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New Policies Have Landed One After Another, Financial Support for Basic Foreign Trade

浏览数量:0     作者:汪子旭     发布时间: 2020-04-22      来源:经济参考报

Recently, the policy signals of financial reinforcement to stabilize foreign trade have been released intensively. From the National Council's explicit deployment of increased financing support to foreign trade companies, to the central bank's targeted RRR cuts, refinancing and discounted precision drip irrigation, from the China Banking Regulatory Commission to encourage banks to establish "green channels" for foreign trade credit, to the foreign exchange bureau measures to promote cross-border trade investment convenience A series of heavy financial policies have been issued continuously to send out "gifts" for the financing of foreign trade enterprises. At the same time, local-level refinement measures have been implemented one after another, rescue plans for banks, insurance and other financial institutions have also been intensively introduced, and the foreign trade industry chain has ushered in huge amounts of blood transfusions. In addition, cross-border RMB settlement and other cross-border financial services have also been continuously strengthened, helping foreign trade enterprises overcome difficulties.


The industry pointed out that increasing financial policy support will ease the liquidity pressure caused by foreign trade companies due to order cancellation or postponement, reduce exchange rate and export credit risk caused by global financial market turmoil, and strive to reduce the impact of the epidemic on foreign trade to lowest.


The spread of the New Coronary Pneumonia epidemic has spread around the world, and countries have upgraded their epidemic prevention measures, which has a significant impact on global supply chains and total demand. China ’s foreign trade companies are facing increasing financial pressure. In this context, the General Administration of Customs and the Ministry of Commerce intensively introduced a series of assistance measures to help enterprises stabilize the market and secure orders through smooth supply chains and lower logistics costs. Financial support policies have also continued to increase, and a series of new policies have recently landed.


The executive meeting of the State Council held recently clearly stated that it should guide financial institutions to increase foreign trade credit placement, implement policies such as loan repayment and principal and interest repayment, and negotiate extensions for small, medium and micro foreign trade enterprises that are greatly affected by the epidemic and have good prospects. The central bank has implemented a targeted reduction of inclusive finance by 0.5 to 1 percentage point a few days ago, expanding credit coverage for agriculture-related, foreign trade, and industries heavily affected by the epidemic. The central bank has also issued a 500 billion yuan re-loan and rediscount policy, focusing on supporting foreign trade industries and other companies that are more affected by the epidemic. The Banking and Insurance Regulatory Commission issued a notice requesting banking financial institutions to establish "green channels" for credit and payment of high-quality foreign trade enterprises. The State Administration of Foreign Exchange has recently introduced eight facilitation measures to give small and medium-sized foreign-related enterprises preferential loans such as loan extensions.


In an interview with reporters, Wang Qing, Chief Macro Analyst of Dongfang Jincheng, said that in order to increase financial support for foreign trade companies, the focus is to help foreign trade companies expand financing channels, reduce financing costs, and ease corporate orders due to increased credit support for foreign trade companies. The liquidity pressure caused by problems such as loss helps companies survive in the predicament.


Relevant refinement measures have also been issued at the local level. Recently, Jiangsu issued ten opinions on financial support for foreign trade enterprises, requiring all banking financial institutions to vigorously develop special liquidity loans for resumption of production and resumption of production, account receivable financing, factoring financing and other financial products, and strengthen the financial support. Shanghai issued a document to expand the coverage of financing support for small and medium-sized foreign trade enterprises, from the original annual export value of less than 5 million US dollars to expand the scope of support to the annual export value of less than 30 million US dollars.


The reporter was informed that with the implementation of a series of favorable policies, financial institutions are actively using credit resources to bail out the foreign trade industrial chain. The Export-Import Bank has allocated 160 billion yuan in credit to support small and medium-sized enterprises, and ensure the smooth operation of the border trade industry chain and supply chain. During the epidemic prevention and control period, BOC will provide foreign trade import and export enterprises with financing support of not less than 100 billion yuan. Postal Savings Bank and Ping An Bank also innovated services and opened up financing channels for foreign trade companies. "Postal Bank of China Beijing Branch recently handled 2 'foreign currency loans + cross-border payment of foreign exchange' business for a livestock company with a total amount of 3.31 million US dollars, used to purchase frozen beef from overseas. This kind of 'financing + settlement' The method provides strong support for the resumption of production and production of foreign trade enterprises. "The relevant person in charge of the Postal Savings Bank said in an interview with reporters.


In addition to strengthening financing support to ease liquidity pressure, cross-border financial services also continue to help foreign trade companies resist market risks. Guangdong, a major foreign trade province, recently issued a notice requesting the province's financial system to strengthen cross-border RMB fund settlement services. According to data released recently by the Guangzhou branch of the Central Bank, in the first quarter, Guangdong's cross-border RMB settlement business accounted for 39.3% of the cross-border receipts and payments of local and foreign currencies, and more than 60% of foreign trade enterprises in the province used RMB for cross-border receipts and payments. Jiangsu, Liaoning and other places have also helped export enterprises to mitigate export credit risk through policy tools such as credit insurance.


Wen Bin, chief researcher of Minsheng Bank, said that the current global epidemic has spread and the sentiment of the financial market has fluctuated greatly, which has also caused foreign exchange companies to face significantly increased exchange rate risks. In this context, promoting the facilitation of RMB cross-border trade settlement will help to avoid current exchange rate risks and promote stable growth of foreign trade.


The implementation of a series of financial support measures has promoted the resumption of production and production of foreign trade enterprises. Gao Feng, a spokesman for the Ministry of Commerce, introduced on April 9 that the resumption of production and production of foreign trade enterprises is proceeding in an orderly manner, and the capacity recovery rate of more than 76% of key foreign trade enterprises nationwide exceeds 70%. In March, the manufacturing PMI new export order index and import index rose by 17.7 and 16.5 percentage points from February respectively.


However, the survey results of several institutions still show that there are many uncertainties and instability factors in the current international economy. Foreign trade enterprises are facing a "two-way squeeze" on the demand side and the supply side, and the situation is still grim.


The reporter was informed that in the next step, while a series of measures to stabilize foreign trade were firmly implemented, various departments will also be preparing to introduce a series of new measures to alleviate the difficulties faced by foreign trade enterprises. Ye Yanfei, first-level inspector of the Policy Research Bureau of the China Insurance Regulatory Commission, said that the China Insurance Regulatory Commission will encourage banks to increase trade financing, urge Chinese banks and foreign banks to strengthen cooperation, resolve payment and settlement channels affected by the epidemic, and further increase financial stability and foreign trade measures. Gao Feng said that the Ministry of Commerce will also work with relevant departments and localities to support enterprises to develop new diversified markets and stabilize the supply chain of the industrial chain.


Wang Qing said that the impact of the epidemic on China's foreign trade is short-term and will not change the long-term trend of China's foreign trade development. The transformation of the domestic economy and the upgrading of the industrial structure will drive the adjustment of the foreign trade structure to high quality, and the proportion of export value added will gradually increase. In the future, as the "Belt and Road" initiative continues to advance, China's foreign trade market structure will become more diversified, and its dependence on developed markets in Europe and America will also decline.


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