The collapse of SMEs, in the end who has the final say?

It is the official saying that business is normal, credit is increasing, or that the company's complaints are worsened, and the concept of stealing is changed. “The SMEs could be described as worse after S&P cut the U.S. credit rating. Before the downward adjustment, SMEs still have some orders for the United States; US orders have dropped sharply."

On August 18, Wu Xianting, deputy director of the Financial Markets Department of the People's Bank of China, and Zhang Xiaosong, deputy director of the China Small Bank Financial Services Office of the China Banking Regulatory Commission, received an exclusive interview from the Chinese government network, saying that the overall production of the SMEs was normal, the closure did not exist, and the financing was not there. Hardship is not the most important factor that causes business difficulties.

However, experts questioned this argument quite a lot. "The monetary tightening is the main cause of the plight of SMEs, and the central bank is hiding the facts," said Zhou Dewen, vice chairman of the Central Committee Economic Committee of the Democratic Progressive Party and president of the Wenzhou SME Development Promotion Association.

Is the normal condition of survival?

"The government should face the difficulties, or there will be a stoppage of work before and after the Spring Festival."

From April onwards, small and medium-sized enterprises have “closed their tides” across the country. It is reported that in July, Dongguan's exports to the United States showed negative growth. Chen Yaohua, chairman of Dongguan Textile and Apparel Industry Association, believes that Dongguan enterprises have reached the most dangerous period since 2008. According to another report, Junan Town, Foshan City, Guangdong Province, which is known as "the capital of cowboys," nearly 100 cowboy companies have closed down in the past six months.

However, Wu Xianting claimed that the production and living conditions of SMEs were generally normal in the first half of this year, and there was no large-scale and trending bankruptcy of SMEs reported by individual media.

However, according to Zhou Dewen, the environment for the survival of SMEs has become increasingly severe. He told the "International Financial News" reporter: "After the S&P lowered the credit rating of the United States, small and medium-sized enterprises could be described as worse: Before the downward adjustment, SMEs still had some orders for the United States; after the downward adjustment, orders for the United States declined sharply. Some foreign companies Start delaying orders and even refund orders."

"The flood is not terrible. The government should face the difficulties and formulate corresponding policies in a timely manner. Otherwise, there will be a suspension of work before and after the Spring Festival," Zhou Dewen called.

Increase in credit size?

"This is a concept of stealing, and the central bank's data is completely inconsistent with the facts."

At present, the production and operation of small and medium-sized enterprises are difficult, and the industry will directly target the central bank to raise the reserve ratio continuously. They believe that the monetary tightening policy “mistakes” small and medium-sized enterprises and makes enterprises fall into the “difficulty of financing” dilemma.

However, Wu Xianting made it clear that "the total amount of financial institutions' credit to SMEs has not been weakened and strengthened."

Wu Xianting provided data to prove that as of the end of June, the total amount of RMB loans for small and medium-sized enterprises in all financial institutions was 20.1 trillion yuan, a year-on-year increase of 18.2%. The proportion of SME loan balances in total corporate loan balances was 3.7, 2.5, and 0.6 percentage points higher than in 2008, 2009, and 2010; the proportion of new loans for large, medium, and small enterprises accounted for the total increase in total corporate loans. Divided.

“From the perspective of these representative regions in Zhejiang and Guangdong, the market share of loans for SMEs, especially small businesses, has also been expanding. In addition, the number of business failures recorded by the Bureau of Industry and Commerce in these regions has not changed significantly compared with previous years. "Wu Xianting stressed.

“This is the concept of stealing, and the central bank's data is completely inconsistent with the facts.” Zhou Dewen bluntly said, “I agree with the previous data of the National Industry and Commerce Association. Among the medium-, small-, and micro-enterprises with sizes below 5 million yuan, 90% of SMEs Without borrowing money from banks, 95% of micro-enterprises did not make loans to banks.” He believes that the data given by the central bank is not based on the SME standards defined by the Ministry of Industry and Information Technology. The central bank should go deep into the grassroots, and it cannot be based on the data reported by other branches themselves.

Wu Xianting also said that financing is not the most important factor that causes difficulties for enterprises. The reasons for the difficulties in the production and operation of some small and medium-sized enterprises in the first half of the year are many reasons, and the country’s economic restructuring, over-expansion of enterprises, overseas market turmoil, Some companies are concerned about issues such as the investment business front pulling too long. This is also in line with Zhang Xiaosong, deputy director of the Office of the China Banking Regulatory Commission for Perfecting the Small Business Financial Services Office: "The CBRC investigation found that financing is not the most important issue facing small businesses."

Five measures to help?

"There is no need to introduce a new policy. It is sufficient to implement the original policy."

Wu Xianting said that the central bank will introduce five major measures to help SME financing. Including accelerating the development of the inter-bank bond market and guiding the Interbank Market Dealers Association to launch innovative products such as short-term financing bills, medium-term notes, and SME collectible bills, providing green channels for SMEs to issue debt financing instruments; and piloting SME credit asset securitization Establish a small secured loan policy; R & D launches different financial innovation products and services.

In addition, cooperation and cooperation with the relevant departments such as the Securities Regulatory Commission will be strengthened to actively support eligible SMEs through GEM, SME board and off-site stock transfer agencies to effectively expand financing channels.

In fact, as early as June 7, the China Banking Regulatory Commission issued the "Notice on Supporting Commercial Banks to Further Improve Small Business Financial Services." The industry referred to it as "Silver Ten Article" to ease the financing difficulties of SMEs.

In this regard, Zhou Dewen pointed out that in fact, it does not need to introduce new policies, as long as the implementation of the original policy is sufficient. "The silver ten article" is a demanding document. There is no specific implementation details after the introduction, and it has not been implemented. "For the upcoming implementation of the "Commercial Bank Capital Management Approach," SMEs are very welcome, but I am skeptical and can only wait and see."