Foreign trade enterprise financing ushered in "timely rain"

On August 15, the people's Bank of China launched a 1-year medium-term loan facility (MLF) of 400 billion yuan and a 7-day open market reverse repurchase operation of 2 billion yuan. The bid winning interest rate was 10 basis points lower than the previous operation, far exceeding the market expectation. It is worth noting that this is the second time since January 17 this year that the central bank has lowered the 1-year medium-term lending facility and the 7-day reverse repurchase rate.
Insiders believe that the 1-year medium-term loan facility and the 7-day reverse repurchase interest rate have been lowered twice in the year, which send a clear signal that the central bank will continue to reduce social financing costs and support the development of real enterprises. Foreign trade enterprises with real industries are expected to benefit from it. However, in order to better solve the problem of difficult and expensive financing for foreign trade enterprises, more systematic measures need to be taken.
It is beneficial for enterprises to stabilize orders and reduce costs
"The loan is like a timely rain, so that we can not only stabilize our previous orders, but also continue to research and develop several new products that are lighter and more practical, and strive to be launched within the year to expand the market space." Yang tinggang, founder of Chongqing Kabin General Machinery Co., Ltd., said that the company focuses on the research and development of general machinery products, develops the global market with high-quality products, and obtains many orders.
However, as a small and micro enterprise, since the outbreak of COVID-19, the company has not only to face the challenges of rising prices of raw materials and lengthening the sales collection cycle, but also to face the difficulties of no loan record and lack of sufficient collateral. The difficulty in capital turnover once made the enterprise feel that its survival was challenged. Fortunately, a group of young customer managers from Chongqing Banan sub branch of industrial and Commercial Bank of China paid an in-depth visit and provided a credit loan of 2 million yuan for the enterprise, so that the enterprise can speed up the research and development of products and get working capital.
This is not an individual case. Affected by the epidemic, foreign trade enterprises, especially small, medium and micro enterprises, are not only facing the impact of the reduction of overseas orders, but also the costs of raw materials, shipping, exchange rate, labor, etc. are rising. The revenue and profit are compressed, and the capital pressure is not small.
On August 15, in order to maintain the reasonable and sufficient liquidity of the banking system, the people's Bank of China launched a 400 billion yuan medium-term loan facility (MLF) operation (including the renewal of the MLF due on August 16) and a 2 billion yuan open market reverse repurchase operation, which fully met the needs of financial institutions. The bid winning interest rates of MLF operation and open market reverse repurchase operation were 2.75% and 2.0%, respectively, down 10 basis points.
This has sent a new positive signal to the financing of foreign trade enterprises. Wang Jianhui, a senior industrial economics researcher, said in an interview with the reporter of International Business Daily that medium-term loan facilities or other supplementary credit tools are auxiliary tools for the adjustment of the central bank's monetary policy, which can reflect the central bank's monetary policy orientation. It shows that the central bank now encourages the reduction of capital prices, promotes the reduction of capital use costs, and better supports the development of many real economies. Foreign trade enterprises involved in manufacturing will also benefit from them.
Wen bin, chief economist of China Minsheng Bank, said that from the perspective of economic fundamentals, the manufacturing PMI in July fell again by 1.2 percentage points to 49%, falling below the 50% boom / bust line, indicating that many manufacturing enterprises with import and export business are under pressure. The central bank's reduction of the one-year medium-term lending facility and the seven-day reverse repo interest rate will help reduce social financing costs.
The implementation of policies still needs sustained efforts
"We applied for two loans of 10 million yuan, and the annual interest rate was about 0.5% lower than the previous normal financing, which helped us seize the big business opportunities." As a small and micro foreign trade enterprise focusing on ski supplies, Beijing Natural Power Technology Trade Development Co., Ltd. has enjoyed the benefits brought by low financing costs.
Zhou hang, co-founder of the company, said that the rapid development of the company's business in recent years has benefited not only from the strong attraction of the Beijing Winter Olympics, but also from the refinancing mode specifically targeted at small and micro foreign trade enterprises. Through this model, policy banks can provide low-cost funds to small and medium-sized commercial banks, and then provide financing support to small and micro enterprises.
With capital irrigation, the development of small, medium and micro foreign trade enterprises will be broader. In particular, banking institutions continue to carry out business innovation, which can transmit more policy benefits to small and micro enterprises.
"In difficult times, compared with expensive financing, enterprises pay more attention to the difficulty of financing." Liu Xingguo, a researcher of the research department of the China Enterprise Confederation, said in an interview with the reporter of the international business daily that according to the results of the questionnaire survey on enterprise business prospects in the third quarter of 2022 conducted by the China Enterprise Confederation, many enterprises have reflected that the policy of increasing financial support for the real economy has not been well implemented; The relief and assistance policies have not been implemented, and phenomena such as loan withdrawal and loan suppression still occur in some enterprises; The operation of some enterprises is very difficult, and banks are urgently needed to provide credit support, but the financing needs are often difficult to meet.
Liu Xingguo further believes that although the lowering of the bid winning interest rate of MLF operation and open market reverse repo operation has sent a signal that finance is pouring out real enterprises, more work needs to be done to enable more real enterprises, especially small, medium and micro real enterprises, to enjoy favorable policies.
Wang Jianhui also believes that in order to make real enterprises feel the reduction of capital cost, efforts need to be made in market transmission, such as optimizing the evaluation mechanism of banks, securities dealers, insurance, trust and other financial institutions, appropriately expanding fault tolerance space, and encouraging business personnel to give more financial support to enterprises on the basis of legal compliance. At the same time, we should focus on economic recovery and support the recovery of enterprise production, and make systematic efforts in fiscal policy and monetary policy, so as to maximize the effect of various policies supporting the development of real enterprises.