On June 23, at a series of press conferences on the theme of “This Decade of China” held by the Central Propaganda Department, a group of data showed that a virtuous circle between my country’s financial industry and the real economy was gradually formed: the balance of medium and long-term loans for high-tech manufacturing industries was relatively high. Ten years ago, it increased nearly sevenfold; in the past ten years, the average annual growth rate of bank loans and bond investment was 13.1% and 14.7% respectively, basically matching the growth rate of nominal GDP; from 2017 to 2021, investment in manufacturing, information transmission and The average annual growth of medium and long-term loans in software service industry, scientific research and technical service industry was 18.5%, 23.6% and 29.8% respectively…
“In the past ten years, we have led the financial support for the real economy to achieve high-quality development with new development concepts.” Chen Yulu, deputy governor of the People’s Bank of China, mentioned at the press conference that in recent years, the People’s Bank of China, in accordance with the decisions and arrangements of the Party Central Committee and the State Council, Adhere to a prudent monetary policy, continuously innovate and enrich monetary policy tools, and at the same time pay more attention to the leverage of interest rates and prices, with the goal of striving to achieve a virtuous circle of the real economy and finance.
Li Chao, vice chairman of the China Securities Regulatory Commission, said at the meeting: “In the past decade, the breadth and depth of the capital market’s service to the real economy has expanded significantly.”
This achievement is reflected in many aspects, including vigorously improving the multi-level market system, launching the New Third Board, the Science and Technology Innovation Board, and establishing the Beijing Stock Exchange. The adaptability of the capital market to the real economy has been greatly enhanced, and the cumulative stock and debt financing has reached 55 trillion yuan. The high-level circulation of science and technology, capital and the real economy has been smoothed, and the “hard technology” industry agglomeration effect of the Science and Technology Innovation Board has initially formed; the exchange bond market has become an important channel for non-financial corporate bond financing, and the varieties of futures options cover major areas of the national economy.
Li Chao introduced that the capital market continues to improve the quality and efficiency of serving the real economy, and continues to play an active role in promoting economic transformation and upgrading, supporting poverty alleviation and rural revitalization, and promoting innovation-driven development. By the end of 2021, there will be 377 companies listed on the Science and Technology Innovation Board, with a total market value of 5.6 trillion yuan, 262 newly listed companies under the GEM pilot registration system, and a group of growth-oriented innovative and entrepreneurial enterprises have entered the fast lane of development.
Xiao Yuanqi, vice chairman of the China Banking and Insurance Regulatory Commission, introduced at the meeting that in recent years, the banking and insurance industry has continuously expanded its credit offering to manufacturing and technological innovation enterprises, and strengthened technology insurance services. Up to now, the balance of manufacturing loans has reached 25.26 trillion yuan, a growth rate of 5.79 percentage points higher than the growth rate of various loans; the balance of high-tech manufacturing loans has reached 4.52 trillion yuan, an increase of 16.35% over the beginning of the year.
It is worth mentioning that the first (set) of major technical equipment and key new material application insurance compensation pilot projects have provided a total of 974.5 billion yuan in risk protection. In addition, the balance of medium and long-term loans to the manufacturing industry was 10.45 trillion yuan, accounting for 41.35% of the manufacturing industry loans. The balance of financing provided by the insurance industry to the manufacturing industry through bond investment reached 1.34 trillion yuan.
“A virtuous circle between finance and the real economy has gradually formed. In the past ten years, the banking and insurance industry has focused on serving the development of the real economy, helping to stabilize the macroeconomic market, and achieving positive results.” Xiao Yuanqi said.Return to Sohu, see more
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