日韩精品久久一区二区三区_亚洲色图p_亚洲综合在线最大成人_国产中出在线观看_日韩免费_亚洲综合在线一区

Global EditionASIA 中文雙語Fran?ais
Business
Home / Business / Finance

Smaller firms to get ample credit platforms

By Chen Jia | China Daily | Updated: 2019-05-31 07:52
Share
Share - WeChat
Visitors learn about loan policies for small and micro companies during an exhibition in Beijing. [Photo by Chen Xiaogen/For China Daily]

PBOC hints at interest rate reform and shift to market-based lending rates

The People's Bank of China, the central bank, stressed on Thursday that the government will ensure that small and micro businesses have adequate access to credit.

Speaking at an event in Beijing, Yi Gang, the PBOC governor, said that State-owned commercial banks will be urged to increase lending to small and micro companies by 30 percent this year and the average cost of financing would come down by 1 percentage point.

The target has already been ensconced in the government's annual work report, which was released in March. It means that loans for smaller businesses from the country's six largest commercial banks will reach almost 3 trillion yuan ($434 billion) by the end of this year.

At the same time, China will continually push forward interest rate reform and let the market decide loan prices. The central bank is also planning to do away with benchmark lending rates in the future, he said at the "2019 Financial Street Forum in Beijing".

"The existing benchmark deposit and lending rates are at a proper level," he said, suggesting that the interest rate reform should focus on reducing financing costs for small companies.

China is aligning its money issuance pace and the expansion rate of aggregate financing with the nominal GDP growth rate, according to Sun Guofeng, director of the PBOC's monetary policy department.

From his point of view, if the financing growth is faster than the GDP rate, the monetary policy could be identified as "loose," which will boost new debt and increase financial risks.

China has adopted a "prudent" monetary policy to maintain economic growth as well as keep prices stable, said Sun.

But with China shifting to high-quality growth, rather than the speed-driven model, "only a relatively slower growth of money supply is necessary to keep the economy within a reasonable range," said Sun.

In light of the external challenges, the central bank still has ample room in adjusting the monetary policy, the official reiterated, and the PBOC has plenty of choices in its policy toolkit.

The central bank data showed, by the end of April, the broad money supply, or M2, increased by 8.5 percent from a year earlier, slower than the 8.6 percent recorded in the first three months. Growth in new yuan loans also slowed in April.

Compared with the monetary policy, fiscal policy should play a more important role in the coming months to stabilize economic growth, especially when the external uncertainties are increasing, said Robin Xing, Morgan Stanley's chief economist in China.

"The monetary policy will assist and cooperate with the fiscal policy, as the policymakers will neither ease the regulatory policies, nor change the existing regulatory framework. They are unlikely to sacrifice financial stability for maintaining growth," he said.

Some smaller commercial banks are under pressure to replenish capital, as the government has asked them to issue more loans to private and small businesses, even as their nonperforming loans have increased amid weaker growth.

The PBOC officials said that more perpetual bonds will be issued by commercial banks, to raise capital and strengthen the cushion against potential risks.

Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE
 
主站蜘蛛池模板: 欧美一级精品 | 亚洲男人的天堂久久精品 | 精品国产三级 | 欧美精品1区2区 | 欧美日韩欧美日韩 | 欧美精品午夜 | 性色成人网| 日本一区二区不卡 | 日本黄色a视频 | 久久久久毛片免费观看 | 亚洲精品久久九九热 | 欧美日韩精品一区 | 日本一级α片 | 日韩在线观看中文字幕 | 欧洲精品一区二区三区在线观看 | 上海一级毛片 | 日韩免费一区二区 | 一区二区在线 | 丁香婷婷六月天 | 免费国产小视频在线观看 | 国产欧美在线观看视频 | 国产福利视频一区二区 | 日日狠狠的日日日日 | 亚洲午夜免费 | 一级黄色片武则天 | 九九色播 | 久久免费看少妇高潮A片JA | 国产成人免费永久播放视频平台 | 九九精品在线 | 加勒比婷婷色综合久久 | 日产精品卡二卡三卡四卡乱码视频 | 精品久久久久久久久久久久久久 | 欧美视频二区 | www.aiqingdao| 亚洲精品成人 | 免费一级毛片不卡在线播放 | 国产资源网站 | 久久一本日韩精品中文字幕屁孩 | 夜夜爱夜夜操 | 成人一级大片 | 午夜福利国产在线观看1 |