Recently People's Bank to raise deposit reserve ratio, the sixth increase this year, the reserve requirement ratio. Cover feel more and to emphasize more central banks tightening budgets, the market for the financial burden that began, another recent focus was on small and medium enterprises from Zhejiang and Guangdong collapse of the news in China, companies can restrict the flow of funds, ie the flow of money is not the place, what went wrong? Market money went where? Chen Weihong CCTV Financial Channel host and guest commentator Cao Yuan Zheng, chief economist at the Bank of China (blog), well-known financial commentator Fan (blog) common comment.
Capital chain tension, Zhejiang and Guangdong SMEs repeated failure, the sixth consecutive year of increasing the minimum reserve ratio. The central bank tighten the purse again, the lack of money is really coming?
Home was the lighting shop on the town, Zhongshan, a leading lighting company, but a few months ago, it closed down, because the money-strand breaks, home lighting store on the construction of shops decade, annual sales have more than 50 million, so that why stars in this situation, companies, associations, vice president of Zhongshan, told reporters after home lighting in the development of financial problems, but fall because there is no plant so that the fixed assets, the banks denied credit, loan sharks would eventually forced to pay an avalanche because of the inability to charge interest on the closure.
Discovered "Economic Information Daily (microblogging)," the reporter recently in the Pearl River Delta, the current raw material, labor, logistics, finance and many other costs, combined effects on manufacturing, leading to a dilution of corporate profits, many companies are not connected only loss, loss of jobs as well. In this case, the low-end manufacturing enterprises and workshops for small businesses, the unbearable pressure on the operation, the first risk of insolvency. Recently published the Shenzhen SME Banking Bureau increased the first phase of the operation of the financial services index, a quarter of the entire operations of small and medium enterprises in Shenzhen City, shows a decline in sales, rising costs, gross profit, lower financing needs and the gap still, etc ., financing difficult widespread, about 13% of corporate finance is very difficult, is at 57% of companies there is a certain degree of financial problems.
Shanghai, Shaojun Tao is a small private manufacturing company of electric charge, he is currently the company has only 26 employees, the bank raised borrowing costs 30 per year, he was with mixed feelings.
Shaojun Tao (Shanghai General Manager of an electrical equipment company): We are a year, now it was only about 30% margin, so that we can also lead to credit (money), then we will not have much of one.
Reporter: visited found in Shanghai are some SMEs face the same challenges and Shaojun Tao, borrow as corporate assets, small, hard by the normal channels of collateral to obtain bank loans. Also the loan, the higher cost of borrowing this year to these places more limited volume and profitability of small and medium-sized enterprises intolerable, and many companies also plan to shrink the size. In addition, the Ministry of Industry and Information Technology Coordinating the test run before release, "reported China's industrial economic operation in the spring of 2011," said tight financial environment in general, the problem of financing of SMEs are more in the foreground.
Liu Hongqi (General manager of a Shanghai trading company): We are now in this capital, slowly back, then I am willing to make downsizing am, and will certainly be reduced, so that you do not carry through narrow your money, not enough people to to pay interest.
Yuan Zheng Cao: the lack of financing working capital requirements of the higher
(Bank of China chief economist, "observed today," invited commentator)
Zhejiang, Guangdong and in the fact that it focuses on small and medium enterprises, the phenomenon of collapse, Guangdong, Zhejiang, mostly small and medium enterprises in coastal areas, and are export-oriented economy, the majority of the processing trade. Despite the global economic recovery, but the pace of recovery is very slow in order to compare the performance of exports, is still difficult, so that the products, commodities serious squeeze inventory investment on the rise, increasing trade flows. In this case, the financing has become very difficult.
Liquidity shortages, increased demand for finance. On one side are a failure, on the one hand, to survive, we must continue to fund. The financing is the last straw breaks the camel is not only the financing difficulties, the market decline and so concentrated in one, expressed in a very serious, which is more money financing, financing a very urgent matter. SME financing has is a global problem, China is trying to solve problems, but in the present special circumstances, the task even more formidable.
Fan: monetary policy tightening is not ready for SMEs
("Watch Now", commentator)
According to our understanding of the situation, there are many companies now face the risk of failure, but the tide can not be considered. According to some surveys, we now see in Wenzhou, left the company to Sancheng financial difficulties arose, and they said that the current situation even worse than in 2008. If 2008 is the frost, so that now the Big Chill and was unbearable. But if we look closely, you'll find these companies lack of money, is not always met with the problem, there are many other problems, such as the current cost of labor, raw material prices on the rise, coupled with the tight current capital chain, Now the money was just the last straw breaks the camel. In the past SMEs in the credit environment to a more relaxed environment to survive is not used, ready soon began to tighten monetary policy, was the risk. Warren Buffett once said, only at low tide when we get to see who does not mind swimming trunks. Now at least these companies with the clothes is not enough.
Yuan Zheng Cao: sound financing provide for small and medium-sized market to a more comfortable environment
(Bank of China chief economist, "observed today," invited commentator)
The Central Bank of the policy, put a little tight liquidity, the bank's money a little difficult, but that's not the nature of the problem. Since commercial banks, money, credit it to make commitments, it will be profitable, the lending, it goes, money is always scarce. Now the problem, but the core is the peculiar nature of SMEs themselves, like the banks, nothing less than the required collateral for loans to SMEs because not enough assets, collateral is not enough, it causes difficulties in financing. From this perspective, we need financial innovation, and innovation for SMEs through the financing. To promote innovation, two years ahead of China Banking Regulatory Commission has three tables Mishina, not only the safety, character, product, and not only the balance, energy, water, but the core problem is lack of capital for SMEs, the development of capital markets on very important additional capital to supplement its own funds to liabilities. Solution to solve the liability side of bank financing, may not be the fundamental solution.
In fact, for many commercial banks, they do now, what is known in history, reached the highest reserve ratio 21.5%, that is, if there are one hundred in deposits, it is 21.5 yuan is not used, the reserve ratio is very high, banks need to prepare a negative credit ratio higher than 75%, the funds have started nervously. On the other hand, because the capital to do the configuration, I can credit a little less large companies, small and medium-sized loans a little more, then the quality of the SMEs themselves too seriously. Small and medium enterprises is the lack of capacity, lack of collateral, difficult credit, it has a risk, some risk premium, this time only in the middle of the interest rate market, with interest rates at the risk premium coverage is only possible for this problem is to financial system alleviate problems. The economic development of the market is developing integrated, not just the interest rate market, and support for the reform and improvement of financing opportunities for small and medium-sized market to offer comfortable surroundings.
Capital chain tension, Zhejiang and Guangdong SMEs repeated failure, the sixth consecutive year of increasing the minimum reserve ratio. The central bank tighten the purse again, the lack of money is really coming?
Home was the lighting shop on the town, Zhongshan, a leading lighting company, but a few months ago, it closed down, because the money-strand breaks, home lighting store on the construction of shops decade, annual sales have more than 50 million, so that why stars in this situation, companies, associations, vice president of Zhongshan, told reporters after home lighting in the development of financial problems, but fall because there is no plant so that the fixed assets, the banks denied credit, loan sharks would eventually forced to pay an avalanche because of the inability to charge interest on the closure.
Discovered "Economic Information Daily (microblogging)," the reporter recently in the Pearl River Delta, the current raw material, labor, logistics, finance and many other costs, combined effects on manufacturing, leading to a dilution of corporate profits, many companies are not connected only loss, loss of jobs as well. In this case, the low-end manufacturing enterprises and workshops for small businesses, the unbearable pressure on the operation, the first risk of insolvency. Recently published the Shenzhen SME Banking Bureau increased the first phase of the operation of the financial services index, a quarter of the entire operations of small and medium enterprises in Shenzhen City, shows a decline in sales, rising costs, gross profit, lower financing needs and the gap still, etc ., financing difficult widespread, about 13% of corporate finance is very difficult, is at 57% of companies there is a certain degree of financial problems.
Shanghai, Shaojun Tao is a small private manufacturing company of electric charge, he is currently the company has only 26 employees, the bank raised borrowing costs 30 per year, he was with mixed feelings.
Shaojun Tao (Shanghai General Manager of an electrical equipment company): We are a year, now it was only about 30% margin, so that we can also lead to credit (money), then we will not have much of one.
Reporter: visited found in Shanghai are some SMEs face the same challenges and Shaojun Tao, borrow as corporate assets, small, hard by the normal channels of collateral to obtain bank loans. Also the loan, the higher cost of borrowing this year to these places more limited volume and profitability of small and medium-sized enterprises intolerable, and many companies also plan to shrink the size. In addition, the Ministry of Industry and Information Technology Coordinating the test run before release, "reported China's industrial economic operation in the spring of 2011," said tight financial environment in general, the problem of financing of SMEs are more in the foreground.
Liu Hongqi (General manager of a Shanghai trading company): We are now in this capital, slowly back, then I am willing to make downsizing am, and will certainly be reduced, so that you do not carry through narrow your money, not enough people to to pay interest.
Yuan Zheng Cao: the lack of financing working capital requirements of the higher
(Bank of China chief economist, "observed today," invited commentator)
Zhejiang, Guangdong and in the fact that it focuses on small and medium enterprises, the phenomenon of collapse, Guangdong, Zhejiang, mostly small and medium enterprises in coastal areas, and are export-oriented economy, the majority of the processing trade. Despite the global economic recovery, but the pace of recovery is very slow in order to compare the performance of exports, is still difficult, so that the products, commodities serious squeeze inventory investment on the rise, increasing trade flows. In this case, the financing has become very difficult.
Liquidity shortages, increased demand for finance. On one side are a failure, on the one hand, to survive, we must continue to fund. The financing is the last straw breaks the camel is not only the financing difficulties, the market decline and so concentrated in one, expressed in a very serious, which is more money financing, financing a very urgent matter. SME financing has is a global problem, China is trying to solve problems, but in the present special circumstances, the task even more formidable.
Fan: monetary policy tightening is not ready for SMEs
("Watch Now", commentator)
According to our understanding of the situation, there are many companies now face the risk of failure, but the tide can not be considered. According to some surveys, we now see in Wenzhou, left the company to Sancheng financial difficulties arose, and they said that the current situation even worse than in 2008. If 2008 is the frost, so that now the Big Chill and was unbearable. But if we look closely, you'll find these companies lack of money, is not always met with the problem, there are many other problems, such as the current cost of labor, raw material prices on the rise, coupled with the tight current capital chain, Now the money was just the last straw breaks the camel. In the past SMEs in the credit environment to a more relaxed environment to survive is not used, ready soon began to tighten monetary policy, was the risk. Warren Buffett once said, only at low tide when we get to see who does not mind swimming trunks. Now at least these companies with the clothes is not enough.
Yuan Zheng Cao: sound financing provide for small and medium-sized market to a more comfortable environment
(Bank of China chief economist, "observed today," invited commentator)
The Central Bank of the policy, put a little tight liquidity, the bank's money a little difficult, but that's not the nature of the problem. Since commercial banks, money, credit it to make commitments, it will be profitable, the lending, it goes, money is always scarce. Now the problem, but the core is the peculiar nature of SMEs themselves, like the banks, nothing less than the required collateral for loans to SMEs because not enough assets, collateral is not enough, it causes difficulties in financing. From this perspective, we need financial innovation, and innovation for SMEs through the financing. To promote innovation, two years ahead of China Banking Regulatory Commission has three tables Mishina, not only the safety, character, product, and not only the balance, energy, water, but the core problem is lack of capital for SMEs, the development of capital markets on very important additional capital to supplement its own funds to liabilities. Solution to solve the liability side of bank financing, may not be the fundamental solution.
In fact, for many commercial banks, they do now, what is known in history, reached the highest reserve ratio 21.5%, that is, if there are one hundred in deposits, it is 21.5 yuan is not used, the reserve ratio is very high, banks need to prepare a negative credit ratio higher than 75%, the funds have started nervously. On the other hand, because the capital to do the configuration, I can credit a little less large companies, small and medium-sized loans a little more, then the quality of the SMEs themselves too seriously. Small and medium enterprises is the lack of capacity, lack of collateral, difficult credit, it has a risk, some risk premium, this time only in the middle of the interest rate market, with interest rates at the risk premium coverage is only possible for this problem is to financial system alleviate problems. The economic development of the market is developing integrated, not just the interest rate market, and support for the reform and improvement of financing opportunities for small and medium-sized market to offer comfortable surroundings.
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