State Council: Further reducing the real interest rate of financing for small and micro enterprises
Jul 17, 2019 ｜ by CT
At the executive meeting of the State Council held on June 26, the State Council decided on measures to further reduce the real interest rate of financing for small and micro enterprises, decided to carry out a pilot project of deepening the comprehensive reform of financial services for private and small and micro enterprises, deployed support for expanding the investment of intellectual property pledge financing and manufacturing credit supply, and promoted innovation and real economic development. The coverage of grants in vocational colleges, the improvement of the standard of grants and the establishment of national scholarships for secondary vocational education.
The meeting pointed out that the first is to deepen the reform of interest rate marketization, improve the quotation rate mechanism of commercial banks’ loan market, better play the guiding role of quotation rate of loan market in the formation of real interest rate, promote banks to reduce the additional cost of loans, and ensure that the financing cost of small and micro enterprises decreases. The second is to support small and medium-sized enterprises to finance through bonds and bills. Improve the supervision and assessment methods of commercial banks in serving small and micro enterprises, and improve the ability of banks to lend loans to small and micro enterprises. This year, the size of financial bonds issued by financial institutions for small and micro enterprises will surpass that of last year, striving to reach more than 180 billion yuan. The third is to implement the small and micro enterprise financing guarantee fee reduction and subsidy policy, play the role of the national financing guarantee fund, reduce the re-guarantee rate, and guide the guarantee fee standard to be further reduced. The meeting also decided that the central government will adopt a reward and subsidy method to support some cities to carry out a three-year comprehensive reform of private and small and micro enterprise financial services, in order to guide more financial resources to support small businesses, we should expand the financing scale of private and small enterprises, improve convenience, reduce financing costs, improve risk compensation mechanism, and innovate financial services.
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