(Yinfa [1998] No.215 of May 26, 1998)
Branches of the People's Bank of China in all provinces, autonomous regions and municipalities directly under the Central Government and Shenzhen Special Economic Zone; Policy banks, wholly state-owned commercial banks and other commercial banks (city commercial banks are forwarded by branches of the People's Bank of China):
With the approval of the State Council, the People's Bank of China has formulated the Guiding Opinions on Improving Financial Services and Supporting National Economic Development (hereinafter referred to as the Guiding Opinions), which are hereby printed and distributed to you, and put forward the following requirements, please earnestly implement them.
1. To ensure that the national economy grows by 8% this year is the need to promote China's economic development and social stability, and it is also of great significance to maintain Hong Kong's prosperity and stability and even to promote Asian financial stability. To this end, all financial institutions should seriously study the spirit of the National Financial Work Conference last November, deepen financial reform, rectify financial order, and guard against financial risks. At the same time, it is necessary to strengthen organizational leadership, correctly handle the relationship between promoting economic development and preventing financial risks, strive to improve financial services, appropriately increase loans, and support the realization of national macroeconomic goals.
second, the basic policies of the Guiding Opinions are not only applicable to this year, but also have a guiding role in future work, and its content will be further enriched in practice. All financial institutions should immediately forward the Guiding Opinions to their branches, and formulate specific measures to improve financial services and support the development of the national economy in light of the actual situation of each financial institution. It is necessary to immediately organize relevant personnel to go deep into grassroots investigation and study, and promote the implementation of the Guiding Opinions and related measures. And the implementation will be reported to the head office of the People's Bank of China at the end of June.
3. All provincial branches of the People's Bank of China should immediately forward the Guiding Opinions to all financial institutions under their jurisdiction, and urge them to implement the Guiding Opinions. It is necessary to do a good job of investigation and research around the outstanding problems in the economic and financial operation of the region, and be signed by the president of the provincial branch, and report the implementation of the Guiding Opinions and the investigation results to the head office before the end of June. Recently, the Head Office will also organize inspections on the implementation of the Guiding Opinions in various regions.
iv. The credit management department of the People's Bank of China is responsible for the comprehensive implementation of the Guiding Opinions reported by financial institutions and provincial branches of the People's Bank of China.
Attachment: Guiding Opinions on Improving Financial Services and Supporting National Economic Development
Under the correct leadership of the CPC Central Committee and the State Council, after several years of efforts, China's macroeconomic regulation and control has achieved remarkable results, and the national economic development has shown a good momentum of "high growth and low inflation". At present, all financial institutions should conscientiously implement the spirit of the National Financial Work Conference held by the Central Committee and the State Council in November 1997, deepen financial reform, rectify financial order, guard against financial risks, and ensure the safe, efficient and steady operation of finance. At the same time, it is necessary to further improve financial services, adjust credit investment, correctly handle the relationship between improving financial services and strengthening credit supervision, and the relationship between financial support and risk prevention, increase loans in a timely and effective manner, provide various financial services, promote the realization of macroeconomic growth goals, and support the sustained, rapid and healthy development of the national economy. To this end, the following guiding opinions are put forward:
First, increase the credit investment in agriculture, forestry and water conservancy
Improve the rural financial service system and gradually increase agricultural loans. Rural credit cooperatives should adhere to the business direction of serving farmers, agriculture and rural areas; The Agricultural Bank of China should support the comprehensive management of agriculture, industry and commerce in rural areas and promote the integrated development of urban and rural areas where conditions permit. The funds absorbed by rural credit cooperatives shall be used by them independently, except for paying the deposit reserve as required. The State Bank strives to increase agricultural loans to about 1% of all new loans.
while increasing the investment in agricultural credit, we should adjust the agricultural credit structure in time. Priority should be given to the funds needed for stable and high yield of major agricultural products such as grain, cotton and oil, improved seed breeding, water-saving irrigation, technology popularization, agricultural product export base construction, poverty alleviation and disaster prevention; Support the industrialized operation of agriculture and promote the integrated development of trade, industry and agriculture; Guide the rational concentration of township enterprises, combine the development of township enterprises with the construction of rural small towns, and promote the orderly transfer of agricultural surplus labor.
China Development Bank and relevant commercial banks should appropriately increase medium-and long-term loans to support agricultural infrastructure construction focusing on farmland water conservancy. We will continue to support the construction of major projects under construction, such as the regulation of major rivers, the maintenance and construction of small and medium-sized water conservancy facilities, the construction of key shelterbelts, afforestation and cultivation of forestry resources, comprehensive development of forestry in mountainous areas, sand fixation and desertification control. Appropriately increase loans for land management and development, support the transformation of low-and medium-yield fields, and support the development of grasslands, barren hills and beaches.
second, support large and medium-sized state-owned enterprises to develop
centralized funds to ensure key points in the reform. The State Bank shall provide reasonable funds for the market and effective production of key large and medium-sized enterprises in the country, and guarantee them according to the principle of credit. Actively organize syndicated loans, promote economic union according to the principle of market economy, cultivate enterprise groups, and support the construction of large and medium-sized national projects. Appropriately set up financial companies to improve the technological transformation ability of enterprise groups.
reasonably determine the loan term. Banks should reasonably determine the loan term based on the production and operation cycle of the main products of enterprises, comprehensive repayment ability and their own capital supply ability, and support enterprises to effectively organize production and operation activities according to market demand.
pilot credit line business. Banks can provide certain credit lines to enterprises with good reputation within a certain period of time. Enterprises can obtain different forms of credit support provided by banks at any time according to the actual needs of production and operation.
support loss-making enterprises to produce marketable and profitable products. Loans to loss-making enterprises. It is necessary to strictly examine and treat it differently. Banks should actively help solve the problem of working capital loans for the production of marketable and profitable products in state-owned loss-making industrial enterprises, implement special account management for loans, and operate in a closed manner, so that enterprises can ensure the repayment of principal and interest. However, enterprises that are on the verge of bankruptcy or have applied for bankruptcy cannot issue such loans. Banks should, in accordance with the relevant policies and regulations of the state, do a good job in writing off bad debts, suspend interest reduction and exemption for advantageous enterprises merging inferior enterprises in pilot cities to optimize capital structure, and support textile enterprises to limit production and press ingots, and industries such as coal, petroleum and petrochemical industries and 512 key industrial enterprises to turn losses into profits.
iii. actively support the development of small and medium-sized enterprises and promote reemployment
all commercial banks should actively provide credit services for small and medium-sized enterprises (including state-owned small and medium-sized enterprises, urban collective small and medium-sized enterprises, township enterprises, private enterprises and individual and private economy, etc.). Commercial banks should set up small business credit departments; City commercial banks and urban and rural credit cooperatives should use the main credit funds to support the development of small and medium-sized enterprises and individual economic units of various ownership. At the same time, it is necessary to support the establishment of SME loan guarantee institutions in conjunction with relevant departments to effectively solve the problem of SME guarantee. Through credit support, we should guide small and medium-sized enterprises to improve their management, speed up structural adjustment, improve product quality and technical level, and prevent pollution. At the same time, it is necessary to make full use of legal and credit means to do a good job in the preservation of bank credit assets, and effectively prevent the suspension and evasion of bank debts.
Give full play to the role of small and medium-sized enterprises in absorbing laid-off workers for re-employment. For small and medium-sized enterprises that conform to the national industrial policy, their products are marketable, and are conducive to attracting laid-off workers, and laid-off workers engaged in individual and private economy or organized to set up economic entities, as long as they meet the loan conditions, they can provide legal and reliable guarantees. Relevant financial institutions should actively provide loan support, and city commercial banks and urban credit cooperatives should give priority to such loans.
iv. actively support infrastructure construction
increase investment in credit funds for projects under construction and shorten the construction period as much as possible. Banks should take the initiative to strengthen contact and coordination with relevant departments, carefully analyze the demand for funds and repayment of loans for infrastructure construction such as railways, highways, communications and environmental protection, timely arrange the dispatch of credit funds, and promote the early completion and commissioning of projects under construction.
pay close attention to the loan evaluation of new key projects. The relevant banks should reasonably organize the existing credit evaluation power, enrich the relevant professional talents of the banks, and submit the evaluation report within a limited time according to the credit conditions and procedures. Develop project evaluation agencies to improve the quality and efficiency of project evaluation.
explore measures to support infrastructure construction through multiple channels. Banks should negotiate with relevant departments such as highways and railways and actively explore the issuance of mortgage loans for road rights. For projects that do have repayment guarantee by using railway and highway funds, the relevant banks may issue loans first for the temporary shortage of funds due to the first use of funds and the subsequent withdrawal of funds.
Credit investment should give priority to supporting key railway construction projects determined by the state and supporting the construction of local railways in areas where conditions permit; Support highway construction included in the national planning, and improve the grade and quality of the existing road network. It is necessary to increase credit investment in the development of wired telephone, mobile communication and information infrastructure. Combined with the technological transformation of enterprises, we will strengthen the control of industrial "three wastes" pollution, support the treatment of urban air pollution, sewage and garbage, and actively develop environmental protection industries.
5. Improve the housing credit system, promote housing construction and consumption
Increase investment in housing credit. Starting from this year, the People's Bank of China will implement guiding plan management for housing self-operated loans of commercial banks. As long as borrowers meet the loan conditions, commercial banks can issue housing loans within the scope of asset-liability ratio management.
expand the business scope of housing credit. We will expand the housing entrusted deposit and loan business, which was originally only handled by three banks of industry, agriculture and construction, to all wholly state-owned commercial banks and Bank of Communications, and allow all commercial banks to handle self-operated personal housing loans for all ordinary commercial houses in all towns. All branches of commercial banks should do this work well under the unified planning of their head offices.
promote housing consumption. It is necessary to change from mainly supporting the development and construction of commercial housing in the past to mainly supporting the consumption of commercial housing and its supporting services, and expand the proportion of individual housing loans in housing loans year by year.
support housing construction. For newly started ordinary housing projects, as long as the developer's own funds reach 3%, the housing is indeed marketable and can provide legal and reliable guarantees, commercial banks can issue housing construction loans; For urban and rural residents to build or repair their own houses, the relevant financial institutions may also issue secured loans to support them.
promote the sales of vacant commercial housing. For ordinary commercial housing whose sales are affected by imperfect supporting facilities, some supporting facilities loans can be issued to improve the sales conditions; For the unsalable houses caused by excessive prices, it is necessary to promote the developers to sell at a reduced price by means of recovering loans within a time limit or collecting interest.
VI. Increase the total investment in science and technology loans, and actively support scientific and technological progress and technological transformation
Continue to support the implementation of Spark Plan, Torch Plan and Technological Achievements Promotion Plan, and promote the commercialization and industrialization of high-tech achievements. Increase support for transforming traditional industries with high and new technologies.
we should increase loan support for science and technology popularization and technological transformation projects with good market prospects, high technology content and good economic benefits. As long as it meets the loan conditions and can provide legal and reliable guarantees, banks can give priority to granting technology loans and technological transformation loans to support scientific research units, institutions of higher learning, scientific research and production consortia or private technology enterprises; To promote the loss-making enterprises to turn losses through the promotion of high-tech achievements and technological transformation, as long as the repayment is guaranteed, banks can issue loans according to the actual situation. Relevant financial institutions should also actively issue RMB matching loans to introduce advanced technology and equipment. Explore the establishment of science and technology loan guarantee fund to spread the risk of science and technology loan.
VII. Actively support the development of domestic market and expand consumer demand
Support supply and marketing cooperatives to explore and develop rural markets, promote marketable agricultural means of production and economically applicable industrial products to the countryside, and increase rural consumption. At the same time, it is necessary to dredge the circulation channels of urban and rural commodities, support large and medium-sized commercial enterprises and production enterprises with state-owned or other economic sectors, and expand the sales of industrial products to rural areas.
expand the urban consumer goods market. Support commercial chain operation, material agency system and distribution center pilot. Further expand domestic buyer's credit, and select a number of agricultural means of production and durable means of subsistence commodities to conduct consumer credit pilot projects, and gradually expand the scale, varieties and forms of consumer credit. Support the establishment of second-hand goods markets to meet different levels of consumption needs.
do a good job in the supply and management of grain purchase funds. In accordance with the method of "linking treasury and loan" and "money goes with grain", we will strengthen supervision over the whole process of grain purchase, marketing and reserve funds, strictly implement the closed operation of the purchased funds, and strictly prohibit misappropriation and diversion to ensure the smooth progress of the reform of the grain circulation system.
VIII. Strive to support foreign trade and actively and rationally utilize foreign capital
Actively support the diversification strategy of export market. While continuing to develop traditional trade with Asian countries and regions, we will strive to expand exports to European and American countries, flexibly use various trade methods, and vigorously explore the markets of developing countries such as the Commonwealth of Independent States and Eastern Europe, Africa and Latin America. It is necessary to support foreign trade enterprises to optimize the export structure, improve the quality and grade of export commodities, and increase the production and export of high value-added mechanical and electrical products and complete sets of equipment and other products with high exchange rate. Support the strengthening of foreign marketing network construction and after-sales service, and encourage and promote the development of foreign project contracting, foreign investment in setting up factories and foreign processing trade. The relevant banks can provide one-stop services for export enterprises, such as issuing letters of credit, issuing packaged loans, negotiable instruments and recovering payment. At the same time, it is necessary to develop import business, support domestic enterprises to introduce foreign advanced technology and activate the domestic market.
actively support attracting foreign investment and reasonably guide foreign investment. We should conscientiously implement the newly revised Catalogue of Industries for Foreign Investment, and increase local and foreign currency loans for encouraged projects according to the credit principle. Relevant financial institutions should actively support the promotion of various ways of attracting foreign investment, increase the intensity of attracting foreign investment to North America and Europe, appropriately increase local and foreign currency loans to foreign-invested enterprises and enterprises invested by businessmen from Taiwan, Hong Kong and Macao, and promote the development of these enterprises. Take effective measures to increase the Chinese share capital of the joint venture with good benefits in time.
promote the balance of international payments and maintain the stability of RMB exchange rate. Banks should strictly implement the relevant provisions of the state on the settlement and sale of foreign exchange, and handle the trading and payment of foreign exchange for customers according to law. The purchase and payment of foreign exchange under the current account must be strictly examined before it can be handled; The purchase and payment of foreign exchange under the capital account must be strictly controlled by the approval of the State Administration of Foreign Exchange. In conjunction with relevant law enforcement agencies, we will resolutely crack down on smuggling, arbitrage and evasion of foreign exchange, actively expand the pilot of handling forward foreign exchange settlement and sale business, and reduce the use of cash.
IX. Improve comprehensive supporting financial services for enterprises
Do a good job in settlement and speed up capital settlement. Commercial banks at all levels should conscientiously implement the relevant provisions of the settlement system, vigorously promote the use of commercial bills, expand the acceptance and discount business of commercial bills, coordinate the relationship between production, supply and sales of enterprises, and curb