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On April 18, the People's Bank of China and the State Administration of Foreign Exchange issued the "Notice on Doing a Good Job in Epidemic Prevention and Control and Financial Services for Economic and Social Development" (hereinafter referred to as the "Notice"). In the three aspects of national economic cycle and promoting the development of foreign trade and export, 23 policy measures were proposed to strengthen financial services and increase support for the real economy.
The "Notice" pointed out that it is necessary to give full play to the dual functions of monetary policy aggregate and structure, and increase financial support for industries, enterprises, and people affected by the epidemic. The People's Bank of China will maintain reasonable and sufficient liquidity, guide financial institutions to expand loan extension, and make reasonable profits to the real economy. Timely increase the re-loan quota for supporting agriculture and small businesses, make good use of inclusive small and micro loan support tools, and provide incentive funds based on 1% of the incremental balance of inclusive small and micro loans of local legal person financial institutions, and use the funds originally used to support inclusive small and micro credit The 400 billion yuan refinancing quota of loans will continue to be used on a rolling basis to promote financial resources to enterprises, industries, and regions affected by the epidemic. Guarantee the timely, accurate and direct access of the remaining tax refund funds, and promote market players to enjoy policy dividends as soon as possible. For the distressed people, financial institutions should flexibly support them by reasonably delaying the repayment time, extending the loan period, and delaying the repayment of the principal. Relevant overdue loans may not be reported as overdue records.
The "Notice" emphasizes that it is necessary to do a good job in implementing financial support policies for the real economy. Make good use of rediscounting and carbon emission reduction support tools for agricultural refinancing, optimize and support special refinancing for clean and efficient use of coal, and make every effort to ensure stable supply of food and energy. Set up a special re-loan for inclusive pensions to support financing for inclusive pension institutions. Make good use of the guaranteed loan policy for entrepreneurship, and enrich financial products and services for new citizens. Support local governments to moderately advance infrastructure investment, and ensure the reasonable financing needs of financing platform companies in accordance with laws and regulations. Implement policies according to the city, reasonably determine the minimum down payment ratio and minimum loan interest rate requirements for commercial personal housing loans, support the reasonable financing needs of real estate development companies and construction companies, and promote the stable and healthy development of the real estate market. Guide platform companies to carry out inclusive financial business in accordance with laws and regulations, so as to maximize the benefits for enterprises and people. Financial institutions are required to implement the "two unwavering" measures to increase the proportion of private enterprise loans among newly issued enterprise loans.
In order to implement the spirit of the national conference on ensuring the smooth flow of logistics and promoting the stability of the industrial chain and supply chain, the "Notice" requires to give full play to the role of emergency loans for civil aviation, accelerate the implementation of re-loans for technological innovation, and establish a credit and bond financing docking mechanism. Support the smooth flow of freight and logistics and the stable circulation of the industrial chain and supply chain. Financial institutions should take the initiative to follow up and effectively meet the financing needs of transportation and logistics companies and truck drivers, and provide reasonable loan extension and renewal arrangements for those who have temporary difficulties in repaying loans. For flexible employment entities such as truck drivers, taxi drivers, and online store owners, the support for operating loans will be increased compared with individual industrial and commercial households and small and micro business owners.
The "Notice" clarifies that the policy of facilitating foreign exchange receipts and payments of high-quality enterprises in trade will be extended to the whole country, and a higher level of RMB settlement facilitation and enterprises' foreign debt facilitation quotas will be piloted. The use of foreign exchange settlement for domestic foreign exchange loans with a trade export background is allowed. Improve the efficiency of cross-border RMB use by enterprises, and improve enterprise exchange rate hedging management services. The China Foreign Exchange Trade System exempts the interbank foreign exchange market transaction fees related to the foreign exchange derivatives transactions of small, medium and micro enterprises. Increase support for export credit insurance.
Since the beginning of this year, the People's Bank of China has stepped up its efforts to provide liquidity. In order to support the accelerated implementation of tax refunds for small and micro enterprises, the People's Bank of China has made great efforts to speed up the transfer of balance profits to the central government. As of mid-April, 600 billion yuan has been handed over. It is mainly used for tax rebates and transfer payments to local governments, which is equivalent to investing 600 billion yuan in base currency, which is basically equivalent to a comprehensive RRR cut of 0.25 percentage points. On April 15, the People's Bank of China announced that it would cut the RRR by 0.25 percentage points across the board, and would invest another 530 billion yuan in long-term funds. From a full-year perspective, the People's Bank of China will hand in a total of more than 1.1 trillion yuan in balance profits. The progress of payment will be made in advance, and timely allocation will be made according to the needs of tax refunds. It will cooperate with other monetary policy operations to effectively maintain reasonable and sufficient liquidity. Since the beginning of this year, the People's Bank of China has guided the market interest rate to drop by 0.1-0.15 percentage points, which led to a 0.21 percentage point year-on-year decrease in corporate loan interest rates in the first quarter to 4.4%, a record low since statistics were available. Increase support for structural monetary policy tools such as re-loans, make good use of re-loans to support agriculture and small businesses and two carbon reduction tools, accelerate 100 billion re-loans to the transportation and logistics sector, and create 200 billion re-loans for technological innovation And 40 billion yuan inclusive pension refinancing is expected to drive an increase of 1 trillion yuan in loans from financial institutions.
In the next step, the People's Bank of China and the State Administration of Foreign Exchange will work side by side with relevant departments, local party and government, and financial institutions to solidly promote the precise implementation of various policies, release policy dividends as soon as possible, and go all out to support the overall planning of epidemic prevention and control and The overall situation of economic and social development work.
Attachments
Notice on Financial Services for Epidemic Prevention and Control and Economic and Social Development
COVID-19The efficiency of cross-border collection and payment under the current account of enterprises. Encourage banks to enrich RMB investment and financing products, and facilitate enterprises to use RMB in foreign economic and trade activities and international cooperation.
(20) Increase support for export credit insurance. Give full play to the role of export credit insurance in credit enhancement and guarantee, guide insurance institutions to provide financial services to small, medium and micro foreign trade enterprises, and further improve the efficiency of insurance claims. Deepen the four-party cooperation between government, insurance, banks and enterprises, and provide richer cross-border trade background information and more convenient verification services through the application scenario of "export credit insurance policy financing" on the cross-border financial service platform, accurately serve foreign trade enterprises, and expand the scale of insurance policy financing.
(21) Improve the convenience of cross-border investment and financing for investors. Promote unified access standards for the inter-bank and exchange bond markets, simplify the market entry process, and improve the management of funds for foreign investors investing in the domestic bond market. Optimize the fund management of overseas institutions issuing bonds (panda bonds) in China, domestic affiliated enterprises of panda bond issuers can borrow relevant panda bond funds according to the principle of actual needs. Further facilitate the registration of domestic securities and futures investment funds by qualified foreign institutional investors (QFII) and RMB qualified foreign institutional investors (RQFII).
Fourth, strengthen the leadership of the party, improve the long-term sustainability of policies and the effect of policy publicity
(22) Give full play to the leading role of party building. The People's Bank of China, all units of the SAFE system, and all financial institutions must improve their political positions, unify their thoughts and actions with the decision-making and deployment of the Party Central Committee and the State Council, insist on the supremacy of the people and the supremacy of life, and effectively coordinate the prevention and control of the epidemic and the economic As a major political task at present, social development work should strengthen organizational leadership, implement relevant policies, and go all out to provide financial services.
(23) Strengthen the sustainability of financial support. Financial institutions must adhere to the principles of marketization and the rule of law, comprehensively consider factors such as profits, provisions, and write-offs, independently review loans, make decisions independently, and assume risks by themselves, and continue to do a good job in financial support. It is necessary to prevent moral hazards, strengthen the monitoring of capital flows and risk conditions, and ensure that enterprises use funds in a compliant and reasonable manner. All units in the People's Bank of China and the SAFE system should address the pain points and difficulties in policy implementation, actively respond to the reasonable demands of financial institutions and market players, and improve the long-term mechanism for policy implementation. It is necessary to increase policy publicity through the media and the Internet to ensure that policies benefit market entities in a timely manner.
