20 1 1 At the beginning of the year, in order to meet the challenges of continuous abundant liquidity and obviously increased inflationary pressure, the central bank formally implemented the dynamic adjustment measures of differential reserves, aiming at organically combining the adjustment of monetary aggregates with the countercyclical macro-prudential supervision framework through a more transparent and standardized dynamic adjustment policy of differential reserves. The the State Council executive meeting held in June 165438+ 10 last year clearly proposed to increase the flexibility of loan-to-deposit ratio indicators, improve the management of consensual loans, improve the pre-tax expenses of non-performing loans of small and micro enterprises, and enhance the ability of financial institutions to expand loans for small and micro enterprises and "agriculture, rural areas and farmers". What is a consensual loan? How can consensual loans play the role of guiding funds to support the real economy? These issues have attracted much attention from the market.
According to the Monetary Policy Implementation Report of China in the Third Quarter of 20 14 issued by the Central Bank, the so-called "consensual loan" widely mentioned by all walks of life is essentially a dynamic adjustment mechanism of differential reserve, and its core content means that the moderate credit supply of financial institutions should match their own capital level and the reasonable demand of economic growth. Among them, capital constraint includes not only the minimum capital requirement of 8% in the past, but also the capital requirement based on macro-prudence, such as countercyclical capital, systemically important additional capital and reserve capital. The reasonable need of economic growth means that the overall credit growth rate should not deviate too much from the expected economic growth target. Since the implementation of the consensual loan policy, it has played a certain role in smooth, balanced and moderate credit supply and guiding the adjustment and optimization of credit structure, but there are still some places to be improved. Based on the practice in Guangxi, this paper discusses the important role and value of consensual loans in reasonably and moderately guiding funds to support the real economy, and puts forward some suggestions on further optimizing and perfecting the management policy of consensual loans.
To analyze the consensual loan, we must first trace back to the source and study the causes and history of the consensual loan. Consensus loan is a macro-prudential measure to guide the monetary conditions to return to normal according to the deployment of the State Council after the stimulus package to deal with the international financial crisis has shown results and the economic recovery has been gradually consolidated. Over the years, the central bank has been emphasizing the transition to a market-oriented indirect regulation mode, including giving more play to the role of liquidity management and price-based tools. However, the use of price instruments is also restricted by many factors, such as liquidity constraints and substantial adjustment of interest rates, some micro-subjects are not sensitive to interest rates, and the process of exchange rate marketization still needs to be promoted. Therefore, it is necessary to use macro-prudential and other policy tools to play a necessary role. In essence, consensual loan is a transparent and conventional macro-prudential policy tool based on capital constraints. The calculation of this indicator integrates loan-to-deposit ratio, capital adequacy ratio, non-performing loan ratio and other data, which are generally calculated by commercial banks themselves and reported to the central bank. It is transparent, regular and dynamic for banks to control the pace of lending according to the calculation results. This limits people's discretion to the greatest extent, which is different from administrative scale control. In a sense, the original intention of the emergence and implementation of the consensual loan policy is closely related to the suppression of excessive expansion of commercial banks by guiding them to operate more steadily and preventing the improper pace of credit supply from disturbing the economic development structure. This is not only in line with the current macro-control environment, but also an option to digest the impact of previous stimulus policies with new macro-prudential tools.
Since the implementation of consensus loans in various places, many achievements have been made in grasping the scale of credit from the total amount and guiding the supporting role of funds to the real economy reasonably and moderately. Taking the practice in Guangxi as an example, consensual loan management has achieved certain results in promoting the balanced and moderate credit supply of local corporate financial institutions and guiding the adjustment and optimization of credit structure. The first is to promote a balanced and appropriate credit supply. Since the implementation of consensual loans, the lending impulse of local corporate banking institutions in Guangxi has been greatly curbed, the credit supply has gradually returned to normal, and the growth rate and pace have become more stable. According to statistics, from 20 1 1 to 20 14, the average annual growth rate of credit in Guangxi was about 19%, which was 13 percentage points lower than that in 2007-20 10, and the average annual growth rate of credit was more stable. The second is to guide the adjustment and optimization of credit structure. Promote all banking institutions to actively make good use of loan increments, optimize credit structure, strengthen credit support in key areas and weak links, give priority to meeting credit demand in agriculture-related fields, and continuously optimize financial services for small and micro enterprises. The third is to force local corporate financial institutions to increase their capital strength. The relevant capital level factors in the calculation formula of desirable loans urge local corporate financial institutions to actively improve their capital level in order to obtain more desirable loans. According to statistics, since 20 1 1, Guangxi rural cooperative financial institutions have increased their capital by 6 billion yuan, their capital strength has been greatly enhanced, and their ability to resist risks has been improved.
Of course, it is worth noting that there are some complicated factors in the implementation of consensual loans. For example, the capital adequacy ratio of some rural credit cooperatives is lower than the regulatory requirements for a long time, or even negative. If the rules and standards are strictly implemented, the loans that should have been reduced may have a greater impact on local economic development in some remote and poor areas lacking financial services; For another example, in recent years, there are many new institutions such as village banks, which lack sufficient historical data. In addition, in the specific implementation process, there are microscopic problems such as the contradiction between the management and control of consensual loans and the differentiation of credit demand. To solve these problems, we need to work hard on flexibility and elasticity. Specifically, the growth rate of desirable loans is usually calculated on an annual basis, and the loan progress during the year is independently arranged by financial institutions according to the actual loan demand of the real economy, their own liquidity and business strategies. For example, rural financial institutions can independently decide the loan amount according to the capital demand and the seasonal law of agriculture. Generally speaking, the consensual loan is dynamically adjusted, and it has certain elasticity and flexibility according to the actual loan demand of the real economy, which meets the actual requirements of economic development.
In addition, we need to pay attention to how to improve the fit between consensual loans and other policies. For example, some bankers believe that under the downward pressure on the economy, small and micro enterprise loans are generally risky, and the enthusiasm of banks to issue small and micro loans is affected under the background of declining bank risk appetite. Banks may need some incentives more than some regulatory restrictions. In view of these circumstances, experts believe that consensual loans will still play an important role in loan-to-deposit ratio indicators, and regulators may continue to use consensual loans to guide and constrain bank lending behavior. In this process, it is necessary to improve the fit between consensual loans and other policies, and enhance the resultant effect between policies, so as to better play the role of consensual loans and guide funds to support the real economy reasonably and moderately.