21 Century Economic Report reporter Li Yuan Zhou Xiaoxiao Beijing report The "incremental policy" that the market is paying attention to is gradually being rolled out.
html On May 23, according to Xinhua News Agency , the State Council executive meeting was held to further deploy a package of measures to stabilize the economy, including 33 measures in 6 aspects including finance and finance, in an effort to push the economy back to the normal track and ensure that it operates within a reasonable range.Fiscal and related policies include implementing full stock and incremental tax refunds in more industries, increasing tax refunds by more than 140 billion yuan, and tax refunds and reductions of 2.64 trillion yuan throughout the year; The policy of deferred payment of pension and other social insurance premiums for extremely poor industries has been extended to the end of the year, and has been extended to other extremely difficult industries. It is estimated that 320 billion yuan will be postponed this year.
Financial aspects include doubling the quota and support ratio of inclusive small and micro loan support tools this year, and supporting banks to defer principal and interest payments within the year for small, medium and micro enterprises self-employed loans , truck loans, and distressed personal housing loans and consumer loans. ; The 90 billion yuan truck loan issued by central automobile enterprises requires banks and enterprises to jointly postpone principal and interest payments for half a year.
In terms of promoting consumption and effective investment, city-specific policies will be implemented to support rigid and improved housing needs; a number of new water conservancy projects, especially large-scale water diversion irrigation, transportation, renovation of old communities, underground comprehensive pipe corridors and other projects will be launched, and banks will be guided to provide scale long-term loans. The
conference also proposed ensuring energy security. Implement local coal production responsibilities and adjust coal mine production capacity increase policies. A number of more energy projects will be launched.
“Mainly due to the impact of multiple factors such as the epidemic, the downward pressure on the economy has increased, and various market entities are facing greater operational difficulties and challenges. In addition, the number of college graduates this year is at a record high, and the domestic employment stabilization situation is complex. Domestic stable growth and stable Employment is urgent." Zhou Maohua, a macro researcher at the Financial Market Department of China Everbright Bank, analyzed to a reporter from the 21st Century Business Herald that on the one hand, inclusive loans have been introduced. Incremental policies such as loans will further increase support for distressed enterprises, especially small and micro enterprises, stimulate the vitality of micro entities, stabilize employment, promote the domestic cycle, and accelerate the return of the economy to the right track; on the other hand, a number of newly started projects involve Transportation, water conservancy, renovation of old communities, underground comprehensive pipe corridors, etc., reflect the rational increase in effective investment to drive employment, while enhancing the security of economic development, benefiting people's livelihood, promotion costs and growth potential.
"Incremental Policies" are being steadily rolled out
In order to cope with the current downward pressure on the economy, fiscal policies have been accelerated in the early stage and are being further intensified around tax cuts and fee reductions, helping enterprises to bail out, and stabilizing employment.
The State Council executive meeting pointed out that full tax refunds for existing and incremental tax credits will be implemented in more industries, increasing tax refunds by more than 140 billion yuan, and tax refunds and reductions of 2.64 trillion yuan throughout the year.
The retained tax refund is designed to reduce the burden on enterprises and increase their cash flow. According to the arrangements in the government work report at the beginning of the year, the scale of the tax refund for this year is about 1.5 trillion yuan, focusing on supporting the manufacturing industry and comprehensively solving the problems of tax refund for the manufacturing, scientific research and technical services, ecological environmental protection, electricity and gas, transportation and other industries. In order to cope with the downward pressure on the economy and better reduce the burden on enterprises, the implementation of the retained tax refund policy is accelerating, and the implementation time is moving forward.
Data from the Ministry of Finance shows that since this year, it has reduced tax burdens and increased cash flow for enterprises by more than 1.6 trillion. Among them, the scale of retained tax refund in April reached 800 billion yuan, and the implementation progress exceeded expectations. The centralized release of 800 billion yuan in tax refunds will reduce fiscal revenue by about 37% in April. At the same time, the central government is also following up on transfer payments to local governments to help local governments better implement tax reduction and fee reduction policies. The current treasury balance is sufficient.
htmlSince March, due to unexpected factors such as the spread of epidemics in multiple places in the country, which have exceeded expectations, and the downward pressure on the economy has increased, the State Council has launched a number of phased relief policies to assist enterprises. Among them, it is very important to clarify that the payment of pension insurance premiums will be suspended in the second quarter for the five extremely difficult industries of small, medium and micro-sized individual businesses and catering, retail, tourism, civil aviation, road, waterway and railway transportation.This State Council executive meeting made it clear that the policy of deferring pension and other social security payments will be extended to the end of the year, and will be extended to other extremely difficult industries. It is expected that the deferral of payments will be 320 billion yuan this year.Expand unemployment insurance job retention and training subsidies to all insured enterprises in difficulty.
html April employment data shows that as the economy has been significantly affected by the short-term impact of the epidemic, employment pressure has increased. The above-mentioned deferred pension insurance and job stabilization return policies can not only rescue enterprises, but also play a role in stabilizing employment.Yang Chang, head of the policy group of Zhongtai Securities Research Institute, told the 21st Century Business Herald reporter that from the perspective of stabilizing employment, incremental policies may need to focus on three major industries. The first category is manufacturing and construction. The industries represented provide a large number of jobs Jobs; the second category includes industries represented by wholesale and retail, leasing business, etc., which not only accommodate a large number of jobs, but are also affected by the epidemic to a certain extent; the third category includes accommodation and catering, transportation, scientific and technological exploration, culture, sports and entertainment, etc. that have been affected by the epidemic The most direct industries, employment in these industries will be more affected.
Inclusive small and micro loan support tools are increased
The State Council executive meeting held on May 5 proposed that large state-owned banks will add 1.6 trillion yuan in new inclusive small and micro loans this year, guiding banks to proactively strengthen services; for small, medium and micro enterprises and individual industrial and commercial households Reasonable loan renewal, extension, and adjustment of repayment arrangements are free of penalty interest. The inclusive small and micro loan support tool proposed by the National Council is the second time that inclusive small and micro enterprise loans have been supported by local corporate banks after the state-owned banks.
Mao Hongjun, head of the Inclusive Finance Department of the China Banking and Insurance Regulatory Commission, recently disclosed at a regular policy briefing of the State Council that as of the end of April this year, the balance of loans to small and micro enterprises nationwide was 53.54 trillion yuan, of which general loans The total amount of loans to benefit small and micro enterprises was 20.5 trillion yuan, a year-on-year growth of 21.64%, 10.6 percentage points higher than the growth rate of various loans; the number of households with loan balances was 35.7725 million, a year-on-year increase of 7.8124 million households. Although the total amount of inclusive small and micro enterprise loans has further increased, the growth rate has dropped significantly.
Regarding the inclusive small and micro loan support tool mentioned in the National Standing Committee, the central bank was officially launched on January 1 this year. The central bank stated in an announcement issued on the same day that financial institutions and enterprises independently negotiate the repayment of loan principal and interest in accordance with market-oriented principles. From 2022 to the end of June 2023, the People's Bank of China will provide funds based on 1% of the increase in the balance of inclusive small and micro loans of local corporate banks, operating on a quarterly basis to encourage the continued increase in inclusive small and micro loans.
At the same time, starting from 2022, the Inclusive Small and Micro Enterprise Credit Loan Support Plan will be integrated into the management of supporting agriculture supporting small re-lending . The 400 billion yuan re-loan quota originally used to support inclusive small and micro credit loans can be used on a rolling basis, and the re-loan quota can be further increased when necessary. Qualifying local corporate banks that issue inclusive credit loans to small and micro businesses can apply to the People's Bank of China for preferential financial support in re-loans to support agriculture and small businesses.
After the release of the policy of the National Council, the re-loan limit to support inclusive small and micro credit loans will be increased to 800 billion yuan, which can be used on a rolling basis; the People's Bank of China will provide funds according to 2% of the increase in the balance of inclusive small and micro loans of local legal person banks. .
data shows that as of the end of March, the balance of inclusive loans of local corporate banks reached 11.96 trillion yuan, accounting for approximately 51% of the national total; agricultural-related loans reached 18.05 trillion yuan, accounting for 39.5% of the national total.
The person in charge of the relevant departments of the China Banking and Insurance Regulatory Commission also proposed that the quality and efficiency of local corporate banks in developing inclusive finance should be further improved, such as implementing requirements for internal institutional construction, performance appraisal, internal transfer pricing, bad tolerance, due diligence and exemption; Fiscal and monetary policies in the inclusive field will focus on the policy connection after the two direct monetary instruments are converted.
Truck loans, housing loans, etc. can be deferred in principal and interest payments
Affected by the new round of epidemic since the beginning of this year, industries represented by logistics have been significantly affected, directly impacting the income of truck drivers and other groups. As a result, truck loans, There are growing calls for deferred principal and interest payments on personal mortgage loans. The National Council decided to support banks in deferring principal and interest repayments within the year on individual business loans for small, medium and micro enterprises, truck loans, and housing loans and consumer loans for distressed individuals, responding to external concerns in a timely manner.
In fact, as early as mid-April, while implementing the national video and telephone conference requirements to ensure smooth logistics and promote the stability of industrial and supply chains, the China Banking and Insurance Regulatory Commission issued the "Notice on Financial Support for Freight Logistics and Guaranteed Smoothness", requiring all agencies to It is necessary to strengthen care and assistance for truck drivers, If truck drivers have temporary difficulties in repaying car loans due to the epidemic, commercial banks, automobile finance companies, enterprise group finance companies, financial leasing companies, etc. should provide reasonable extension, extension or loan renewal arrangements to help It weathered the storm. As for the deferment of principal and interest payments on personal mortgage loans, relevant financial departments have launched relevant support policies as early as early 2020.
21 Century Economic Report reporters learned from a number of major state-owned banks that after the release of relevant documents from the China Banking and Insurance Regulatory Commission, various banks took active actions. For example, China Construction Bank proposed work requirements to provide truck drivers with convenient online comprehensive financial services, adjust personal loan and credit card repayment arrangements, and implement credit protection and other safeguard measures; Agricultural Bank of China proposed to support the development of small and micro enterprises, These include personal loan business care policies such as postponement of repayment time, reduction and exemption of penalty interest, and elimination of overdue credit records.
In terms of extension of personal housing loans, Liu Zhongrui, head of the Statistical Information and Risk Monitoring Department of the China Banking and Insurance Regulatory Commission, previously disclosed at a press conference of the State Council Information Office that since 2020, banking institutions have extended the repayment period, adjusted repayment plans, and implemented policies that meet the requirements of the State Council Information Office. Customers who meet certain conditions will not collect debts, do not report for credit, and will not be included in the blacklist and other measures to alleviate the difficulties of customers affected by the epidemic. He also cited the examples of two banks: China Construction Bank has postponed the mortgage loan repayment period for 1 million customers, with an amount of approximately 433 billion yuan; the Agricultural Bank of China has extended 1.4 million mortgage loans, with an amount of 465.8 billion yuan.
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