【金融论衡】 做深做实融资协调工作机制

Core Viewpoint - The joint measures by eight regulatory bodies aim to enhance financing for small and micro enterprises (SMEs) through a coordinated financing mechanism, addressing the existing credit gap and improving the efficiency of fund allocation [1][2][4]. Group 1: Financing Coordination Mechanism - The financing coordination mechanism, established by the Financial Regulatory Bureau and the National Development and Reform Commission, aims to connect effective government actions with market forces to alleviate the bottlenecks in bank credit flow to SMEs [1][2]. - As of now, the mechanism has visited over 67 million business entities and issued loans totaling 12.6 trillion yuan, with approximately one-third being credit loans [1]. Group 2: Current Financing Landscape for SMEs - By the end of Q1 this year, the balance of inclusive micro loans reached 35.3 trillion yuan, reflecting a year-on-year growth of 12.5% [2]. - Despite the growth in loan balances, SMEs still face a significant "credit gap," with the inclusive micro loan balance projected to be only 32.93 trillion yuan by the end of 2024, accounting for just 13% of the total RMB loan balance of 252.53 trillion yuan [2]. Group 3: Addressing Inefficiencies in Fund Utilization - A major issue contributing to SMEs' financing difficulties is the ineffective "sinking" of funds, where loans obtained are often tied up in accounts receivable due to payment delays from larger enterprises [3]. - The establishment of a financing mechanism for accounts receivable is essential to complement existing payment protection regulations, ensuring that SMEs can convert these stagnant assets into usable capital [3]. Group 4: Enhancing Monetary Policy Transmission - Strengthening the financing coordination mechanism is necessary to improve the transmission of monetary policy, as current liquidity injections into the banking system face constraints from both supply and demand sides [4]. - The mechanism aims to facilitate collaboration between government, banks, and enterprises, addressing the dual challenges of financing difficulties for SMEs and lending challenges for banks [4].