Las PYME reprimidas de China

BEIJING – La represión financiera (políticas de gobierno que crean un ambiente de tasas de interés bajas o negativas con el fin de generar financiamiento barato para el gasto público) ha sido desde hace mucho una característica clave de la política económica china. Sin embargo, esto está comenzando a cambiar ahora que se están elevando los costes de financiar a las empresas.

Este año el Consejo de Estado, como se denomina al gabinete chino, se propuso como principal prioridad bajas los costes de financiamiento de las empresas, especialmente las pequeñas y medianas (PYMES). Por su parte, el Banco Popular Chino (PPCh) inició un cauto relajamiento monetario, el que incluye liberar más fondos para que los bancos presten a una determinada proporción de PYMES de su cartera total de préstamos. A través de su “anuncio de programa suplementario” el PPCh también ha comenzado a prestar directamente a bancos que hayan prometido destinar los fondos a la construcción de viviendas sociales.

Sin embargo, hasta ahora las iniciativas por reducir los costes de financiamiento han tenido efectos limitados. De hecho, la tasa de interés ponderada promedio sobre el crédito bancario a empresas no financieras sigue siendo cercana al 7%, mientras el crecimiento económico interanual ha descendido del 7,4% en el último trimestre a un 7,3% en el trimestre actual.

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