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The first meeting of the Finance Committee will raise SME financing to fully stimulate the vitality of SMEs

来源:证券日报 January 9, 2020 07:47 Source: Securities Daily

Our reporter Wu Xiaolu

On January 7th, the State Council's Financial Stability Development Committee (hereinafter referred to as the Financial Commission) held its fourteenth meeting to study and alleviate the problem of financing difficulties for small and medium-sized enterprises and deploy related work. The meeting requested that relevant measures should be studied and introduced as soon as possible to further alleviate the difficulty of financing for SMEs.

In the second half of last year, three meetings of the Finance Committee mentioned that finance supports the development of private and SMEs. Recently, conferences to support the development of private and SMEs have been held. People in the industry believe that SMEs play an important role in stable economic growth, and financial support for the development of SMEs will be an important task at present and in the next stage.

Optimize the financing environment for SMEs

Liu Feng, chief economist of China Galaxy Securities, said in an interview with the "Securities Daily" reporter that financing difficulties and expensive financing for SMEs are reflected in two aspects. One is that there are no financing channels and the other is the high financing costs. "After the central bank has lowered its quota, how to really implement it in SMEs is an urgent task at the moment." Liu Feng said.

Liu Feng believes that at present, the main channel for financing the real economy is still banks, and there is a need to unblock SME bank loan channels, which can be improved in three ways. First of all, banks currently have limited credit evaluation capabilities for SMEs, and need to increase the evaluation and control of risks through technical means. In addition, the bank's lifetime loan recovery system also needs to be improved and adjusted. Secondly, the current marketization of interest rates is insufficient, and banks can implement differentiated loan interest rates based on credit risk ratings. Third, most of the bank's loans are short-term loans, and the cost of rolling loans is relatively high. For high-quality enterprises, banks can develop long-term loans.

Zhang Deli, chief macro analyst of Yuekai Securities, told a reporter from Securities Daily that alleviating the difficulty of financing SMEs is costly and needs to focus on the following three aspects: First, enrich and improve SME financing channels, and strengthen credit and bonds Support for corporate financing needs. Second, construct a differentiated regulatory framework and improve the assessment and evaluation mechanism. For financial institutions whose main target is small and medium-sized enterprises, such as small and medium-sized banks, the regulatory indicators on the operating conditions of assets and liabilities can be moderately relaxed. Third, to improve the government financing guarantee system, we can use fintech and other means to speed up the construction of credit platforms for SMEs and alleviate information asymmetry and one size fits all when financial institutions lend.

In addition, the FFC meeting also proposed to broaden direct financing channels for high-quality SMEs.

Since last year, the capital market has undergone a series of deepening reforms, launching a science and technology board and piloting a registration system, revising the M & A and restructuring system, revising refinancing rules, and launching new three-board reforms. Liu Feng said that the deepening reform of the capital market has created more financing opportunities for SMEs. Recently, the amendments to the Securities Law have been completed, and the Company Law and Criminal Law may need to be adjusted accordingly. Optimizing the direct financing environment of the capital market will be a long-term project.

Zhang Deli believes that to further optimize the direct financing environment of the capital market, on the one hand, it is necessary to continue to improve the relevant systems of the stock market, accelerate and improve the science and technology board, the new three board system, and promote the reform of the GEM, so that the capital market can give full play to the financing function and help more SMEs Get financing through capital markets. On the other hand, we will improve the bond market-based pricing mechanism and explore bond varieties that can match the returns and risks of SMEs.

Financial industry has heavy tasks

Wen Bin, chief researcher of China Minsheng Bank, said that on the whole, this financial committee meeting has deployed differentiated monetary and credit policies, regulatory policies, assessment and incentive policies, and capital supplementary policies. It is expected to create a financial institution serving SMEs. The favorable policy environment of willing to loan, dare to loan, and able to loan can fundamentally alleviate the difficulty of financing for small and medium-sized enterprises, and fully stimulate the vitality of small and medium-sized enterprises in the process of stable growth and high-quality development.

Zhang Deli said that from the perspective of SME financing at the first meeting of the New Year Finance Committee, it is expected that the financial industry will continue to make efforts in three aspects this year. First, it emphasizes the orientation and guiding role of monetary policy, and attaches importance to unblocking the transmission mechanism of monetary policy. Second, continue to promote financial supply-side reforms, focus on stimulating the overall vitality of the capital market, and effectively serve the real economy. Third, both supervision and development are emphasized. Differential supervision and targeted incentives are emphasized to alleviate the problem of financial market differentiation.

According to public information, this meeting is the fourth time since the second half of last year that the Financial Commission proposed that the financial industry support SMEs. Last year, the seventh, eighth, and ninth meetings of the Finance Committee proposed that the financial industry support the development of private enterprises and SMEs. Since the Central Economic Work Conference in December last year, meetings to ease the financing difficulties of SMEs have also been held intensively.

Wen Bin believes that in view of the current situation of small and medium-sized enterprises operating under pressure, the state has held important meetings and issued targeted policies to alleviate the difficulty of financing for small and medium-sized enterprises. This means that in the process of steady growth, SMEs are given important missions, and financial support for the development of SMEs will be an important task at this stage and now.

(Responsible editor: Sun Dan)