The central bank and other four departments: do a good job in financial support for large-scale equipment renewal and consumer goods trade-in

Reporter Tan Zhijuan reports from Beijing

"At present, the original price of 8000 yuan of domestic TV,'May Day'During the preferential activities2000 yuan,Plus the trade-in subsidy500Yuan,The actual payment5500Yuan,It is equivalent to a seven-fold discount。 On April 29, a staff member of a shopping mall in Beijing's Haidian District told a reporter from China Business Daily.

This is just a microcosm of the "trade-in" activities of household appliances carried out by shopping malls in many places across the country.

According to the official website of the central bank, on April 26, the People's Bank of China, the National Development and Reform Commission, the Ministry of Finance, and the State Administration of Financial Supervision jointly held a large-scale equipment renewal and consumer goods trade-in financial work promotion meeting. The meeting pointed out that financial support should be done for large-scale equipment renewal and trade-in of consumer goods.

In this regard, Ye Yindan, a researcher at the Bank of China Research Institute, said in an interview with a reporter from China Business News a few days ago: "Large-scale equipment renovation and trade-in of consumer goods are an important starting point for expanding domestic demand and promoting a stable economic rebound this year. However, large-scale equipment renewal and consumer goods trade-in policies are inseparable from a large amount of financial support, so it is necessary for finance to increase support for these two areas, accelerate the implementation of policies, and play a supporting role in the economy. ”

It is not only beneficial to enterprises but also to people's livelihood

In Ye Yindan's view, first of all, the implementation of large-scale equipment renewal is conducive to promoting the green and intelligent renewal of equipment in the production and service fields. Compared with the previous equipment renewal project, this round of large-scale equipment renewal is "new" in the coordination of supply and demand, and pays equal attention to production and service. It is expected that this round of large-scale equipment renewal will drive the overall fixed asset investment growth by 1.2-1.5 percentage points and GDP growth by about 0.4 percentage points.

Second, a new round of "trade-in" policy for consumer goods will give rise to new consumption growth points. According to estimates, this round of "trade-in" policy is expected to stimulate the demand for new automobiles and household appliances is estimated to be about 210.9 billion to 629.3 billion yuan, which will drive GDP growth by about 0.16-0.5 percentage points. If the current round of "trade-in" policy for consumer goods is combined with preferential policies such as new energy vehicles and new home appliances going to the countryside, it is expected to release greater consumption potential.

Changjiang Securities also said: "Since the Central Economic Work Conference in December last year first mentioned large-scale equipment renewal and consumer goods trade-in, equipment updates and consumer goods trade-in frequently appeared in important meetings and policy documents, and detailed deployment plans of various ministries and commissions have also been issued." Judging from the annual key work arrangements of the Central Economic Work Conference and the "Government Work Report", equipment renewal and trade-in of consumer goods will be the main starting points for boosting domestic demand this year. ”

The meeting emphasized that promoting large-scale equipment renewal and trade-in of consumer goods will benefit both the current and the long-term, stabilize growth and promote transformation, and benefit both enterprises and people's livelihood. It is necessary to adhere to the market-oriented, government-guided, insist on encouraging the advanced and eliminating the backward, adhere to the guidance of standards, and improve in an orderly manner. On the basis of following the laws of the market, the government has introduced incentive policies, and financial institutions have made their own decisions, borne their own risks, and issued loans in accordance with the principles of marketization and rule of law, so as to effectively improve the ability and quality of financial support for large-scale equipment renewal and consumer goods trade-in.

Ye Yindan believes that in terms of equipment renovation, it is suggested that relevant incentive policies can be introduced to improve the quality and efficiency of financial support for equipment renovation.

"At present, the special re-loan for equipment renovation has been withdrawn one after another, and it is recommended to set up a special loan tool again, combined with bank loan discounts, to mobilize the enthusiasm of enterprises for renewal and transformation with low-cost medium and long-term financial support. Ye Yindan said.

The reporter noted that in September 2022, the central bank set up a special re-loan of more than 200 billion yuan for equipment renovation and transformation, which specifically supports financial institutions to provide loans to manufacturing, social services, small and medium-sized enterprises, individual industrial and commercial households and other equipment renewal and transformation at an interest rate of no more than 3.2%.

Ye Yindan also pointed out: "Considering that the equipment renewal space of traditional industries is large and the cycle is long, normalized structural monetary tools can be set up to support the transformation and upgrading of enterprise equipment, continue to promote industrial upgrading and expand effective investment." Support and encourage financial leasing, insurance and other financial institutions to actively explore business models that are compatible with the transformation and use of various types of equipment, provide diversified financing channels for enterprises, and ensure the safe production and use of equipment. ”

Financial institutions should grasp the business opportunities brought about by the policy

The meeting required that all financial institutions should enhance their sense of responsibility, strengthen overall planning and coordination, and ensure that the implementation of policies is detailed. It is necessary to establish an internal working mechanism as soon as possible, refine the objectives and tasks, improve the supporting systems and measures, and optimize the business handling process. It is necessary to strengthen communication with the competent departments of the industry, identify the key points of work, accelerate the docking of projects, and actively meet the financing needs of key areas. It is necessary to continuously improve comprehensive financial services and promote financial support for large-scale equipment renewal and the trade-in of consumer goods to achieve practical results.

In this regard, Ye Yindan believes: "For the trade-in of consumer goods, financial institutions should grasp the business opportunities brought by the policy, and promote their own business development on the basis of implementing the detailed policy requirements." ”

Ye Yindan also suggested that the first is to adjust the allocation of credit resources in a timely manner to ensure the development of consumer finance business.

"Increase the support of consumer credit, by giving preferential interest rates, increasing loan amounts, etc., in order to strive for a larger consumer credit market. Under the premise of controllable risks, we will lay out the rural consumer finance market and launch consumer credit products with small quotas and low thresholds. Promote and publicize consumer financial products and functions through multiple channels, so that farmers can have a more in-depth and comprehensive understanding of consumer finance and accept consumer financial services. Ye Yindan said.

The second is to innovate consumer financial products and services to better meet the financial needs brought about by the implementation of the "trade-in" policy.

In Ye Yindan's view: "Further attention to the development of auto consumer finance and the promotion of new energy vehicle installment business can be appropriately given preferential pricing." Pay attention to business opportunities related to the second-hand car market, as well as business opportunities in subdivided scenarios such as car maintenance and car decoration after car purchase. ”

Ye Yindan also pointed out: "In view of the trade-in purchase scenario of consumer goods, we have designed and improved credit card installment products, and actively cooperated with manufacturers and platform enterprises to improve the convenience of consumers to obtain relevant financial services." Distinguish the different needs of urban households (mainly based on the upgrading of existing products) and rural households (mainly based on intelligent and green incremental products), and develop different financial products and services in a targeted manner. ”

The third is to increase financial support for enterprises and key projects in the resource recovery industry.

Ye Yindan believes that under the new round of "trade-in" policy, the resource recycling industry is expected to usher in greater development opportunities. Financial institutions can design more targeted financial products and services based on the financial needs of relevant enterprises and projects. Through the development of supply chain finance and the comprehensive use of accounts receivable financing, we will promote the linkage development of the supply chain system composed of waste automobiles and household appliance recycling enterprises and production enterprises, platform enterprises, and after-sales maintenance enterprises.

Fourth, strengthen the empowerment of technology and data to improve the quality and efficiency of financial services.

Ye Yindan said: "With the help of large-scale model application, in-depth analysis of customer data, strengthen customer portrait capabilities, and continue to extend and sink the tentacles of financial services. Strengthen information technology risk and information security management, and maintain the bottom line of risk while promoting consumer finance to sink into county towns and rural areas. ”

(Editor: Meng Qingwei Review: Hao Cheng Proofreader: Yan Jingning)