Southeast Net News, May 9th (our reporter Lin Xianchang) On the 9th, the Fuzhou Central Sub-branch of the People’s Bank of China held a press conference on “Financial Operations and Related Policies in the First Quarter of 2023 in Fujian Province” to introduce the financial system in Fujian Province to maintain a stable financial aggregate Growth, reasonable abundance, steady and orderly advancement of reform and opening up in the financial sector, full support for the smooth start of Fujian’s economic operation, and responses to recent hot issues of market concern.
The scene of the press conference, photographed by Lin Xianchang, a reporter from Southeast China Net
According to the press conference, at the end of the first quarter, the balance of domestic and foreign currency deposits in financial institutions in the province was 7.98 trillion yuan, a year-on-year increase of 18.8%, 6.6 percentage points higher than the national average growth rate. In the first quarter, various deposits increased by 689.48 billion yuan, an increase of 179.21 billion yuan year-on-year, and the growth rate of deposits ranked first in the country.
At the end of the first quarter, the balance of local and foreign currency loans of financial institutions in the province was 7.9 trillion yuan, a year-on-year increase of 10.9%. In the first quarter, various loans increased by 286.61 billion yuan, an increase of 7.88 billion yuan year-on-year; the non-performing loan ratio of enterprises in the province was 1.07%, 0.13 percentage points lower than that of the same period last year, and the non-performing loan ratio of small and micro enterprises was 0.65%, which was 0.65% higher than that of last year. 0.18 percentage points lower than in the same period.
Implement cross-cycle policy design to maintain reasonable and sufficient liquidity in the province. On March 27, the People’s Bank of China lowered the deposit reserve ratio of financial institutions by 0.25 percentage points (excluding financial institutions that have implemented a 5% deposit reserve ratio). The Fuzhou Central Sub-branch of the People’s Bank of China actively promoted the implementation of the policy. A total of 23 financial institutions in the province enjoyed the RRR cut policy, which directly released about 14.68 billion yuan of funds and saved about 170 million yuan in capital costs of related financial institutions. The RRR cut is conducive to optimizing the capital structure of financial institutions, enhancing the ability to extend credit, reducing the comprehensive financing costs of business entities, and helping enterprises recover.
Give full play to the precise drip irrigation of structural monetary policies and increase support for inclusive finance. Continue to improve the “re-lending +” multi-dimensional system, support local corporate financial institutions to create exclusive credit products for re-lending based on their own characteristics, and effectively meet the financing needs of agriculture-related, small and micro enterprises, technology innovation, and private enterprises. As of the end of March, the balance of re-loans and re-discounts in the province was 107.09 billion yuan, a year-on-year increase of 7.9%; in the first quarter, the accumulated re-loans and re-discounts were 36.11 billion yuan, a year-on-year increase of 16.2%. Use inclusive small and micro loan support tools to guide qualified local corporate financial institutions to increase inclusive small and micro loans. At the end of the first quarter, the balance of inclusive small and micro loans in the province increased by 34.33 billion yuan compared with the beginning of the year. Inclusive small and micro loan support tools provide incentives of 687 million yuan.
Further deepen the market-oriented reform of interest rates, and promote the steady decline of loan interest rates. Continue to unleash the effectiveness of loan market quotation interest rate reform, implement the market-based adjustment mechanism for deposit interest rates, unblock the interest rate transmission mechanism, and promote the reduction of actual loan interest rates. In March, the weighted average interest rate of RMB loans in the province was 4.37%, a year-on-year decrease of 43 basis points. In addition, the provincial inclusive small and micro loan interest rate reduction work has achieved remarkable results. As of the end of March, relevant financial institutions in the province have accumulatively promoted 1.59 billion yuan in loan interest reduction and exemption for 850,000 inclusive small and micro enterprises, which strongly supports inclusive small and micro enterprises. Enterprise bailout development.
It was also introduced at the press conference that direct financing channels will continue to be broadened to support enterprises to issue bonds for financing. The “Guiding Opinions on Further Promoting the Construction of a Multi-level Financial Market to Serve the High-quality Development of Fujian’s Economy” was issued, proposing six aspects and 16 measures to promote business entities to make better use of financial market resources and serve the high-quality development of Fujian’s economy. In the first quarter, enterprises in the province issued 89.8 billion yuan of debt financing instruments, with a weighted average interest rate of 3.3%; corporate financial institutions in the province issued financial bonds of 7 billion yuan, with a weighted average interest rate of 3.07%. Among them, Xiamen International Bank issued the country’s first “Sannong” special financial bonds, effectively playing the role of bond financing in supporting rural revitalization.
Make good use of various preferential financial policies to strengthen support for key areas and industries. Seize the policy extension windows such as special re-loans for equipment renovation and transformation, and guide financial institutions to increase credit extension in key areas and industries. As of the end of March, the aforementioned structural monetary policy tools have been used to guide financial institutions to issue related loans of 43.1 billion yuan. At the same time, strengthen cooperation with Fujian Provincial Department of Industry and Information Technology, Fujian Local Financial Supervision Bureau, Fujian Banking and Insurance Regulatory Bureau and other departments, and successively created a number of extremely high-quality loans such as “Technology Loan”, “Technological Transformation Loan”, and “Special Loan for Manufacturing Financing Support”. Policy credit products with Fujian characteristics. Continue to promote financial institutions to innovate financial products and services, increase credit support for manufacturing, especially high-tech industries, and promote the transformation and upgrading of traditional industries through models such as “technology flow evaluation system”, “investment-loan linkage” and “supply chain financing”. As of the end of March, a total of 127.86 billion yuan of preferential policy interest rate loans with Fujian characteristics have been issued, benefiting 23,000 enterprises; the balance of medium and long-term loans for the manufacturing industry in the province increased by 37.2% year-on-year.
Adhere to the “two unwavering” and continue to optimize financial services for the private economy. Leading the Fujian Local Financial Supervision Bureau, Fujian Banking and Insurance Regulatory Bureau, Fujian Securities Regulatory Bureau, and Fujian Branch of the Foreign Exchange Administration to formulate the “Opinions on Financial Support for the High-quality Development of the Private Economy in Fujian Province”, proposing six aspects and 16 specific measures to effectively strengthen the private sector Availability of direct and indirect financing for businesses. At the end of March, the province’s private enterprise loan balance was 3.6 trillion yuan, a year-on-year increase of 10.3%. Promote Xiamen Zhongjun Group, a private real estate enterprise in the province, to use the “second arrow” to issue medium-term notes of 1.5 billion yuan to broaden the financing channels for private real estate enterprises.
Various measures have been taken to promote recovery and expand demand, which strongly supports the recovery and improvement of the consumer market. The “Ten Measures on Financial Promotion of Consumption” was issued, and specific measures were put forward in five aspects, including supporting residents’ housing consumption, expanding automobile, catering, cultural and travel consumption, promoting consumption payment, insurance and digital renminbi services, and providing a strong “consumption promotion” financial support. For example, the self-discipline mechanism for market interest rate pricing in Fujian Province has been coordinated to guide financial institutions to periodically adjust the lower limit of interest rates for first-home commercial personal housing loans in eligible cities. The lower limit of individual housing loan interest rates is 30 basis points to 3.8%; continue to implement the “16 measures” of the People’s Bank of China’s financial support for real estate, guide financial institutions to meet the needs of local governments in real estate risk management, and provide Added new financial support such as development loans, M&A loans, and personal housing loans to promote the stable and healthy development of the real estate market.