The hottest financial reform in Wenzhou is sluggis

2022-07-26
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Wenzhou's financial reform is sluggish, and the private lending crisis is still fermenting.

Wenzhou's financial reform has been over a year, but from the perspective of reform results, there is a significant gap with market expectations. Recently, the economic information daily learned that recently, a number of non bank financial institutions in Wenzhou have been listed intensively, including financing re guarantee centers, commercial factoring companies, small and medium-sized enterprise bill service companies, etc.

Wenzhou's financial reform has been more than a year, but from the perspective of reform results, there is a significant gap with market expectations. A few days ago, the economic information daily learned that recently, a number of non bank financial institutions in Wenzhou have been listed intensively, including financing re guarantee centers, commercial factoring companies, small and medium-sized enterprise bill service companies, all of which are intended to further break the deadlock of "difficult financing" for small enterprises. On the other hand, the private lending crisis in Wenzhou is still fermenting, and is more inclined to the risk of mutual insurance and joint insurance

with the further improvement of domestic scientific and technological strength, analysts believe that it is still a top priority for Wenzhou to solve the corporate financing problems caused by the crisis. Therefore, there has not been a financial reform project that can be popularized nationwide. Banks are reluctant to lend, and private capital investment is still looking for a way out. Starting the pilot of individual overseas direct investment as soon as possible, or opening up private capital to the financial sector are all reform breakthroughs worth accelerating

problems

it is difficult for institutions to get together and land. The reform of the financial system in Wenzhou is slow.

"with the private lending crisis still unresolved, the reform of the financial system in Wenzhou can only be said to be 'crossing the river by feeling the stones'." A person from Wenzhou banking regulatory bureau said frankly. On the first anniversary of the reform, Wenzhou launched a batch of funds (2). The state launched the action to crack down on the land bar steel reform institutions, including Longwan rural commercial bank, the private emergency lending fund of the General Chamber of Commerce, Lucheng District private capital management company, Pingyang Beigang small loan company, Ruian Financial Innovation Industrial Park, private lending service center, as well as small and micro enterprise financing re Guarantee Center, commercial factoring companies, small and medium-sized enterprise bill service companies, etc

in addition, Wenzhou has also established 4 private lending service centers and introduced 18 P2P financing intermediaries. By the end of March this year, the four private lending service centers had accumulated a total loan registration of more than 2 billion yuan, with 1516 transactions and a turnover of 670million yuan, with an average monthly interest rate of about 13 ‰. At the same time, Wenzhou has successively launched 6 private capital management companies and prepared to build 26 new small loan companies through the bidding system of the main sponsors of small loan companies

however, various signs show that the current Wenzhou financial reform is still a temporary expedient to solve the problems at that time, There are not many projects that can take the lead in the country with promotional significance. "The improvement of Wenzhou's financial situation is the result of the improvement of the macroeconomic situation, a speculative decline in the reduction of the economic foam, rather than the performance of Wenzhou's financial reform. If we look at the combination of Finance and the real economy, there are no new financial instruments. This is not so much a financial reform as a solution to financial problems." Lu Lei, Dean of Guangdong Institute of finance, said

similarly, chenjinbiao, mayor of Wenzhou, said frankly, "Wenzhou financial reform has encountered a 'glass door' in the legalization of supervision of local financial slag Portland cement, pozzolanic Portland cement and fly ash Portland cement GB 1344 ⑴ 999 and the participation of private capital in the establishment of financial institutions. There are also many legal and policy obstacles to be broken in the tax incentives of small loans and private lending service centers."

in fact, "in the past, Wenzhou developed its economy through high debt, while most Wenzhou enterprises began speculative speculation under the temptation of capital profits. Most of the enterprises with problems in the capital chain have not improved, and the hollowing out of the industry still exists, which brings difficulties to the local financial reform." A researcher from the central China Banking Regulatory Bureau analyzed the economic information daily. In addition, Wenzhou's financial reform has not broken through the existing financial system framework, and has not mentioned the relevant content of interest rate marketization. The centralized introduction of new institutions and other measures are only from the protection of policies

trend

financing channels for small enterprises will be differentiated.

the statistical data of Wenzhou City show that by the end of 2012, the loan balance of Wenzhou banking financial institutions had exceeded 700billion, but the total GDP of Wenzhou in 2012 was less than 400billion. This means that the amount of loans granted in Wenzhou is not small, but the efficiency of fund use is not high. Moreover, after forcing enterprise bosses to "run away" frequently last year, the lending crisis has mainly turned to the interconnection and mutual insurance of enterprises

according to the investigation of the economic information daily, some large private enterprises in the local area have had the crisis of capital chain rupture, and some of the affiliated enterprises with mutual insurance relationship with these large enterprises are as many as a dozen. The investigators of Wenzhou banking regulatory bureau reported that "if banks further withdraw loans and receive loans from enterprises with problems in the capital chain, enterprises will not be able to provide follow-up full amount of mortgage guarantee, which is likely to trigger a chain reaction of guarantee. Therefore, the banking regulatory bureau is still further coordinating how to effectively carry out capital turnover between banks and enterprises."

"as far as banks are concerned, the risks in the enterprise guarantee chain have not been resolved. There are problems in both lending and lending, as well as the shutdown and bankruptcy of small and medium-sized enterprises in Wenzhou." A person from the corporate business department of a joint-stock bank in Wenzhou told the economic information daily, "at present, the non-performing loan rate of many banks in Wenzhou is not low. Therefore, for some small enterprises with problems in the capital chain, banks are still cautious in lending. Whether to continue lending after the loan is recovered needs to be strictly re examined."

based on the tightening of bank lending channels, many small enterprises seek financing through guarantee and bond issuance. The newly established small and micro enterprise re Guarantee Center in Wenzhou is to re guarantee for guarantee companies. In this way, it can increase the guarantee capacity of guarantee companies and enlarge the guarantee multiple of guarantee institutions, aiming to alleviate the financing difficulties of small and micro enterprises

some analysts believe that under the background of the tightening of bank credit channels, the financing methods of small enterprises may be differentiated. Some small enterprises with good credit can continue to obtain financing through bank loans, while some enterprises still in the capital chain crisis need to obtain financing through issuing bonds, bills and even private loans such as small loan companies

Deputy Secretary General of Wenzhou municipal government Zhangzhenyu, director of the finance office, also believes that "From the perspective of financing alone, there is always a structural contradiction among small and medium-sized enterprises, and banks can not fully cover the funds required for the production and operation of enterprises. There are three thresholds for small and medium-sized enterprises to obtain bank loans: first, under the conditions of good credit environment, the enterprise operators have a good reputation; second, the information disclosure of private enterprises is true and reliable; third, under the conditions of sound interest rate pricing mechanism, to ensure that banks achieve high risk High risk and high return, low risk and low return. "

measures

opening up private capital to enter the financial industry or a breakthrough in reform

in fact, the original intention of Wenzhou's overall financial reform plan also includes making private capital sunny and standardized, and mobilizing the enthusiasm of private investment; Solve the "two dilemmas" of large private capital, difficult investment, large number of small and medium-sized enterprises and difficult financing. However, some analysts believe that BASF hopes to participate in the formulation of relevant standards in Jilin. Private financial innovation involves state-owned financial monopoly, and it is difficult to make a breakthrough in the short term

zhoudewen, President of Wenzhou SME Development Promotion Association, believes that the integration of private capital in the establishment of financial institutions is still very low. In addition, there is a lack of pilot interest rate marketization, and it is very difficult to promote interest rate marketization reform. In addition, the status of local financial supervision is embarrassing, and there is no clear conclusion on whether it is legal. These are the reasons why Wenzhou's financial reform has not made substantive progress so far

"there is still a chance to make a breakthrough in the entry of private capital into the banking industry this year." Zhoudewen said, "to carry out financial reform, Wenzhou must break the monopoly in the financial system, carry out market-oriented transformation, and implement market-oriented transformation of interest rates in addition to free and open audit standards for financial transaction access."

not long ago, Wenzhou's first rural cooperative financial institution was restructured into a joint-stock rural commercial bank, namely Longwan rural commercial bank, which is considered to be an "ice breaking" move for private capital to enter the banking industry. After the restructuring, the rural commercial banks absorbed more than 800million yuan of private capital through private placement, and the enterprises that took shares involved manufacturing, agriculture, valves, leather and electronic industries

Zhou Dewen predicts that at least one or two purely private banks, even small ones, will be born in Wenzhou this year. In addition, "this year, Wenzhou financial reform has listed 15 key breakthrough projects on the basis of the original work, including striving to start the pilot of individual overseas direct investment under the premise of approval by the State Council this year, and releasing the management measures to the outside world. The regulations on the management of Wenzhou private financing in Zhejiang Province, which has attracted much attention, has also been submitted to the Zhejiang provincial government for approval by the Zhejiang People's Congress, and will strive to legislate this year." Zhangzhenyu disclosed

Wenzhou should further open up private capital to the financial sector, which is also considered by many experts in the industry as a breakthrough in reform. A person from the Institute of finance of the Chinese Academy of Sciences told the economic information daily, "Wenzhou's financial reform should involve many fields such as banking and insurance, and should innovate the current bank credit model; at the same time, it should enrich the level of the financial market and allow more private funds to participate in the construction of the financial market. However, it also needs policy support and guidance, and the crux of the smooth entry of private capital into enterprises through the financial system should be broken."

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