From The Regulators To The Banks, They Said: The Scale Of Small Business Credit Is Not Limited.

Dongfang Zaobao: ICBC's opening up and deregulation of small businesses "macro focus shifted to micro"

This is another exception to the monetary tightening policy after the reconstruction of the disaster area. It is also the opening of the macro adjustment policy in the eyes of the analysts in the eyes of "big double defence".

Small and medium enterprises?

"While implementing tight monetary policy, we must maintain the healthy development of credit business for small businesses."

Jiang Jianqing, chairman of ICBC, said at the working conference of the branch chairman held yesterday, ICBC will tilt to the small businesses in the second half of the year, and appropriately increase the scale of the special credit of the small business development, the relatively standardized management of the regional branches, and carry out separate management and assessment.

Jiang Jianqing's position is not new.

Previously, under the call of the CBRC to support SME loans, China Merchants Bank, Shenzhen Development Bank and other joint-stock banks have reduced the threshold for loans to SMEs.

However, as the first big state-owned joint-stock bank that has explicitly given small business loans, the industrial and Commercial Bank of China's move still excuses the market.

"The support of the four banks is stronger than that of small and medium-sized banks."

A credit manager of a small and medium-sized commercial bank in Shanghai told reporters yesterday that due to strict control of credit scale, bank loans have almost become sellers' market.

Compared with the exuberant financing demand of small and medium-sized enterprises, the credit level of the bank has exceeded 20% in the first half of the year, and lending funds are very tight.

In this case, because of the larger credit scale of the four major banks, the credit slant for SMEs can not only alleviate the financing difficulties of the latter effectively, but also represents the current policy orientation.

The above view is exactly the same as that of She Minhua, a CITIC investment analyst.

In She Minhua's view, the current banking problem is nothing more than strict loan control and a slowdown in economic growth, which may lead to a decline in demand for loans.

Therefore, the decision-making level for SMEs loans loosening is actually a good win for SMEs and banks.

Tightening policy has another gap.

The market's optimistic interpretation of ICBC's actions is not groundless.

Liu Mingkang, chairman of the China Banking Regulatory Commission, pointed out clearly that we should pay close attention to the credit of small businesses, innovate the mechanism, and strive to support qualified small businesses to tide over the difficulties, and try to arrange the credit scale of small businesses individually, no less than the average annual credit growth rate. We should give priority to meeting the reasonable credit demand of small businesses that meet the requirements in post disaster reconstruction areas.

More importantly, from the "active support" to "innovation mechanism", the CBRC's upgrading of SME lending support is obviously related to the evolution of the economic situation.

To cope with the impact of economic growth, early this month, leaders of the party and the state have gone to various parts of the country to investigate the economic operation.

The expectations of the market for adjustments to macro policies will continue to heat up.

At the same time, the monetary tightening policy, the main weapon to prevent overheating, has become the first line of policy adjustment.

The News quoted by Xinhua overseas finance quoted that the tilt of lending policy to SMEs may be the beginning of policy adjustment.

The central bank will ease local banks' restrictions on lending to small and medium enterprises, homeowners and rural areas, the source said.

From supporting the reconstruction of the disaster area to supporting small business loans, the tightening policy is showing a "negative growth" trend.

However, this change may not change the overall tone of monetary policy.

Chen Dongqi, vice president of the Macroeconomic Research Institute of the NDRC, said that due to the relatively large inflation risk, the tight monetary policy should not be relaxed in the second half of the year.

Analysts including Nanjing Securities researcher Zhou Xu and Tian Yuan chief analyst Chou Yanying are more willing to believe that in order to achieve a soft landing of the economy, there is a greater possibility of a partial adjustment of the policy.

In response, Xia Bin, director of the Financial Research Institute of the State Council Development Research Center, interpreted it as "the policy of regulation and control should seek a balance between price and growth".

From macro to micro?

The Bank of Holland has another view.

The bank issued a report yesterday that China's regulatory policy in the second half of the year will shift from macro to micro level, namely, from overheating and inflation to balanced growth, employment and inflation.

Specific measures include: maintaining tight monetary policy and further strengthening, implementing resource pricing reform, slowing RMB appreciation, increasing SME loans and lowering tax rates.

In fact, the signs of policy microcosm have emerged.

Liu Mingkang pointed out that in the second half of the year, the CBRC will focus on pertinence, timeliness and foresight, and put forward concrete and practical measures to study and solve the outstanding problems and contradictions that the banking industry has in the macroeconomic regulation and control.

This policy trend is the pleasure of Huo Deming, professor and deputy director of the academic committee of Peking University Economic Research Center.

Huo Deming believed that in the process of fighting inflation and realizing the soft landing of domestic economy, enterprises and society inevitably had various problems.

During this period, what the government needs to do is to take measures to help SMEs achieve industrial upgrading and maintain social equity and stability.

In addition, Yifu Lin, chief economist of the world bank, pointed out in his recently published paper that the significance of supporting small and medium-sized enterprises lies in that it can help to change the unequal treatment of small and medium-sized enterprises and large enterprises in applying for loans for a long time, and further alleviate one of the defects of China's economic mode, namely, the disparity between the rich and the poor is too large.

Confronting confrontation