Central Bank To Raise Interest Rates, Jiangsu And Zhejiang Small And Medium-Sized Textile Enterprises Financing Pressure Surge

The central bank has made three consecutive rounds since last October.

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"The continuous increase in interest rates has increased the debt cost of enterprises, coupled with the rising cost of raw materials and human resources such as cotton at present, which is undoubtedly adding to our difficulties."

Talking about the impact of raising interest rates on small and medium-sized enterprises, the head of a textile enterprise in Zhejiang is deeply touched.

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It is reported that in January this year, new credit is expected to exceed trillion yuan, but compared with the increase of 1 trillion and 390 billion yuan in the same period last year, there has been a marked decline.

This year, the central bank has implemented a more prudent monetary policy. Under this background, banks have implemented more stringent control over new credit, and the financing pressure of small and medium-sized enterprises which did not have the advantage will be more prominent.

In the context of banks tightening credit, recently, private lending institutions such as Guarantee Corporation have been taking advantage of the situation, and the interest on loans has also risen with the central bank's interest rate increase. In order to prevent the breakup of the capital chain, many SMEs have to bear higher financing costs.

"The biggest impact of interest rates on banks is not the large and medium-sized state-owned enterprises, but small and medium-sized enterprises.

Because large enterprises are the focus of competition among banks, banks will give preferential treatment on interest rates, and small and medium enterprises as vulnerable groups need to digest this cost with higher profit margins.

One analyst at unionUnion said.

In this regard, Zhang Hong, a well-known financial commentator, believes that raising interest rates is a double-edged sword. It will also bring greater burden to enterprises while curbing inflation.

The interest rate hike may affect export enterprises, especially some small and medium-sized coastal enterprises.

Therefore, he suggested that the central bank could adopt "selective increase in interest rates", giving certain interest rate concessions to some industries that could drive consumption and employment, thereby reducing their costs.

It is worth noting that the central bank raised the interest rate of asymmetric interest rate increase, compared with the increase in deposit interest rates, the loan interest rate is not up to a large extent.

The asymmetric rate hike on the deposit and loan interest rate has also been seen as a positive attempt by the central bank to balance inflation and real economic growth.