Small meager profit companies (hereinafter referred to as "small and micro enterprises") have difficulties in financing and financing, and have ushered in new solutions. On September 27, the State Council’s executive meeting was chaired by Premier Li Keqiang. The meeting decided to solve the problem of financing difficult and expensive for small and micro enterprises by eliminating the series of measures such as exempting interest tax on financial institutions, stamp duty on micro-enterprise loan contracts, targeted RRR reduction and re-loan support. "In the scope of the existing policy, these measures have greatly supported the financing of small and micro enterprises, and the state's support for small and micro enterprises is very obvious." Professor Feng Qiaobin of the National School of Administration told the First Financial Reporter.
The mobilization of bank enthusiasm for the lower affordability of loan pricing and higher default risk and higher management costs are the reasons why banks are not interested in small and micro enterprise loans. How to mobilize the enthusiasm of banks for small and micro enterprise loans has become a key point in solving difficult and expensive financing. The above-mentioned meeting seized this "bull nose", that is, adopting measures such as tax reduction and targeted RRR reduction to encourage financial institutions to further increase support for small and micro enterprises. Specifically, the meeting decided that from December 1, 2017 to December 31, 2019, the income tax exemption from financial institutions will be extended from farmer households to small and micro enterprises and individual industrial and commercial households. The maximum amount of loan quota has been expanded from single-person credit of 100,000 yuan to 1 million yuan. In addition, the small and micro enterprise loan contract exempted from stamp duty, and the monthly sales of small and micro enterprises with a monthly sales of not more than 30,000 yuan will be extended to 2020. Not only that, the meeting also proposed to promote the large-scale state-owned banks inclusive financial institutions at the grassroots level, single-funded small and micro-enterprise loans of less than 5 million yuan, individual industrial and commercial households and small and micro-enterprise main operating loans and farmers production and management, entrepreneurship Commercial banks that have a certain percentage of loans or balances such as guarantees are subject to a targeted RRR reduction and are appropriately given re-loan support. Support the expansion of small and micro enterprise financial bond issuance scale, and all the funds raised will be used for credit supply of small and micro enterprises. "Banks are also profit-seeking. Small and micro enterprises have high risk of loans. They cannot expect banks to voluntarily increase loans to small and micro enterprises. Instead, they will reduce banks' subsidies to small and micro enterprises through interest-free VAT, stamp duty, and targeted RRR and re-loan support. The cost of loans will increase the bank's profits, and the enthusiasm of banks for small and micro enterprises will naturally increase." Feng Qiaobin said. In fact, the State Council has introduced a series of measures since 2013, increasing the support of differentiated policies and guiding financial institutions to continue to strengthen financing services for small and micro enterprises. As of the end of June this year, the balance of small and micro enterprise loans was 22.6 trillion yuan, 1.95 times that of the end of 2012, accounting for 32% of all corporate loans. As soon as possible, the establishment of the National Financing Guarantee Fund Bank's most important loan method is mortgage guarantee, while small and micro enterprises are subject to funds and equipment, often with relatively few fixed assets or current assets, and are lack of land use rights and facades favored by financial institutions such as banks. Housing, etc., the lack of qualified guarantees has become a “blocker†for small and micro enterprise financing. To solve this problem, the meeting proposed to vigorously support the development of policy financing guarantees and re-guarantee institutions, and establish a national financing guarantee fund as soon as possible. Promote the provincial agricultural credit guarantee system to extend to cities and counties, and establish a policy-based agricultural credit guarantee system covering provinces, cities and counties within three years to support the financing development of eligible small and micro-agricultural enterprises. As early as 2015, the State Council proposed the establishment of a national financing guarantee fund, hoping to support the development of provincial re-guarantee institutions through equity investment, technical support, etc., and proposed to promote the government-led provincial re-guarantee institutions to achieve basic full coverage within three years. Together with the financing guarantee institution, it diversifies the risk of financing guarantee business. At present, many provinces (autonomous regions and municipalities directly under the Central Government) have established financing re-guarantee institutions and explored successful experiences. For example, the “4321†political and silver cooperation model explored by Anhui Province has been relatively successful. “4321†specifically refers to the loan guarantee business of less than 20 million yuan for a single household. The financing guarantee company, the Anhui credit guarantee group, the bank, and the local government bear the risk responsibility according to the ratio of 4:3:2:1. Feng Qiaobin told the First Financial Reporter that some small and micro enterprises have abandoned their applications for loans because they have more loan application conditions and complicated procedures. In order to solve this problem, the meeting requested that the restrictions on commercial loan records of applicants for business-guaranteed loan interest subsidies be moderately relaxed, and the procedures for renewal of mortgage renewal and disposal of non-performing assets should be simplified. Accelerate the application of financial big data, cloud computing and other technologies to help small and micro enterprises to obtain financial services in a timely and convenient manner. Yang Zhiyong, a researcher at the Institute of Finance and Economics of the Chinese Academy of Social Sciences, told the First Financial Reporter that the special role of small and micro enterprises in economic development should be based on the special survival and development requirements of this type of enterprise. Therefore, the fiscal and financial policies given at this meeting are conducive to the formation of a loose environment for small and micro enterprises to grow and further activate their vitality. According to the national small and micro enterprise development report released by the State Administration for Industry and Commerce in 2014, small and micro enterprises accounted for 94% of all enterprises (including individual industrial and commercial households), solved the employment of 150 million people, and increased employment and reemployment population by 70%. The above is concentrated in small and micro enterprises. Small and micro enterprises have become an important pillar of the national economy and a solid foundation for sustained and steady economic growth.
The mobilization of bank enthusiasm for the lower affordability of loan pricing and higher default risk and higher management costs are the reasons why banks are not interested in small and micro enterprise loans. How to mobilize the enthusiasm of banks for small and micro enterprise loans has become a key point in solving difficult and expensive financing. The above-mentioned meeting seized this "bull nose", that is, adopting measures such as tax reduction and targeted RRR reduction to encourage financial institutions to further increase support for small and micro enterprises. Specifically, the meeting decided that from December 1, 2017 to December 31, 2019, the income tax exemption from financial institutions will be extended from farmer households to small and micro enterprises and individual industrial and commercial households. The maximum amount of loan quota has been expanded from single-person credit of 100,000 yuan to 1 million yuan. In addition, the small and micro enterprise loan contract exempted from stamp duty, and the monthly sales of small and micro enterprises with a monthly sales of not more than 30,000 yuan will be extended to 2020. Not only that, the meeting also proposed to promote the large-scale state-owned banks inclusive financial institutions at the grassroots level, single-funded small and micro-enterprise loans of less than 5 million yuan, individual industrial and commercial households and small and micro-enterprise main operating loans and farmers production and management, entrepreneurship Commercial banks that have a certain percentage of loans or balances such as guarantees are subject to a targeted RRR reduction and are appropriately given re-loan support. Support the expansion of small and micro enterprise financial bond issuance scale, and all the funds raised will be used for credit supply of small and micro enterprises. "Banks are also profit-seeking. Small and micro enterprises have high risk of loans. They cannot expect banks to voluntarily increase loans to small and micro enterprises. Instead, they will reduce banks' subsidies to small and micro enterprises through interest-free VAT, stamp duty, and targeted RRR and re-loan support. The cost of loans will increase the bank's profits, and the enthusiasm of banks for small and micro enterprises will naturally increase." Feng Qiaobin said. In fact, the State Council has introduced a series of measures since 2013, increasing the support of differentiated policies and guiding financial institutions to continue to strengthen financing services for small and micro enterprises. As of the end of June this year, the balance of small and micro enterprise loans was 22.6 trillion yuan, 1.95 times that of the end of 2012, accounting for 32% of all corporate loans. As soon as possible, the establishment of the National Financing Guarantee Fund Bank's most important loan method is mortgage guarantee, while small and micro enterprises are subject to funds and equipment, often with relatively few fixed assets or current assets, and are lack of land use rights and facades favored by financial institutions such as banks. Housing, etc., the lack of qualified guarantees has become a “blocker†for small and micro enterprise financing. To solve this problem, the meeting proposed to vigorously support the development of policy financing guarantees and re-guarantee institutions, and establish a national financing guarantee fund as soon as possible. Promote the provincial agricultural credit guarantee system to extend to cities and counties, and establish a policy-based agricultural credit guarantee system covering provinces, cities and counties within three years to support the financing development of eligible small and micro-agricultural enterprises. As early as 2015, the State Council proposed the establishment of a national financing guarantee fund, hoping to support the development of provincial re-guarantee institutions through equity investment, technical support, etc., and proposed to promote the government-led provincial re-guarantee institutions to achieve basic full coverage within three years. Together with the financing guarantee institution, it diversifies the risk of financing guarantee business. At present, many provinces (autonomous regions and municipalities directly under the Central Government) have established financing re-guarantee institutions and explored successful experiences. For example, the “4321†political and silver cooperation model explored by Anhui Province has been relatively successful. “4321†specifically refers to the loan guarantee business of less than 20 million yuan for a single household. The financing guarantee company, the Anhui credit guarantee group, the bank, and the local government bear the risk responsibility according to the ratio of 4:3:2:1. Feng Qiaobin told the First Financial Reporter that some small and micro enterprises have abandoned their applications for loans because they have more loan application conditions and complicated procedures. In order to solve this problem, the meeting requested that the restrictions on commercial loan records of applicants for business-guaranteed loan interest subsidies be moderately relaxed, and the procedures for renewal of mortgage renewal and disposal of non-performing assets should be simplified. Accelerate the application of financial big data, cloud computing and other technologies to help small and micro enterprises to obtain financial services in a timely and convenient manner. Yang Zhiyong, a researcher at the Institute of Finance and Economics of the Chinese Academy of Social Sciences, told the First Financial Reporter that the special role of small and micro enterprises in economic development should be based on the special survival and development requirements of this type of enterprise. Therefore, the fiscal and financial policies given at this meeting are conducive to the formation of a loose environment for small and micro enterprises to grow and further activate their vitality. According to the national small and micro enterprise development report released by the State Administration for Industry and Commerce in 2014, small and micro enterprises accounted for 94% of all enterprises (including individual industrial and commercial households), solved the employment of 150 million people, and increased employment and reemployment population by 70%. The above is concentrated in small and micro enterprises. Small and micro enterprises have become an important pillar of the national economy and a solid foundation for sustained and steady economic growth.
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