Xin Hua She·2025-08-15 00:00Core Viewpoint - The support for private and small micro enterprises is an inherent requirement of financial services for the real economy, with significant policy guidance and financial measures in place to enhance financing accessibility and affordability [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]. - Agricultural Bank's loans to private enterprises have seen a compound annual growth rate of over 20% in the past five years, reflecting the effectiveness of policy measures [3]. Group 2: Cost Reduction and Financial Relief - The weighted average interest rate for newly issued inclusive small micro enterprise loans decreased from 5.08% in December 2020 to 3.48% by June 2025, showcasing a significant reduction in financing costs [4][6]. - A loan of 500 million yuan can save over 20,000 yuan in annual interest expenses due to lower interest rates, which is particularly beneficial for cost-sensitive sectors like wholesale and retail [5]. - The proactive adjustment of financing plans by banks in response to changes in the Loan Prime Rate (LPR) has further facilitated cost reductions for enterprises [5]. Group 3: Diversified Financing Channels - The establishment of a multi-layered and diversified financing system is crucial for meeting the varying financing needs of private and small micro enterprises at different growth stages [7]. - The issuance of technology innovation bonds, such as the 800 million yuan bond by iFlytek with a coupon rate of 1.83%, highlights the growing role of the bond market in supporting technological advancements [7]. - As of June, 288 entities had issued approximately 600 billion yuan in technology innovation bonds, indicating strong participation from financial institutions and technology firms [7]. Group 4: Policy and Structural Improvements - Continuous efforts to improve the financing structure are essential for building a modern financial system that effectively serves the needs of private and small micro enterprises [8].