政策加码如何避免普惠小微金融“内卷”？

Core Viewpoint - The recent notification from the National Financial Supervision Administration aims to enhance the quality and efficiency of financial services for small and micro enterprises, guiding financial institutions to focus on inclusive finance [1][4]. Summary by Relevant Sections Small and Micro Loans Growth - As of the first quarter of 2025, the balance of inclusive small and micro enterprise loans reached 35.3 trillion yuan, marking a year-on-year growth of 12.5% [2]. - By the end of 2024, the balance of inclusive small and micro loans was 32.93 trillion yuan, with a year-on-year increase of 14.6%, outpacing the average growth rate of all loans [2]. Distribution Among Different Types of Banks - By the end of 2024, large commercial banks accounted for 42.77% of the inclusive small and micro enterprise loans, while rural financial institutions held 26.87% [3]. Policy Impact and Implementation - The notification emphasizes a shift from "incremental expansion" to "high-quality development" in inclusive finance, with specific targets for maintaining loan volume and stabilizing prices [4][5]. - Major commercial banks and joint-stock banks are encouraged to achieve a loan growth rate for small and micro enterprises that is not lower than the overall loan growth rate, with differentiated arrangements for regions and institutions facing greater risks [4][5]. Competitive Landscape for Banks - The notification is expected to alleviate competitive pressure on smaller banks, helping them stabilize market share and enhance operational sustainability, while also raising the bar for digital capabilities and differentiated services [6]. - Smaller banks are advised to leverage their local advantages and strengthen digital financial capabilities to reduce operational costs and improve risk management [6]. Future Directions - The notification outlines a future where smaller banks should focus on local service, enhance digital transformation, and explore new market opportunities to achieve sustainable growth in the inclusive small and micro loan sector [6].