Money Is Far More Than The Total Economic Volume Is Idling.

The state has repeatedly taken measures to solve the problem of financing difficulties and financing for enterprises that are impeding economic operation.

Recently, Premier Li Keqiang chaired the executive meeting of the State Council, and proposed 10 measures to guide financial institutions such as loan direction, standardization of credit assets securitization and listing, and cross-border financing.

Experts believe that with the gradual implementation of these policies, the corresponding effect will gradually appear.

Financing expensive financing is difficult to drag down steady growth

Solving the financing difficulties and financing of the real economy is of great significance for the steady growth of the economy.

The State Council pointed out in the relevant guiding opinions that at present, China's economic situation is generally improving, but there are still unstable factors. Downward pressure is still greater. Structural adjustment is in a period of climbing. Solving the problem of high financing costs, especially for small and micro enterprises, is of great significance for steady growth, promoting reform, adjusting structure and improving people's livelihood.

Some enterprises, especially small and medium-sized enterprises, have difficulty in financing because of poor financing.

Yin Zhentao, deputy director of financial law and financial room of the Chinese Academy of Social Sciences, said in an interview with the newspaper reporter that the problem of financing in Chinese enterprises is mainly concentrated in small and medium enterprises, especially small and micro enterprises.

This situation has seriously dragged down the development of the real economy represented by small and medium-sized enterprises, and will have an impact on China's economy under the new normal.

According to the report issued by CICC, since September, the central bank's monetary policy easing measures have been smooth in the interbank market and partly pmitted to the real economy.

Corporate bond yields have declined significantly since September, and the cost of financing for large enterprises and city investment companies has been reduced.

However, the financing cost of SMEs is still relatively high.

Yin Zhentao said that the adverse effects of financing difficulties on the real economy are mainly manifested in the following aspects: first, restricting the development of related industries in China and affecting the pace of economic restructuring and adjustment.

The two is to weaken the power of enterprises to seek development and growth, and the phenomenon of Industrial Hollowing.

Three is easy to make.

Lack of pformation power will weaken the global competitiveness of the whole industry.

Four, it is easy to cause economic fluctuations, and may cause social problems due to bankruptcy and unemployment.

No shortage of money, but they shouted "tight" and shouted "expensive".

At present, the amount of money invested is far beyond.

There is plenty of liquidity in the market, but many small and medium enterprises still have difficulty in obtaining capital.

"At present, the most prominent problem in China's financial operation is the excess liquidity and unbalanced structure. A large number of excess money circulate in the financial system, and the real economy is seriously" anemic "and" drought ".

Yin Zhentao said that the financing difficulty of SMEs is a common phenomenon. Their loan guarantees are few, information asymmetry and lending costs are high, which are one of the main reasons for financing difficulties.

The financing difficulties of SMEs in China also show their own characteristics.

Specifically, Yin Zhentao analysis, with the hot real estate market in recent years, a large number of capital flows to the real estate industry continuously, and the result will inevitably cause other industries to be hungry. The booming shadow banking system will also increase the financing cost in disguise while meeting the financing needs of the enterprises. With the increasingly obvious financial disintermediation, the ratio of household deposits to bank debt decreases, and the yield of financial products goes all the way.

It should be used on the blade, including increasing the elasticity of loan to loan ratio index, improving the management of desirable loans, improving the ability of small and micro enterprises to write off the bad loans and so on, and strengthening the financial institutions' ability to expand small and micro loans, such as "three rural" loans, speeding up the development of small and medium-sized financial institutions such as private banks, supporting the development of guarantee and re guarantee institutions, improving the performance appraisal mechanism of commercial banks, preventing the credit from being "big enough to be bored" and unreasonable high interest rates and high costs; using the credit assets securitization to revitalize the stock of funds, simplifying the issuing procedures of small and micro, "three rural" financial bonds, and so on, and Issuing the reform plan for issuing stock registration system, eliminating the continuous profit conditions of stock issuance, and reducing the threshold for listing small and micro enterprises and innovative enterprises. In order to further reduce the financing costs of enterprises, the State Council meeting put forward 10 measures to guide funds.

We must establish a quick mechanism for small refinancing in capital market, and carry out a pilot scheme for public financing.

In addition, it also supports cross border financing, allowing more enterprises to join hands with global low-cost funds, speed up the marketization of interest rates, set up a self-regulation mechanism for market interest rate pricing, guide financial institutions to rationally adjust the "high interest rate" lending rate, improve the supervision and accountability mechanism, curb non-standard charges, raise funds illegally, and raise financing costs.

Compared with the opinion issued by the State Council in July this year, the industry analyzed that the new version of the "ten opinions" strengthened the use of assets credit and other means to revitalize the stock of funds, simplifying the issuing procedures of small and micro and "three rural" financial bonds.

Yin Zhentao suggested that, in order to solve the financing difficulties and raise the financing costs, we should also cooperate with the fiscal revenue and supervision policies to encourage the banking sector to increase credit support for SMEs, promote the commercially market-oriented reform of banks, make substantial progress in the interest rate marketization, deposit insurance system and bankruptcy management regulations, guide private finance to standardize operation, attract private capital into the financial industry, support the development of private small and medium financial institutions, establish multi-level capital markets, vigorously develop direct financial models, upgrade and expand new three boards, and improve various OTC market, so as to provide convenient financing services and direct investment equity trading services for SMEs.