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SCIO press conference on China's financial statistics in H1 2022

Economy
The State Council Information Office (SCIO) held a press conference in Beijing on July 13 to brief the media on China's financial statistics in the first half of 2022.

China.org.cnUpdated:  July 22, 2022

Red Star News:

In the first half of the year, what measures have been introduced to help enterprises overcome difficulties and support the development of small, medium, and micro enterprises? How well do they work in stabilizing the economy? Will there be other policies in the next stage? Thank you.

Zou Lan:

I will take your question. Since the beginning of this year, in accordance with the decisions and plans of the CPC Central Committee and the State Council, the PBC has taken the initiative to use monetary policy tools to adjust both the monetary aggregate and the monetary structure early on, increase liquidity provision, strengthen the use of structural monetary policy tools, and enhance the capacity of financial institutions serving the real economy. In addition, we have introduced several policy measures to fully support steady economic growth, keep the operations of market entities stable, and promote employment stability.

First, we have strengthened policy support for enterprises in industries affected by the epidemic. Cooperating with relevant departments, we have issued 23 measures to provide financial services for epidemic prevention and control and to promote economic and social development. We have issued other policies and measures to help businesses in difficulty recover in the service sector, including the restaurant industry. We have also scaled up support for small, medium, and micro enterprises. By implementing measures such as deferred repayment of principal and interest, we have supported businesses facing difficulties in offsetting the impact of COVID-19.

Second, we have strengthened the multi-level coordination between government, banks, and enterprises. We have strengthened coordination with the National Development and Reform Commission (NDRC) and the Ministry of Industry and Information Technology (MIIT) to promote the sharing and application of credit information and smooth the connection between banks and enterprises through in-person visits and news feed on online service platforms. A national list of 648,000 companies in industries and core supply chain companies affected by the epidemic has been drawn up, with a total of 9.6 trillion yuan of loans offered.

Third, we have deeply carried out projects to improve the financial service capabilities of small, medium, and micro enterprises. We have promulgated a notice on promoting the establishment of a long-term mechanism for financial services for small and micro enterprises to see that they are confident, willing, and able to grant loans, further optimized resource allocation, and improve policy arrangements such as ensuring that those who have fulfilled their duties are not held accountable, increasing the tolerance for non-performing loans, internal fund transfer pricing, and differentiated evaluation of the performance. We have strengthened technological empowerment and product innovation and enhanced financial institutions' willingness, ability, and sustainability to serve SMEs. 

Fourth, we have expanded diversified financing channels. We have supported the issuance of special financial bonds for small and micro enterprises. In the first half of the year, a total of 215.5 billion yuan was issued, which effectively broadened the sources of credit funds for small and medium-sized banks. The Credit Reference Centre of the PBC promoted the Account Receivables Financing Service Platform and gave play to the role of the supply chain bill platform. At the end of June, a total of 365,000 account receivables financings were facilitated, with an amount of 16.7 trillion yuan.

In general, the quality and efficiency of financial services for the real economy have been further improved, and inclusive loans to small and micro enterprises continued to "increase in volume, expand in coverage, and decrease in price." Ms. Ruan also introduced relevant data just now. In May, the weighted average interest rate of newly issued inclusive loans to small and micro enterprises was 5.19%, a decrease of 5 basis points from the previous month.

Next, the PBC will strengthen cooperation with the NDRC, MIIT, and the Ministry of Finance, continue to thoroughly implement policies that have been issued and increase support for the development of industries and enterprises affected by the epidemic, especially small and micro enterprises. These measures will boost the confidence of market players and help maintain stable macroeconomic performance. Thank you.

Xing Huina:

If there are no more questions, today's press conference will be concluded here. Thank you to the three speakers and friends from the media. Goodbye.

Translated and edited by Liu Qiang, Zhou Jing, Xu Kailin, Huang Shan, Xu Xiaoxuan, Zhang Rui, Wang Yiming, He Shan, Lin Liyao, Wang Qian, Zhang Liying, Yang Xi, Li Xiao, Li Huiru, David Ball, Tom Arnsten, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.


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