SCIO briefing on promoting high-quality development of banking and insurance sectors
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E-mail China.org.cn, March 5, 2021
Hong Kong Commercial Daily:
Mr. Guo just mentioned that the banking industry has fulfilled a lot of social responsibilities. Last year, financial institutions provided 1.5 trillion yuan worth of benefits to society. My question is, can this policy continue this year? What measures will be taken to support the real economy? Thank you.
Guo Shuqing:
A lot of existing policies will continue. Since the interest rate of the whole market is picking up this year, I expect the interest rate of loans will also rise. There may be some adjustments, but overall, the interest rate is still relatively low. In addition, there will be no big change in fees, and the reduced fees will not be recovered. We will continue to support enterprises and reduce their burden by supporting financial restructuring, debt restructuring, enterprise restructuring, debt to equity swap and other forms.
Zhao Huan:
Last year, the China Development Bank provided 33.5 billion yuan worth of benefits to the real economy by reducing the loan interest rate, and reducing and remitting the charges for intermediary business. This is a direct transfer of benefits, not including the support for financial restructuring, bankruptcy restructuring, bad debt write-off and other aspects mentioned by Mr. Guo just now. This year, the China Development Bank will continue to actively support the development of the real economy and maintain a low level in loan pricing. Of course, the cost of loan capital will change with market changes. On the whole, the net interest margins of banks will remain at a low and stable level. In terms of charges, it will continue to provide benefits to the real economy to strongly support the "six stabilities" and "six guarantees". Thanks.
Shou Xiaoli:
Today, our press conference lasted about 100 minutes. Thank you, Mr. Guo. Mr. Guo not only released information as a speaker, but also asked questions as a reporter. Thanks to all the speakers, and also to all the friends of the press. That's all for today's press conference. Goodbye, everyone.
Translated and edited by Cui Can, Guo Yiming, Liu Qiang, Zhu Bochen, Li Huiru, Zhang Liying, Wang Yanfang, Yan Xiaoqing, Fan Junmei, Zhang Rui, Wang Zhiyong, Xiang Bin, Mi Xingang, Huang Shan, Wang Wei, Wang Yiming, Yuan Fang, Gong Yingchun, David Ball, Jay Birbeck, and Tom Arnstein. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.
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