A few days ago, the People's Bank of China issued a report, stressing that we should adhere to the orientation that houses are used for living, not for speculation, and the requirement of "not using real estate as a short-term means to stimulate the economy" and maintain the continuity, consistency and stability of real estate financial policies.
In order to cope with the impact of the epidemic and support the resumption of work and production, the People's Bank of China issued a number of policies and measures in time: providing short-term liquidity10.7 trillion yuan after the opening of the Spring Festival; The RRR cut three times this year released the long-term liquidity of 1.75 trillion yuan; 300 billion yuan of special refinancing, 500 billion yuan of refinancing rediscount quota, and 1 trillion yuan of new refinancing rediscount quota have successively landed. ...
These measures eased the liquidity constraints faced by bank lending in time, the financial services to the real economy continued to increase, and the cost of social financing dropped significantly. In the first quarter, RMB loans in China increased by 7 1 trillion yuan, an increase of 1.29 trillion yuan year-on-year, and 85. 1% of the total new loans were invested in enterprises and institutions. The average interest rate of general loans in March was 5.48%, down 0.65 percentage points from last year's high point.
However, reasonable and abundant liquidity and a large number of low-cost capital injections also make the market worry that the real estate sector may be affected to some extent.
Recently, in view of the situation that "operating loan funds mainly based on mortgage may flow into the real estate market" in Shenzhen, Shenzhen Central Sub-branch of the People's Bank of China announced the preliminary investigation: some commercial banks have the situation that customers buy houses in full and then apply for operating loans with newly purchased properties as collateral, but the scale is very small.
Wen Bin, chief researcher of China Minsheng Bank, believes that with the increasing pertinence and effectiveness of financial support to the real economy, most credit funds flow to the real economy. Since the beginning of this year, the growth rate of China's real estate loans has continued to decline, and the illegal flow of funds to the real estate sector is limited, which is not a common phenomenon.
The data shows that RMB real estate loans in China increased by 1.75 trillion yuan in the first quarter, accounting for 24.6% of the increase in RMB loans in the same period, 9.4 percentage points lower than the annual level of the previous year. In this regard, Zou Lan, director of the Financial Markets Department of the People's Bank of China, said that the proportion of real estate loans has steadily declined, and correspondingly, the proportion of loans to small and micro enterprises and advanced manufacturing industries has gradually increased.
This trend continued in April. According to the relevant person in charge of the Survey and Statistics Department of the People's Bank of China, the growth rate of medium and long-term loans invested in key areas such as manufacturing, infrastructure and service industries in April all reached recent highs. At the end of April, the balance of medium and long-term loans in manufacturing industry increased by 17.8% year-on-year, the highest point since March of 201/. Medium-and long-term loans in the real estate industry grew steadily, with a year-on-year increase of 65,438+00.5%, 0.9 percentage points lower than the end of last year.
At the same time, the growth of individual housing loans in China remained stable on the whole. At the end of March, the year-on-year growth rate of China's individual housing loan balance was 2065438+the lowest since February 2003, and the individual housing loan increased slightly in the first quarter. In April, China's individual housing loans increased by 367.5 billion yuan, an increase of 654.38+073 billion yuan year-on-year.
Dong Ximiao, a special researcher at the National Finance and Development Laboratory, believes that while strengthening the countercyclical adjustment of monetary policy, the relevant departments have continuously released the signal of the stability of real estate financial policies, which has played a good role in stabilizing expectations.
At the beginning of March, the People's Bank of China, together with the Ministry of Finance and the China Banking Regulatory Commission, clearly pointed out that it is necessary to adhere to the position that houses are used for living, not for speculation, and "do not use real estate as a short-term means to stimulate the economy" to maintain the continuity, consistency and stability of real estate financial policies. On may 10, the monetary policy implementation report of China in the first quarter of 2020 issued by the people's bank of China reiterated the relevant policy requirements.
Wen Bin believes that since the reform of the loan market quotation (LPR) from 2065438 to August 2009, the LPR has declined asymmetrically for many times, and the five-year LPR linked to individual housing loans has been reduced by less than 1 year. This also reflects the consistent intention of financial policy to regulate real estate and releases the signal to promote the stable and healthy development of the real estate market.
However, experts reminded that the current downward pressure on the real economy is relatively large and the liquidity is reasonable and abundant. Special attention should be paid to fund arbitrage to prevent a large amount of funds from flowing into the real estate market. It is necessary to maintain the policy strength and adhere to the policy tone of "housing and not speculating".
Dong Ximiao believes that from the operational level, commercial banks and consumer finance companies should effectively strengthen the management of consumer loans, operating loans and working capital loans, and strictly implement the relevant regulations of the regulatory authorities in terms of term, use and disbursement. At the same time, it is necessary to strengthen the management of credit card business and put an end to illegal use of credit cards in the purchase process.
Xiao, the chief risk officer of the China Banking Regulatory Commission, clearly pointed out that when applying for loans, the funds must be used according to the purpose and cannot be misappropriated, and the illegal flow of loans into the real estate market must be resolutely corrected.