Core Viewpoint - The support for private and small micro enterprises is an inherent requirement of financial services for the real economy, with significant progress made in enhancing financing accessibility and affordability during the "14th Five-Year Plan" period [1][3]. Group 1: Financing Accessibility and Growth - The average annual growth rate of inclusive small micro loans has exceeded 20% over the past five years, with the balance of such loans increasing from 15.1 trillion yuan at the end of 2020 to 35.6 trillion yuan by June 2025 [2][3]. - The balance of loans to privately held enterprises reached approximately 45 trillion yuan by the end of May this year, indicating a robust increase in financing support [2]. Group 2: Policy Guidance and Financial Support - A series of financial measures have been implemented to guide financial institutions in increasing their support for private and small micro enterprises, including the introduction of direct tools and the implementation of 25 measures to support the private economy [3][4]. - The Agricultural Bank of China has seen a compound annual growth rate of over 20% in loans to private enterprises over the past five years, reflecting the effectiveness of policy guidance [3]. Group 3: Cost Reduction and Interest Rate Trends - The average interest rate for newly issued inclusive small micro enterprise loans has decreased from 5.08% in December 2020 to 3.48% by June 2025, showcasing the impact of market-oriented interest rate reforms [4][6]. - Lower loan interest rates have significantly reduced financial costs for businesses, with one company reporting annual savings of over 20,000 yuan on a 5 million yuan loan due to recent rate cuts [5]. Group 4: Diversified Financing Channels - The establishment of a multi-layered and diversified financing system is underway, with significant participation in the bond market for technology innovation, where 288 entities have issued approximately 600 billion yuan in technology innovation bonds [7]. - The proportion of private enterprises among listed companies is notable, with 63% of A-share companies being private, and high representation in the Sci-Tech Innovation Board and the Growth Enterprise Market [7]. Group 5: Future Directions - Experts emphasize the need for continuous improvement in financing structures to better serve the real economy, advocating for a modern financial system that effectively addresses the needs of private and small micro enterprises [8].
增供给、降成本！金融发力破解民营、小微企业融资难题
Xin Hua She·2025-08-14 13:53