State Administration of Financial Supervision: Credit resources are given a certain preference to private enterprises

(Data pictures are for reference only)

Zhou Liang, Deputy Director of the General Administration of Financial Supervision, said at the promotion meeting of financial support for the development of private enterprises on August 30 that, in the next step, the General Administration of Financial Supervision will guide banks and insurance institutions to better promote the development and growth of private economy and private enterprises.

He said that it is necessary to further urge the bancassurance institutions to establish the "equal treatment" view. The "two unswervingly" should be implemented in credit and insurance business. The policy documents related to private enterprises in the internal management regulations of bancassurance institutions should be further sorted out to treat private enterprises and state-owned enterprises equally under the same conditions.

Zhou Liang said that we should urge banks and insurance institutions to improve the long-term mechanism of "dare to lend, be able to lend, and be willing to lend", set annual service goals for private enterprises, increase the weight of private enterprise financing business assessment, delegate credit approval, improve service efficiency, and give credit resources to private enterprises. At the same time, it is necessary to improve the mechanism of dutiful exemption and error tolerance of private enterprise loans, and stimulate the endogenous power of grass-roots institutions and credit personnel to serve private enterprises.

He also said that we should focus on the effective financing needs of private enterprises and continue to optimize and innovate financial products. Next, the General Administration of Financial Supervision will guide bancassurance institutions to invest more financial resources in private enterprises in advanced manufacturing, scientific and technological innovation, green environmental protection, foreign trade and other fields. At the same time, it will also expand the coverage of export credit insurance, science and technology insurance, and develop various insurance protection products.

In the past five years, the average annual growth rate of the loan balance of banking financial institutions to private enterprises was 12.1%, the average annual growth rate of the number of private enterprise customers with loans was 12.8%, and the credit loan balance of commercial banks to private enterprises also increased significantly. By the end of June, the loan balance of private enterprises had increased by 13.1% year on year, and the loan interest rate of private enterprises had gradually declined.

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