专家：未来降低综合融资成本的关键是降低抵押担保费等非利息成本

Core Viewpoint - The report indicates that China's monetary policy is effectively reducing the comprehensive financing costs for enterprises, with the average corporate loan interest rate at a historical low of approximately 3.3%, down by about 0.5 percentage points year-on-year [1]. Group 1: Financing Costs and Policies - The People's Bank of China (PBOC) has implemented practical and innovative measures to address the financing difficulties and high costs faced by small and medium-sized enterprises (SMEs) [1]. - A pilot program was launched in five provinces starting September 2024 to clarify the comprehensive financing costs for enterprises, ensuring transparency and protecting financial consumers' rights [1]. - The "loan clarity paper" initiative has helped resolve discrepancies in the perception of financing costs between banks and enterprises, promoting better accountability [1]. Group 2: Future Directions - Experts suggest that while loan interest costs are low, the focus should shift to reducing non-interest costs such as collateral fees and intermediary service fees, which can sometimes exceed interest costs [2]. - Financial institutions are encouraged to enhance service quality, while local governments and financial departments should collaborate to alleviate the non-interest burden on enterprises [2]. - The report emphasizes the need for the PBOC to further refine the interest rate adjustment framework and strengthen the execution and supervision of interest rate policies to continue lowering overall financing costs [2].