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Actively guide the credit into the real economy

Summer 2009 report of the Beijing International Finance Forum held in June 2009, 26-28th in Ningbo city, Zhejiang Province, theme: sustainable economic development in China under the global financial crisis. Vice President, development center of the State Council on macro-economic Minister, Dr Wei Jianing of the Academic Board of the Beijing International Finance Forum.

macroeconomic development center under the State Council Vice Minister Wei Jianing of the Academic Board of the Beijing International Finance Forum: good morning everyone!

is happy has so a opportunities and everyone with to discussion macroeconomic problem, macroeconomic problem surface compared wide, and recently we also in do research, so I wants to concentrated is, because behind also has other experts, I wants to concentrated in one points wants to on bank loan of situation, affirmed is, I by told of views is personal views, and where units no tube, addition if media to reported words please by I I agreed, I of statement and stock has nothing to do.

current rate of credit some old comrades feared loan structure, loan amount is so big, but SMEs still starving. Part of the capital flow to the paper market, part of the flow to the stock market, about half of the funds in the financial market of self-sustaining, formed within the financial markets of self-sustaining, ego, this is a case. Although half the money is to the real economy, but the flow of mostly local government projects, to government financing platforms. To explain why small and medium enterprises but very little money. The third characteristic, risk concentration. Loan concentration, the higher the risk concentration loan where, where to focus on risks, and now worried is the bundle of financial risks and financial risks. This is about the characteristics of bank loans this year.

part II would like to talk about the characteristics of Bank loan could bring consequences. One is easy to form new bubbles. What is a financial bubble, is money in the financial system, the financial bubble of self-sustaining, ego, not for the real economy, we believe that this is the financial bubble, the current rapid growth in large amounts of money in the financial system of self-sustaining, easy to raise stock, forming a new financial bubble, pushing up real estate prices. Currently there are four fears, a short term, deflationary pressures still exist. Another concern, the credit money supply too quickly, sooner or later will lead to inflation; in fact, there is a third kind of worried that economic growth does not come up, but the price came up first! That's worried about so-called Chinese-style stagflation. Such a situation could be even more difficult, more difficult to solve. Fourth concern is the General commodity prices, asset prices up, that is the formation of new bubbles. For now, many people believe, the fourth possibility seems seems to be larger, or signs have emerged. This is a consequence. Then there is a consequence, that is, SMEs do not have access to the lending. According to people in the industry say, SME loans are counted, SMEs did not received the loan, one of the reasons, is now the bank SME loan statistics are inconsistent, so some say, how much do you want to figure out how much I can give you. At present, the number of SMEs account for more than 90%, contribution to GDP over 60%, 80% around town and provides jobs and more than 80% migrant workers ' employment opportunities. But received few loans, industry experts believe that no more than 10%. So, this is the second result. Is SMEs do not get the loan. Third species consequences, is Government project attract has too much funds, just I front mentioned has, in fast growth of Bank loan in the has quite part flows levels Government of investment project Shang, flows levels Government of investment platform Shang, appeared what situation does, past do this things, from 98 do this things is Development Bank a do, other Bank is views and scolded of, criticism Development Bank so to do, is this attitude. But what is the situation? At the end of last year, after November, the economic stimulus policy, commercial bank loans now after relaxing, banks have poured into the market, are flocking to the Government loan programs, leading to the market from the credit market debit market, what does that mean? Are local governments at all levels in the past seeking Bank loans to the point, what's the situation now? Are, in turn, have flocked to the market by banks into banks ask Government banks to ask local governments, that good local government project, the so-called credit, backed by Government credit, so now the commercial banks have to get local government projects. So what happens then? Development Bank of a time in the past, it can also make many demands of commercial banks, for example, how do finances, financial-economic indicators, also can do some calculations, can in the future also. But banks are pouring into the market, became local government instead airs, you love not extending credit credit, you don't lend other banks are still waiting for me! The Government is not willing to provide necessary information, is not willing to provide financial data, and so makes the financial risks covered up, hidden. So this is a consequence. Again has a consequences, now macro-control appeared has a paradox, led to enterprise serious of differentiation, macro-control by truth said, macro-control overheating of when take austerity of currency policy, had class of when take expansion sex active financial policy, theory so told, but practice Shang so do of when will appeared so a situation, dang economic overheating of when, austerity currency credit of when, first damaged is private enterprise, and SMEs. While waiting for the economic class, we implement the active fiscal policy, large projects on infrastructure projects, and are first to benefit from State-owned enterprises. In this case, cause the differentiation of enterprises, growing large, State-owned enterprises, and small and medium enterprises, private enterprises are more and more difficult. So there was the differentiation of enterprises. This is macro-control faces a paradox, a difficult or impossible to solve.

How to solve this problem, first of all is to actively guide the credit into the real economy, things to do, is the Bill market, prevent market reproduces itself, not for the real economy. One more thing, of course, the relationship seemed not very big but should also do, is a unified bond market, corporate bonds, corporate bonds, short-term financing, now was actually three parts divided by CSRC, NDRC, the people's Bank in charge of the market how to unify. Another one is to strengthen the credit to regulatory, regulatory authorities should strengthen supervision of credit flows. Second a aspects to guide funds flows SMEs, in this aspects we think has many things can do, but now also no do of, a is to established SMEs of policy sex Bank, developed is interesting, he no for large project, and big enterprise service of policy sex Bank, instead he for SMEs service, are has this policy sex financial institutions, Japan, and United States are is such. And in the United States, according to our local debt research subjects to speak, and local governments to issue bonds on the market, because the credit is high, costs are relatively low, after his funding of lending to SMEs, which bond issuance cost is high, so his debt and onlending to SMEs through Government, foreign policy means of financial services to small and medium enterprises. But China's three policy banks, one of them commercial, but there is no specific policy banking services for SMEs. So we believe that services for SMEs should be established policy banks in China is necessary, but China is such a vast, a policy Bank established yet because SME loans are relatively small in scale, so we thought it should be established at the local level to encourage the provincial policy banking services for SMEs. This is what we had for many years, but so far have not yielded results, it was a puzzling thing, we always say on supporting small and medium enterprises, strengthen lending to SMEs, but really when things are always hesitant to do these Government and delay action. One more for small and medium enterprises, for science and technology enterprise credit guarantee companies, here, a security company policy also has commercial, should develop. In addition, we found that the Government investigation of government financing platforms is for infrastructure financing platform, engage in large projects, the individual places are attempting to service financing platform for SMEs, we do this thing in some area, Hangzhou, Zhejiang, we think it is a very good attempt. Further positive development of small and medium enterprises, technology enterprise loan security company. A strong development and small and medium enterprises into small and medium private bank, is controversial in this regard, relevant departments always wanted to establish services for SMEs in the Bank's credit Department, we believe that the experience from home and abroad, this is not successful, and successful practices are established and Hsia enterprises into small and medium banks, may be more realistic. In these areas, something should be done, such as relaxed Bank set limits, encouraging the establishment of a microfinance company, set up private banks can do a lot of things. A the development of cooperative finance in the true sense, in recent years, as urban credit cooperatives, rural credit cooperatives were merged, the combined commercial, into city commercial banks, rural commercial banks, commercial restructuring, but truly cooperative financial gap. Foreign countries, like Japan, it is understood that there are a lot of financial cooperation, Japan has developed economy is developed, but his financial General, stated that this is needed. According to the survey, we found that in some areas in response to the loan when tight, some companies started mutual insurance organization, established similar cooperation in finance, which also shows in this regard is needed. So we still have to develop a real sense of cooperation. Again has directly financial aspects, early launched venture board, venture Board of things, last year I said, we missed has best period, up a, board market, board market bubble compared big of when, should said, we is very good of timing development venture board, but not know what reasons on has been no launched to, now seems is determined has, to more of policy to SMEs tilt, so Venture Board of things seems is determined has, this things we think early is do. On this basis, we should vigorously develop the VC and PE. There's one more thing, I think, may practice test SME debt collection, Hsia Enterprise bonds are too small, a single to have difficulties, but can you make some attempt to set bond, which can also be discussed.

third, we believe that we should strengthen the construction of local-government financing platforms, guarding against financial risks and financial risks by bundling. Local-government financing platforms in recent years has developed rapidly, especially since this round of policies to stimulate the economy, local-government financing platforms have attracted a large amount of money, of course, advantageous, and contribute to the implementation of proactive fiscal policy, helped to speed up infrastructure construction, because the construction of a large number of local infrastructure to complete. Have helped to spur economic growth, which is good. But on the also to note to, currently local government financing platform construction also has many not perfect of place, so is easy led to place financial risk and bank financial risk of bundled, this bundled if not note be prevent and resolve words, future has may next a round financial crisis of when, China this block problem, and China this block problem, is may financial, and financial risk of concentrated outbreak. So in response to the international financial crisis, we should have the purpose of, or to be taken to prevent new financial risks in China. This is an analysis.

again, specific ideas on loose monetary policy should be moderate, but not excessive. I said a moment ago, loose monetary policy transition easier credit market forming debit market is not conducive to the Bank's risk control. In addition, should accelerate the construction of the financing platforms of local governments, and actively guide and specification, focusing on increased transparency of financial information, strengthening the corporate governance of platforms, strengthen banking systemic risk.

last on not expand has, on policy orientation of reflection, a is we what implemented Cairns doctrine also is supply school, is full understanding Roosevelt new deal, past simple put it understanding for extended sex financial policy, make based facilities construction, actually also has two aspects, a is established security cycle network, also has according to social security network, established rescue system, this two party also to be note. Third full summary 98 years should Asia financial crisis of experience, many experts think Asia financial crisis by research is simple of make based facilities construction, this is while, should Asia financial crisis of we also do has addition two a things, a is joined WTO, implemented full of opening, in open aspects we do has important of decision, do while we in reform of aspects vigorously advance reform, reform aspects do has many things, like State-owned enterprise of reform, at Central made State-owned enterprise reform of decided, Countries for the launch, three years out of the target, that's one; in privately-run enterprises to private enterprises export autonomy, then I am with Wu Jinglian, Zhejiang's export, private enterprises can't export, return to Beijing, make recommendations, they should be given autonomy, also materialized in the end. Finally, State economic and Trade Commission was also established important business development Division, there is reform of the housing system, development of the real estate market, the rapid real estate plays an important role in the development process. Also to shed bad assets and prepare for restructuring State-owned enterprises. There's social security system, the establishment of the national social security fund, in fact, we were in the reform measures taken. These tend to be ignored, 2000 discussion of whether the economy is turning, Mr Wu Jinglian pointed out that our efforts to improve the supply side, tends to be overlooked, we should, from 98 to the experience of the Asian financial crisis.

in is I wants to see about, this started economic should focus put in green new deal Shang, foreign now is such have take of measures are is green new deal, in China I think also should advance green new deal, put it as economic development of a core, here head simple of told is, in energy strategy aspects, to implemented focus of conversion, energy consumption aspects electrical of, vigorously development track traffic, and electric, and electric bike, such words we traffic way change yihou, Energy consumption can change the way the oil-dependent, so win-win power can diversify, thermal power, hydropower, wind power and so on, in terms of connections of supply and demand the need to reform the price formation mechanism, universal charging infrastructure, can do a lot of things, start the economy should have a soul, there should be a direction, rather than straightforward ten industry planning. Also in green finance can also do a lot of things.

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