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How to ease the financing pressure of small and medium-sized enterprises?

2018-04-25 17:36:38

Financing difficulties have become a problem faced by all enterprises, and how to solve the problem of financing has become the top priority. Solving the financing difficulties of smes cannot only increase liquidity, but also need to start from "improving" financing supply capacity and "reducing" financing demand to narrow the "financing gap".


First, by further expanding the "equity financing" channels of smes to make up for the "debt financing" gap.


To be precise, smes, especially some innovative smes with core technologies and unique business models, are currently encountering "loan difficulties" rather than "financing difficulties". Therefore, the financing difficulties of small and medium-sized enterprises should be treated and solved by classification.


Second, improve the financing environment of small and medium-sized enterprises by regulating the credit market, especially the private lending market, including increasing the supervision of the "redistribution" of credit by some large enterprises in the form of "transfer loans" and entrusted loans.


Third, we should continue to implement prudent monetary policy to curb inflation and thus reduce the financing pressure of small and medium-sized enterprises.


High inflation is the direct cause and one of the main reasons for the aggravation of SME financing difficulties. Therefore, in order to alleviate the financing difficulties of small and medium-sized enterprises, not only can not relax monetary policy, but should continue to implement prudent monetary policy.


Fourth, we should encourage financial institutions to increase financial support for smes through the implementation of structural financial policies.


a. Strengthen the coordination between the CBRC's supervisory measures and the central bank's monetary policy, and implement differentiated loan-to-deposit ratio policies for small and micro enterprise loans on a pilot basis.


b. Select preferential small and medium-sized banks to pilot differential interest rate policies according to indicators such as the proportion of small business, financial innovation ability, risk control ability and profitability of small business financing.


c. Strengthen credit support for smes in strategic industries through the implementation of the "classification principle" for smes.


d. Continuously improve the effectiveness of the structural policies already implemented by the CBRC, such as the policy on "giving priority to supporting the issuance of financial bonds specifically for small business loans" and the policy on "appropriately raising the tolerance of the non-performing loan ratio of small businesses".


Fifth, through the formulation of preferential fiscal and tax policies to strengthen the fiscal and tax support for small and medium-sized enterprises.


In the short term, tax incentives for small and medium-sized enterprises can reduce their financial costs and enhance their internal accumulation ability, which is a measure to alleviate the difficulties of small and medium-sized enterprises with wide benefits and rapid results. At the same time, the financing difficulties of smes can be alleviated by increasing financial support. Such as the establishment of small and medium-sized enterprises development fund, to help small and medium-sized enterprises to strengthen technological transformation and product structure adjustment, improve market competitiveness.