(Source: Xinhua Finance 2024-05-10)
Bian Yang
Hundreds of millions of w88 online casino betting enterprises and individual industrial and commercial households spread across urban and rural areas are the most dynamic micro-units of the national economy, playing an irreplaceable role in absorbing employment, increasing income, improving life, and achieving shared prosperity. According to the latest data from the Ministry of Industry and Information Technology and the State Administration for Market Regulation, the number of small, medium and micro enterprises in my country exceeded 52 million at the end of 2022, accounting for 98.4% of the total number of enterprises that year; at the end of 2023, there were 124 million registered individual industrial and commercial households across the country, supporting the employment of nearly 300 million people.
In 2023, affected by a variety of complex factors at home and abroad, my country's economic recovery process is fluctuating and tortuous; w88 online casino betting enterprises have limited scale and funds, weak ability to resist risks, and face greater operating pressure. To this end, the State Council and relevant ministries and commissions have issued policy documents such as the "Implementation Opinions on Promoting the High-Quality Development of Inclusive Finance" and the "Notice on Strengthening Financial Support Measures to Support the Development and Growth of the Private Economy". The People's Bank of China continues to implement inclusive w88 online casino betting loan support tools and jointly promote inclusive financial services for w88 online casino betting enterprises.
Inclusive finance has effectively alleviated the "difficult, expensive and slow" financing problems that have long plagued w88 online casino betting enterprises. According to data from the State Administration of Financial Supervision, as of the end of 2023, the balance of loans used by banking financial institutions for w88 online casino betting enterprises (w88 online casino betting enterprise loans, individual industrial and commercial household loans, and w88 online casino betting enterprise owner loans) was 70.9 trillion yuan; of which the total amount of single-household credit is 10 million yuan The balance of loans to inclusive w88 online casino betting enterprises and below was 29.1 trillion yuan, a year-on-year increase of 23.3%, 13.1 percentage points higher than the growth rate of various loans; the average interest rate of new inclusive w88 online casino betting enterprise loans was approximately 4.8%, a decrease of nearly 0.5 percentage points from 2022. According to the latest data from the "Inclusive Finance-w88 online casino betting Enterprise Index", in the fourth quarter of 2023, the financing supply of w88 online casino betting enterprises was flat, demand declined, financing costs continued to decrease, and financing efficiency continued to improve. Among them, the w88 online casino betting financing price index continued to decline, and the w88 online casino betting financing efficiency index increased for nine consecutive quarters, reaching 205.14 points in the fourth quarter, a month-on-month increase of 0.63%.
At this stage, there are still two major obstacles in empowering w88 online casino betting enterprises through inclusive finance: one is uneven distribution of resources, and the other is high credit risk. Among the loans to w88 online casino betting enterprises nationwide in the third quarter of 2023, there were 42.605 million customers with loan balances, which is estimated to only account for 30% of the total number of w88 online casino betting enterprises and individual industrial and commercial households. There are still a large number of w88 online casino betting enterprises in need of financing support. At the same time, inclusive financial resources are concentrated in a small number of high-quality enterprises, and the phenomenon of "pinching" by large state-owned banks is obvious. In order to achieve the goal of inclusive loan growth, large banks have "sinked" their business and competed with small and medium-sized banks for quality customers. Some "specialized, new" small businesses can obtain credit from nearly 10 banks at the same time; w88 online casino betting businesses that are temporarily in trouble and in urgent need of support may not be able to obtain loans due to "hard targets".
According to the latest available data, the non-performing rate of inclusive w88 online casino betting enterprise loans in April 2022 was 2.18%, which was 0.36 percentage points higher than the overall non-performing rate of the banking industry in the same period. Most w88 online casino betting enterprises in my country are concentrated in traditional industries such as wholesale and retail, mining, and manufacturing that focus on preliminary product processing and low-level services. They have weak ability to withstand external shocks and are difficult to provide qualified collateral. Inclusive loans face higher risk costs.
In the first quarter of this year, the State Administration of Financial Supervision issued the "Notice on Doing a Good Job in Inclusive Credit in 2024", which clarified the overall goals of ensuring quantity, stabilizing prices, and optimizing the structure. It is recommended to clear the bottlenecks in inclusive financial services for w88 online casino betting enterprises from two aspects.
First, make better use of the comparative advantages of small and medium-sized banks. Small and medium-sized banks, represented by city commercial banks and rural commercial banks, are the backbone of serving w88 online casino betting enterprises. The balance of loans to w88 online casino betting enterprises accounts for 44% of all loans to w88 online casino betting enterprises. Compared with large state-owned banks, small and medium-sized banks have information advantages and can more accurately grasp the credit status and operating results of local enterprises and develop personalized inclusive financial products. Take Zhejiang Rural Commercial United Bank, the “first order” in the rural credit cooperative reform, as an example. Institutions under its jurisdiction, such as Jinhua Chengtai Rural Commercial Bank, are deeply involved in rural areas and tailor-made inclusive credit products for w88 online casino betting enterprises that do not require asset mortgages. The successful experience is worth learning from.
The second is to promote the inclusive loan risk compensation mechanism. In 2020, Guangzhou issued the "Measures for the Management of Risk Compensation Mechanism for Inclusive Loans", which will provide up to 50% risk compensation for principal losses of eligible inclusive loans funded by the finance, and will increase the total annual compensation to 1 billion in 2022, effectively mitigating the inclusive loan risks of banking institutions. It is recommended that regions with more developed economies and better financial foundations learn from and promote the inclusive loan risk compensation mechanism to further enhance banks’ confidence in the “dareness” and “willingness to lend” to w88 online casino betting enterprises.
(The author is a researcher at the National Institute of Opening up, w88 casino)
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