Following the People’s Bank of China’s previous “announcement” that it will create a special re-loan for inclusive elderly care, on April 29, the People’s Bank of China and the National Development and Reform Commission announced that according to the requirements of the executive meeting of the State Council, the People’s Bank of China and the National Development and Reform Commission decided to launch a pilot program of special re-lending for inclusive elderly care. Work to guide financial institutions to provide preferential loans to inclusive elderly care institutions and reduce the financing costs of elderly care institutions.
According to reports, the pilot quota of special re-loans for inclusive pensions is 40 billion yuan, the interest rate is 1.75%, the term is 1 year, and it can be extended twice. The pilot financial institutions are China Development Bank, Export-Import Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications, a total of 7 large national banks. The pilot areas are five provinces including Zhejiang, Jiangsu, Henan, Hebei and Jiangxi.
The relevant person in charge of the People’s Bank of China said that my country’s population aging has entered a stage of rapid development, and the rigid demand for elderly care services is increasing. In addition to policy-oriented and market-oriented elderly care services, it is also necessary to vigorously develop inclusive elderly care services for the general population. . In order to thoroughly implement the decisions and arrangements of the CPC Central Committee and the State Council on actively responding to population aging, according to the requirements of the State Council executive meeting on April 6, 2022, the People’s Bank of China and the National Development and Reform Commission have decided to carry out the pilot work of special re-lending for inclusive elderly care in some regions. Support financial institutions to provide preferential interest rate loans to inclusive elderly care service institutions, reduce the financing cost of inclusive elderly care service institutions, promote the increase in the supply of inclusive elderly care services, and accelerate the improvement of the elderly care service system.
The support areas of special re-loans for inclusive pensions are eligible inclusive pension institutions. According to the above-mentioned person in charge, in terms of main body qualifications, pension institutions should be corporate legal persons with good financial and credit status or private non-enterprise units supported by the government and with a clear repayment model. In terms of service scope, elderly care institutions should promise to provide inclusive elderly care services in accordance with the quality standards and charging standards of inclusive elderly care service institutions confirmed by the government, and this commitment needs to be publicized on the “Credit China” website. In terms of capital use, loans issued by financial institutions must be earmarked for inclusive elderly care service projects.
In addition, in order to promote the smooth implementation of special re-loans for inclusive pensions, this type of special re-loans adopts a direct mechanism of “loan before borrowing” and are issued on a quarterly basis. Financial institutions grant preferential interest rate loans to eligible inclusive elderly care institutions in accordance with the principle of marketization, and the loan interest rate is roughly the same as the market quoted interest rate (LPR) of the same term and grade loan. From April 1, 2022, after a financial institution has issued a loan to an inclusive pension institution, it will apply to the People’s Bank of China for special re-lending funds for the inclusive pension in the first month of the next quarter, and the People’s Bank of China will provide re-lending funds equal to the loan principal. support.