Source: Hong Kong Zhongtong News Agency
Author: Ye Yongcheng
From January 25, the People's Bank of China (the central bank) lowered the branch of the agricultural branch small re -loan and re -discount rate of 0.25 percentage points, which was reduced from 2%to 1.75%.Household credit granting does not exceed RMB 10 million (S $ 1.88 million) to 20 million yuan.In this way, can the people's measures that support small and micro enterprises and the "agriculture, rural areas, rural areas, and farmers) can stimulate and promote the operating vitality of the private economy and small farms?
The interest rate of the small re -loan loan of the small agricultural branch of the branch of the central bank was on December 7, 2021. After the adjustment, the interest rate of small re -loan interest rates for 3 months, 6 months, and one -year branch agricultural branch was 1.7 % and 1.9, respectively.%,2%.
The two measures of this round of interest rates and relaxation standards are "price reductions" and "expansion".In recent years, as the cost of comprehensive loan of the real economy has continued to refresh the record low, the reasonable reduction in financing costs such as re -loan and re -discounting tools is reasonable, which is also reasonable to better reflect the pricing of product risk compensation.
China (Shenzhen) Comprehensive Development Research Institute's financial development and executive director of the State -owned Enterprise Research Institute Yu Lingqu said in an interview with the Hong Kong News Agency on the 25th that targeted policies were given to commercial banks to carry out agricultural loans and small and micro loansSupporting and reducing the operating costs of bank -related business, on the one hand, it can promote commercial banks to achieve precise funds. On the other hand, the financing costs of farmers and small and micro enterprises are also expected to further reduce and enjoy the dividend brought by policies.
Some industry pointed out that the low interest rate of the branch agricultural branch is mainly to support the policy -oriented industry and customer base. One is to make the bank favorably, and it may increase investment.Low cost gain.As for the policy adjustment of the bank's policy and the implementation of the policy, and the implementation of the implementation, there are still differences in the policy direction of various banks.
It is worth noting that, from the perspective of interest, as the threshold for inclusive and supporting farmers decreases, the original customer credit scale can double and increase the income.At the same time, it is conducive to the increase in medium- and long -term loans of the enterprise.
The central bank data shows that in December last year, the short -term loan of the enterprise fell after rushing, and the company's long -term loan was rarely increased year -on -year.Earlier information disclosure is that supporting farmers, supporting small re -loans and re -discounting are long -term tools, mainly for local legal person financial institutions, and also for national commercial banks and foreign banks.
Yu Lingqu said that in addition to further expanding bank loans, it can also introduce more policies and measures to encourage private enterprise creditor's rights and direct equity financing to form a richer private enterprise financing "toolbox" to meet the diversification of private enterprisesFinancial demand.
The latest report of Donghai Securities believes that as a long -term structural tool, the decline in the interest rate of small and re -loan loans of the agricultural branch will directly reduce the cost of liabilities in small and medium -sized banks.The interest rate level is 25 basis points (0.25%), and the prediction will reduce the annual debt cost of small and medium -sized banks by 6.7 billion yuan.
Data show that as of the end of last year, rural small and medium -sized banks had agricultural loans of 16 trillion yuan, small and micro enterprise loans were 17 trillion yuan, and small loans of agricultural support have been maintained at about 80%for a long time.Essence
Yu Lingqu believes that the scale of China's financial system is huge, but agricultural financing and small and micro private enterprise financing are the weak links of the construction of the financial system., It will inevitably be able to get effective response from the market.
CICC's latest release analysis last December credit data believes that from the perspective of demand, government departments have strong financing, the financing of residential departments is generally the same as the low base, the corporate department's financing is weak, and the sustainable monetary social integration in the future is sustainable.Expansion will continue to rely on policy efforts.
