On June 1, the People's Bank of China and the Insurance Regulatory Commission of the Bank of China jointly issued guidance on further strengthening financial services for SMEs. The opinion pointed out that it is necessary to attach great importance to financial support for the real economy such as small and medium-sized enterprises that are greatly affected by the epidemic and strengthen social responsibility. According to the structural reform requirements of the financial supply side, the focus of business and credit resources will shift from real estate and local government financing platforms to real economy areas such as small and medium-sized enterprises, so as to realize incremental optimization and stock reorganization of credit resources.
The central bank stressed that commercial banks urgently need to break their preference for housing-related loans. Because, under the influence of the epidemic at the beginning of the year, China's real economy was hit by the epidemic, especially many small and medium-sized enterprises urgently needed bank loans to tide over the crisis.
In the process of helping the recovery of the real economy, the central bank has repeatedly adopted targeted reduction of the deposit reserve ratio and open market operations to release liquidity and guide the flow of funds to the real economy. However, contrary to expectations, due to "hedging" and other factors, it is increasingly difficult for commercial banks to obtain loans from banks, and a large number of loans eventually flow to the real estate industry.
Judging from the data disclosed at present, the performance of China banking industry in the first quarter has increased instead of falling under the epidemic, which means that housing-related loans have become the "ballast stone" for its performance growth. According to Wind data, in the first quarter of 2020, the operating income and net profit attributable to the parent company of 36 A-share listed banks increased by 7.9% and 5.7% year-on-year, respectively, achieving unexpected growth.
Another set of data shows that by the end of 20 19, the total amount of housing-related loans of 36 A-share listed banks reached 33.98 trillion yuan, an increase of about 4.49 trillion yuan compared with 29.5 trillion yuan at the beginning of 20 19, and the growth rate exceeded 15% within one year.
Insiders pointed out that on the one hand, housing-related loans have increased substantially, on the other hand, the liquidity of funds released by the epidemic still wears the cloak of "consumer loans" and "operating loans" and flows to the real estate sector in large quantities through various channels.
Just in March, when the epidemic was just under control, tens of millions of luxury homes in Shenzhen were "second light" as soon as they opened, and the prices of some second-hand houses soared rapidly, making the market purchasing power staggering. Behind the "crazy" purchasing power, some insiders pointed out that the funds for this round of speculation in the Shenzhen property market may be low-interest operating loans. In this regard, the regulatory authorities set up a working group. After investigation, it is reported that no illegal credit funds have flowed into the real estate market.
However, it is undeniable that in first-and second-tier cities, the "consumer loan" and "decoration loan" that once disappeared from the market reappeared in the rivers and lakes, and finally became the down payment loan to incite the property market through packaging; At the same time, in order to stimulate the sales of new houses, commercial banks have once again introduced multiple benefits such as down payment n to compete for personal housing loans.
Therefore, in the case of the central bank releasing liquidity, there are still cases where SMEs can't get "life-saving money" and the first-and second-tier property markets frequently "grab houses".
In this case, the central bank and other eight departments at this time stressed that it is very urgent and urgent to "shift the focus of business and credit resources from real estate and local government financing platforms to small and medium-sized enterprises and other real economic fields", which is related to the fate of small and medium-sized enterprises, the recovery of China's real economy, the overall situation of people's livelihood and employment, and the implementation of the policy of "housing and not speculating".
Undoubtedly, we need to be wary of "illegal operation of commercial banks makes funds flow to real estate", and what needs to be vigilant is that the property market is flooding again, which leads to "soaring house prices".