历经十年发展，普惠金融的浪潮已经席卷中国金融业的每一寸土地，正从"规模扩张"向"质量提升"转变。 然而，现阶段普惠金融发展面临的种种挑战也不容忽视。中低收入群体的信用修复周期长、预期不稳，影响了其再融资与消费扩张能力；小微企业、农户等 群体信用风险较高，传统抵押模式难以覆盖，信贷可持续性受阻，而保险覆盖不足，证券业发展相对滞后。 在这一过程中，如何激发耐心资本的活力？政策面如何实现有效协同？围绕上述问题，北京商报记者近日对话清华大学国家金融研究院院长、清华大学五道 口金融学院副院长田轩。 "耐心资本与普惠金融领域小微企业、个体工商户及中低收入群体的融资需求存在天然契合性。"田轩指出，应引导耐心资本参与普惠金融生态建设，通过风 险共担、收益适配与生态协同三大机制，结合财政、货币与监管政策协同，形成"政策—资本—实体"的良性循环。他还建议，中小银行借助ABS、小微金融 债等工具拓宽资金来源，优化资产负债结构，应对县域市场竞争压力。 田轩表示，我国普惠金融政策体系已构建起"顶层设计+专项施策+配套支持"的立体架构，监管框架也日趋完善。为进一步推动服务下沉与风险覆盖的平 衡，建议构建中央与地方、监管与市场、资本与实体 ...

Core Insights - The wave of inclusive finance in China has transitioned from "scale expansion" to "quality improvement" over the past decade [1] - Current challenges include long credit repair cycles for low- and middle-income groups, high credit risks for small and micro enterprises, and insufficient insurance coverage [1][2] - The need for a multi-level collaborative mechanism among central and local governments, regulators, and markets is emphasized to achieve a deeper transformation from "blood transfusion" to "blood production" in inclusive finance [2][4] Group 1: Characteristics of Inclusive Finance - The inclusive finance system is evolving with diversified service entities, technology-driven operations, and systematic ecological collaboration [5] - Services are expanding from single credit support to comprehensive financial services, enhancing precision and sustainability [5] - The application of big data and artificial intelligence is improving service efficiency and reducing costs [5] Group 2: Policy Recommendations - Establish a risk compensation fund shared by central and local governments to balance service delivery and risk coverage [2][14] - Propose a "government guidance, market operation" model for inclusive finance development funds [2][14] - Suggest the creation of a multi-layered collaborative mechanism among various stakeholders to enhance the effectiveness of inclusive finance policies [14][15] Group 3: Credit Repair and Consumer Confidence - The People's Bank of China's one-time personal credit relief policy is seen as a significant step towards optimizing the credit ecosystem and boosting consumer confidence [6][7] - This policy aims to provide a clear path for credit repair for those facing genuine difficulties, enhancing their future expectations and consumption potential [6][7] Group 4: Role of Small and Medium Banks - Small and medium banks are encouraged to deepen the application of asset securitization (ABS) to optimize their funding sources and asset-liability structures [11] - The focus should be on selecting stable cash flow loans from small and micro enterprises and individual businesses as underlying assets for securitization [11] Group 5: Engaging Patient Capital - "Patient capital" is identified as a natural fit for financing needs in the inclusive finance sector, particularly for small and micro enterprises [12] - Mechanisms for risk sharing, yield matching, and ecological collaboration are recommended to attract long-term capital into inclusive finance [12][13] Group 6: Regulatory and Market Mechanisms - The current policy and regulatory framework for inclusive finance is multi-layered and dynamic, but there is room for further optimization [14] - Recommendations include enhancing the precision of policy tools and improving the coordination of regulatory responsibilities [14][15] - A balance between regulatory oversight and market-driven initiatives is essential for fostering innovation while managing risks [15][16]

Core Insights - The People's Bank of China (PBOC) emphasizes the continuation of a moderately accommodative monetary policy while introducing "maintaining relatively loose social financing conditions" as a new focus in its latest report [2][3] - The report highlights the importance of balancing short-term and long-term economic goals, as well as internal and external equilibria, while reinforcing the need for both counter-cyclical and cross-cyclical adjustments in monetary policy [3] Monetary Policy Strategy - The PBOC aims to create a suitable monetary and financial environment by closely monitoring changes in overseas central bank policies and analyzing liquidity supply and demand within the banking system [3] - The report reiterates the commitment to a supportive monetary policy stance, with no immediate plans for reserve requirement ratio (RRR) cuts or interest rate reductions, indicating that further economic data will be needed to trigger any significant policy changes [4] Credit Policy Initiatives - The report introduces measures to support personal credit repair, addressing the impact of past debt defaults on individuals' credit records, particularly those affected by the COVID-19 pandemic [5][6] - The PBOC plans to implement a one-time personal credit relief policy, which will not display certain default information in credit systems for individuals who have repaid loans below a specified amount [5][6] Financial Market Development - The report outlines plans to enhance the bond market, particularly through the development of a "technology board" for bonds, aimed at supporting private technology enterprises and investment institutions [6] - The PBOC's approach to promoting the internationalization of the Renminbi has shifted from a cautious expansion to a more proactive stance, focusing on increasing the use of the currency in cross-border trade and investment [6]

Core Viewpoint - The People's Bank of China is researching a one-time personal credit relief policy aimed at removing certain overdue records from credit reports for individuals who have repaid their loans, which is expected to be implemented early next year [1][2] Group 1: Policy Implications - The personal credit report, often referred to as an "economic ID," significantly influences individuals' ability to secure loans and the cost of borrowing [1] - The new policy is designed to alleviate the long-term impact of overdue records on individuals who have repaid their debts, as these records currently remain for five years [1] - This initiative is expected to encourage individuals to actively repay overdue debts, thereby enhancing consumer spending and entrepreneurial activity, which could stimulate economic growth [1] Group 2: Impact on Financial Institutions - For banks, borrowers actively repairing their credit and repaying overdue debts will aid in recovering overdue loans and improving asset quality [2] - Financial institutions may re-engage with previously defaulted individuals who have repaired their credit, potentially expanding their customer base with growth potential [2] - The policy is not a "credit wash" but is targeted at non-malicious defaulters, requiring careful implementation to balance economic relief and prevent opportunistic behavior [2]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the implementation of a moderately accommodative monetary policy while introducing new measures for credit repair and cross-cycle adjustments in its latest monetary policy report [2][3]. Group 1: Monetary Policy Adjustments - The report continues to advocate for a moderately accommodative monetary policy and introduces the need to maintain relatively loose social financing conditions [3][4]. - The PBOC highlights the importance of balancing short-term and long-term economic goals, as well as internal and external economic stability, through both counter-cyclical and cross-cyclical adjustments [3][6]. Group 2: Credit Repair Initiatives - The report introduces new measures aimed at supporting individuals in repairing their credit, particularly for those who have faced debt issues due to the pandemic [5][6]. - The PBOC plans to implement a one-time personal credit relief policy, which will not display certain overdue records in the credit system for individuals who have repaid loans under specific conditions [6]. Group 3: Financial Sector Development - The report emphasizes the development of various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, to support national strategies and address weak areas in the economy [5][6]. - There is a specific focus on advancing the bond market, particularly for technology companies, and utilizing risk-sharing tools for financing [6]. Group 4: Internationalization of the Renminbi - The report shifts its language regarding the internationalization of the Renminbi from a cautious approach to a more proactive stance, aiming to enhance the openness of capital projects [7].

Core Insights - The national average mortgage default rate has risen to 3.7%, significantly higher than the 1.6% recorded in 2024, indicating a troubling trend in mortgage repayments [2] - Approximately 4% of households are now in default, translating to around 4 million families unable to continue repaying their mortgages [3] Economic Context - Many individuals are facing financial difficulties due to job losses or reduced incomes, making it challenging to meet mortgage obligations [5] - The decline in property values has left many homeowners in a precarious position, where their property is worth less than the outstanding mortgage [7][8] Banking Sector Implications - The total personal housing loan balance is close to 38 trillion yuan, and if 4% of these loans default, it could result in a staggering 1.5 trillion yuan in potential losses for banks [11] - Banks are faced with a dilemma: either continue lowering interest rates to help borrowers or risk increasing bad debts [11][15] Policy Responses - The central bank is considering a one-time personal credit relief policy to assist those who defaulted between 2020 and 2022 but have since repaid their loans [12][14] - This policy aims to provide individuals with a "fresh start," reflecting the growing number of defaults and the strain on banks [15] Broader Economic Challenges - The rising default rate is indicative of broader economic issues, including unstable incomes and a lack of confidence in the future [17] - Policymakers are grappling with a "trilemma" of promoting consumption, stabilizing housing prices, and reducing debt, which are difficult to achieve simultaneously [18][19]

Core Viewpoint - The People's Bank of China is developing a one-time personal credit relief policy to help individuals restore their credit records affected by the pandemic, specifically targeting those with minor defaults who have already repaid their loans [1][2]. Group 1: Policy Details - The new policy will not display default information in the credit system for individuals who have repaid loans below a certain amount since the pandemic [1]. - The implementation of this policy is planned for early next year, following necessary technical preparations by the People's Bank of China and financial institutions [1]. - The policy aims to transform credit repair into tangible benefits for the public, enhancing the credit ecosystem and encouraging financial institutions to adopt a broader assessment of creditworthiness [1][2]. Group 2: Impact on Individuals - The policy will help individuals break free from the "once untrustworthy, forever limited" predicament, providing an opportunity for those who have made mistakes to restore their credit [2]. - It is expected to motivate individuals to actively repay debts and address historical credit issues, rather than giving up [2]. - The restoration of credit eligibility for these individuals is anticipated to unleash their consumption potential and entrepreneurial spirit, positively impacting domestic demand and economic circulation [2]. Group 3: Implications for Financial Institutions - Encouraging borrowers to repair their credit essentially promotes the repayment of overdue debts, aiding banks in recovering overdue loans and improving asset quality [2]. - Financial institutions are likely to expand their service scope to include previously defaulting individuals who have repaired their credit, thus broadening their customer base with growth potential [2]. Group 4: Governance and Ethical Considerations - The credit repair policy is characterized as a governance innovation that balances compassion and precision, focusing on non-malicious defaulters and maintaining the integrity of the credit system [3][4]. - The process of credit repair is conditional and requires borrowers to have settled all debts and maintained a good credit record for a period, emphasizing the importance of ethical behavior [3][4]. - The shift from strict punishment for defaults to a dual approach of punishment and repair reflects progress in credit system construction and social governance [4].

Core Viewpoint - The People's Bank of China (PBOC) is planning to implement a one-time personal credit relief policy to help individuals who have defaulted on loans due to the COVID-19 pandemic but have since repaid them, by removing their default information from credit reports [1][2]. Group 1: Policy Details - The policy will specifically target individuals who have defaulted on loans below a certain amount since the onset of the pandemic and have fully repaid their debts [1][2]. - The PBOC aims to execute this policy early next year after necessary procedures and technical preparations with financial institutions [1][2]. Group 2: Impact on Individuals - Many individuals have faced difficulties in obtaining new loans due to past defaults, even after repayment, as negative credit information remains on their records for five years under current regulations [2][3]. - The implementation of this policy is expected to provide a significant opportunity for those affected by external factors to regain access to financial support, thereby improving their financial situations [2][3]. Group 3: Historical Context - This is the first time the PBOC has proposed a personal credit relief policy, although it has previously issued guidelines to protect credit rights during the pandemic [3]. - In 2020, the PBOC provided specific protections for certain groups affected by COVID-19, allowing for more lenient treatment of overdue loans during the pandemic [3]. Group 4: Industry Reactions - Some financial institutions have already begun to relax strict credit policies, allowing for more flexible loan approvals for individuals with past defaults who have since repaid their debts [3]. - The implementation of the credit relief policy may lead to increased scrutiny and responsibility for loan officers, as they will need to balance risk with the opportunity to lend to previously "restricted" clients [3][4]. Group 5: Future Considerations - The one-time nature of this credit relief policy emphasizes the importance of maintaining credit discipline and awareness among consumers [4]. - The PBOC is also looking to refine credit management practices, as indicated by recent proposals for categorizing and managing credit information based on severity [4].

Core Viewpoint - The People's Bank of China is implementing a one-time personal credit relief policy to help individuals restore their credit records, particularly for those who have defaulted on loans below a certain amount and have since repaid them, thereby stimulating economic activity [1][2][3]. Group 1: Policy Details - The policy aims to remove negative credit information from the credit system for individuals who have defaulted due to the pandemic, provided they have repaid their loans [1][2]. - The implementation of this policy is expected to begin in early next year, with specific details such as the threshold for default amounts and application processes to be clarified [4]. Group 2: Impact on Individuals - This credit relief policy serves as a "repair key" for credit records and a "restart key" for life confidence, allowing individuals to regain trust from financial institutions and resume normal economic activities [2][3]. - It is anticipated that individuals will be able to access loans and credit cards without being hindered by past credit blemishes, facilitating smoother financial support for various needs such as education and healthcare [2][3]. Group 3: Social and Economic Implications - The policy reflects a governance approach that emphasizes fairness and inclusivity, addressing the challenges faced by individuals affected by the pandemic without attributing blame to their personal capabilities [3]. - By alleviating credit burdens, the policy is expected to unlock consumer potential and contribute to a more harmonious society, while also enhancing the quality of the financial system by integrating previously excluded individuals back into formal financial channels [3]. Group 4: Financial System Considerations - The credit relief policy is seen as an opportunity for the financial system to upgrade, as it will reduce conflicts and complaints from previously excluded clients, thus improving market order [3]. - The policy maintains the integrity of the credit system by ensuring that only those who meet specific criteria—defaults during the pandemic, below a certain amount, and full repayment—are eligible for relief, thereby balancing accountability and leniency [3].

Core Viewpoint - The People's Bank of China is researching a one-time personal credit relief policy to help individuals repair their credit records, particularly for those who have defaulted on loans below a certain amount and have since repaid them, aiming to stimulate economic activity and address personal credit challenges [1][2][3] Group 1: Policy Details - The proposed policy will not display default information in the credit system for individuals who have defaulted on loans below a certain amount and have repaid them since the pandemic [1][4] - The policy is expected to be implemented in early next year, with specific details regarding the amount threshold, application process, and information removal timeline to be clarified [4] Group 2: Impact on Individuals - This policy serves as a "repair key" for credit records and a "restart key" for life confidence, allowing individuals to regain trust from financial institutions and resume normal economic activities [2][3] - It aims to alleviate the burden of non-subjective defaults, enabling individuals to access loans and credit cards without being hindered by past credit blemishes, thus facilitating smoother financial support for various needs [2][3] Group 3: Social and Economic Implications - The policy reflects a governance approach that emphasizes fairness and inclusivity, addressing the impact of the pandemic on vulnerable groups and helping to mitigate potential social conflicts [3] - By reintegrating previously marginalized individuals into the financial system, the policy is expected to enhance the quality of financial services and optimize the business structure of financial institutions [3]