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Guo Shuqing: Banking financial institutions can now handle the equity pledge risk steadily.

November 08, 2018 15:54
source: Financial Times
edit:Eastern Fortune Network

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Summary
[Guo Shuqing: Initial consideration of the loan for private enterprises to achieve the goal of "one two two"] On November 7, Guo Shuqing, secretary of the Party Committee of the People's Bank of China and chairman of the China Banking Regulatory Commission, accepted an interview with a reporter from the Financial Times. He pointed out that The secretary’s speech at the private enterprise symposium not only gave private entrepreneurs a “reassuring heart”, but also gave financial institutions and financial management departments a “reassuring heart”. In the next step, the Bank's Insurance Regulatory Commission will start from the aspects of “stable”, “reform”, “extension”, “teng” and “down” to solve the problem of financing difficulties for private enterprises.

  Send "timely rain" for private enterprise financing

  Interview with Guo Shuqing, Party Secretary of the People's Bank of China and Chairman of the China Banking Regulatory Commission

How to solve the "financing mountain" in front of private enterprises, has been concerned by the community.

On November 1, Xi Jinping, the general secretary of the CPC Central Committee, presided over a private enterprise symposium to listen to the opinions and suggestions of private entrepreneurs, face the difficulties and problems of the development of private enterprises, and delivered an important speech on supporting the development of private enterprises.

On November 7, Guo Shuqing, secretary of the Party Committee of the People's Bank of China and chairman of the China Banking Regulatory Commission, accepted an interview with a reporter from the Financial Times. He pointed out that the speech of the general secretary at the private enterprise symposium not only gave private entrepreneurs a "reassuring". It also gave the financial institutions and financial management departments a "reassuring". In the next step, the Bank's Insurance Regulatory Commission will start from the aspects of “stable”, “reform”, “extension”, “teng” and “down” to solve the problem of financing difficulties for private enterprises.

Guo Shuqing emphasized that the initial consideration of loans to private enterprises should achieve the goal of “one two two five”, that is, in the new corporate loans, the loans of large banks to private enterprises should not be less than 1/3, and small and medium-sized banks should not be lower than 2/3, after three years of competition, the banking industry's loans to private enterprises accounted for no less than 50% of new corporate loans.

Reporter: Why did General Secretary Xi Jinping’s speech at the private enterprise symposium on November 1 cause such a big response in the whole society? Why are the business and financial circles very excited?

Guo Shuqing: The speech of the General Secretary is very timely and very important. It can be said that it was an important speech delivered during a major historical turning point. It is a programmatic document put forward by the Party Central Committee in the face of the arduous task of upgrading and upgrading the economy. significance.

Under the background of China's economy embarking on a high-quality development path, it is inevitable for private enterprises to encounter current difficulties and problems. In his speech, the General Secretary repeatedly reiterated the basic principle of "two unwavering", releasing a strong signal of clearing the source and boosting confidence, emphasizing the need to break the invisible "rolling door", "glass door", "revolving door" and so on. Barriers, solve the problem of good service for private enterprises, especially for small and medium-sized enterprises. The general secretary pointed out that for some irregular behaviors that have existed in the history of private enterprises, we should look at the problems from a developmental perspective, deal with the principle of crimes and punishments, and the principle of suspicion of crimes, so that entrepreneurs can unload their thoughts and carry forward lightly. , single-mindedly run a good business. It can be said that the speech of the General Secretary answered the solution to the so-called "historical original sin" problem. The important speech of the General Secretary not only gave the private entrepreneurs a "reassuring", but also gave the financial institutions and financial management departments a "reassuring", so the business community and the financial community were very excited.

Reporter: General Secretary Xi Jinping stressed that it is necessary to give priority to solving the problem of financing difficulties for private enterprises, especially small and medium-sized enterprises, and even failing to finance them. What measures has the financial management department taken to alleviate the financing problems of private enterprises, and how is the progress?

A: The financial management department resolutely implements the spirit of the important speech of General Secretary Xi Jinping and the decision-making and deployment of the Party Central Committee. In response to the difficulties and focal issues in the financial services of private enterprises, a series of measures have been taken to solve the difficulties in the development of private enterprises with practical actions. The problems in the advancement will help the private enterprises to continue to develop in a healthy and stable manner.

Since the beginning of this year, the financial management department has continued to exert strength in five aspects: First, “stable”, stable financing, stable confidence, and stable expectations. The People's Bank of China and the Banking Regulatory Commission jointly issued a document and proposed various specific measures. As of the end of September, banking financial institutions accounted for nearly a quarter of the total loans to private enterprises, and the growth rate continued to rise. The second is to “reform”, reform and improve the financial institutions' regulatory assessment and incentive and restraint mechanisms, link performance appraisal with support for the private economy, and optimize due diligence and fault tolerance correction mechanisms. In the first three quarters, single-funded credits of less than 10 million yuan (including) of small and micro enterprises increased by 19.8%. It is expected that the goal of "two increases and two controls" will be successfully completed. The third is to “expand”, broaden the financing channels of private enterprises, comprehensively use direct financing and indirect financing channels, and fully mobilize various financial resources such as credit, bonds, equity, wealth management, trusts, and insurance. The fourth is "Teng". Increase the disposal of non-performing assets, revitalize credit stocks, promote market-oriented legalized debt-to-equity swaps, establish a joint credit mechanism, and free up more funds to support private enterprises. So far, 214 contracts have been signed for debt-to-equity swaps, with a contracted amount of 1.8 trillion yuan, 131 projects, and a total of nearly 450 billion yuan. These projects include state-owned enterprises and private enterprises. The fifth is "down". Take measures to reduce the financing costs of private enterprises, urge financial institutions to reduce service charges, optimize service processes, and differentiate loans.interest rateDrop the target. As of the end of the third quarter, 18 major commercial banks (5 large state-owned banks, postal savings banks and 12 joint-stock banks) averaged small and micro enterprisesinterest rate6.23%, a decrease of about 0.7 percentage points from the first quarter, urban commercial banks, rural small and medium-sized financial institutions decreased by 0.28 and 0.85 percentage points respectively, and Internet banks such as Weizhong Bank dropped the average interest rate of small and micro enterprises by 1 percentage point.

There are several measures in the near future, and the parties are more concerned. First, in accordance with the relevant requirements of the “New Regulations for Assets Management” and the “New Regulations for Financial Management”, the “Administrative Measures for Financial Banking Subsidiaries of Commercial Banks” has publicly solicited opinions from the public. At present, the overall response is positive and will be officially released later this month. It is expected that more wealth management funds will be mobilized to support private enterprises. Second, the risk of stock pledge financing, especially for private enterprises facing liquidation, on the basis of not forcibly closing the position, “one household, one policy” to assess risks, formulate plans, adopt supplementary credit pledges and other forms of credit enhancement, and secure Resolve its liquidity risk. Overall,Banking financial institutions are now able to safely handle equity pledge risks, and there is no liquidation. The third is to give full play to the long-term stable investment advantage of insurance funds, allowing insurance funds to set up special products to participate in the resolution of the liquidity risk of listed companies and private enterprises' stock pledges, and not to be included in the proportion of equity investment supervision. At present, there are 3 special products on the market, with a total scale of 38 billion yuan.

Reporter: Private enterprises now reflect that some banking financial institutions have adopted a simple “one size fits all” approach to shrinking the financing of private enterprises, especially for private enterprises that have difficulties and problems, blindly lending, lending and pressure on loans. What is the requirement for the Banking Regulatory Commission as a regulatory authority?

A: The Banking Regulatory Commission requires banking financial institutions to never simplistic "one size fits all", to objectively treat the difficulties encountered in the development of private enterprises, implement differentiated credit policies, and adopt refined and targeted measures to help private enterprises get rid of Dilemma. Specifically, there are three main types of situations: The first category is a sudden risk event in the areas of environmental protection, safe production, and product quality. This situation requires "one enterprise and one policy" to conduct one by one judgments to help take measures and measures to resolve and improve. The second category is the occurrence of credit defaults. For example, corporate loans or bonds are not yet due, and this problem has been more prominent this year. Banks and enterprises are required to serve as a community of interests, face difficulties together, analyze specific reasons, and not simply break the loan, lend money and pressure on loans, avoid causing fatal blows to enterprises, and reduce the bank's own loss of creditor's rights. The third category is for the emergence of private entrepreneurs suspected of breaking the law or cooperating with the discipline inspection and investigation, etc., requiring banking financial institutions to strengthen reporting and communication with local governments, do everything possible to protect the production and operation of private enterprises, and stabilize the employment and confidence of private enterprises. Relevant banking financial institutions must form a creditor committee and take concerted action. In the above situation, we are constantly summing up our experience and have accumulated some effective methods that will be continuously improved and promoted.

Reporter: The Banking Regulatory Commission has proposed the goal of “two increases and two controls” for small and micro enterprise financial services. Will it propose similar policy objectives for private enterprises?

A: At the beginning of the year, the China Insurance Regulatory Commission proposed the goal of “two increases and two controls” for small and micro enterprise loans. The “two increase” refers to the single-person credit totaling of less than 10 million yuan (including) small and micro enterprise loans growth rate is not lower than the year-on-year growth rate of various loans, the number of loans is not lower than the same period of the previous year; "two control" It refers to the reasonable control of the comprehensive cost and loan quality of small and micro enterprises. As of October, the banking industry has completed the goal of “two increases and two controls”. The total amount of credit for small and micro enterprises has been continuously improved, and the credit structure has been optimized.

From the perspective of private enterprises, according to incomplete statistics, private enterprise loans account for 25% of the current banking loan balance, while the private economy has a share of more than 60% in the national economy. The loans that private enterprises receive from banks and their proportion in the economy are still not matched and incompatible. In the long run, the banking industry's loan support for private enterprises should match the corresponding proportion of the private economy in the national economy. Therefore, for private enterprise financial services, we will also set corresponding policy objectives, so that private enterprises can obtain sufficient financial support from financial institutions. Preliminary consideration of loans to private enterprises should achieve the goal of “one two two five”, that is, in the new corporate loans, the loans of large banks to private enterprises should not be less than 1/3, and that of small and medium-sized banks should be no less than 2/3. After three years of competition, the banking industry’s loans to private enterprises accounted for no less than 50% of new corporate loans.

Reporter: At present, some private enterprises reflect that the high cost of financing is relatively prominent, which has brought great pressure on the operation of enterprises. Even many enterprises are overwhelmed. What regulatory measures and plans are there for the regulatory authorities?

A: In recent years, the problem of financing difficult financing for private enterprises has improved, but it has not been fundamentally improved. There is still a gap compared with the needs and expectations of enterprises. In particular, due to various factors at home and abroad, the problem of financing difficult financing for private enterprises is more prominent and even worse. In addition to financing difficulties, many private companies feel that financing costs are relatively high. Frankly speaking, banks still have some invisible barriers to private enterprises. This is caused by many reasons. To a certain extent, many private enterprises have higher financing costs from the banking channel. It should also be noted that many private enterprises have more financing channels, in addition to bank loans, but also from small loan companies, financial leasing, pawn shops, private equity funds and other financial institutions, as well as private financing, etc., some annualized interest rates up to 30% The above has caused many private enterprises to be overwhelmed, increased the probability of credit default, and also transmitted risks to the banking system.

General Secretary Xi Jinping particularly emphasized the gradual reduction of financing costs at the private enterprise symposium. I believe that we must first start from changing our mindset and treat state-owned enterprises and private enterprises equally and treat them equally. To evaluate a company, do not look at its ownership, not to look at its size, mainly depends on its governance structure, risk control capabilities, technological development level and market demand. It is necessary to clearly stipulate that banks must not have any ownership discrimination in terms of credit policy, credit business and internal assessment. Secondly, the bank should establish a long-term mechanism for financing cost management of private enterprises. At the beginning of the year, we guided the banking financial institutions to set a target for the pressure drop of private enterprises, especially small and micro enterprises, and increased the monitoring intensity. From the third quarter, the loan interest rate. The effect of the decline is more obvious. In the next step, the bank should shorten the financing chain of private enterprises and clean up unnecessary “channels” and “through the internal fund transfer pricing incentives, optimization of loan process management, upgrading of differential interest rate pricing, reduction of interest rates on loans, and reduction of service charges”. Cross-bridge links, rational control of private enterprise lending interest rates, and drive down overall financing costs. Thirdly, continue to rectify the bank's non-compliance and unreasonable financing charges, and severely crack down on all kinds of disguised behaviors to raise financing costs. Banks report to the masses that banks are charging fees, transferring costs, deposits and loans, lending, and deductions. If the loan quota, unreasonable extension of the financing chain, etc., it is necessary to increase the accountability of rectification. Finally, it is necessary to form a joint effort to reduce the comprehensive cost of financing private enterprises, implement the relevant requirements of the State Council on further clean-up and regulation of enterprise-related charges, reduce the additional costs of financing for private enterprises, especially small and micro enterprises, and standardize financing-related guarantees (counter-guarantee) fees and assessments. Additional fees for fees such as fees and notary fees.

Reporter: At present, some banking financial institutions still have certain fear of lending to private enterprise loans. How can we push banks to let go of their burdens and let them lightly install and strengthen financial services for private enterprises?

A: The key is to promote the formation of a credit culture of “dare to lend, be able to lend, and to lend” to private enterprises, and implement the entire process of credit work, so that banking financial institutions are willing to do, can do, and do private enterprise business. . The so-called "dare to lend" requires banks' financial institutions to establish due diligence, corrective and fault-tolerant mechanisms, speed up the formulation of supporting measures, revise the original unreasonable system, and stimulate the endogenous motivation of serving private enterprises. The so-called "energy loan" means that the credit resources of banking financial institutions should be inclined to private enterprises, and a special credit policy should be formulated. The approval authority should be decentralized, and the credit line should be listed separately to ensure that the private enterprises always have sufficient credit space. The so-called "willingness to lend" means fully considering the operating characteristics of private enterprises, re-examining, sorting out and revising the original assessment and incentive mechanism, so that the employees engaged in the business of private enterprises will pay their energy, their responsibilities and the incentives they enjoy. Matching, fully mobilize its enthusiasm and initiative.

Reporter: Understanding is the forerunner of action. On the issue of serving private enterprises, what kind of understanding do you think should promote financial institutions?

A: Financial institutions and entities are essentially a community of interests. In terms of understanding, the key is to promote the awareness and thinking of banks and enterprises, especially financial institutions, to form a "community of bank-enterprise destiny". We must fully recognize the relationship between finance and the real economy, the real economy is the foundation of finance, and finance is the entity. The blood of the economy, serving the real economy is the duty of finance, the purpose of finance, the foundation of financial industry, and the fundamental measure to prevent financial risks. Serving private enterprises is a strategic business of banks. It has great growth potential and will occupy a higher proportion. Therefore, it can be said that private enterprises are good, financial is good, private enterprises are prosperous, and financial development is good, helping private enterprises to tide over difficulties. It is to help the financial industry to overcome the major barrier of preventing and resolving financial risks. Financial institutions should fully and clearly understand the importance and urgency of serving private enterprises, and do everything possible to build a community of fate of banks and enterprises, work together in the same boat, share prosperity and common development.

  Media reports >>

  Private enterprise financing is also good! The China Insurance Regulatory Commission considers setting a target for private enterprise loans. The equity pledge “one household, one policy”

  Yi Ganggang issued "three arrows" Guo Shuqing's new initiative came! Solving the difficulty of financing: the bank’s loan to private enterprises is not less than 1/3

(Article source: Financial Times)

                (Editor: DF075)

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