,000 "specialized, special and new" small and medium-sized enterprises are listed on the A-share market, and the management scale of venture capital and private equity investment** is nearly 14 trillion yuan. "Banks are the main body of China's financial industry, and should highlight the key points, optimize the allocation of credit resources, explore new models and paths for the integration of finance and technology, and play a greater role in the development of science and technology finance. Wealth management companies can also give full play to their advantages such as diversified licenses and flexible mechanisms, and increase investment in technology-based enterprises through the issuance of thematic wealth management products. Dong Ximiao, chief researcher of Zhaolian, told the ** reporter. In addition, many respondents also mentioned the issue of risk prevention and control. Li Yifan said: "The key for financial institutions to do a good job in science and technology finance is to build an appropriate mechanism to effectively deal with related risks, promote the matching of banks' risk appetite with the risk characteristics of scientific and technological innovation activities, and form a mutual match between the supply of financial products and services and the financial needs of technology enterprises." "Scientific and technological innovation is an exploratory and creative work. Institutions need to guard against financial risks when coordinating financial support for scientific and technological innovation. In the view of Xue Hongyan, vice president of Xingtu Financial Research Institute, compared with traditional industrial finance, the difficulty of science and technology finance lies in the high uncertainty of science and technology enterprises and the lack of traditional credit enhancement methods. For banks, it is also necessary to strengthen the tracking and research of the industry while making efforts to develop science and technology innovation finance. In terms of the pace of business development, we should first deepen the specific field, and then gradually expand it, and avoid rushing to the top.
Financial services for the real economy should pay more attention to quality and efficiency
Su Xianggao During the two sessions of the National People's Congress in 2024, how to better serve the real economy in finance has become a hot topic for many deputies and members. As a matter of fact, this topic has been frequently mentioned and discussed by deputies and committee members at the two sessions of the National People's Congress and the National People's Congress in recent years, and it is a topic that is often discussed and renewed. From the perspective of development, the financial system and the real economy complement and promote each other, and together constitute an important force for social development and prosperity. At different stages of China's macroeconomic development, the real economy has different requirements for the "quantity" and "quality" of financial services. At present, China has entered a stage of high-quality development, the transformation of the economic structure is accelerating, and the new stage of development requires high-quality investment of financial resources, and also requires regulators, financial institutions, investors and other entities to pay more attention to the quality and efficiency of financial services for the real economy. First, in the process of guiding and evaluating financial services for the real economy, the regulatory authorities should pay more attention to the investment of financial resources in the field of "new kinetic energy". In fact, in the past few years, regulators have been effective in guiding financial institutions to increase their services in the "new driver" sector. According to the central bank, since 2018, the growth rate of inclusive small and micro loans, medium and long-term loans for manufacturing, and green loans in China has continued to be higher than the growth rate of all loans. At present, China's various re-lending tools have achieved basic coverage of the "five major articles". In the future, the regulatory authorities can continue to guide financial institutions to increase their support for major strategies, key areas and weak links, so as to meet the reasonable financing needs of high-quality economic development. Second, financial institutions need to continue to improve the concept, ability and quality of serving the new economy. On the one hand, in the past years, financial institutions have been more biased towards traditional industries in the financing structure of the real economy, and have accumulated rich service experience in the field of traditional industries. The transformation and upgrading of China's economic structure and industrial structure has put forward new demands for financial institutions, which requires commercial banks to step out of their comfort zone and continue to increase credit and debt investment in emerging fields, and require insurance companies, companies and public offerings to further increase equity and debt investment in emerging fields to meet the financing needs of emerging fields. On the other hand, while serving emerging industries, financial institutions should strive to balance profitability and security, improve their pricing power for various risks, and strive to achieve business sustainability. Third, all kinds of investors should also pay more attention to the quality and efficiency of financial service entities. For a long time, aggregate indicators such as the scale of social financing have been one of the important indicators for many investors to judge the heat of economic development. However, in the stage of high-quality development, only paying attention to the total changes in the real economy of financial services, and not paying attention to the quality and structural changes, cannot well grasp the laws and characteristics of the new stage of China's economic and financial development, which is not conducive to achieving good investment results, nor can it create a good market atmosphere for the implementation of precise monetary policies by relevant departments. In the "Report on the Implementation of China's Monetary Policy for the Fourth Quarter of 2023" released by the central bank, it pointed out that in the stage of high-quality development, economic development should not only be judged by economic growth, but also by financial support. It is necessary to look more at the effect of the decline in interest rates, and the steady decline in social financing costs shows that the credit demand of the real economy is reasonably satisfied; It is necessary to look more at the financial support in key areas such as scientific and technological innovation, green development, and small, medium and micro enterprises, so as to better reflect the degree to which financial resources meet the effective demand of the real economy. In short, to continuously improve the quality and efficiency of financial services for the real economy, it is not only necessary for the regulatory authorities to continue to increase guidance and support, but also for all kinds of financial institutions to continue to innovate themselves, and it is also necessary for the capital market and investors to look at the changes in the financing structure more objectively and rationally.
* |Station cool Hailuo production |Zhou Wenrui