The People’s Bank of China announced on the 1st that it will implement the continuous conversion of two direct tools, the Inclusive Small and Micro Enterprise Loan Extension Support Tool and the Inclusive Small and Micro Enterprise Credit Loan Support Program, starting from January 1, 2022. This move will help maintain and consolidate support for market entities while continuing to do a good job of financial support to protect market entities in a more sustainable manner.
In order to alleviate the impact of the new crown pneumonia epidemic on small and micro enterprises, the People’s Bank of China will create two monetary policy tools that directly reach the real economy in 2020 to support financial institutions in deferring the repayment of principal and interest on loans to small and micro enterprises that are experiencing temporary difficulties, and encourage financial institutions to increase Large-scale credit loans to small and micro enterprises have been extended.
The picture shows the head office building of the People’s Bank of China.Photo by Xinhua News Agency reporter Wu Yu
According to the relevant person in charge of the People’s Bank of China, the inclusive small and micro enterprise loan extension support tool will be implemented until the end of 2021. Beginning in 2022, financial institutions and enterprises independently negotiate loan repayment and interest payments in accordance with market-oriented principles. At the same time, the inclusive small and micro enterprise loan extension support tool will be converted into an inclusive small and micro loan support tool. From 2022 to the end of June 2023, the People’s Bank of China will grant inclusive small and micro loans to qualified local corporate banks in accordance with 1% of the balance increase will provide funding to encourage the increase of inclusive small and micro loans. Incentives based on the incremental balance of inclusive small and micro loans are not only conducive to supporting the marketization of local corporate banks to continuously support the credit needs of original customers, but also conducive to promoting local corporate banks to tap new customer inclusive small and micro loans.
In addition, starting from 2022, the inclusive small and micro enterprise credit loan support plan will no longer be implemented, and the 400 billion yuan of the support plan will be included in the management of the agricultural and small-scale reloan line, and the agricultural and small-scale reloan line will be increased on the existing basis. . Eligible local corporate banks can continue to apply to the People’s Bank of China for preferential financial support for reloans for supporting agriculture and small businesses with inclusive small and micro credit loans issued.
The relevant person in charge of the People’s Bank of China stated that it will guide local corporate banks to make independent decisions and take risks on their own to expand inclusive small and micro loans, including credit loans, and increase support for small and micro enterprises, small and micro business owners, and individual industrial and commercial households. , Continue to promote the increase, price reduction, and expansion of inclusive small and micro loans, help stabilize enterprises and ensure employment, and promote the stability of the macroeconomic market.
Reporter: Wu Yu
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