Do a good job of "precision drip irrigation" strong credit help steady growth

Core point: Qiao Ruiqing, the author of China Economic Network column, believes that maintaining a strong credit for credit is exactly the effective measure to protect market entities and stabilize economic growth. Increasing credit offering is not for incremental increase, but to achieve structural increment, focus on supporting the real economy, focusing on small and micro enterprises, green development, scientific and technological innovation and other fields.

Recently, the People's Bank of China held an analysis of some financial institutions' monetary credit situation. When deploying the current and next stage of monetary credit work, the meeting emphasized that major financial institutions, especially large state -owned banks, should strengthen macro -thinking, give full play to the role of leading and pillar, and maintain the stability of the total loan growth. This shows that the central bank will further enhance credit. It is expected that in the second half of the year, the central bank will continue to increase credit offering of the real economy while insisting not to engage in "big water perfusion" and "precise drip irrigation".

Strong credit is to grow steadily. Finance is the blood of the economy. Credit is the main way for financial transfusion to the real economy. Facing the downward pressure of the economy, due to the shrinkage of demand, the current market subject's funding chain is tight and requires financial continuous blood transfusion. At this time, maintaining a strong credit for credit is exactly the effective measures to take care of market entities and stabilize economic growth. Since the beginning of this year, credit has been strongly intensive. According to data released by the central bank, from January to July, the cumulative RMB loan increased by 14.35 trillion yuan, an increase of 515 billion yuan year -on -year; at the end of July, the scale of social financing was 33.49 trillion yuan, an increase of 10.7%year -on -year; 100 million yuan, an increase of 12%year -on -year. Needless to say, strong credit launch has formed a solid support for the strong economic recovery of the second quarter.

From the data in the second quarter, the economic recovery situation has been formed, but there are still problems and shortcomings, and it needs to be consolidated. The momentum is about to start. At a critical moment of consolidating economic recovery momentum, credit investment can only be enhanced and cannot be relaxed. However, in July, the credit performance of the month was not ideal. According to central bank data, in July, RMB loans increased by 679 billion yuan, an increase of 404.2 billion yuan year -on -year; the balance of RMB loan at the end of July was 2.0703 trillion yuan, a year -on -year increase of 11%. One percentage point. In the face of this situation, continuous enhancement of credit investment is an inevitable policy option.

Maintaining strong credit requires both financial institutions to have a loan willingness and physical enterprises to have loan needs. Interest rate is "the price of funds". As for changes in price, market entities always respond in time. To boost the demand for loan in the real economy, we must further reduce the loan interest rate. Data show that in June, the interest rate of new enterprises was 4.16%, which was 34 basis points lower than the same period last year. According to the interest rate of the loan market on August 22, the 1 -year LPR is 3.65%, and the LPR of more than 5 years is 4.3%, respectively, 5 basis points and 15 basis points down from the previous month. This releases a strong signal of further decline in loan interest rates, which helps to form market expectations for the continuous decline in comprehensive financing costs of enterprises, thereby boosting credit demand.

It is worth emphasizing that enhanced credit investment is not for incremental increase, but to achieve structural increment, focus on supporting the real economy, and focus on the fields of small and micro enterprises, green development, and scientific and technological innovation. In addition, while interest rates have decreased, we should pay attention to maintaining reasonable liquidity. Without abundant liquidity, as the total amount of credit is increased, the actual interest rate will rise, thereby offset the effect of reducing the previous loan interest rate. In this regard, we need to plan ahead. (China Economic Net columnist Qiao Ruiqing)

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