"我们将继续加强政银企对接，督促引导金融机构强化产品和服务创新，进一步优化内部资源配 置，为小微企业健康发展营造更加优良的金融环境。"中国人民银行安康市分行副行长屈波说。（记 者：董剑南） 为确保外汇政策"直达送"，中国人民银行安康市分行构建"调研问需+精准施策+长效服务"模式，累 计走访企业36家，解决融资需求3997万元；在9个县（市、区）设立外汇业务直连点，便利县域外贸企 业就地办理外汇业务；畅通跨境融资"快车道"，积极引导企业通过跨境金融服务平台"线上"办理融资业 务，实现业务申请、资料提交、审批放款等流程线上化，促成融资6736.8万元。 小微企业是经济发展的生力军。支持小微企业爬坡过坎、创新发展，金融服务不可或缺。为破解小 微企业融资难题，中国人民银行安康市分行强化政策工具引导与精准滴灌，充分运用支农支小再贷款、 再贴现等货币政策工具，引导金融机构持续增加对小微、民营、"三农"等领域的信贷投放，并推动融资 成本稳中有降。截至今年三季度末，中国人民银行安康市分行新发放支农支小再贷款77亿元，同比增长 130%，支持民营、小微企业、个体工商户、农户等经营主体超2.60万户，利用再贷款资金发放贷款加 权 ...

Core Insights - The People's Bank of China (PBOC) Shanghai Headquarters held a press conference to discuss the financial performance of Shanghai and the progress of the "Five Major Articles" initiative, highlighting a 13.7% year-on-year increase in loan balances related to this initiative as of the end of August, which is 6.6 percentage points higher than the overall loan growth rate [1] Group 1: Policy Framework - The PBOC Shanghai Headquarters has established a "1+N" policy system for the "Five Major Articles," which includes a comprehensive action plan with 30 targeted measures to address key challenges in finance [2] - A detailed work mechanism has been set up to implement the "Five Major Articles," including a project list with 92 tasks and 275 specific action items, organized into four clear lists for effective execution [2] Group 2: Financial Resource Allocation - Structural monetary policy tools are being utilized to accelerate the allocation of financial resources to the "Five Major Articles," with significant increases in loans for technological innovation and carbon reduction, including a nearly threefold increase in technology innovation loans since the end of last year [3] - As of September, the cumulative issuance of loans for agricultural support and small enterprises reached 502 billion yuan, with additional funding for technology-focused enterprises [3] Group 3: Industry Engagement - The PBOC Shanghai Headquarters is facilitating connections between financial institutions and key sectors related to the "Five Major Articles," providing a list of over 10,000 small and medium-sized technology enterprises in need of financing [4] - Financial institutions are being encouraged to enhance their products and services to meet the financing needs of critical sectors and projects, aligning with Shanghai's high-quality economic development goals [4]

Economic Overview - The GDP deflator index has experienced negative growth for 9 consecutive quarters since Q2 2023, marking the longest period of decline since the Asian financial crisis and the global financial crisis, which lasted 6 and 3 quarters respectively[1][11][24]. - The current deflation is structurally different from past instances, lacking external shocks and characterized by prolonged duration and complex structural features[2][24]. Structural Causes of Weak Domestic Demand - The current deflation is not merely due to "insufficient demand," but is a result of a chain reaction involving real estate, debt, and fiscal policies, leading to weakened wealth effects and corporate profits[2][31]. - The decline in real estate prices and sales has adversely affected household wealth and corporate profits, further compressing credit supply and investment[2][31]. International Comparisons and Lessons - Japan's experience with deflation highlights the importance of timely policy responses and the risks of premature tightening, which can lead to a downward spiral in the "nominal-profit-credit" chain[3][48]. - The Eurozone's recovery from deflation relied on coordinated monetary and fiscal policies, emphasizing the need for a combination of measures rather than relying solely on price-driven tools[3][48]. Policy Recommendations - Short-term re-inflation pressures are significant, necessitating fiscal support, monetary easing, and structural reforms to stabilize nominal growth[4][30]. - The fiscal strategy should involve higher deficit rates and long-term bonds to support public investment, while monetary policy should focus on yield curve management and structural tools to enhance credit transmission[4][30].

Group 1: Economic Performance - China's economy achieved a growth rate of 5.3% in the first half of the year, despite challenges from global trade uncertainties and the transition of economic drivers [1] - In July, the total import and export value reached 39,102 billion yuan, with exports growing by 8.0% and imports by 4.8% [5] - The first seven months of 2023 saw a total import and export value of 256,969 billion yuan, with exports increasing by 7.3% [5] Group 2: Financial Data and Trends - In July, the social financing scale increased by 1.16 trillion yuan, with government bond financing being the main contributor [3] - The M2 growth rate reached 8.8% in July, while M1 rebounded to 5.6%, indicating a shift in residents' risk preferences [4] - The July financial data showed a notable divergence, with government bond financing supporting the rise in social financing scale [4] Group 3: Consumption and Investment - In July, the total retail sales of consumer goods reached 38,780 billion yuan, growing by 3.7%, marking a decline in growth rate for two consecutive months [6] - Manufacturing investment growth slowed to 6.2% year-on-year for the first seven months, with a decline of 0.3% in July [7] - Real estate investment decreased by 12% year-on-year in the first seven months, indicating ongoing adjustments in supply and demand [7] Group 4: Policy Outlook - The central political bureau emphasized the need for stable and flexible macroeconomic policies to support employment, businesses, and market expectations [8] - The central bank's monetary policy report highlighted the importance of structural monetary policy tools to support key sectors and enhance consumption [9] - The focus on "precise drip irrigation" in monetary policy aims to optimize credit structures and support the real economy effectively [9]

Core Viewpoint - The article emphasizes the importance of financial support in accelerating the new type of industrialization in China, which focuses on innovation, quality improvement, intelligent upgrades, and green low-carbon transformation [1][3][4]. Financial Support for New Industrialization - The People's Bank of China and other departments issued guidelines with 18 measures to support new industrialization, providing a clear "timetable" and "blueprint" [1][3]. - The guidelines aim to enhance the financial system to support high-quality services for new industrialization and prevent "involution" competition [1][3]. Timeline and Goals - By 2027, a mature financial system supporting the high-end, intelligent, and green development of the manufacturing industry is expected, with a focus on diverse financial tools and meeting the credit needs of manufacturing enterprises [4][11]. - The guidelines align with the goals set by the 20th National Congress of the Communist Party of China, aiming for basic realization of new industrialization by 2035 [3][4]. Specific Industries Supported - The guidelines specify support for key industries such as integrated circuits, industrial mother machines, medical equipment, and advanced materials, among others [6][7]. - Emerging industries like new-generation information technology, smart vehicles, and green manufacturing are also highlighted for financial support [7]. Financial Tools and Mechanisms - The guidelines propose optimizing credit policies for traditional manufacturing, enhancing support for high-end, intelligent, and green development [5][11]. - Financial institutions are encouraged to utilize technologies like big data and AI to improve service efficiency for small and medium enterprises [10][11]. Long-term Financing and Capital Support - The guidelines address the challenges of financing for small and medium enterprises, proposing measures to enhance credit support and reduce costs [8][10]. - A focus on long-term capital and patient capital is emphasized to support technological innovation and upgrades in traditional industries [7][10]. Collaboration and Policy Coordination - The guidelines call for cross-departmental collaboration and policy incentives to enhance financial support for new industrialization [10][11]. - A mechanism for regular project recommendations and financing connections is proposed to facilitate support for key industries [11].

Core Viewpoint - The People's Bank of China and six other departments have jointly issued the "Guiding Opinions on Financial Support for New-Type Industrialization," which aims to enhance financial support for key industries and promote technological innovation and industrial upgrading [1][12]. Group 1: Financial Support for Key Industries - Financial institutions are encouraged to provide medium- and long-term financing for key manufacturing sectors such as integrated circuits, industrial mother machines, medical equipment, servers, and advanced materials [5][14]. - The policy aims to enhance the financing accessibility for small and micro enterprises in the manufacturing sector [6][20]. Group 2: Support for Emerging Industries - The guidance supports financing for emerging industries like new-generation information technology, smart vehicles, renewable energy, and biomedicine in multi-tiered capital markets [7][18]. - It emphasizes the importance of long-term capital and patient investment to accelerate the transformation of technological achievements into commercial applications [15][18]. Group 3: Enhancing Financial Services for Traditional Manufacturing - Financial institutions are directed to optimize credit policies to support the high-end, intelligent, and green development of traditional manufacturing [17][24]. - The guidance encourages the use of diverse financial tools, including loans, bonds, and insurance, to support the digital transformation of manufacturing enterprises [17][24]. Group 4: Green Finance and Sustainable Development - The policy promotes the establishment of a financial standard system to support the green and low-carbon transformation of high-carbon industries [19][26]. - It encourages the development of green financial products and the application of green credit and bonds in manufacturing [19][26]. Group 5: Strengthening Digital Financial Services - Financial institutions are urged to leverage technologies like big data and blockchain to enhance service efficiency for manufacturing, especially for small and medium-sized enterprises [20][21]. - The guidance supports the construction of digital financial service platforms to facilitate financing and cash management for the manufacturing sector [20][21]. Group 6: Policy Coordination and Risk Management - The document emphasizes the need for coordination between financial and industrial policies to create a supportive environment for new-type industrialization [26][27]. - It calls for the establishment of a joint risk assessment mechanism to monitor and manage financial risks associated with industrial projects [27][28].

Core Viewpoint - The article discusses the joint issuance of the "Guiding Opinions on Financial Support for New-Type Industrialization" by seven departments, including the People's Bank of China, aimed at accelerating the construction of a financial system that supports new-type industrialization and enhances the resilience of industrial chains [3][12]. Group 1: Financial Support for Key Industries - Financial institutions are encouraged to provide medium- and long-term financing for key manufacturing industries such as integrated circuits, industrial mother machines, medical equipment, servers, and advanced materials [4][14]. - The policy aims to enhance the financing accessibility for small and micro enterprises in the manufacturing sector [5][20]. Group 2: Support for Emerging Industries - The article highlights support for emerging industries like new-generation information technology, smart (connected) vehicles, and biomedicine to access multi-tiered capital markets for financing [6][18]. - It emphasizes the need for long-term capital and patient investment to accelerate the transformation of technological achievements into practical applications [15][18]. Group 3: Enhancing Financial Services for Traditional Manufacturing - Financial institutions are urged to optimize credit policies to support the high-end, intelligent, and green development of traditional manufacturing [17][19]. - The article suggests that banks should enhance their support for digital transformation in manufacturing, particularly for small and medium-sized enterprises [17][20]. Group 4: Promoting Green and Digital Finance - The article discusses the importance of green finance in supporting the low-carbon transformation of high-carbon industries, advocating for the development of green financial products [19][28]. - It also emphasizes the role of digital finance in improving the efficiency of financial services for the manufacturing sector, particularly through the use of big data and AI [20][28]. Group 5: Strengthening Policy Coordination - The article calls for enhanced coordination between financial policies and industrial policies to ensure effective implementation of the financial support measures [27][28]. - It highlights the need for a collaborative approach among various government departments to create a conducive environment for financing new-type industrialization [27][28].

Core Viewpoint - The People's Bank of China and six other departments have jointly issued guidelines to enhance financial support for new industrialization, emphasizing policy incentives and constraints [1] Group 1: Policy Measures - Implementation of re-loan and interest subsidy policies for technological innovation and transformation is prioritized [1] - Utilization of carbon reduction support tools, re-loans for small enterprises, and rediscounting as monetary policy instruments to support key areas of new industrialization and the development of small and medium-sized enterprises [1] - Strengthening monitoring of credit in the manufacturing sector and urging banks to adhere to policy requirements [1] Group 2: Financial Market Environment - Continuous enhancement of macro credit policy guidance to create a favorable financial market order [1] - Improvement of green finance evaluation indicators, avoiding the simplistic use of financing scale for "two high and one capital" industries as a standard for evaluation [1]

Core Viewpoint - The People's Bank of China (PBOC) Shaanxi Branch has implemented a comprehensive financial support plan to enhance credit allocation to key industrial chains in Shaanxi province, aiming for a total scale of no less than 30 billion yuan in special re-loan and re-discount quotas for agriculture and small enterprises from 2025 to 2027 [1][2][3] Group 1: Financial Support Measures - The PBOC Shaanxi Branch has issued a work plan that includes the establishment of the "Shanlianrong" special re-loan and re-discount quotas to support financial institutions in lending to key industrial chains in Shaanxi [3][4] - In 2024, the PBOC has issued over 100 billion yuan in re-loans and re-discount funds, marking an 11.53% year-on-year increase, benefiting over 180,000 small and micro enterprises [2][4] - The work plan aims to create a financial service system covering key industrial chains at provincial, municipal, and county levels by 2027, significantly improving the quality and efficiency of financial support for these chains [1][3] Group 2: Key Industrial Chains and Areas of Focus - The special quotas will support 34 provincial-level industrial chains, 8 modern agricultural chains, and 8 cultural tourism chains, as well as other key chains identified by local governments [3][4] - The plan encourages financial institutions to innovate inclusive finance, technology finance, and green finance products to enhance support for agricultural, small, and private enterprises [3][4] - The initiative is part of a broader strategy to strengthen the financial backing for key projects and promote high-quality economic development in Shaanxi [1][2]

Core Viewpoint - The financial performance of Xiamen in the first half of the year shows steady growth and an optimized credit structure, significantly contributing to the high-quality development of the local economy [1][3]. Financial Performance - Xiamen's total financial volume has steadily increased, with a notable optimization in the credit structure [1][3]. - The implementation of a comprehensive monetary policy by the People's Bank of China in May has positively impacted Xiamen's financial landscape [3]. Credit Structure Optimization - Manufacturing loans have maintained rapid growth, while real estate loans have shown signs of recovery [3]. - There has been a continuous and rapid increase in technology loans, alongside strengthened support for green industries [3]. - Long-term operating loans for individual businesses and small micro-enterprises have increased year-on-year, demonstrating targeted financial support for microeconomic entities [3]. Policy Implementation - A total of 26.5 billion RMB in agricultural and small business re-loans and rediscounts were implemented in Xiamen during the first half of the year [3]. - Various policy tools, including technology innovation loans and carbon reduction support tools, have led to approximately 23 billion RMB in bank loans being issued [3]. Cross-Border Financial Services - Xiamen's cross-border RMB settlement volume reached 216.1 billion RMB, with 188 billion RMB related to the real economy, ranking first in Fujian Province [4]. - Over 1,054 quality enterprises benefited from trade and investment facilitation policies, and more than 1,200 small and micro enterprises received credit support exceeding 24 billion RMB [4]. Conclusion - The financial sector in Xiamen has focused on total growth and structural optimization, enhancing the quality of service to the real economy and laying a solid financial foundation for continued economic recovery in the second half of the year [4].