Guiding Opinions of the General Office of the State Council on Taking Various Measures Simultaneously to Focus on Alleviating the Problem of High Cost of Corporate Financing

Guiding Opinions of the General Office of the State Council on Taking Various Measures Simultaneously to Focus on Alleviating the Problem of High Cost of Corporate Financing [Effective]

国务院办公厅关于多措并举着力缓解企业融资成本高问题的指导意见 [现行有效]

【法宝引证码】

Issuing authority： Instrumentalities of the State Council,General Office of the State Council
Document Number： No. 39 [2014] of the General Office of the State Council
Date issued： 08-05-2014
Effective date: 08-05-2014
Level of Authority: Regulatory Documents of the State Council
Area of Law:Foreign Economy and Trade


Guiding Opinions of the General Office of the State Council on Taking Various Measures Simultaneously to Focus on Alleviating the Problem of High Cost of Corporate Financing		国务院办公厅关于多措并举着力缓解企业融资成本高问题的指导意见
(No. 39 [2014] of the General Office of the State Council)		（国办发〔2014〕39号）
The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government; all ministries and commissions under the State Council; and all institutions directly under the State Council:		各省、自治区、直辖市人民政府，国务院各部委、各直属机构：
China's economic situation is generally good at present, but there are still uncertainties, downward pressure is still large, and structural adjustment is in the climbing period, so effectively solving the problem of high financing cost of enterprises, especially that of small- and micro-sized enterprises is of great significance in stabilizing growth, promoting reform, adjusting structure, and benefiting people's livelihood. When it comes to causes of the current high cost of corporate financing, there are many, including both macroeconomic factors and problems in micro operation, both factors of the real economy and financial problems, both long-term factors and short-term factors, and the fundamental way out for solving this problem lies in comprehensively deepening reform, taking various measures simultaneously, addressing both thesymptomsand root causes, and focusing on addressing root causes. Financial authorities and financial institutions shall conscientiously implement the spirit of the 49th and 57th executive meetings of the State Council and take comprehensive measures to focus on alleviating the problem of high cost of corporate financing and promote positive interaction between finance and the real economy. With the approval of the State Council, opinions are put forward as follows:		当前，我国经济形势总体向好，但仍存在不稳定因素，下行压力依然较大，结构调整处于爬坡时期，解决好企业特别是小微企业融资成本高问题，对于稳增长、促改革、调结构、惠民生具有重要意义。当前企业融资成本高的成因是多方面的，既有宏观经济因素又有微观运行问题，既有实体经济因素又有金融问题，既有长期因素又有短期因素，解决这一问题的根本出路在于全面深化改革，多措并举，标本兼治，重在治本。金融部门和金融机构要认真贯彻落实国务院第49次、第57次常务会议精神，采取综合措施，着力缓解企业融资成本高问题，促进金融与实体经济良性互动。经国务院同意，现提出以下意见：
I. Maintaining a reasonable and moderate growth in monetary and credit aggregates		一、保持货币信贷总量合理适度增长
We shall continue to implement a prudent monetary policy and make comprehensive and combined use of various monetary policy instruments to maintain a smooth and moderate flow and create a favorable monetary environment for alleviating the problem of high cost of corporate financing. We shall optimize the investment of base money, moderately strengthen the relending and rediscount supporting the development of agriculture or small- and micro-sized enterprises, focus on structural adjustment, optimize the flow of credit, and provide strong support for key areas such as reconstruction of shantytowns, railways, the service industry, and energy conservation and environmental protection and for weak links such as “agriculture, farmers and rural areas” and small- and micro-sized enterprises. We shall effectively implement the credit policies of “encouragements and controls,” and avoid the practice of “one size fits all” with respect to profitable enterprises that have a certain share in the market in the industry with overcapacity. We shall make further research to improve the macro-prudential management indicators. We shall effectively implement the measures of “targeted lowering of the deposit reserve rate,” and bring into play the role thereof in structural guidance. (taken charge of by the People's Bank (PBC))		继续实施稳健的货币政策，综合运用多种货币政策工具组合，维持流动性平稳适度，为缓解企业融资成本高创造良好的货币环境。优化基础货币的投向，适度加大支农、支小再贷款和再贴现的力度，着力调整结构，优化信贷投向，为棚户区改造、铁路、服务业、节能环保等重点领域和“三农”、小微企业等薄弱环节提供有力支持。切实执行有保有控的信贷政策，对产能过剩行业中有市场有效益的企业不搞“一刀切”。进一步研究改进宏观审慎管理指标。落实好“定向降准”措施，发挥好结构引导作用。（人民银行负责）
II. Curbing the unreasonable growth of financing costs of financial institutions		二、抑制金融机构筹资成本不合理上升
We shall further improve the corporate governance of financial institutions, and curb such irrational competitive behavior as taking deposits at high interest rates in disguise and regulate market pricing competition order through improving the funds transfer pricing capability, optimizing the allocation of funds, and other measures. We shall further enrich the financing channels of the banking industry, strengthen the management of interbank wholesale financing, and improve the degree of diversification of bank financing and the stability of sources of funds. We shall vigorously promote securitization of credit assets, revitalize the stock assets, and accelerate the capital velocity. We shall develop the relevant guiding opinions and supporting administrative measures for regulating the development of internet finance as soon as possible to promote fair competition. We shall further crack down on illegal fund-raising activities and maintain a good financial market order. (taken charge of by the PBC, the China Banking Regulatory Commission (CBRC), the China Securities Regulatory Commission (CSRC) , the China Insurance Regulatory Commission (CIRC), the Ministry of Industry and Information Technology (MIIT)and other departments)		进一步完善金融机构公司治理，通过提高内部资金转移定价能力、优化资金配置等措施，遏制变相高息揽储等非理性竞争行为，规范市场定价竞争秩序。进一步丰富银行业融资渠道，加强银行同业批发性融资管理，提高银行融资多元化程度和资金来源稳定性。大力推进信贷资产证券化，盘活存量，加快资金周转速度。尽快出台规范发展互联网金融的相关指导意见和配套管理办法，促进公平竞争。进一步打击非法集资活动，维护良好的金融市场秩序。（人民银行、银监会、证监会、保监会、工业和信息化部等负责）
III. Shortening the chain of corporate financing		三、缩短企业融资链条
We shall urge commercial banks to strengthen loan management and keep close monitoring of the flow of loan funds so as to prevent illegal misappropriation of loans and ensure that loan funds flow directly to the real economy. We shall, according to the arrangement of the State Council, strengthen the administration of shadow banking, interbank business, financial services and other aspects, and clean up unnecessary “channels” of funds and “bridge” link. The sources or use of funds of various types of financial products shall generally be linked up with the real economy directly. We shall effectively regulate the behavior of raising price level by level, reduce regulatory arbitrage, and guide the healthy development of the relevant businesses. (taken charge of by the PBC, the CBRC, the CSRC, the CIRC, and the State Administration of Foreign Exchange (SAFE))		督促商业银行加强贷款管理，严密监测贷款资金流向，防止贷款被违规挪用，确保贷款资金直接流向实体经济。按照国务院部署，加强对影子银行、同业业务、理财业务等方面的管理，清理不必要的资金“通道”和“过桥”环节，各类理财产品的资金来源或运用原则上应当与实体经济直接对接。切实整治层层加价行为，减少监管套利，引导相关业务健康发展。（人民银行、银监会、证监会、保监会、外汇局负责）
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