Who will benefit from the reduction of gift package by 800 billion yuan at this time?

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 Who will benefit from the reduction of gift package by 800 billion yuan at this time?


Maintain reasonable and sufficient liquidity

Why do you choose to reduce the standard at this time? What are the reasons for the reduction?

Zeng Gang, deputy director of the national finance and development laboratory, said in an interview with our reporter that in the short term, the reduction is to release liquidity to meet the capital demand peak before the Spring Festival and ensure a stable market. Generally speaking, it is more likely to have the demand for capital investment and return before and after the Spring Festival. Zeng Gang said, this Spring Festival is earlier than previous years, liquidity is facing a small amount of capital maturity pressure, and cash demand is increasing. The central bank announced to reduce the reserve at the beginning of the month to create a more stable capital interest rate, reflecting the flexibility and moderation of sound monetary policy.

In the medium and long term, reducing the standard can release the banks medium and long-term funds. Zeng Gang thought that reducing the reserve ratio is equivalent to returning part of the long-term funds frozen in the bank account to the bank. On the one hand, it means that the bank can make some medium and long-term loans, on the other hand, it is equivalent to reducing the cost of the bank. This is conducive to reducing the financing cost of the real economy, enhancing the ability of banks to provide medium and long-term loans, and creating better conditions for stable growth.

In addition, the reduction of the reserve at the beginning of the year will help to meet the capital needs of financial institutions and borrowers, and strive for a good start. Due to the pressure of stable growth this year, there is a possibility that all aspects of planning will start to work from January, and banks have the habit of early investment and early return. In terms of local governments demand for debt issuance, a lot of projects may also be started in January of the first quarter, which will increase the demand for funds. At this time, the reduction of the standard will help to strive for a good start and provide sufficient liquidity support for financial institutions or local governments. Zeng just said.

Better serve the real economy

The central bank made it clear that the reduction increased the sources of funds for financial institutions, that large banks should focus on services, that small and medium banks should focus more on the main business, and that they should actively use the reduction funds to increase support for small and micro enterprises and private enterprises. In this comprehensive reduction, only urban commercial banks operating in the provincial administrative areas, rural commercial banks serving the county, rural cooperative banks, rural credit cooperatives and rural banks and other small and medium-sized banks have received more than 120 billion yuan of long-term capital, which is conducive to strengthening the capital strength of small and micro banks serving private enterprises based on the local and returning to the source. At the same time, the reduction of the standard reduces the banks capital cost by about 15 billion yuan per year. Through bank transmission, the actual cost of social financing can be reduced, especially the financing cost of small and micro enterprises and private enterprises.

Zeng Gang pointed out that the central bank made it clear that large banks should sink the service focus, and small and medium banks should strengthen the support for small and micro private enterprises, for agriculture, rural areas and farmers, and for local economy, which is also the core content of the reform of financial supply side institutions. In the past year, the state has introduced many policies to strengthen this, including targeted reduction of standards, guidance of regulatory policies, change of assessment system, etc. Zeng Gang said, the reduction of the standard enhances the liquidity of the whole market, which also means that we hope to invest more funds in small and micro private enterprises and serve the real economy at the structural level while reducing the total amount of the standard.

At the end of last year, the financial stability and Development Commission proposed that greater efforts should be made in credit assessment and internal incentives to enhance the endogenous power of financial institutions to serve the real economy, especially small and micro enterprises. Zeng Gang predicted that in the future, there will be more specific policies for small and micro private enterprises in terms of regulatory policies and bank internal management assessment. The adjustment of the total amount and the guidance of the policies in the structure will have a positive impact on the real economy, small and micro enterprises, the financing cost will be further reduced, and the financing difficulty will be further alleviated.

Steady monetary policy has not changed

The reduction has aroused widespread concern from all walks of life and the international community, and has released positive expectations for Chinas economy.

Chinas central bank cut its reserve as scheduled, with 800 billion yuan in gift packages to protect liquidity and guide financing costs down, Reuters reported Monday. Analysts believe that along with this reduction, the banks capital cost will decline, which will also help to meet the liquidity demand brought by factors such as tax payment in January, special bond issuance and Spring Festival. It is expected that the growth rate of credit and social financing for the real economy in 2020 is expected to rise slightly.

The Central Bank of China acts to further pave the way for loans, the German Business Daily reported Monday, saying that despite the enormous pressure, Chinas economic growth remains resilient. The central bank will use several monetary policy instruments and flexible policies to maintain liquidity. That means the central bank will give banks more leeway to lend to boost the economy.

Chinas stock market also saw a big rise. Zeng Gang believed that the stock market soared, and the drop in reserve was only the direct cause of the short-term. The stock market is a long-term thing, not only the stimulation of short-term monetary policy, but also the decisive position of the capital market in the direction determined by the structural reform of the financial supply side, which determines that the capital market will be supported by more and more policies in the future. Zeng Gang said that from the national level, the core content of financial supply side structural reform is to optimize the financing structure and promote the development of direct financing. The core of direct financing development is the development of capital market. A strong and prosperous capital market is in line with the main direction of financial supply side reform.

Does the overall reduction of the standard mean that the orientation of sound monetary policy has changed? The relevant person in charge of the central bank stressed that the reduction of the reserve ratio is a hedge against the cash investment before the Spring Festival, and the total liquidity of the banking system will remain basically stable, flexible and moderate, rather than flood, which reflects the scientific and steady control of the counter cyclical adjustment of monetary policy, and the stable monetary policy orientation has not changed.

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