It was reported that 2016 Hunan provincial working conference for credit was held in Rucheng county on May 10, 2016. It mainly summarized the work handled out in 2015 and deployed the work of 2016.
In 2015, the credit of Hunan province hit a new record of 343.8billion yuan, increasing 91.6billion yuan; re-loan and rediscount for rural issues and small-sized enterprises were higher than earlier years; financial market was being improved continually and the debt financing issued by non-financial businesses was with an increase of 30%; assets backed securities was up two times.
In 2015, re-loan and rediscount for rural issues and small-sized enterprises were amounted to 1.68billion yuan and 80million yuan respectively; till the end of 2015, the balance for re-loan for rural issues was amounted for 1.06billion yuan, which effectively promoted the credit supports issued by financial institutions and decreased the financing cost for companies and farmers. Till the end of 2015, the total balance of loans concerned for rural issues was amounted to 50.726billion yuan, up 23.05% which was 2% higher than the average rate of loans.
It was stated on the conference that the sound monetary policies of 2016 should focus on five aspects as “stable, accurate, activate, true, bottoming”. The financial poverty alleviation work should be well handled out and the sharing mechanism should be established on the basis of adapting with the New Normal of macro prudential regulations. Financial services should be provided on the basis of different economic situation and industrial features. The loan inspection and granting system should be improved to prevent funding risks with specified verification system and security guarantees requirements. The monitoring and guidance on financial institutions’ below-prime pricing should be enhanced to maintain the sound order of market.
Hou Jialin- Vice President of People’s Bank of China, Changsha Branch attended the conference.