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SCIO press conference on China's financial statistics in 2022

Economy
The State Council Information Office held a press conference in Beijing on Jan. 13 to brief the media on China's financial statistics in 2022.

China.org.cnUpdated:  February 3, 2023

Tianmu News: 

The Central Economic Work Conference mentioned working unswervingly both to consolidate and develop the public sector and to encourage, support and guide the development of the non-public sector. This has created policy support and public opinion base that encourage the private economy and private enterprises to expand and strengthen. What measures will the PBC take to bolster the development of the private sector? Thank you.

Ma Jianyang:

Thank you for your question, which is of much concern to many people. In recent years, the Chinese economy has faced downward pressure due to the repeated impact of the pandemic and the unstable international situation, while private companies have faced more difficulties. According to the decisions and arrangements of the CPC Central Committee and the State Council, the PBC has created structural monetary policies, improved credit support policies, expanded diversified financing channels and continued to optimize the financing environment for private micro and small enterprises. Mr. Xuan presented statistics about inclusive loans to micro and small businesses in detail, and I will provide two more pieces of data. Inclusive loans to micro and small businesses have grown by around 20% for four straight years. In November 2022, the weighted average interest rate of newly issued inclusive loans to micro and small businesses was at 4.9%, a relatively low level. Micro and small businesses' effective needs for inclusive loans and their payment capacity were affected by the pandemic, and financial support has provided important guarantees and backing for them. For example, the market-based extension reached 30%. 

Going forward, earnestly implementing the arrangements of the Central Economic Work Conference and adhering to a problem-oriented approach, the PBC will focus on issues of concern to society and guide financial institutions to treat enterprises from all sectors on an equal footing. In doing so, we will create a better financial environment for the further development of the private economy and private enterprises. First, we will provide greater credit support for micro and small enterprises in the private sector. Mr. Zou explained the work to improve structural monetary policy tools, and we will continue to use these tools well with intensified efforts. Second, we will further increase the scale of debt financing by private enterprises. In November 2022, we improved and strengthened the work regarding private enterprises' debt financing, resulting in the total issuance of 16.9 billion yuan of debt by private enterprises in more than a month. Next, we will further optimize supportive mechanisms for private enterprises' debt financing and enlarge their scale of debt issuance. Third, financial services for private micro and small businesses will be further improved. Now many banks provide online services. Some of them are able to complete the transaction of loans of less than 1 million yuan in one minute, which will further improve the financing service for private companies. Fourth, we will continue to promote the healthy and regulated development of platform companies. Previously, progress was made in rectifying large platform companies' financial businesses and most problems were solved. Going forward, we will continue to urge platform companies to go through with the rectification work, and improve day-to-day supervision. We will also support platform companies in technological innovation for them to achieve fruitful results in driving development, creating jobs, and competing on the global stage. Thank you. 

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