Expert Weapon in the hardware business finance: the government in addition and subtraction

Golden Unicorn in the forum, the problem of financing small and medium enterprises once again become the focus of many scholars, economists, senior fellow at the State Council Development Research Center Jinglian that address the financial problems of SMEs, not only to promote the reform of the government to do the addition, but also To reduce interference to do subtraction.

This year, the media frequently exposed and closed down due to financial difficulties of SMEs news, Cheung Kong Graduate School finance professor Zhou Chunsheng at the forum pointed out that the contradictions of China's capital flows, on the one hand and medium-sized enterprise fund was not nervous, but for our make a significant contribution to the economic growth of small and medium enterprises, especially small private enterprises are facing serious problem of financing, this conflict has become increasingly prominent. Over the years we have been talking about how to solve the financing difficulties of SMEs, but the problem is almost no progress.

CBRC Vice Chairman Zhou Mu ice at the Forum will also say, the CBRC will be highly concerned about the small micro-business financial services, and increase lending to small micro-enterprise policy support. In the future, the relaxation of small micro-enterprise loans and the number of customers exceeds a certain proportion of commercial banks and other institutions of access restrictions, to allow batch city branches and franchisees to build networks; special priority to support commercial banks to issue loans for small micro-enterprises financial bonds, and allows commercial banks to finance single-family bonds corresponding to 500 million (inclusive) to small micro-enterprise loans to deposit ratio is not included in the scope of examination, and so on.

Wu Jinglian believes that SMEs are now facing great difficulties of private, government officials proposed to reform to help businesses deal with difficult problems, this is the right side. Through the promotion of reform and improve the market-oriented financial system, to optimize the survival environment, which is to find ways to add. On the other hand the government will have to change its method of intervention, that is to do subtraction, do not worry that the Government should not control things. Such as the central bank raised interest rates to market, only the price make this right, the capital, the allocation of resources can be effective. For example, lending to SMEs, the government not to make micro-credit intervention.

Private loans for the current crisis intensified, Greater China chief economist at Mizuho Securities Chen Jianguang that private financing of the most fundamental reason is that China's deposit interest rate controls, China is in the interest rate market overtaken by the need for further reform.

He pointed out that China's current interest rate is floating, while deposit rates are regulated, the highest one-year deposit interest rate of 3.5%, many companies avoid negative interest rates, put money into people to engage in credit activities. If monetary policy blindly use the deposit reserve ratio, the card is very tight liquidity, private lending interest rates will be high, and the evolution of usury. "It is because of interest rate controls led to Wenzhou, private lending, usury problems, so in the future also need to slow China's interest rate market." He said.