【融资有道】 多措并举降低小微企业综合融资成本

Core Viewpoint - The reduction of comprehensive financing costs for small and micro enterprises is a key focus, with the goal of achieving "maintaining volume, improving quality, stabilizing prices, and optimizing structure" by 2025 to support economic recovery [1] Financing Costs - Comprehensive financing costs for small and micro enterprises include both interest and non-interest costs, with market interest rates (LPR) significantly declining, leading to historically low average loan rates [1] - As of March, the 1-year and 5-year LPR were 3.1% and 3.6%, respectively, both down by 0.35 percentage points year-on-year, while the average interest rate for newly issued loans was approximately 3.4%, down about 0.6 percentage points year-on-year [1] - The average interest rate for newly issued inclusive loans to small and micro enterprises was 4.03% in the first two months of this year, a decrease of 0.33 percentage points from 2024, and a cumulative decline of 3.9 percentage points since 2018 [1] Non-Interest Costs - Despite low loan interest rates, enterprises still perceive financing costs as high due to elevated non-interest costs, which include various fees that are often opaque and layered [2] - The financial regulatory authority emphasizes the need to stabilize credit service prices and improve transparency in loan pricing to help reduce overall financing costs [2] Transparency Initiatives - Starting from September 2024, a pilot program was launched in five provinces to clarify the comprehensive financing costs for enterprises, allowing them to see all interest and non-interest costs in a standardized format [2] - By the end of March 2025, the pilot regions had completed the disclosure of comprehensive financing costs for 270,000 loans totaling 1.53 trillion yuan [2] Collaborative Efforts - Banks are encouraged to adopt a more reasonable approach to credit pricing, utilizing technology to enhance efficiency and reduce operational costs while eliminating barriers to financing for small and micro enterprises [3] - Collaboration with local governments and financial institutions is essential to collectively reduce financing burdens on enterprises [4] - Enterprises are also urged to improve their creditworthiness and internal management to facilitate lower financing costs [4]