The People’s Bank of China responds to hot market issues
The risk of Evergrande Group’s spillover to the financial industry is controllable
Regarding the real estate market: The major banks have been instructed to accurately grasp and implement the real estate financial prudential management system to maintain the stable and orderly distribution of real estate credit
Regarding monetary and credit policies: the banking system will maintain a basic balance of supply and demand for liquidity in the fourth quarter, and there will be no major fluctuations
Highlights of the credit structure in the third quarter: financial resources are tilted towards “specialized, special-new” enterprises, and loans to “specialized, special-new” enterprises have grown well
Regarding the Evergrande incident, the real estate market, and monetary and credit policies, the People’s Bank of China has the latest response.
“Of the total liabilities of Evergrande Group, financial liabilities are less than one-third. Creditors are also relatively dispersed, and individual financial institutions have little risk exposure. Overall, the spillover of risks to the financial industry is controllable.” The People’s Bank of China Zou Lan, Director of the Department of Financial Markets, said at a press conference on financial statistics for the third quarter yesterday.
Zou Lan said that relevant departments and local governments are currently carrying out risk disposal and resolution work in accordance with laws and regulations in accordance with the principles of rule of law and marketization, urging Evergrande Group to increase asset disposal efforts, speed up the restoration of project construction, and safeguard the legitimate rights and interests of housing consumers. In this process, the financial department will cooperate with the housing and urban-rural construction department and local governments to provide financial support for the resumption of the project.
“The problem of Evergrande Group is an individual phenomenon in the real estate industry. After the macro-control of real estate in recent years, especially after the establishment of a long-term real estate mechanism, the domestic real estate market’s land prices, housing prices, and expectations have remained stable. The indicators are good, and the real estate industry is generally healthy.” Zou Lan emphasized.
When talking about the real estate credit policy, Zou Lan said that from the data point of view, the amount of personal housing loans issued in the first three quarters of this year remained stable, basically matching the amount of commercial housing sales during the same period. Among them, housing prices in a few cities have risen too fast, personal housing loans are subject to some constraints, and the rate of housing price rises has been suppressed. After housing prices stabilize, the supply-demand relationship of housing loans in these cities will return to normal.
“Recently, individual large-scale real estate companies have been exposed to risks. Financial institutions’ risk appetite for the real estate industry has dropped significantly, and there has been a consistent contraction. The growth rate of real estate development loans has dropped significantly.” Zou Lan said that some financial institutions There are also some misunderstandings in the “third-line and four-tier” financing management rules of the pilot housing companies. They require that the balance of interest-bearing liabilities of “red file” companies should not be increased. The misunderstanding is that banks are not allowed to issue new development loans. The lack of loans for newly started projects that should be reasonably supported has also caused some companies to tighten their capital chains to a certain extent.
Zou Lan introduced that in response to these circumstances, the People’s Bank of China and the China Banking and Insurance Regulatory Commission have held a real estate finance work seminar at the end of September to guide major banks to accurately grasp and implement the real estate financial prudential management system, maintain the stable and orderly distribution of real estate credit, and maintain the stability of the real estate market. healthy growth.
Monetary and credit policies are also the focus of market attention. Sun Guofeng, Director of the Monetary Policy Department of the People’s Bank of China, said that in the fourth quarter, the supply and demand of liquidity in the banking system will continue to maintain a basic balance without major fluctuations. Regarding phasing factors such as government bond issuance, tax payment and medium-term loan facilitation and maturity, the People’s Bank of China will comprehensively consider the liquidity situation and the needs of financial institutions, and flexibly use monetary policy tools such as medium-term loan facilitation, open market operations, etc., in a timely manner. Appropriately put in liquidity of different periods, smooth out short-term fluctuations, meet the reasonable funding needs of financial institutions, and maintain reasonable and sufficient liquidity.
When talking about the highlights of the credit structure in the third quarter, Ruan Jianhong, a spokesperson for the People’s Bank of China and Director of the Department of Regulation and Management, introduced that financial resources are tilted towards “specialized, special-new” enterprises, and loans to “specialized, special-new” enterprises have grown well. While the current financial system continues to strengthen its support for key industries and inclusive small and micro businesses, it is also increasing its support for “specialized, specialized and new” enterprises, and the credit structure continues to be optimized.
(Editor in charge: Wang Chenxi)
Disclaimer:This article is reproduced by China Net Finance for the purpose of conveying more information, and does not represent the views and positions of this website. Article content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.
.