Media Said Wenzhou SME Loss Exceeds 1/4 "Collapse Tide" Beyond Expectations.

From the national private sector Economics The typical example of developing wealth is the outbreak of private capital lending. Wenzhou It is regarded as a prelude to China's economic development. It is precisely because the problem of private capital lending has been exposed in Wenzhou that central departments are actively seeking solutions to prevent the problem from spreading to the whole country.

Recently, Premier Wen Jiabao of the State Council, including a central bank governor Zhou Xiaochuan and finance minister Xie Xuren, came to Wenzhou to deal with this "Wenzhou crisis". They talked with local entrepreneurs and instructed the local government to do everything possible to stabilize the economic situation and stabilize the financial situation. Some experts say that the authorities may introduce measures to allow banks to postpone debt collection and prevent their owners from fleeing.

　 Properly handle problems caused by private lending

It is reported that the failure of SMEs in Wenzhou is more serious than expected. Since this year, the profits of more than 40 export oriented enterprises such as Wenzhou glasses, lighters and locks have dropped by about 30% compared to the same period last year, with a deficit of more than 1/4. A large number of small and medium-sized enterprises have gone bankrupt, and many business owners have gone off the road, including Zhejiang Jiangnan Leather Co., Ltd., Portman coffee, Yueqing three flag group and other famous enterprises.

According to media reports, a survey conducted by the Central Bank of Wenzhou central branch in the first half of the year showed that the scale of private lending market in Wenzhou reached 110 billion yuan, and 89% of households or individuals and 59.67% of the enterprises participated. The official documents from Wenzhou also confirmed for the first time that the scale of local private lending accounts for about 1/6 of private capital, which is equivalent to 1/5 of Wenzhou's bank loans. The main source of funds is idle funds of private enterprises and ordinary families. Of these funds, only 35% of the total production and operation accounted for 20%, accounting for 20% of real estate, and the scale of funds remaining in the private lending market was as high as 40% ($44 billion).

On from October 3rd to 4th, Wen Jiabao, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Premier of the State Council, investigated the economic operation in Shaoxing, Zhejiang and Wenzhou, and held three forums in the company.

The Prime Minister stressed the need to effectively guard against financial risks. Financial support for SMEs should be followed. market The principle is to reduce administrative intervention, reduce market risk and moral hazard. We should strengthen supervision over private lending, guide them to develop in a sunny and standardized way, and play a positive role. We must vigorously rectify the financial order, take effective measures to curb the tendency of usury, crack down on illegal fund-raising in accordance with the law, properly handle the problem of guarantee between enterprises, and break the chain of enterprise funds, and strive to achieve early detection and early disposal, prevent risk spreading and spreading, and guard against regional risks. We must properly handle the risk events that have occurred, protect the legitimate rights and interests of the people, and enhance market confidence.

Beware of To loan The "Domino effect"

Despite the report released by Merrill Lynch, Wenzhou's "grey loan" is a storm in the teacup for the whole of China. The real challenge for Wenzhou and China's coastal manufacturing centers is the increasing labor cost and the urgent need to increase the added value of products. Bank of America Merrill Lynch believes there is no need to worry that China will have its own "sub prime mortgage crisis", because investors are already vigilant against Wenzhou's bankruptcy and "gray loan" failures.

However, a series of problems in Wenzhou's private capital lending have attracted enough attention. Private capital lending is so popular. On the one hand, private capital wants to find a way out. On the other hand, SMEs are "financing hard". Small and medium-sized enterprises are hard to do and the real economy is difficult. Many entrepreneurs have focused their attention on the survival and development of enterprises, such as real estate, fried rare earth, fried antiques, fried financial derivatives, and then to the folk loan sharks at the moment, what to make money to fry, so that the problem of capital chain breakage is now being fried.

The latest data show that in September, deposits in the banking system showed an accelerating trend. As of September 15th, the deposits of the four major commercial banks of the state decreased by 420 billion yuan at the end of 8, and the loan growth rate was only about 80000000000 yuan. The industry expects that all deposits in the national banking industry will drop by more than 600 billion yuan, which is in sharp contrast to the sharp decline in bank deposits.

The terrible thing about this hot loan is that once private capital lending problems arise, it will trigger a series of problems like the Domino dominoes. A lot of small and medium-sized enterprises are creditors immediately, just like more than 20 years ago, when there is a problem, the upstream and downstream businesses will run bad. If China's private economy is occupied by half of the country, if the financing problem of the private sector can not be well solved, the collapse of SMEs will become more and more snowball and ultimately endanger the real economy of our country. {page_break}

　 Financial reform is imminent.

In the final analysis, Wenzhou is only a microcosm of the whole country, but it has made a wake-up call for the whole financial operation and supervision system. If we do not carry out reform, it will directly affect the capital chain and the survival of enterprises throughout the country, but also the stability of the whole society.

Blindly relying on "blocking" is not a solution. It is a fundamental policy to give private capital a legal outlet and guide private lending to become more and more standardized. Many industries and scholars have called for the sunshine of private lending is the key to solving the current problem. That is to say, reform is imminent.

First of all, we should recognize the legitimate social status of private lending, which should be incorporated into banks, small loan companies, financing guarantee institutions and so on. In addition, there should be clear legal means and weapons to regulate the use of funds in the private lending. The regulatory mechanism is particularly important.

This requires us to gradually liberalize the financial market, dredge the channels for private capital to enter the financial field, and achieve the free allocation of capital elements, that is, to break the monopoly system of the existing banks. In fact, the "new 36" has similar provisions, such as "supporting private capital to launch Credit Guarantee Corporation, encouraging private capital to initiate the establishment of financial intermediary service institutions", and the sunshine of private lending is actually the concrete implementation process of "new 36".