State Council: Further Reducing The Real Interest Rate Of Small And Micro Enterprises Financing

The executive meeting of the State Council, held in June 26th, decided to further reduce the real interest rate of small and micro enterprises, and decided to deepen the comprehensive reform of financial services for private and small and micro enterprises. The deployment supported the expansion of intellectual property pledge financing and manufacturing credit, and promoted the development of innovation and real economy; decided to expand the coverage of Higher Vocational College grants, raise subsidy standards and set up a national scholarship for secondary vocational education.

The meeting pointed out that, first, we should deepen the reform of interest rate marketization, improve the commercial bank lending market pricing mechanism, and better play the guiding role of the loan market quotation interest rate in the formation of real interest rates, and push banks to reduce the additional cost of loans and ensure that the financing costs of small and micro enterprises fall. Two is to support small and medium enterprises through bonds, bills and other financing. We should improve the supervision and assessment methods of commercial banks serving small and micro enterprises, so as to improve the loan ability of banks to small and micro enterprises. This year, the scale of financial bonds issued by financial institutions to small and micro enterprises should exceed 180 billion yuan last year. The three is to implement the policy of small and micro enterprises financing guarantee, reduce fees and reward and supplement, give full play to the role of national financing guarantee fund, reduce the rate of re guarantee, and further reduce the standard of guarantee fees. The meeting also decided that the central government should take the way of reward and substitution to support some cities for 3 years to deepen the comprehensive reform of financial services for private and small and micro enterprises, and explore ways to expand the financing scale of private and small and micro enterprises, improve convenience, reduce financing costs, improve the risk compensation mechanism, and innovate financial services, and guide more financial resources to support small businesses.