At present, some market players have been severely impacted by the epidemic, and it is necessary to increase protections such as bailouts and employment. On April 6, the executive meeting of the State Council deployed the timely use of monetary policy tools to more effectively support the development of the real economy.
The meeting pointed out that it is necessary to flexibly use a variety of monetary policy tools in a timely manner to better play the dual functions of total volume and structure, and increase support for the real economy.
In terms of content, the meeting conveyed three key messages: first, to strengthen the implementation of a prudent monetary policy; second, to study and adopt financial support for consumption and effective investment measures; third, to establish two new special re-lending tools.
Zhou Maohua, an analyst at the Financial Market Department of China Everbright Bank, told reporters that next, monetary policy will be more active and promising, guide financial institutions to further benefit the real economy, and increase support for weak links and key areas of the real economy.
Step up the implementation of prudent monetary policy
How far is the RRR cut? This is the focus of the most recent market attention.
The regular meeting pointed out that it is necessary to flexibly use a variety of monetary policy tools in a timely manner, better play the dual functions of total volume and structure, and increase support for the real economy. Strengthen the implementation of prudent monetary policy and maintain reasonable and sufficient liquidity. We will increase re-lending to support agriculture and small businesses, and use market-based and legal-based methods to promote reasonable transfer of profits from financial institutions to the real economy.
Industry experts believe that there is room for further easing of monetary policy next. “More aggregate tools, including RRR cuts, increased open market operations, etc., through the use of these monetary policy tools, maintain a reasonable and sufficient liquidity, reflecting the tone of a prudent monetary policy and objective requirements.” China Minsheng Bank Wen Bin, the lead researcher, said.
In 2021, the overall performance of listed banks will be good. Against the background of falling interest rates and benefiting the real economy, listed banks that have published their annual reports have achieved double-digit profit growth as a whole.
“Last year, the overall performance of the bank’s business performance was good, and there is room for further profits to the real economy. In the future, it will be encouraged and promoted through marketization and the rule of law. For example, the potential of LPR reform can be further released. Under the condition that the policy interest rate remains unchanged, the bank’s spread It plays a positive role in reducing the financing cost of the real economy. In addition, with the strengthening of management on the debt side of banks, reducing high-cost liabilities, strengthening the management of new deposit products, etc., all help banks reduce the cost of debt, and then guide banks to reduce the real economy. Financing costs.” Wen Bin said.
Zhou Maohua believes that the monetary policy will continue to maintain a stable tone, and the total amount and structural tools will cooperate organically. In the case of a moderate increase in the total amount of money, the credit structure will be optimized, and the precise quality and efficiency of the policy will be improved.
Two new special re-lending instruments
According to the different positioning of re-lending functions, the central bank has adjusted the types of re-lending into four categories, including liquidity re-lending, credit policy-supported re-lending, financial stability re-lending, and special policy-based re-lending. Among them, the re-lending supported by the credit policy includes three types: supporting agriculture, poverty alleviation, and supporting small schools.
In recent years, the central bank has used re-lending structural tools to support specific areas. The operation has become more mature and the scale of use has continued to increase. Re-lending has become one of the main channels for the central bank to create money.
For example, in the first half of 2021, the newly added amount of inclusive small and micro credit exceeds the new amount of real estate loans for the first time in history; in October 2021, the central bank successively launched carbon emission reduction financial support tools and coal efficient The clean utilization and re-lending have realized the re-innovation and scope of structural monetary policy tools.
The National Standing Committee proposed to set up two special re-loans for technological innovation and inclusive pensions, the central bank to provide re-lending support for the loan principal, and to do a good job in supplementing the capital of small and medium-sized banks with special government bonds, so as to enhance the credit capacity of banks.
The industry view is that, on the one hand, the re-lending tool avoids the disturbance of inflation and liquidity expectations; on the other hand, the targeted support also reflects the precise quality and efficiency of the policy.
Judging from the implementation of re-lending, the increase in the amount of re-lending has an immediate effect on stimulating loan issuance, and at the same time effectively reduces the financing cost of real enterprises, especially the “lending first and then borrowing” model, which further ensures the accuracy and direct use of funds. sex.
Wen Bin said that the establishment of two new special re-lending instruments are both key areas and weak links in the process of supporting economic development. enterprise.
“Technological innovation and special re-loans for inclusive pensions mentioned in this meeting are very new structural tools.” Zhou Maohua said that by setting up two special re-loans, it is equivalent to the central bank providing low-cost and stable credit funds for financial institutions Directly support technological innovation and inclusive elderly care, on the one hand, alleviate the financing problems of technological innovation enterprises; on the other hand, expand the supply of elderly care services to meet the needs of basic elderly care services.
Financial support for consumption
Under the triple pressure, how to further expand domestic demand requires finance to play a greater role.
The National Standing Committee proposed to study and adopt measures to support consumption and effective investment by financial institutions, improve the level of financial services for new citizens, optimize financial services for affordable housing, ensure construction financing for key projects, and promote the rapid growth of medium and long-term loans to the manufacturing industry.
Wen Bin believes that financial support will be more targeted at new citizens, and measures such as optimizing affordable housing financial services will make consumption more targeted at people’s livelihood. In addition, in terms of effective investment, the construction financing of key projects is guaranteed, the rapid growth of medium and long-term loans in the manufacturing industry is promoted, and support for these key areas is increased, which also enables finance to better reflect its service to the real economy.
At present, my country’s economic operation is generally maintained within a reasonable range, but the complexity and uncertainty of the domestic and foreign environment have exceeded expectations. The meeting also emphasized that it is necessary to implement the spirit of the Central Economic Work Conference and the measures of the “Government Work Report” as soon as possible, and some can be implemented in advance. Put stable growth in a more prominent position, make overall plans to stabilize growth, adjust the structure, and push forward reforms, so as to stabilize the macroeconomic market. To keep the economy operating in a reasonable range, employment and prices are basically stable. We must stabilize market players to ensure employment, comprehensively implement policies to ensure smooth logistics, stable industrial and supply chains, and ensure food and energy security. All departments should promptly study policy plans in response to changes in the situation, and promptly introduce measures that are conducive to stabilizing market expectations.
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