Dongfang.com reporters Wang Yongjuan and Bai Kelin reported on May 31: How can various monetary policy tools support the continued development of the real economy? At today’s press conference on the preparations for the 14th Lujiazui Forum, Sun Hui, deputy director of the Shanghai Headquarters of the People’s Bank of China, introduced the relevant situation.
Sun Hui said that since the beginning of this year, Shanghai’s economy has shown relatively strong restorative growth, and its operation has been relatively stable. In line with this, the total amount of credit financing has continued to grow steadily, and financing costs have declined steadily. The support for key areas and weak links such as environmental protection and green development has also maintained the necessary strength.
In terms of total volume, at the end of April, the balance of local and foreign currency loans in Shanghai increased by 8.5% year-on-year, and the growth rate was 0.9 percentage points higher than that at the end of the previous year. From January to April, the cumulative increase was 371.4 billion yuan, an increase of more than 100 billion yuan year-on-year. From the perspective of financing costs, the weighted average interest rate of newly issued corporate loans in Shanghai in April was 3.57%, a year-on-year decrease of 16 basis points, the lowest level in history, and one of the lowest in the country.
From the perspective of credit support in key areas and weak links, on the one hand, it is to continue to promote the high-quality development of small and micro enterprises and private enterprises. In the first four months of this year, the Shanghai Headquarters of the People’s Bank of China has issued a total of nearly 50 billion yuan of re-loan and re-discount funds, a year-on-year increase of 43%. Nearly 500 million yuan of incentive funds have been provided through inclusive small and micro loan support tools, driving the new development of Shanghai local corporate banks. Increased inclusive small and micro loans by more than 24 billion yuan; through the phased interest rate reduction support policy for inclusive small and micro loans, interest rates for more than 300,000 small and micro enterprises in Shanghai have been reduced by about 1.8 billion yuan. At the same time, at the same time, we also adhere to the combination of long-term and short-term, and treat both symptoms and root causes, continue to promote the capacity building of financial services for small and micro enterprises and private enterprises, and build a long-term mechanism for daring to lend, willing to lend, able to lend, and able to lend. At present, some breakthroughs have been made in Shanghai’s private small and micro enterprises in terms of credit support, risk compensation, guarantees, etc.
In addition, increase support for key areas such as scientific and technological innovation and green development. In this regard, structural monetary policy tools have played a prominent role, such as carbon emission reduction support tools, special refinancing for clean and efficient use of coal, technological innovation refinancing, transportation and logistics. Special refinancing, special refinancing for equipment renovation, etc. As of the end of the first quarter, banks in Shanghai have accumulatively promoted the issuance of more than 137 billion yuan of loans that meet various special re-lending requirements, of which about 37 billion yuan was released in the first quarter of this year. Driven by this, at the end of April, the balance of loans to technology-based SMEs in the city increased by 46.1% year-on-year, and the balance of medium- and long-term loans to manufacturing industries increased by 41.9% year-on-year, both of which were significantly higher than the overall growth rate of various loans in the city.
Sun Hui said that in the next stage, the People’s Bank of China will continue to implement a sound monetary policy accurately and forcefully, guide the steady growth of credit scale, and at the same time give full play to the role of structural monetary policy tools to guide more financial resources to private small and micro enterprises, technological innovation, Prioritize green development and other key areas and weak links, promote the enhancement of the endogenous growth momentum of the economy, and consolidate and expand the positive momentum of the economy.
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