Comprehensive Measures To Reduce Financing Costs Of Small And Micro Enterprises

The June issue of economic reference daily issued a commentary entitled "comprehensive measures to reduce the financing costs of small and micro enterprises". 27 The article said that in June 26th, the executive meeting of the State Council redeployed the financing problems of private and small and micro enterprises, proposed measures to further reduce the real interest rates of small and micro enterprises, decided to deepen the pilot reform of financial services in private and small and micro enterprises, deploy support and expand intellectual property pledge financing.

Private enterprises and small and micro enterprises play an important role in China's national economic and social development. Alleviating their financing difficulties is a matter of long-term significance. A few days ago, the small and micro enterprises financial services report (2018) issued by the people's Bank of China and the Banking Regulatory Commission (CIRC) showed that since 2018, the ability and level of financial services of small and micro enterprises have significantly improved, and credit has continued to increase, and interest rates have steadily declined. In order to further consolidate the early results, we should deepen the reform pilot, refine the work measures, innovate the financing mode, promote the actual cost of small and micro enterprises to continue to decline, and further ease the financing difficulties.

First of all, take measures to reduce the cost of bank capital. From the perspective of monetary policy, we should deepen the policy framework of low deposit reserve ratio for small and medium banks, and continue to implement targeted reduction of small and medium banks and reduce their debt costs. Small and medium-sized banks and private enterprises and small and micro enterprises "match each other", play a key role in the financing of private and small and micro enterprises. Reducing the capital cost of small and medium banks will help small and medium-sized banks to reduce the interest rates of private and small and micro enterprises. In addition, it supports banks to diversify their capital through issuing small and micro enterprises financial bonds.

Secondly, we should reduce the financing rate of small and micro enterprises through reform. If we further deepen the reform of interest rate marketization, we should actively and steadily push forward the "two tracks and one track" of interest rates, and guide the interest rate center to descend. Next, we should further improve the formation mechanism of LPR (loan base interest rate), enhance the market recognition and credibility of LPR, and gradually make LPR replace the benchmark lending interest rate as the anchor of loan interest rate pricing, and play a guiding role in the formation of real interest rates.

Thirdly, reduce the cost of financing other than loan interest. Financing guarantee institutions set up a bridge between banks and provide credit for private and small and micro enterprises. But if the guarantee rate is too high, it will increase the financing cost of private enterprises and small and micro enterprises. Therefore, we should give full play to the role of the national financing guarantee fund, reduce the rate of re guarantee, and further reduce the standard of guarantee fees for small and micro enterprises, and lighten the burden for private and small and micro enterprises.

To alleviate the financing problems of private and small and micro enterprises, we need to innovate the financing mode. Science and technology enterprises, especially small and micro enterprises, are relatively light assets, usually lack of property and other collateral, which largely restricts the convenience of their financing. Exploring the financing mode of intangible assets and expanding the loan of intellectual property pledge are of great significance to the science and technology private enterprises and small and micro enterprises. In addition to the single row credit plan and special assessment incentives and the tolerance of non-performing loans, the next step is to improve the relevant systems and facilities of intellectual property rights, so as to provide favorable conditions for the innovation of intellectual property pledge financing products and services.