受抑制的中国中小企业

北京—金融抑制——即通过政府政策创造一种低甚至负实际利率环境,以此为公共支出营造廉价融资——是中国经济政策的长期重要特征。但是,随着企业融资成本的升高,这一局面终于开始改变了。

今年早些时候,中国国务院把降低企业尤其是中小企业融资成本列为最优先事务。中国人民银行已启动谨慎货币宽松,包括释放更多银行贷款资金,配置一定的总贷款比例给中小企业。人行还通过其“抵押补充贷款”计划直接向承诺将资金用于社会住房建设的银行贷款。

但是,到目前为止,降低融资成本的措施效果有限。事实上,银行向非金融企业加权平均利率仍接近7%,而同比经济增长从上季度的7.4%下降到本季度的7.3%。

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