As an economically developed region, how Zhejiang will develop and build a common prosperity demonstration zone with high quality has attracted much attention from the outside world. This year’s two sessions,securitiesThe Times reporter interviewed members of the CPPCC National Committee and the peopleBankYin Xingshan, President of Hangzhou Central Sub-branch, explained the people in detailBankHow will Hangzhou Central Sub-branch this year focus on national strategies such as common prosperity, carbon neutralization, and technological self-reliance and self-improvement, and give full play to the positive role of finance in supporting high-quality development.
Over the years, Yin Xingshan has been concerned with the development of inclusive finance such as financial consumer rights protection and small and micro enterprise financing. During the two sessions this year, he also submitted proposals on strengthening the supervision of single-purpose prepaid funds, and giving play to the role of government guarantee financing to improve small and micro financial services. Proposals such as quality and efficiency, and suggestions on improving industry supervision and giving play to the active role of the government.
Consolidate the double guarantee of the financial aggregate structure for Zhejiang’s high-quality development
securitiesTimes: PeopleBankWhat are the key points of Hangzhou Central Sub-branch in supporting the steady economic growth in Zhejiang this year?currencycreditPolicy deployment?
Yin Xingshan: In recent years, Zhejiang Province has actively played the role of monetary and credit policies in optimizing structure and promoting transformation, especially around common prosperity, private small and micro enterprises, and green development. , showing “the total amount is powerful, the structure is optimized,interest rateA good trend of declining and improving quality and efficiency”.
Since the beginning of this year, the economic and social development of Zhejiang Province has entered a new stage. The Hangzhou Central Sub-branch of the People’s Bank of China focuses on national strategies such as common prosperity, carbon peaking and carbon neutrality, and technological self-reliance and self-reliance, and gives full play to the positive role of finance in supporting high-quality development:
The first is to stabilize the word and consolidate the financial aggregate guarantee for high-quality development. We will implement a prudent monetary policy, guide financial institutions to increase credit support for the real economy, enhance the stability of total credit growth, and keep the scale of social financing and loan growth in line with the nominal economic growth rate. Make good use of monetary policy and financial market tools, support financial institutions to replenish capital and funds through multiple channels, enhance their ability to serve the real economy, and maintain the stability and continuity of corporate financing.
The second is to make efforts to promote precise and direct monetary policy tools to benefit enterprises. Combined with the actual economic development of Zhejiang Province, policy efforts should be appropriately advanced. We will implement the policy of cutting interest rates and reserve ratios at the head office, deepen the implementation of LPR reform, and strengthen cross-cycle adjustment. Actively adopt activities such as “helping enterprises to make a good start” and financial “three services” visits to effectively meet the financing needs of enterprises and effectively ensure that enterprises “open doors well and open steadily”. Accurate and efficient use of re-lending and re-discounting funds, seamlessly connecting two direct monetary policy tools.
The third is to take multiple measures to implement Zhejiang Province’s “financial support to stimulate the vitality of market players”. Vigorously promote the application of “loan code”, and implement an upgraded version of the action based on the completion of the “three-year action for the expansion of first loan households” ahead of schedule, and continue to promote the expansion and quality of small and micro finance. In conjunction with the provincial economic and information departments and other departments, 45 measures have been implemented in 8 aspects to reduce the burden and strengthen enterprises to stimulate the vitality of enterprise development. The Bank continued to carry out the “10,000 Private Enterprise Evaluation Banks” to enhance the sense of gain and satisfaction of enterprises. Increase support for foreign trade enterprises, further promote trade and investment facilitation, promote the exchange rate hedging policy of government financing guarantees, and continuously improve the level of exchange rate risk prevention for small and medium-sized enterprises.
The fourth is to focus on key points and accurately assist the construction of Zhejiang Common Prosperity Demonstration Zone. Focusing on key areas and weak links such as private small and micro enterprises, rural revitalization, green development, and technological innovation, the Company has extensively carried out the “Together Prosperity Zhejiang” financial service year activity in the financial system of Zhejiang Province, and promoted the improvement of inclusive small and micro financing and the improvement of financial services for rural revitalization. 4 special actions to improve low-carbon and green financial services, and to improve scientific and technological financial services, to precisely help the construction of Zhejiang Common Prosperity Demonstration Zone.
Financial support for carbon emission reduction is strengthened
securitiesTimes: The People’s Bank of China launched a carbon emission reduction support tool last year. How is the application of this tool in Zhejiang?
Yin Xingshan: After the head office introduced the carbon emission reduction support tool, the Hangzhou Central Sub-branch of the People’s Bank of China organized the financial system of Zhejiang Province to respond quickly, established a special working mechanism, and strengthened the implementation of policies. Hold a special meeting on the implementation of tools at the first time, implement the “top leader” responsibility system of the People’s Bank of China and financial institutions in the province, set up a special class for work, and assign people and positions to be responsible for guiding financial institutions to promote the implementation of policies. Financial institutions responded positively. All relevant financial institutions set up a special team for carbon emission reduction loans, innovatively launched special credit products such as “Industrial Carbon Loans” and “Ecological Restoration Loans”, set up green channels for credit approval, and arranged internal fund transfer pricing (FTP) Incentive assessment mechanisms such as subsidies to promote accurate and efficient issuance of carbon emission reduction loans. Strengthen policy coordination and give full play to the combined force of “several companies”. Joint development and reform, economic and information departments and other departments to sort out 4 batches of enterprise project lists in key areas of carbon emission reduction in Zhejiang Province, and organize financial institutions to connect with enterprises accurately and efficiently. Promote the introduction of fiscal incentives for green loans such as carbon emission reduction loans in Wenzhou, Huzhou and other regions.Promote carbon information sharing and financial scenario application, and promote enterprise credit in Zhejiang ProvinceInformation serviceThe platform builds “carbon account finance” across multiple scenarios, shares data information such as carbon accounts and carbon allowances with provincial carbon information platforms, and promotes financial institutions to accurately measure carbon emission reduction effects.
Driven by carbon emission reduction support tools, financial support for key areas of carbon emission reduction has been significantly increased, effectively promoting green and low-carbon economic and social development.According to preliminary statistics, since July 2021, the branches of national banks in Zhejiang have issued a total of 14.5 billion yuan in carbon emission reduction loans, the amount of which is at the forefront of the country, and supported 169 projects in key areas of carbon emission reduction, with a weighted average ofinterest rate4.13%, which is 0.59 percentage points lower than the weighted average interest rate of enterprise loans in Zhejiang Province in 2021, driving the annual carbon emission reduction of related projects to 2.206 million tons of carbon dioxide equivalent, and promoting the energy consumption per unit of added value of industrial enterprises above designated size in Zhejiang Province to decrease by 5.8% year-on-year in 2021 , the decline was higher than the national 0.2 percentage point.
Securities Times: What plans does Hangzhou Central Sub-branch have in supporting the development of green finance in Zhejiang this year?
Yin Xingshan: In 2022, the Hangzhou Central Sub-branch of the People’s Bank of China will focus on serving the “dual carbon” goal, continue to deepen the construction of a green financial reform pilot zone, and strengthen the overall coordination and orderly advancement of the province’s green financial work:
The first is to implement carbon emission reduction support tools, increase financial support for green and low-carbon fields, and coordinate the financial work of dual control of energy consumption and power supply guarantee; Explore the development path and model of transition finance based on carbon accounts; the third is to accelerate the environmental information disclosure of financial institutions in the province, and further consolidate the data foundation and platform support for carbon accounting of financial institutions; Rural finance, small and micro finance, inclusive finance and other integrated development; fifth, improve the sharing mechanism of green finance reform achievements, promote the replication and promotion of reform achievements from point to point and to the whole province and the Yangtze River Delta region, and help the integrated development of green finance in the Yangtze River Delta.
Suggestions to strengthen the supervision of single-purpose prepaid funds
Securities Times: In recent years, there has been a lot of public opinion on the supervision of single-purpose prepaid funds such as commercial membership recharge cards. What do you think are the outstanding obstacles to the realization of single-purpose prepaid funds supervision?
Yin Xingshan: There are three prominent problems in the current supervision of single-purpose prepaid funds: First, the supervision system is not perfect. Existing laws and regulations are either relatively general or low-level, making it difficult to form strong institutional constraints. Moreover, only a few industry authorities have issued industry management systems, and a large number of other industries lack corresponding regulatory systems for single-purpose prepaid funds, and there are certain regulatory gaps.
Second, the collection of funds is not standardized. Most industries do not have clear qualification requirements for operators who receive prepaid funds, resulting in some operators with weak financial strength and weak sense of integrity also adopting the prepaid consumption model to conduct business, and some operators even aim to embezzle customer funds.At the same time, in daily operations, some operators often do not sign contracts with consumers.contract, and does not issue a fee certificate, once a dispute occurs, it is difficult for consumers to effectively protect their rights and interests. In addition, in the process of consumption, consumers often encounter situations such as easy payment and difficulty in refunding, operators running away, etc., and the rights and interests of consumers cannot be effectively protected.
Third, the supervision mechanism is not perfect. There is no effective synergy mechanism between industry authorities and financial, judicial and other departments, and it is difficult to form an overall regulatory effect. Most industries do not implement a bank custody mechanism for prepaid funds, resulting in a greater risk of prepaid funds being misappropriated. Even if some industries have implemented bank fund custody, there are still problems such as not all funds being put into custody, and information fragmentation between industry authorities and custodian banks. In addition, there is also a lack of effective restraint measures for operators’ violations, and the cost of operators’ violations is low, which cannot form a strong deterrent.
Securities Times: What roles can financial regulators and commercial banks play in promoting the supervision of single-purpose prepaid funds? What issues need attention?
Yin Xingshan: Financial regulatory authorities and commercial banks have the responsibility to cooperate with industry authorities to strengthen the supervision of single-purpose prepaid funds. It is recommended that the industry competent authorities take the lead in establishing a single-purpose prepaid fund supervision system, and commercial banks cooperate with fund custody to strengthen fund risk management and control. Specifically: the commercial bank opens a unique custody account for the operator, which is specially used for the storage and management of prepaid funds. At the same time, the industry competent department establishes a prepaid fund supervision platform, and commercial banks transfer the prepaid funds that have been consumed from the custody account to the account designated by the operator according to the payment instructions initiated by the supervision platform and according to the customer’s consumption progress.
In this process, attention should be paid to solving three problems: First, whose name should the custody account be opened. A basic principle of payment and settlement is “whose money goes into whoever’s account”. Single-purpose prepaid funds are essentially prepayments from consumers to operators, and an escrow account should be opened in the name of the operator. If an escrow account is opened in the name of a third-party organization such as an industry association or an industry authority and the prepaid funds from consumers are collected, on the one hand, it will damage the legitimate rights and interests of the operator, and on the other hand, it will form a “capital pool”, which is suspected of operating payment without a license. Business violations.
The second is how to ensure that the prepaid funds are fully included in the escrow account. All prepaid funds paid by customers through cash, bank cards, Alipay, WeChat and other channels should be included in the custody account for management to prevent the occurrence of “off-book accounts”.
The third is how to achieve synchronization of fund allocation and consumption. It is necessary to build a prepaid fund supervision platform, open up information channels between consumers, operators, and commercial banks, and commercial banks will allocate custody funds synchronously according to the consumption progress to ensure that funds are not misappropriated in violation of regulations.
(Article source: Securities Times Network)