久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
Business / Markets

High loan rates standing in the way of progress

By Zheng Yangpeng (China Daily) Updated: 2014-08-26 07:15

Various signs indicate that instead of loosening credit, China has targeted "lower financing costs" as a priority for the second half of this year.

On Aug 14, the State Council (cabinet) issued a 10-point document that outlines plans to cut corporate financing costs. The document follows a call by Premier Li Keqiang in July to reduce enterprises' funding costs.

China's borrowing costs are among the world's highest, and they have risen rapidly in the past year. In 2013, the average one-year loan rate was 6.15 percent. In Germany, it was 3 percent and in the United States, just 2.25 percent. And this year, the rate has surged 60 percent, according to Zheng Xinli, executive vice-president of the China Center for International Economic Exchange, a government think tank.

Small companies can only dream of borrowing at 6.15 percent. They must pay 15 to 25 percent - if they can get a loan at all.

The predicament vexing policymakers and economists is that China's financial system is not short of cash. On the contrary, it is awash with money. So how is it that in a country with 120 trillion yuan ($19.5 trillion) in M2 money supply, borrowing costs are so high?

The State Council document itself gave quite a good explanation. It said that the problem could be attributed to "macro and micro issues" as well as "issues in the real economy and financial system" and "long-term and short-term factors".

Its 10-point prescription revealed in another way what are the specific problems pushing up the cost of credit. For example, the government is well aware of the "passageway business" - in which trusts and brokerages cooperate with banks to transfer banks' assets off their balance sheets so banks can circumvent regulatory targets such as lending quotas, capital adequacy requirements and loan-to-deposit ratios.

Funds are relayed through layers of institutions, and costs rise with every layer.

Regulatory targets, particularly loan-to-deposit ratios, are driving banks to do whatever it takes to increase their deposit bases at certain times, which means banks have to offer higher yields to depositors. Borrowers usually must deposit certain sums to secure a loan.

Taking into account these problems, the document ordered regulators to adjust their assessment metrics so banks are not forced to undertake such activities. The document also encouraged banks to "broaden their financing channels" through such means as bond issues and asset securitization.

The central government is right in identifying all the problems, but improving the situation on the ground depends on how these guiding principles are implemented. At a recent meeting on how to lower borrowing costs for small businesses, I heard many firsthand stories of corporate borrowers.

Duan Yingbi, a veteran official who has long dedicated himself to poverty alleviation and lending to rural borrowers, said after years of efforts, rural borrowers are finding it easier to get a loan. The acute problem now is the cost. The average rate is about 20 percent.

"We know that the rate is high for farmers, but the problem is the operating expenses for us are high, too: no less than 10 percent. And we have to add the 8 percent guarantee fees. We run a very thin margin. We can't reduce the lending rate further, otherwise we can't survive," he said.

What struck me is that several years ago, when I was a junior journalist, I heard about the same stories. And I heard about the same prescriptions.

Time has passed, but the problems and solutions have barely changed.

The country is not lacking in those wise enough to make suggestions. What it lacks is the ability to put those suggestions into practice.

Duan said the fundamental factor impeding substantial financial reform is excessive concerns about risk.

"The real thinking among regulators is, 'I can barely handle the existing financial institutions, how can I handle more?' " Duan said.

But unless market access is genuinely improved, more players are introduced, more cartels are broken and more direct financing is bolstered, the predicament of high borrowing costs will not be solved.

High loan rates standing in the way of progress High loan rates standing in the way of progress
 Nation's big five banks plan bond sales in order to boost their capital More lenders make RRR cuts 

Hot Topics

Editor's Picks
...
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    中文字幕免费一区| 香港成人在线视频| 欧美亚洲尤物久久| 偷偷要91色婷婷| 337p日本欧洲亚洲大胆色噜噜| 国产一区不卡视频| 中文字幕一区二区三| 欧美三级在线播放| 精品无码三级在线观看视频| 国产精品午夜免费| 色狠狠色噜噜噜综合网| 日韩二区三区四区| 国产亚洲女人久久久久毛片| 色婷婷国产精品综合在线观看| 无吗不卡中文字幕| 2024国产精品视频| 99热在这里有精品免费| 午夜不卡av在线| 26uuu国产一区二区三区| 99国产精品久久久久久久久久| 午夜视频在线观看一区二区| 精品国产一区二区三区av性色| 国产91精品入口| 亚洲国产精品嫩草影院| 精品久久一区二区三区| 99天天综合性| 毛片av一区二区| 亚洲欧美日韩国产中文在线| 欧美一区二区三区视频在线观看| 国产成人在线影院| 亚洲地区一二三色| 国产日韩欧美麻豆| 欧美精品少妇一区二区三区| 顶级嫩模精品视频在线看| 亚洲午夜久久久久久久久久久| 久久先锋影音av| 欧美日韩卡一卡二| 成人免费的视频| 日韩1区2区日韩1区2区| 亚洲欧美在线另类| 精品免费视频一区二区| 91福利在线观看| 国产精品亚洲午夜一区二区三区| 亚洲在线视频免费观看| 国产人伦精品一区二区| 91麻豆精品国产91久久久久久久久| 成人网在线播放| 欧美精品一卡二卡| 国产v综合v亚洲欧| 欧美a级一区二区| 亚洲少妇最新在线视频| 久久久综合视频| 欧美久久久久中文字幕| 91毛片在线观看| 国产精品18久久久久久久久| 日韩高清不卡一区二区| 一区二区三区视频在线观看| 国产人久久人人人人爽| 日韩欧美成人一区| 欧美日韩国产天堂| 色婷婷国产精品| www.久久精品| 国产剧情一区在线| 美女脱光内衣内裤视频久久网站| 亚洲一二三四在线观看| 亚洲欧洲综合另类在线 | 在线免费观看成人短视频| 国产激情91久久精品导航| 免费av成人在线| 丝袜国产日韩另类美女| 一区二区三区久久久| 国产精品萝li| 中文字幕精品一区二区三区精品| 精品免费国产二区三区| 欧美一级二级三级蜜桃| 欧美军同video69gay| 欧美主播一区二区三区美女| 99国产欧美久久久精品| 成人一区二区在线观看| 国产伦理精品不卡| 精品无人区卡一卡二卡三乱码免费卡| 日本最新不卡在线| 日韩电影在线观看电影| 性欧美疯狂xxxxbbbb| 亚洲第一久久影院| 亚洲成人av资源| 亚洲成av人**亚洲成av**| 亚洲综合激情小说| 亚洲一区二区三区四区中文字幕| 亚洲人xxxx| 亚洲精品日日夜夜| 一区二区三区精品在线| 亚洲精品国产成人久久av盗摄 | 精品国产精品网麻豆系列| 91精品国产综合久久久蜜臀图片| 欧美日韩国产高清一区二区三区| 欧美在线free| 欧美三级乱人伦电影| 欧美日韩在线免费视频| 欧美人伦禁忌dvd放荡欲情| 欧美人与禽zozo性伦| 69p69国产精品| 欧美一区二区三区日韩| 精品美女一区二区| 久久美女艺术照精彩视频福利播放| 亚洲精品在线电影| 国产日韩欧美精品综合| 国产精品婷婷午夜在线观看| 一区二区中文视频| 亚洲美女屁股眼交| 亚洲bt欧美bt精品777| 日本不卡在线视频| 久久99热这里只有精品| 国产精品一区二区你懂的| 福利电影一区二区| 91免费小视频| 欧美日韩高清影院| 日韩女优毛片在线| 国产亚洲欧洲997久久综合 | 欧美亚洲一区二区在线观看| 51久久夜色精品国产麻豆| 精品不卡在线视频| 国产精品麻豆视频| 亚洲国产另类av| 久久精品国产免费看久久精品| 国产美女主播视频一区| 99vv1com这只有精品| 欧美四级电影网| 日韩欧美中文字幕公布| 欧美国产欧美综合| 亚洲激情第一区| 日本不卡不码高清免费观看| 国产麻豆日韩欧美久久| 91在线一区二区三区| 欧美精品九九99久久| 亚洲精品一区二区三区福利| 中文字幕在线免费不卡| 午夜精品福利一区二区蜜股av | www国产成人| 综合久久久久久久| 日韩一区精品字幕| 国产成人精品www牛牛影视| 在线免费不卡电影| 26uuu亚洲| 亚洲素人一区二区| 日本在线观看不卡视频| 丁香桃色午夜亚洲一区二区三区| 欧美在线你懂得| 2020国产精品| 亚洲线精品一区二区三区| 国产一区二区久久| 欧美在线不卡一区| 久久精品一区二区三区不卡| 亚洲尤物在线视频观看| 国产在线播放一区| 欧美午夜片在线看| 久久毛片高清国产| 亚洲成人动漫在线免费观看| 国产精品99久久久| 欧美午夜精品久久久| 国产日韩欧美麻豆| 日日嗨av一区二区三区四区| 成人蜜臀av电影| 6080日韩午夜伦伦午夜伦| 国产精品久久久久久久久免费樱桃 | 欧美色图天堂网| 久久夜色精品国产噜噜av| 亚洲综合在线免费观看| 国产精品一级在线| 欧美丰满一区二区免费视频 | 亚洲一线二线三线视频| 国产一区二区三区av电影| 欧美日韩一级二级三级| 中日韩免费视频中文字幕| 图片区日韩欧美亚洲| 91视频国产资源| 国产日韩欧美一区二区三区乱码 | 日韩精品成人一区二区在线| voyeur盗摄精品| 精品久久久久一区| 亚洲mv在线观看| 色综合色综合色综合| 久久久国产精华| 美女一区二区三区| 精品视频123区在线观看| 中文字幕日韩欧美一区二区三区| 精品在线一区二区三区| 欧美年轻男男videosbes| 亚洲精品写真福利| 成人h动漫精品一区二| 欧美精品一区二区精品网| 性感美女久久精品| 色视频欧美一区二区三区| 日本一区二区不卡视频| 国内不卡的二区三区中文字幕 | 久久99精品一区二区三区| 欧美日韩国产三级| 一区二区三区四区激情| av在线播放一区二区三区| 国产日韩三级在线|