Bai Hexiang
The county economy is a regional economy with the county as the center, the township as the link, and the rural area as the hinterland. It is a comprehensive and regional basic unit in the national economy and an important foundation for the national economy. As of the end of 2015, there were 82 counties and county-level cities in Shaanxi Province, with a total population of 23.55 million, accounting for 62.08% of the total population of the province. In 2015, the total county economy in Shaanxi Province was 872.3 billion yuan, accounting for 48.40% of the province's GDP. The county economy plays an increasingly important role in promoting economic development, structural optimization, and social stability in Shaanxi Province. Since the "Twelfth Five-Year Plan" period, the county's financial supply in Shaanxi Province has grown rapidly, and the efficiency of financial services has been continuously enhanced, which has formed a strong support for the county's economic development. In particular, the financial services in the field of “agriculture, rural areas and farmers†have been significantly enhanced, which has beneficially promoted the improvement of rural economic development and infrastructure, and enhanced the lasting impetus for county economic development.
Financial support for the county economy in Shaanxi has achieved remarkable results
In recent years, the People's Bank of China Xi'an Branch has made efforts to improve county financial services, actively guide financial institutions to support county economic development, and successively introduced the “Measures for Encouraging County Financial Corporations to Increase the Proportion of New Deposits for Local Loansâ€. A series of policies such as “Guiding Opinions on Strengthening County Financial Services to Maintain Stable Growth of Monetary and Credit in the Province†and “Guiding Opinions on Doing a Good Job in Financial Support for New Agricultural Businesses to Accelerate Agricultural Modernizationâ€, and Promoting Financial Support for County Economy The development has promoted the rapid expansion of the county's financial aggregates and the continuous deepening of financial services. The financial support for county economic development has achieved remarkable results.
(1) The scale of county finance has grown rapidly. As of the end of the “Twelfth Five-Year Planâ€, the deposit balance of county-level financial institutions in Shaanxi Province was 835.9 billion yuan, accounting for 25.79% of the total deposits in the province. The balance of various loans was 386.1 billion yuan, accounting for 17.74% of the total loans of the province. Since 2016, Shaanxi financial institutions have continued to increase their support for the county economy, and the growth of county deposits and loans has accelerated, accounting for an increase in the proportion of the province. At the end of the first half of 2016, the county's county deposit balance was 908.6 billion yuan, accounting for 0.44 percentage points higher than the end of 2015. The loan balance was 424.5 billion yuan, accounting for 0.56 percentage points higher than the end of 2015.
(2) The county financial service system is more perfect. At present, the county of Shaanxi Province has basically formed a relatively comprehensive financial organization system, the coverage of financial services has expanded, and the professionalization of financial services has been continuously enhanced. First, the coverage of financial services has expanded. As of the end of 2015, the number of banking institutions in the county banking industry in Shaanxi Province was 3,763, accounting for 53% of the total number of banking institutions in the banking industry, including 619 state-owned commercial banks and 56 policy-based banking outlets. There are 71 network commercial bank outlets, 2083 rural financial institutions such as rural credit cooperatives, rural cooperative banks, rural commercial banks and rural banks, and 934 postal savings bank outlets. During the “Twelfth Five-Year Plan†period, 1,105 were added, and the coverage of banking services continued to increase. Second, the level of financial services has continued to deepen. New rural financial institutions have emerged, and the restructuring of rural cooperative financial institutions has accelerated. As of the end of the first half of 2016, there were 17 village banks in the county of Shaanxi Province, an increase of 12 from the end of 2010, and financial services were deeper. Since the "Twelfth Five-Year Plan", 37 rural cooperative financial institutions have been restructured into rural commercial banks, the Agricultural Bank has set up a "three rural" business department, and the Postal Savings Bank has set up a "three rural" financial department to focus on meeting the financial needs of the county economy. Financial services are becoming more specialized. Third, the county financial service network is more robust. Through the development of county Internet finance, strengthen cooperation with third-party payment institutions; use Internet finance to build a “village-to-village†inclusive financial service system that “does not leave the villageâ€, effectively opening up the “last mile†of rural financial services. By the end of 2015, Shaanxi Province had deployed more than 13,000 E-terminal equipment for agricultural support services, covering more than 10,000 administrative villages across the province, benefiting more than 20 million rural people. Actively carry out third-party payment services, rural credit cooperatives have opened third-party payment tools such as debit card WeChat payment, mobile QQ payment, Jingdong payment and Baidu payment, providing cardholders with a comprehensive and comprehensive payment and settlement service.
(3) Supporting the continuous improvement of county economy accuracy. Since the "Twelfth Five-Year Plan", the Xi'an Branch of the People's Bank of China has actively implemented various policies for benefiting farmers, and has flexibly applied various supporting policies for supporting agriculture, supporting small-scale and poverty alleviation, and vigorously supporting the county's county-level economic development. First, the rapid growth of agriculture-related loans. As of the end of the first half of 2016, the balance of agriculture-related loans in Shaanxi Province was 567.1 billion yuan, of which the average annual growth during the “Twelfth Five-Year Plan†period was 22.82%. From the perspective of financial support, it is mainly concentrated in agriculture, forestry, animal husbandry and fishery, rural infrastructure construction and other industries, accounting for more than 80%; farmland infrastructure construction loans, agricultural product processing loans, agricultural production materials manufacturing loans and other loans are growing rapidly. During the Second Five-Year Plan period, the average annual growth rate exceeded 20%, and the average annual growth rate of farmland infrastructure construction loans was as high as 51.24%. Second, the innovation of financial products has continued to deepen. Vigorously expand the scope of mortgage collateral, carry out forest resource asset mortgage, farmer housing mortgage, equity pledge, agricultural machinery mortgage and other modes; actively explore the development of "enterprise + professional cooperatives + farmers", "enterprise + family farms", "family farms + professional Cooperatives and other agricultural industry chain financial service models; actively develop new credit products, such as the development of "company + broker" credit products for "order + finance"; and the development of "an loan security" and other credit products for the cooperation of bancassurance, strengthening the bank The enthusiasm of lending has helped the agribusiness to grow bigger and stronger. Third, financing costs have further declined. On the one hand, the central bank cut interest rates several times, and the competition awareness of county financial institutions continued to increase, and the interest rate of county loans declined significantly. According to the comprehensive sampling data of deposits and loans in Shaanxi Province, in the first half of 2016, the weighted average interest rate of RMB loans of Shaanxi method-based financial institutions was 6.57%, a decrease of 1.58 percentage points from the same period of the previous year. On the other hand, the policy of supporting agriculture supported the county loans. The market interest rate is down. According to the survey, all the rural financial institutions in Shaanxi Province have implemented preferential interest rates, which effectively reduced the financing costs of the county economic entities.
Constructing the "Four in One" Model to Support County Economic Development
As China's economy enters a critical period of comprehensive deepening reform, economic growth is still under great pressure at this stage. Shaanxi is located in the western part of China. Especially since 2015, economic growth has faced unprecedented pressure. The economic growth of infrastructure construction is not sustainable. Therefore, in the long run, it is necessary to enhance the sustained growth of economic growth through industrial upgrading and urban-rural development. It is necessary to develop the county economy and the province's economic transformation and upgrade the love base, net worth, information and overall consideration, and build a “government†in improving financial support. The “four-in-one†model of optimizing the environment, financial policy guidelines, fiscal policy orientation, and financial institution transformation forms a sustained driving force to support county economic development.
(1) Optimize the financial ecological environment and increase the level of financial credit protection. On the one hand, in order to improve the financial support for the county economy, it is necessary to optimize the county's financial ecological environment and gradually increase the economy's ability to absorb financial resources. To build and optimize a good financial ecological environment is to give full play to the government's leading coordination function and create a good financial resource input environment for financial institutions. At the same time, continue to increase credit promotion efforts, in-depth evaluation of credit townships, credit villages, credit enterprises, and credit users, and establish a model of honesty and trustworthiness; on the other hand, relevant departments of county local governments should actively cooperate with financial institutions to collect debts. Assist financial institutions to do a good job in collecting loans according to law, and increase the crackdown on malicious escape of financial debts, create a good legal environment for financial institutions to increase financial resources investment, and enhance the enthusiasm of financial institutions to support county economic development.
(2) Strengthen financial reform and policy guidance, and continue to enhance the effect of large financial support. Continue to strengthen window guidance and policy guidelines, comprehensively use various financial policy tools, strengthen the coordination of financial policies and fiscal policies, and comprehensively enhance the financial support for county economic development. First, through differentiated regulatory policies, mobilize financial institutions to support the county economy, and promote financial resources to the county economy. The second is to strengthen the comprehensive application of policy guidelines and policy tools, continue to strengthen window guidance, increase the comprehensive use of monetary policy tools such as supporting agricultural refinancing, small loans and poverty alleviation loans, and guide financial institutions to increase economic development of the county. Credit support. The third is to build a financial system that is compatible with the county economy at the present stage, and promote financial institutions to set up institutions specializing in small and medium-sized enterprises, private and individual economic retail businesses, strengthen the function of state-owned commercial banks and joint-stock commercial banks to serve the county economy, and accelerate the rural credit cooperatives. The reform of the management system enhances its comprehensive strength in supporting county economic development.
(3) Give play to the role of financial guidance and improve the county's financial infrastructure. First, it adopts various methods such as financial support for agricultural investment and private capital intervention to establish a county credit guarantee company, implement effective guarantee models such as centralized guarantee, decentralized use, limit guarantee, and turnover use, and develop micro-insurance products that are compatible with it. . The second is to exert the combined efforts of fiscal and financial policies to enhance the implementation of financial preferential policies. Increase financial subsidies for county economic development, especially for financial loans such as agricultural loan interest subsidies and small and micro enterprise loan guarantees, to create more entry points for financial support. The third is to increase tax reductions and exemptions for agriculture-related financial services, and to increase the enthusiasm of financial institutions to support agriculture and serve county economic development. For the local financial institutions that use a certain percentage of deposits in the county to meet the local loan standards, a more favorable tax rate will be implemented, and the agriculture-related financial business will be included in the VAT deduction scope, and the guiding role of fiscal and taxation policies will be effectively exerted.
(4) Build an incentive and restraint mechanism to accelerate the transformation of financial institutions' operating methods. The first is to accurately position the market. Financial institutions should change their business concepts, constantly adjust their market positioning in county economic development, increase support for county economic entities, and continuously expand funding sources for rural infrastructure and agricultural industrialization projects. The second is to improve the incentive and restraint mechanism. On the basis of improving the loan risk constraint mechanism, financial institutions should actively study and formulate incentive mechanisms for loan marketing and improve the level of county financial services. The third is to decentralize the approval authority to the county agency. According to the actual situation of the county economy, the unincorporated financial institutions should appropriately decentralize the credit approval authority and expand the authorization credit to the county-level institutions, and broaden the county fund operation space and the county economic development financing channels. The fourth is to increase financial product innovation, develop financing tools suitable for county economic characteristics, and increase the pertinence and effectiveness of supporting county economic development.
(The author is the party secretary and president of the Xi'an Branch of the People's Bank of China)
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