Banking Regulatory Commission urges banking and insurance industry to continue to strengthen private and small and micro enterprise services
On October 30, the State Council held a press conference and invited Wang Zhaoxing, vice chairman of the China Banking Regulatory Commission, to introduce the recent situation of “Public and Insurance Services Private Enterprises, Small and Micro Enterprises” and continue to do the next stage. The work put forward the requirements. Relevant persons in charge of ICBC, China Construction Bank, PICC and Zhejiang Tailong Commercial Bank attended the conference and introduced their respective experiences and practices in supporting the development of private enterprises and small and micro enterprises.
Wang Zhaoxing said that the Party Central Committee and the State Council attach great importance to the financial services of private enterprises and small and micro enterprises. Recently, General Secretary Xi Jinping has made important instructions on supporting the development of the private economy. He pointed out that the historical contribution of the private economy is indelible. The status of the private economy is unquestionable. It is necessary to create a good rule of law environment for private enterprises and further optimize the business environment. Unswervingly support the development of the private economy. The State Council executive meeting has also repeatedly studied the issue of easing the financing services of private enterprises and small and micro enterprises. The China Insurance Regulatory Commission has adopted a number of precise and effective measures to urge the banking insurance institutions to profoundly understand the significance of doing a good job in financing private and small and micro enterprises, and to effectively solve the problem of “hot and cold” in policy transmission. We will continue to strengthen credit support in areas such as private and small and micro enterprises, especially to promote the expansion of loans for Pratt & Whitney small and micro enterprises, and strive to achieve the “two increase” goal of loan balance and households throughout the year. Supervise the banking financial institutions to strengthen cost management, implement service fee reduction and exemption policies, and effectively reduce the financing costs of small and micro enterprises. Further refine the interest income of small and micro enterprise loan exemption from the implementation of the VAT policy, and guide the banking financial institutions to use the full fiscal tax and monetary policy. After years of unremitting efforts, most banks and insurance institutions have made private and small and micro enterprise financial services an important support point for medium and long-term development strategies, and all relevant departments have continuously strengthened the policy of “combination boxing” of multi-party linkage policies. The quality, depth, breadth and efficiency of financial services for small and micro enterprises have improved, and financing costs have begun to decline. As of the end of September 2018, the balance of small and micro enterprise loans was 33.04 trillion yuan, and the number of households with loan balances was 17.915 million. Among them, the balance of Pratt & Whitney small and micro enterprise loans (small and micro enterprise loans with a single-credit credit of less than 10 million yuan) was 8.93 trillion yuan, a year-on-year increase of 19.80%, which was 7.17 percentage points higher than the year-on-year growth rate of various loans; The number of households was 1,601,100, an increase of 4,607,100 over the same period of the previous year. The loan growth rate and the number of households were increased. The average commercial bank (including 5 large banks, 12 joint-stock banks, and postal and storage banks) issued an average interest rate of 6.23% for the newly-improved Pratt & Whitney small and micro enterprise loans in the third quarter, down 0.70 percentage points from the first quarter, and the financing costs were controlled. Insurance services are improving. From January to September 2018, credit insurance and loan guarantee insurance provided a total of 502,700 small and micro enterprises to provide financing and credit enhancement services, which enabled them to obtain bank loans of 65.850 billion yuan.
Wang Zhaoxing pointed out that China's current economic development has entered a critical stage of the transformation of old and new kinetic energy. The banking industry and the insurance industry must always maintain a good strategic strength, firmly support the private sector, take root in the determination, strengthen the confidence of the bank and enterprises, and strengthen the "snow in the snow" Responsibility. In the next stage, the China Insurance Regulatory Commission will take the guidance of Xi Jinping's new era of socialism with Chinese characteristics as the guide, firmly establish the "four consciousnesses", continuously enhance the "four self-confidences", earnestly achieve "two maintenance", and resolutely implement the Party Central Committee, The State Council promotes financial services to better serve the real economy, increase decision-making and deployment of financial support for private enterprises and small and micro enterprises, strengthen monitoring, supervision and investigation and research, and work with relevant departments to improve supporting policies and measures, and do a good job in the implementation of the policies that have been introduced. Further improve the quality of financial services for private and small and micro enterprises.
Wang Zhaoxing's opening speech and answering questions at the press conference of the State Council Information Office
(October 30, 2018)
Ladies and gentlemen, media friends, I am very happy to meet you again. I also take this opportunity to introduce some measures taken by the Bank of China’s insurance industry in the recent period to serve the private economy and serve private enterprises, especially small and micro enterprises. And some progress made.
As we all know, the Party Central Committee and the State Council attach great importance to the development of private enterprises and small and micro enterprises. Finance is also obliged to strengthen support for private enterprises and small and micro enterprises, and make our contribution to the healthy development of private enterprises and small and micro enterprises. . At the same time, private enterprises of small and micro enterprises are also important customers of our bank insurance. Everyone knows that the private economy and small and micro enterprises have a very important role in China's economic construction and are a very important force. Recently, General Secretary Xi Jinping repeatedly stressed that it is necessary to support the development of the private economy. It points out that the historical contribution of the private economy is indelible. The status of the private economy is unquestionable. It is necessary to adhere to the "two unwavering" and create a better environment for the rule of law for private enterprises. Business environment.
This year, the State Council held several executive meetings, and the State Council Financial Stability Development Committee also held special meetings to study ways to ease the financing difficulties and financing problems of private enterprises and small and micro enterprises, help private enterprises tide over difficulties and be healthy. development of.
The China Insurance Regulatory Commission has just been formed this year. The newly formed Banking Insurance Regulatory Commission firmly established the "Four Consciousnesses" and conscientiously implemented the decision-making arrangements of the Party Central Committee and the State Council. On the one hand, we must pay close attention to institutional reform and adjustment, and on the other hand, we will unswervingly promote banking insurance. Industry reform, without hesitation to prevent and resolve financial risks, but also unswervingly support the guidance of banking insurance institutions, increase support for the real economy, especially the support of private enterprises, small and micro enterprises. Since the beginning of this year, we have taken many measures and achieved staged results. I am here to brief you on the current operation of the banking industry and the insurance industry as a whole. In general, bank credit has grown steadily and rapidly, and the strength of the service entity economy has also increased. In the first nine months of this year, the accumulated loans of banking financial institutions totaled 13 trillion yuan, an increase of 1.5 trillion yuan year-on-year, and the balance increased by 12.6%. It should be said that the credit supply should be relatively abundant. At the same time, the allocation of credit resources strengthens key support for weak links in key areas. In addition to loans, bank insurance institutions also support the real economy and support private enterprises through direct and indirect bond investments. At present, the balance of bonds held directly by the banking industry has reached 44 trillion yuan. As we all know, the total assets of the banking industry are now about 256 trillion yuan, and the holdings of bonds are 44 trillion yuan, a year-on-year increase of about 16%. Insurance funds have also increased the proportion of bond investment, which has reached 5.5 trillion yuan. Local government special bonds with large circulation recently are also used for infrastructure construction, and nearly 90% of them are invested by bank insurance institutions. In the first three quarters, the insurance industry provided a total of 5,746 trillion yuan of risk protection for the whole society, a year-on-year increase of 97%. The accumulated indemnity and payment expenses were 912.9 billion yuan, which played an important role in the development of the real economy and the risk of slow release.
The second aspect is that new progress has been made in mitigating risks. As we all know, this year is the first year to prevent and resolve major risks. We have taken measures to actively resolve and prevent related financial risks and maintain the security and stability of the financial system. Since the beginning of this year, the Banking Regulatory Commission has continued to strengthen supervision over key areas such as shadow banking and rectify market chaos. It should be said that the financial system is self-circulating, internal self-idling, arbitrage, and the bank's funds are virtually deflated. At the same time, the bank urged banks to comprehensively use cash collection, bulk transfer, asset securitization, debt-to-equity swaps, loss write-offs and other means to increase the intensity of disposal of non-performing assets. In the first three quarters, a total of non-performing loans reached 1.2 trillion yuan, a year-on-year disposal of more than 230 billion yuan, of which the provision for write-offs reached more than 700 billion yuan, a year-on-year write-off of more than 190 billion yuan. At present, non-performing loans in the banking industry are still controlled within 2%, which should be said to remain at a relatively stable level.
The third aspect is that the ability of bank insurance institutions to resist risks continues to increase. The main regulatory indicators of the banking industry and the insurance industry are within the reasonable range of supervision. As of the end of the third quarter, the liquidity coverage rate of commercial banks reached 128%, the provision coverage ratio reached 180%, and the capital adequacy ratio reached 13.8%. The solvency adequacy ratio reached 245% and the core solvency adequacy ratio reached 234%. All of these indicate that while the risk is being resolved, the bank insurance industry's ability to withstand risks and mitigate risks is also increasing.
The fourth aspect is that the bank insurance industry has made new breakthroughs in opening up to the outside world, including the elimination and relaxation of foreign ownership, the relaxation of foreign institutions and business access conditions, the expansion of the scope of business of foreign-funded institutions, and the optimization of foreign-funded regulatory rules. They are currently landing. The continuous expansion of opening up will promote the increase of effective financial supply and promote the vitality of the financial market.
This is the overall situation of the banking insurance industry. What I want to emphasize in particular is that this year, the China Insurance Regulatory Commission has taken a series of measures specifically aimed at the financing difficulties faced by private enterprises, including vigorously diverting the transmission mechanism of monetary policy and vigorously developing inclusive finance. We propose loans for inclusive small and micro enterprises. The growth rate cannot be lower than the average speed of all loans, and the number of loans should not be lower than the same period of the previous year. At the same time, banks are also encouraged to provide financial support to leading private enterprises with outstanding main businesses, give full play to their leading role, and stabilize the production and operation of upstream and downstream enterprises. In order to enhance and improve the services of bank insurance institutions to small and micro enterprises and private enterprises, we are also supervising and guiding banking insurance institutions, further improving the internal incentive and restraint mechanism, further improving the internal risk management and control mechanism, and further establishing and improving due diligence and fault tolerance. Correction mechanism to improve the financial service system construction of small and micro enterprises. At the same time, scientifically set the assessment weight of the performance of small and micro enterprises, guide large and medium-sized commercial banks to generally establish the Inclusive Financial Business Department, establish a specialized operation mechanism, strengthen cost management, implement service fee reduction and exemption policies, and effectively reduce the financing costs of small and micro enterprises.
In addition, we also pay attention to giving full play to the support and credit enhancement of insurance for private enterprises and small and micro enterprises, allowing insurance asset management companies to set up special products, participating in the resolution of liquidity risks of stock pledges of high-quality listed companies and private enterprises, and actively exerting the synergy of departments. Promote various policies including monetary policy, fiscal policy, taxation policy and other policies, and form a strong policy force for small and micro enterprises and private enterprises.
After this period of efforts, it should be said that the financial services for small and micro enterprises and private enterprises have made progress in stages. As of the end of September, the balance of Pratt & Whitney small and micro enterprise loans exceeded 8.9 trillion yuan, a year-on-year increase of 19.8%. The year-on-year growth rate of loans was 7 percentage points higher. The number of households with loan balances exceeded 16 million, an increase of 4.06 million over the same period of last year. The goal of “two increases” was achieved in stages. The loan balance of private enterprises has reached 30.4 trillion yuan, and the growth rate is still rising. The average interest rate of the Pratt & Whitney small and micro enterprise loans newly issued by the 18 major commercial banks in the third quarter has been controlled at 6.23%, which is 0.7 percentage points lower than the first quarter. It should be said that the financing costs are well controlled and the insurance services are also obtained. Effective improvement. From January to September 2018, the number of small and micro enterprises that have accumulated credit insurance and loan insurance services reached about 500,000, providing credit enhancement services for small and micro enterprises, and also providing guarantees for small and micro enterprises to obtain loans.
In the next step, the Bank's Insurance Regulatory Commission will continue to follow the deployment of the Party Central Committee and the State Council, adhere to the "two unwavering" and promote the implementation of relevant policies and measures as soon as possible, including further stimulating the grassroots institutions of the banking services to serve the private enterprises, and reduce the small The dependence of micro-enterprises and private enterprises on mortgage lending is based on the payment of more credit loans based on the finance, integrity and management of small and micro enterprises and private enterprises. At the same time, it is necessary to improve the timeliness of loans, shorten the time for loan approval, and better meet the capital needs of private enterprises. In order to better support bank insurance institutions to increase support for private enterprises, we require bank insurance institutions to further establish and improve relevant due diligence mechanisms to help banking institutions and their employees to lend their loans and support private enterprises. At the same time, we will also take measures to help those private enterprises that have encountered liquidity difficulties to tide over the difficulties and properly handle the risks associated with major emergencies of private enterprises, so as to further enhance the quality and effectiveness of the banking industry's services to private enterprises and small and micro enterprises. .
The above implementation of the requirements of the Party Central Committee and the State Council, these financial service measures adopted by small and micro enterprises and private enterprises, support the development of private enterprises, in fact, to a certain extent, directly and indirectly to China's economy, stable investment, stable confidence And play an active role in stabilizing the market.
Today, I came with four chairmen. They are the first line of service in the real economy and private enterprises. They have carried out many useful explorations based on their own characteristics and advantages, so they have more speeches. The right, and the most authoritative, hope that reporters will ask them more questions. My introduction will come to an end, thank you.
CCTV's CCTV reporter:
Excuse me, Mr. Wang, many of the banking industry insurance services are listed companies, but recently the capital market has experienced relatively large fluctuations. What do you think about this market volatility?
Indeed, we have noticed that there have been some fluctuations in the capital market, especially in the stock market. The Financial Stability Development Committee of the State Council has also conducted a serious study on the stability and future development of the financial market, and conducted comprehensive research on the fluctuations in the current market. It should be said that there are many factors in the current market volatility, and to a large extent, because the world economy and the domestic economy have entered the stage of periodic structural adjustment. At the same time, everyone also saw that the international surrounding markets also experienced large fluctuations, and even a large decline.The Party Central Committee and the State Council, including our Banking Regulatory Commission, attach great importance to maintaining the stability of the financial market and attach great importance to promoting the healthy development of the capital market.Because the stability and healthy development of the capital market will also play a very important role in China's economy, it is very important to deepen the supply-side structural reform, structural de-leverage, and continue to consolidate the healthy development of the economy. Under the leadership of the Financial Stability Development Committee of the State Council, we have taken many measures. Recently, the State Council Financial Stability Development Committee has held several meetings, special research, and made a series of arrangements, and relevant policies are being implemented one by one.We believe that strengthening institutional development, strengthening corporate governance, improving market transparency, improving legal system construction, and strengthening investor protection will be our next priorities for promoting the healthy development of the capital market. As far as I know, the Financial Stability Development Committee of the State Council will continue to intensify efforts and take measures in this regard.
Not long ago, Vice Premier Liu He was interviewed and analyzed and judged the current international and domestic economy. He also proposed some measures for further development. The People's Bank of China, the China Insurance Regulatory Commission and the China Securities Regulatory Commission also introduced a number of measures, including the safe disposal of the listing. The pledge risk of the company's stocks has increased the support for listed companies in private enterprises, helping them tide over the difficulties. It has also introduced private enterprise bond financing support tools, and actively expanded insurance funds as a stable long-term source of funds, set up special products, and increased Participate in the capital market and expand the scope of investment. It should be said that with the continuous implementation of these measures, and with the continuous deepening of supply-side structural reforms, as our economy changes from the current scale and quantity to high-efficiency and high-quality development, our capital market will certainly be realized. healthy growth. Therefore, we should have sufficient reasons to have full confidence in China's capital market. I don't know if you noticed it. Recently, the chairman of one of the world's most famous investment fund companies said that he believes that China's capital market is the most promising and most valuable market, and they have begun to carry out relevant layouts. In fact, this also confirms the prospects for the future development of the Chinese market, and also means investors' confidence in the future development of the capital market. Therefore, I myself, including everyone, should also be full of confidence. Thank you.
Xinhua News Agency reporter:
At present, the problem of financing difficulties for private enterprises has received much attention. The State Council executive meeting held recently also clarified that it will adhere to the "two unwavering" and introduce more measures that are conducive to the stable and healthy development of private enterprises. What other specific aspects of the banking and insurance industries in support of the development of private enterprises? Measures? Thank you.
Let me briefly introduce it, and at the same time, several of our chairmans can supplement it accordingly.
As I mentioned earlier, General Secretary Xi Jinping attaches great importance to the development of the private economy and private enterprises, and repeatedly stresses that "two unwavering" should be adhered to. Finance should also further increase its efforts to support the development of private enterprises and the private economy. At present, the problems of “funding difficulties” and “funding expensive” in private enterprises should be said to have many factors. In addition to a certain gap in the effective supply of finance, private enterprises themselves also need to carry out structural adjustment and upgrading in the development. We will play more enthusiasm and initiative in serving the private economy by stimulating bank insurance institutions. Therefore, in addition to encouraging and guiding banking financial institutions to improve and increase support for private enterprises and small and micro enterprises, we also guide bank insurance institutions in terms of development policies and market positioning. Micro-enterprises are placed in a more important position, and at the same time, it is necessary to improve the private enterprises, small and micro-enterprise financial services, and the development of inclusive finance in a more important position in the work of the board of directors and senior management.
Third, we must further improve the internal performance appraisal, evaluation and incentive system. We should give more incentives to private enterprises and small and micro enterprises. In the process of doing this, if there is a risk, there is a loss. If the credit officer and the manager are responsible for their duties, they should be excused. In this way, the enthusiasm of banks and insurance employees to serve private enterprises can be mobilized to the greatest extent.
Fourth, increase the intensity of credit, and continuously increase the proportion of credit granted to private enterprises and small and micro enterprises in new loans.
In addition, it is necessary to take targeted measures against the difficulties and pain points of private enterprises' "financing difficulties" and "funding expensive". Including private enterprises, small and micro enterprises when lending, banks should minimize the excessive dependence on mortgage guarantees. Many small and micro enterprises have reported that their houses have been mortgaged, and there is nothing to pledge, which brings great difficulty to financing. Therefore, we also encourage banking financial institutions to continuously reduce their reliance on mortgage guarantees on the basis of strengthening risk identification and risk management. More relying on the company's good credit history, market competitiveness, financial status, etc., more unsecured, unsecured loans are issued.
In addition, some small and micro enterprises and private enterprises have reported that there are too many procedures for applying for loans, and the time is too long, and they missed the opportunity of the market. To solve this problem, banks should significantly shorten the response and approval time for loans to small and micro enterprises and private enterprises on the basis of strengthening internal risk management and control, and promote process reengineering, improve the timeliness of loan approval, and timely meet the funding needs of enterprises.
At the same time, we also need to provide more support for small and micro enterprise loans and small and micro enterprise development in other related policies. In terms of targeted RRR cuts, tax incentives, and credit information integration, banks are encouraged to make loans more daringly and more confidently. When I talked with the company in the early stage, many companies mentioned that in addition to reducing mortgage guarantees and improving the timeliness of approval, there is also the problem of information asymmetry. In other words, many banks do not understand the information of small and micro enterprises very comprehensively, and are not very deep, so they cannot make scientific risk judgments, and then it is difficult, unwilling or unwilling to give small and micro enterprises and private enterprises. Loans. In this regard, banks such as China Construction Bank and Zhejiang Tailong Bank have also carried out many exploration and practice, and they will also introduce us to this situation. In addition, there are some medium-sized and large-scale private enterprises that have encountered some liquidity difficulties. If the liquidity difficulties of these large and medium-sized private enterprises are only temporary, if their development is promising, the products are market-oriented, the technology is competitive, and there are certain orders and cash returns in the future, we require banks not to stop lending. And pressure on loans, should continue to give support to help enterprises tide over the difficulties. There may be some enterprises that are caught in the risk of stock pledge, and some face the risks of the guarantee circle and the guarantee chain, as well as some senior executives involved in the case investigation and other issues, which cause the company to encounter certain difficulties. We ask the banks to distinguish the situation and follow Market-oriented principles, classified policies, and safe disposal.
Central Radio and Television General Station Yang Guang reporter:
My question was submitted to Chairman Yi Huiman. ICBC recently signed a “Total Total Cooperation Agreement” with 100 private enterprises to support their financing needs. Please tell us about some relevant situations of ICBC in strengthening financial services for private enterprises. What progress and results have been achieved so far, and what are the next steps. Thank you.
Easy to meet:
Thank you for your question. ICBC currently regards the improvement of private enterprises and the improvement of financial services of small and micro enterprises as a breakthrough for us to further implement the "six stables". Some time ago, the management of ICBC organized a large number of personnel and carried out a large-scale investigation and research on private enterprises. I also led a team to Zhejiang, held a forum, and listened to the actual situation. According to our investigation and analysis, we feel that this round of private enterprises reflects the "funding difficulties" and "funding expensive" issues, which have new characteristics and causes. The so-called "financing difficulties", I generally judge that it is not difficult to make substantial changes in the operation of private enterprises. In fact, private enterprises, especially large and medium-sized private enterprises, have further differentiation, and some are developing problems. Some enterprises It may be cleared by the market; it is not difficult to break the loan in the banking system, but it is difficult to be under the pressure of liquidity. This liquidity pressure is mainly caused by direct financing and off-balance sheet financing channels, including the difficulties caused by debt issuance, equity pledge financing, etc., so that the inventory financing of individual private enterprises cannot be completed normally. In fact, the financing balance of large-scale banks to private enterprises is growing, and the credit is also basically stable, and there are no discriminatory measures such as lending and restricting loans.
The so-called "funding expensive" we also further analyze, not expensive in the banks, especially large banks, but in various new financial, financial, private financing and other channels, the cost of these social financing channels is high, directly raised The cost of debt for the entire enterprise. Therefore, in general, the problem of solving this round of “financing difficulties” and “funding expensive” has a distinct stage characteristic. We must distinguish where it is difficult and where it is, before we can classify and guide the classification.
After the investigation, ICBC took two major measures and one major measure to carry out the “ICBC General Huixing” campaign in our system and the whole society, and strived to double the inclusive financial loan for three years and implement “five focuss”. There have been reports from media friends when we participated in our activities. The second major measure is to face large and medium-sized private enterprises and hold a total cooperation contract with 100 private backbone enterprises, covering equipment manufacturing, food and beverage, energy conservation and environmental protection, IT telecommunications, textile, chemical and other industries. We want to keep the confidence of the private enterprises in the critical period, stabilize the expectations, and pay attention to the positive energy.
In fact, the attitude of ICBC in supporting private enterprises has always been resolute, the measures are also real, and the effect is quite obvious. By the end of September, we had 79,000 private enterprises with financing, an increase of 11% compared with the beginning of the year, financing customers accounted for 77% of all financing enterprise customers; financing balance of nearly 2 trillion, which is leading in the industry, an increase of 1000 over the beginning of the year. More than 100 million; the average loan interest rate is 5.2%, which is at a relatively low level in the market. There are mainly a few measures we have already done. First, in guiding ideology, we insist that "not only ownership, not only size, not industry, only superiority and inferiority", treats state-owned enterprises and private enterprises equally. Second, in terms of resource allocation, inclusive finance is regarded as a strategic market. Funds, scales and expenses are given separately, and internal fund transfer prices are given preferential treatment. Third, in terms of service efficiency, we have established a tiered service system of “big customers direct sales, small and slight sinking”, implementing differentiated and personalized authorization, reducing links and improving our approval efficiency. Fourth, in the determination of responsibility, strengthen positive incentives to better reflect due diligence. Fifth, in terms of service innovation, aiming at the characteristics and needs of private enterprises, comprehensively optimize financing types, deadlines, processes and models. For example, to provide loan renewing facilities, such as increasing the proportion of credit loans, such as the establishment of medium and long-term small and micro enterprise loans, such as online and offline integration development, we have launched a number of online products. We only use the “Internet Loan” online product to issue 2.4 trillion loans to more than 90,000 private small and micro enterprises. The sixth is to set up a technology finance franchise and implement the “ICBC Science and Technology Startup Plan” to provide personalized services to high-tech enterprises. We have taken so many measures, so the total amount of loans to private enterprises has not decreased, and it has increased.
In the next step, we must better implement the "two unwavering" and there are still a few in the measures. The first is to improve the linkage mechanism of credit and bond investment business and actively participate in the smooth operation of private enterprise bond financing support tools. In fact, the current problems of private enterprises are mainly liquidity problems, which triggers such liquidity problems. The continuation of bond issuance is an important reason. Therefore, we form a consortium with the central bank and the relevant institutions of the China Securities and Credit Union to explore how to be in private enterprises. In terms of debt issuance, make full use of this support tool to steadily prepare the market. If this market can be stabilized, the liquidity of most large and medium-sized private enterprises will be able to pass.
The second is to strengthen the classification guidance and implement different support measures for different private enterprises. For low leverage, good efficiency and good quality, we will further increase our support; especially for the higher leverage ratio but better prospects and more standardized management, we will also innovate services to help enterprises tide over the difficulties.
The third is to securely carry out debt-to-equity swaps. Private enterprise debt-to-equity swaps are also a new attempt. We have now initially reached an agreement with nearly 50 large and medium-sized private enterprises, and six companies have entered into substantive operations. Here I would like to introduce to reporters that the debt-to-equity swap we are engaged in is phased and market-oriented, and it is a financial investment, rather than seeking a holding or acquisition. We hope that through debt-for-equity swaps, we will help enterprises optimize their financial structure, enhance their development potential, add confidence to the company, enhance their expectations, and help to resolve bank financing risks. It will also help banks to obtain reasonable financial returns.
The fourth is to further accelerate the transformation and upgrading of services. The demand for private enterprises, financing is on the one hand, we feel that services are very diverse, how to change from a single fund provider to an integrated financial service provider, we must further change.
The fifth is to further develop the role of bank expertise and financial advisory. The current difficulties in the mobility of some private enterprises are mainly due to the deviation from the main business, excessive financing, and high leverage. These problems do have some common characteristics for difficult enterprises, which is what banks are good at. We must play the role of financial advisors and investment banks, give full play to our professional advantages, be a good consultant for private enterprises, help enterprises to operate rationally and sustain development.
Finally, we also recommend that the regulatory authorities explore the host institution system of private enterprises and strive to build a new type of bank-enterprise cooperation relationship that is mutually beneficial and win-win and long-term stable. Nowadays, many private enterprises have dozens of financing targets. In fact, when the market is a little volatile, it is prone to stamping and panic. Therefore, it is very important to maintain a relatively stable and scientific relationship between banks and enterprises. I think that some of the liquidity problems of some private enterprises, as long as we work together, I believe that we can better solve and help enterprises through this difficult time. Thank you!
China News Agency reporter:
My question is to the chairman of Tian Guoli. We know that private enterprises are now an important force for promoting employment, supporting entrepreneurship, and activating the market. Just mentioned that private enterprises, especially small and micro enterprises, face the problem of financing difficulties, and how to build a bank as a large state-owned bank, how to help Xiaowei Enterprises solve this problem? In particular, what are the further opinions on the service of small and micro enterprises and the implementation of inclusive financial strategies?
It can be said that small and micro enterprises are 100% private enterprises. At the same time, the difference is that small and micro enterprises are the most vulnerable groups in private enterprises. Therefore, small and micro enterprises are “funding hard” and “funding expensive” is a worldwide one. problem. But we cannot do nothing because it is a worldwide problem. Where is the difficulty? The most popular ones are 5, 6, 7, 8, and 9, and 90% of small and micro enterprises contribute 50% of tax revenue, 60% of GDP, 70% of technological innovation, and 80% of employment. It can also be extended in the past, and the role of small and micro enterprises is very large. Every individual's small and micro enterprise grows like the human body's cell life and death. The average small and micro enterprise survives for more than two years, so when banks lend it, there is huge uncertainty and risk.
So how to crack? General Secretary Xi Jinping attached great importance to this issue. It was clearly put forward at the financial work meeting before the 19th National Congress. The big banks could not always be big bases and lend to large enterprises. The general secretary has already specifically guided such a fine, we understand that This is both a spur to our bankers and a direction guide. We should have a problem. But how is it broken? The numbers accumulated by small and micro enterprises are large, but the cases are small. Banks, especially traditional big banks, are more directed at the country's lifeline enterprises, and around these corporate design concepts, especially China has been a period of rapid growth in the past few decades, so all credit support, the entire risk control system also Well, the management of the front, middle and back office is actually designed around this system. A large organization serving small and micro enterprises, if it does not change its thinking, it is very difficult to be efficient. In the past, the non-performing rate is very high, so it has formed a situation that has seen the micro-enterprises being discouraged.
But modern technology gives us the opportunity to solve this problem. First of all, AI technology, big data applications, face recognition, this is a very important point. In addition, the country is now pushing hard to get through the information "island". In the past, the amount of information collected by small and micro enterprises was very small, especially in many departments. The information is not communicated and is not open to the society. It is difficult for us to design technical models. But now, the State Council is fully promoting the opening of “information islands”. We provide an accurate grasp of the taxation, business and electricity consumption and other data provided to us in the cross-over and identification of the micro-enterprise loanability. In the past, traditional bank design risk control was mainly to solve the problem of risk control mechanism. But what should we focus on small and micro enterprises? In the past, we were a negative list. Now it should be a positive list, who is qualified to pass the customs, because otherwise, if you design a risk control system around some bad companies, the cost of good companies will be too high. Will be tortured by a lot of procedures. But if we simply use a few public data, cross-identify it and judge its risk, and use technology to quickly lend. CCB recently designed and developed a big data smart app for small and micro enterprises. “You can understand it.” You can check the work together. Is it bragging, you input your information, you don’t need to go to the bank, go through the line. With a simple test, you can measure how much you can borrow and further improve the information. When you download this app, you will be directed to open an account at the nearest outlet. After the first time you finish the formalities, you will not have to go to the bank anymore. You can go online directly, and it is available 24 hours a day and night. We solved this problem with a positive list, so that the whole can be heavy.
This app has only been launched for more than a month, and now it has more than one million users. And before that, we also launched a big data product such as CCB's “cloud tax loan”, which can all be able to put the loan down in one minute. This is the design philosophy of relying on big technology and interconnection. The key to solving the problems of “funding difficulties” and “funding expensive” lies in the difficulty. Because things are rare, when there is more money, financing becomes easier, and costs will naturally fall, so we deliberately Work hard to solve the "difficult" problem. Through these practices, CCB has indeed achieved certain practical results in this respect, and the growth of customers is also very large. In the past, we have put more than 20 billion yuan in this field in the past, which is already very big, but today, we In this field, I have already put nearly 160 billion yuan from this year, and it is expected that this year's target is 180 billion. I can't beat it now. If we follow this logic, we are likely to rush to 200 billion. At the same time, I think the new model non-performing rate should be at least 1% below. This is sure and acceptable. In fact, all social pain points are opportunities. This is not only a political requirement of the General Secretary, the Party Central Committee and the State Council, but also a direction for the future operation of the bank. Now we are talking about "the grassroots are the best in the world". In fact, the Construction Bank will use inclusive finance as a strategy for the construction of the bank. It will not be a temporary problem. We must work hard to explore with private entrepreneurs. Solve this problem.
In addition, the problem of solving inclusive finance is not only the concept of traditional lending, but also the management of culture. You may also notice that the Construction Bank is now building a “laborer’s harbor” at all branches of the bank. It is to let sanitation workers, taxi drivers, express couriers and other ordinary workers to drink at our bank outlets. Toilet, charging and so on. The reason why we first act as a big bank is to assume this social responsibility and empower the society. In addition, there is another aspect. In fact, it is also cultivating our construction bank to do the inclusive financial culture. In the past, everyone used to deal with big customers. These customers are not in a position to have money, but also to serve small and micro enterprises. The logic is different. We must first build from the cultural construction, let employees learn and habit to deal with the people of all walks of life, create an inclusive financial culture and atmosphere in the subtle, and realize the cultural reshaping of commercial banks. this is very important.
In addition to cultural construction, how to make him more aware of financial technology for private entrepreneurs, how to use these financial tools is very important, some private entrepreneurs still have some understanding of financial knowledge, or the amount of information is not so large, construction In the future, the bank is preparing to set up a joint university of CCB, and together with local colleges and universities, it will enter the school with these fresh social pain points. It has been with a series of institutions such as Hong Kong University of Science and Technology, Hubei Zhongnan University of Economics and Law, Southwestern University of Finance and Economics, etc. Research projects, and strengthen the training of our employees, from culture to product use, while training these private entrepreneurs to enlighten financial knowledge.
In fact, the importance of these private entrepreneurs in mastering the amount of information, obeying regulations, and understanding some policies is no less than the need for financial loans. This year we have trained more than 300,000 small and medium-sized enterprises. We are also preparing to establish a vocational education alliance to build entrepreneurs and entrepreneurs business schools. This is for these entrepreneurs, to solve problems from the roots, this is not If you are eager for quick success, you need to lean over and take care of these things for a long time. At the same time, CCB’s such a big line cannot be used as a weapon in the market, but as a weapon. Therefore, we should not only empower SMEs, but also empower small and medium-sized financial institutions. Because the small and medium-sized banking industry may not invest as much as the construction bank, and spend human and material resources to develop these systems, we are willing to invest some mature technology, software and risk control products into small and medium-sized banks, and everyone supports the loans of small and medium-sized enterprises. I believe Working together can be effective.
I said a few figures. In 2017, the newly added Pratt & Whitney financial loans accounted for 11.7% of the increase in CCB loans. This is a very fast time. For this matter, the central bank gave us a big prize. But in the first three quarters of this year, I want to tell you about the trend. In fact, it is very optimistic. In the first three quarters of this year, the ratio has quickly increased to 14%. Because CCB is a big bank, these figures are all based on a series of specific credit lines. Support, and this trend is rising significantly. We believe that under the strong leadership of the Party Central Committee and the State Council, as a professional worker, we will work hard to solve the problem of “funding difficulties” and “funding expensive” for small and micro enterprises, and we have seen hope and mode. More and more mature.
Inspired by the chairman of Tian Guoli, I will add a little more. To improve the bank's financing services for small and micro enterprises and private enterprises, we must first have a process of transformation from trust to information to confidence. Banks must have a strong sense of trust and intimacy with companies. On this basis, the relevant information is fully collected, and scientific judgments are made on the risks of the enterprise. Therefore, from trust to more complete and more complete information, and then to a more in-depth understanding of small and micro enterprises, private enterprises and more objective and accurate risk judgment, in order to have confidence in small and micro enterprises and private enterprises, can More confidence, bolder credit and money.
Second, we should work on both sides of demand and supply. From the demand side, banks should screen out the effective loan demand. The demand for effective loans means that their products are market-oriented, technology is competitive, and management is also good. It can contribute to the structural optimization, transformation and upgrading and high-quality development of China's economy. On the contrary, if the company's management is extensive, the products are uncompetitive, the technology is backward, and may be eliminated in the process of transformation and upgrading, and some may even be "zombie enterprises", which are not within the scope of effective loan demand.
From the supply side, we must work hard to increase the effective supply. On the one hand, we must increase financial suppliers. It is necessary to give full play to the traditional advantages of large-scale, large-scale, and advanced management of large-scale state-owned commercial banks. At the same time, it is necessary to develop small banking institutions close to small and micro enterprises and private enterprises to form a more active, moderately competitive and efficient market. To improve the effectiveness of supply. On the other hand, it depends on some traditional means, methods and mechanisms, and must rely on modern information technology to promote the continuous innovation of financial supply. For example, the 17 private banks that we approved in the past two years, a considerable part of which are using online technologies such as big data and cloud computing, such as Weizhong Bank and Internet Merchant Bank. This kind of online service can greatly enrich the sufficiency of information acquisition, enhance the scientificity of risk judgment, improve the timeliness of loan review and approval, and expand the coverage of financial services, thereby significantly improving the effectiveness of financial supply. Third, we must accelerate the promotion of related product innovation. We must design personalized, differentiated and integrated products for the actual needs of small and micro enterprises and private enterprises. Whether it is the term of the relevant loan or the interest rate of the loan, it should be more targeted. Fourth, we must strengthen the positive incentive effect of bank performance appraisal. This is an important aspect of increasing effective supply. Of course, while increasing incentives, we must also accelerate the construction of due diligence and fault-tolerant and corrective mechanisms. In the past period, in view of the high risk of small and micro enterprises and the high non-performing loan ratio, some banks have implemented a lifelong accountability system for small and micro enterprise loan risks, which has made many grassroots credit officers afraid to and will not issue small micro Corporate loans. Because of the risk of a loan, if the credit officer does not work in part of the job, it may be held accountable and may even be held accountable for life. Therefore, to strengthen the financial services of small and micro enterprises and private enterprises, we should simultaneously exert efforts on both sides of financial demand and supply, and comprehensively apply policies. Among them, we must reform and innovate.
Reporter of the Central Radio and Television General Station Guoguang:
My question asked the chairman of PICC. We know that PICC Group has used insurance as a lever to incite private enterprises to finance. In the process of supporting the development of private economy and small and micro enterprises, what other differentiated tools does PICC have? What are the current results? Please tell us about it, thank you.
Thank you for your question. In recent years, the People's Insurance Group of China has earnestly implemented the spirit of the "two unwavering" important instructions put forward by General Secretary Xi Jinping, and actively supported the development of private enterprises and small and micro enterprises. On the one hand, the insurance risk management function is provided to provide private enterprises and small and micro enterprises with full life cycle risk protection. On the other hand, we have also made useful explorations in solving the difficulties of financing and financing for private enterprises and small and micro enterprises.
First, we give full play to the role of insurance risk protection and risk management functions. On the basis of providing traditional insurance, we have increased the development of technology insurance in the past two years. The People's Insurance Group of China is the only technology insurance pilot enterprise in the industry. It has established professional technology insurance subsidiaries in Beijing, Tianjin, Wuhan, Chongqing, Shenzhen and other cities, and established 12 industry technologies such as rail transit, semiconductor, wind power and photovoltaic. base. In addition, we took the lead in setting up the industry's first (set) major technology equipment insurance community, providing more than 160 billion yuan of risk protection for more than 2,000 technology-based innovation companies.
On the other hand, we give full play to the credit enhancement function of insurance. Because many private enterprises and small and micro enterprises do not have means of credit enhancement, insurance can play a unique role in this regard. For example, we provide export credit insurance for more than 15,000 export enterprises, with a guarantee amount of more than 170 billion yuan, effectively protecting the security of their accounts receivable. In addition, we also provide construction project performance guarantee insurance for more than 5,700 construction engineering companies, which can release the burden of construction companies' margins and ease the pressure on their liquidity in business management.
In addition, we innovate traditional agricultural insurance. In the process of implementing the rural revitalization strategy, fully meet the insurance needs of the new agricultural business entities. As we all know, the traditional agricultural insurance is to protect the basics, guarantee the cost, and protect the bulk. We expand the insurance liability on the basis of traditional agricultural insurance. On the basis of guaranteeing the basic, protecting the cost and protecting the bulk, we guarantee the output, guarantee the price, and protect the income. It not only covers the risks of traditional natural disasters, but also covers the risks brought by market price fluctuations and the risk of personal accidents. We have developed 146 weather index insurance products, 215 loss-loss products, and 86 insurance + futures products. In the first half of the year, the amount of agricultural insurance coverage reached 1.28 trillion yuan, and the accumulated compensation amount in the first half of this year exceeded 8.1 billion yuan. In addition, we give full play to the characteristics of the wide coverage of the county-level institutions of the People's Insurance Group of China and provide quality services. The coverage of the rural network of the People's Insurance Group of China reached 100% in the county, 98% in the township, and 54% in the administrative village. We have also established a rural insurance service team of 380,000 people, and have achieved “there are coverage in townships and villages, and people in townships and villages”, providing support for institutions, networks, and personnel for the development of county-level private economy and small and micro enterprises.
On the basis of traditional insurance equity investment, debt investment, and issuance of insurance asset management products, with the support of the Banking Insurance Regulatory Commission, we have expanded the business of “supporting agriculture and supporting small businesses” to provide small-scale financing support for farmers, agricultural enterprises and cooperatives. . We use insurance asset management products as a carrier to make full use of the extensive network of personnel and personnel of PICC to provide financing services for “supporting agriculture and supporting small businesses”. The average interest rate for financing support for poverty-stricken households is only 4.5%-5.5%, and the average farmer, cooperative, and agricultural enterprise financing costs are only 6.5%. We have explored some good practices, such as the use of the “political and political protection” model in Hebei’s Muping, the provision of guarantees by local governments, the promotion of agricultural insurance, and the financing of agriculture, contributing to the increase of 3,000 farmers’ incomes. . For example, in Hechi, Guangxi, we provided similar financing services to beef cattle breeding professionals, which led to an increase in the income of 5,900 poor households. In addition, through the investment of the Science and Technology Fund, the technology companies are provided with corresponding financing. We have established a professional technology fund in Suzhou to provide investment, financing and insurance support for 55 small and micro-innovative technology companies. Among them, 9 companies have been listed on the New Third Board. The customer's terminal interest rate, we counted it, only 5.9%.
I think that the insurance industry can play a role that cannot be replaced by other industries in solving the difficulties of financing private enterprises, small and micro enterprises, financing, and promoting the development of private enterprises. We will further implement the spirit of the important instructions of the General Secretary on "two unwavering", give full play to the functional role of insurance, and actively promote the development of private enterprises and small and micro enterprises. Thank you.
Economic Daily reporter:
I have a question to ask the chairman of Tyrone Commercial Bank. We know that the current problem of financing difficult financing for small and micro enterprises is still quite prominent. Tailong Bank has long-term exploration in this respect, and also has some unique ideas and practices. I would like to ask how you think about the current financing difficulties of small and micro enterprises. What are the measures you can take in the future?
Thank you for the question raised by this reporter friend. In fact, the question of financing difficulties just now, our Chairman and Tian Dong basically answered the solution. Below, based on some of the immature views and experiences of our company in the exploration of microfinance services over the past 25 years. First, from the current operating area of our bank, it is not particularly obvious that Xiaowei financing is relatively difficult. If small and micro enterprises operate well, there are usually a number of banks in service, and we will also take the initiative to come to the door. From the perspective of our business, more than 4,000 customer managers are actively expanding the market every day. Our tellers are also actively marketing customers at the outlets, actively collecting customer needs and solving them.
In recent years, the government and various departments have issued a lot of policy support, coupled with the acceleration of the construction of the national credit system and information sharing platform, which helps to crack the information asymmetry of small and micro enterprises, and is conducive to solving the financing difficulties of small and micro enterprises. We feel that there are more and more peers in the micro-financial services, forming a benign competitive environment. The availability and coverage of small and micro loans has been greatly improved. This view is basically formed according to the situation in our region.
Of course, from an objective point of view, the financing difficulties of small and micro enterprises still have certain challenges. Small and micro enterprise loans face many difficulties in terms of operating costs, funding sources and risk control. More importantly, the work of microfinance services has great value and significance. Of course, in the past 25 years, we have been exploring and practicing this market. We are not complacent and we are not willing to slack off. We will continue to work hard to explore practice in the future.
In the second aspect, we have a deep understanding in the service, that is, insist on positioning, but also like this positioning, but also have some feelings. Just now, Chairman Tian also talked about the difficulties of Xiaowei. How to actively change the way of thinking to serve Xiaowei. Let me give you a simple example. We have a client manager who chose a township 30 kilometers away from the county town. He drove more than 70,000 kilometers in three years and ran all over the corner of the town. , each pen only has more than 100,000 yuan. She had a sentence at the beginning. He said, "The mountain is not here, I will pass." Therefore, we believe that this is the feeling of Pratt & Whitney. There are many similar situations in this line like this account manager.
In addition, we have adopted a targeted business model and adhered to the broad-based "three products and three tables" and "two or nothing". As long as there is labor will, labor capacity, and no bad habits, it is our customers. This is our "two There is a business model of “inclusive” business. At the same time, we continue to deepen the community business model. From our experience, it is difficult to be sustainable if you do not insist on community. The community-based business model is very mature, including efficiency, cost, risk control and service. Through fixed-point, fixed-person, and regular services, we have become a long-term business with short-term speculation, and we feel a sense of well-being. At present, there are a total of 14,700 sub-communities in the Bank, and more than 90% of the new Pratt & Whitney loans are from the sub-communities. Because Tailong Bank is still a small bank, our average loan is only 300,000 yuan. As the Chairman also said, 90% of us are credit guarantee loans, only 10% are less than pledge loans, and 100% are private, small and micro enterprises and individuals.
Third, strengthen the construction of financial technology, promote the PAD mobile financial operation platform and the centralized operation of credit Zhongtai. Each of our account managers has a PAD and actively serves the door. In the first three quarters of this year, we issued 210,000 loans of various types through PAD, and the replacement rate of mobile finance was 73%. We strive to “make customers run at most once” and “even without running once”. I think that the convenience and initiative of small and micro financial services should be said to have greatly improved on the basis of the past.
In the end, we will not forget our initial intentions, insist on positioning, continue to work hard, and do our utmost to solve the problem of financing micro-finance. Thank you.
I have just been to Taizhou, Zhejiang this month, and participated in a symposium hosted by Premier Li Keqiang in Zhejiang, especially some private enterprises in Taizhou, to communicate with entrepreneurs to discuss their difficulties. I also took this opportunity to go to Taizhou Bank for research. The Taizhou Bank gave me the deepest impression: There are three points: First, as a local small and medium-sized commercial bank, it can focus on local private enterprises and do a good job in financial services for small and micro enterprises. This is very valuable. Second, they insist on being closer to the customer's service concept and insisting on “running the street”. It is a single household to investigate, to contact, to understand customer information, to filter all relevant information of the enterprise to form big data. Even when they arrived at the company, they entered the relevant data into the iPad of each loan officer, then transmitted the iPad data to the bank's data center, made a risk assessment, and formed a scorecard, so that the loan decision can be made immediately, and the loan can be realized. It is desirable to greatly improve the approval efficiency of loans for small and micro enterprises and the availability of loans. Third, it is the service they have adopted that has achieved a comprehensive understanding and in-depth understanding of small and micro enterprises. Therefore, 80% to 90% of the bank's loans are unsecured credit loans. Through these understandings, I further enhanced my confidence. As long as the big and small banks can work together, reform and innovation in these areas can completely solve or alleviate the problem of financing difficulties and financing for private enterprises and small and micro enterprises.
By the way, I would also like to add that to alleviate the difficulty of financing small and micro enterprises and private enterprises, it is necessary to rely on policy support, including monetary policy, regulatory policies, fiscal and taxation policies, and some local support, such as government financing guarantees and risk compensation. Mechanism and so on. This is very necessary, because a considerable number of small and micro enterprises, private enterprises have a certain degree of weakness in their competitiveness and ability to resist risks. But at the same time, we must also fully utilize the market mechanism to promote the effective allocation of resources in the market competition and achieve the survival of the fittest. It is only possible for small and micro enterprises and private enterprises that have passed the market test to truly grow into more competitive enterprises. Policy support alone cannot support a large number of private enterprises with domestic and international competitiveness. Therefore, we must rely on market competition, give play to the market's incentives and elimination, stimulate the vitality of market players, optimize resource allocation, and truly cultivate a large number of private enterprises with international competitiveness and domestic competitiveness. Therefore, it is necessary to coordinate and play the role of both policy support and market mechanism.
Finally, it is emphasized that improving financial services for small and micro enterprises and private enterprises and alleviating the difficulty of financing cannot be relied on to loosen risk control and cannot rely on lowering credit standards. After so many years of difficult reforms and explorations, the risk management and control system, the prudent and steady concept and the refined management mechanism formed by the banks are very valuable and need to be cherished. Therefore, while increasing support for small and micro enterprises and private enterprises, and continuously optimizing financial services, banks should better improve risk management instead of relaxing risk management and lowering credit standards. Otherwise, new financial risks may be formed that affect the country’s economic and financial security. So we must also consider and balance at the same time. Thank you.
China Insurance News reporter:
May I ask Vice President Wang, please give an overall assessment of the overall work of the banking and insurance industry supporting small and micro enterprises this year. The second question is to ask other leaders. Under the current situation, are there any new initiatives and new practices in the banking and insurance industries in support of small and micro enterprises' export trade? Thank you.
In a word, we have worked hard, and we have taken measures and made progress, but there is still a big gap with the requirements of our private enterprises and small and micro enterprises, and fundamentally solve the difficulty of financing private enterprises and small and micro enterprises. There is still a big gap between the requirements for financing and expensive, so we must continue to work hard. Regarding the direction and path of efforts, I have already introduced some measures. Various banks are also conducting new explorations. This includes a series of policy support measures, including the provision of effective financial services, as well as the need to improve financial market decisions. Effective mechanism of resource allocation and risk management mechanism.
Indeed, we have encountered interfering factors that hinder the process of economic globalization, such as Sino-US trade frictions, trade protectionism in other countries, and investment protectionism. On the one hand, we should seriously deal with it, we must adhere to opening up to the outside world, adhere to the globalization of the economy, and adhere to the "One Belt, One Road" construction. At the same time, for enterprises that have encountered difficulties in the context of Sino-US trade frictions and trade protectionism, especially private enterprises and small and micro enterprises, if their products have a market at home and abroad, we must continue to provide financial support. In addition, banks have many products and tools to avoid exchange rate risks and interest rate risks. Banks should actively optimize services and help companies avoid these risks as much as possible.
When the Prime Minister Ke Qiang went to Taizhou for investigation, he also went to a private enterprise. Our private enterprises must be strong themselves. As long as the products of private enterprises are competitive, the quality of products is trustworthy, and the brand is good, in this case, even if trade protectionism and trade frictions are encountered, enterprises can still have a large market. This reminds us that private enterprises themselves must also accelerate transformation and upgrading, but also carry out management innovation and enhance their core competitiveness. Of course, some fiscal and tax support policies are also necessary. In short, with the strong leadership of the Party Central Committee and the State Council, and the spirit of self-reliance and self-reliance of private enterprises, coupled with financial support, our enterprises can fully have the confidence and ability to cope with the negative impact of trade frictions and overcome this difficulty. . Thank you.
Yang Guang Economic Voice reporter:
My question is to the chairman of Yi. Just now we talked about a lot of achievements. In terms of supporting private enterprise financing, as ICBC, what problems and deficiencies are there in supporting private enterprises?
Easy to meet:
Thank you for your question. Indeed, in supporting private enterprises, it should be said that the degree of leadership attention in the past two years, the promotion of our system, the preferential margin of various policies, and the innovation of services, I think it should be said that it is the most important in recent years. However, the overall feeling is that the contradiction between demand and supply is very prominent. It also shows that commercial banks, especially our industrial and commercial banks, still have some problems and some difficulties in serving private enterprises and serving small and micro enterprises. I analyze it myself. From the perspective of difficulties and problems, there are several aspects:
First, the current monetary policy transmission is not enough. Although our headquarters says that there is no ownership, no size, no industry, no variety, only good or bad, but often when the policy is transmitted, some branches still have traditional inertia thinking, including large bases, eating fast food. The idea is inertia. So how do you really change and solve the imbalance? I think this is a very important issue.
Second, I feel that the credit business and capabilities of the banking industry are not yet in line with the needs of our customers. Now the development of the company is moving towards grouping, globalization and diversification. The banks are now mainly on the Internet, offline review, offline approval, offline services, time and space, the whole layout is not very symmetrical. . So how to improve the credit service capacity of commercial banks and adapt to the current development trend, I think this is also a very big test for us.
Third, I have just said that this round of private enterprises and small and micro enterprises are facing difficulties in financing and financing, which is different from the previous rounds. We have been a banker for decades and have experienced various cycles of testing. Why is the transmission of monetary policy not ideal? Leaders often ask us because this is not a simple credit problem. It is a currency market, a capital market, a bond market, a foreign exchange market, and various markets are intertwined. Therefore, the solution is more complicated and the contradictions are more prominent. This requires us all to "carry up a few" and play a good joint force.
Fourth, I have also reported that the banking industry, especially the Industrial and Commercial Bank, has increased the loan speed of private enterprises and small and micro enterprises as a whole. There is no pressure on loans or loans, and there is no loan reduction because there is no The benefits, the business is good, the bank will be good, the economy will be good, the bank will be good. Therefore, this round of problems is solved and it is indeed necessary to use a variety of means. The private enterprise bond financing support tool launched by the People's Bank of China is very good to solve the current private cash flow of individual private enterprises.