The status quo, causes and measures of financial support for the development of underdeveloped regions

The status quo, causes and measures of financial support for the development of underdeveloped regions
-- Taking Wencheng County as an example Wencheng County has a total population of 370,000, and it has 33 townships under its jurisdiction, with a total area of ​​1,293 square kilometers, of which 0.41 mu of cultivated land per capita. In 1986, it was listed as a national key poverty-stricken county. In 1997, the county was basically out of poverty. In 2003, there were 30 townships with a per capita income of less than the national average, with a population of 270,000. In 2003, it achieved a GDP of 1.3 billion yuan and a fiscal revenue of 146 million yuan, which is still underdeveloped.
The economy determines finance, and the underdeveloped Wencheng County has decided that the number of financial institutions in its jurisdiction is small, the scale is small, and the operating conditions are generally. The county has agricultural institutions, four state-owned commercial banks, rural credit cooperatives, insurance companies, life insurance companies, Pacific P&C insurance, life insurance companies, branches of five Chinese insurance companies, and a financial institution. In 2003, the county's deposit balance was 2.68 billion yuan, the loan balance was 1.23 billion yuan; the insurance income was 0.4 billion yuan, the claim expense was 0.1 billion yuan; and the securities transaction amount was 202 million yuan.
I. Problems and Causes County Finance Supports the Development of County Economy
1. The main performance of county financial support for the weakening of county economic development From the analysis of economic structure and loan structure: From 1999 to 2003, the total industrial output value of Wencheng County grew steadily every year, with an average annual growth rate of 13.2%, while Wencheng County financial institution industrial loan From the end of 1999, 75.33 million yuan to 25.6 million yuan at the end of 2003, the trend is decreasing year by year, the annual average reduction rate is as high as 22.4%; the average annual growth rate of agricultural output value is 2.3%, and the annual growth rate of agricultural loans is much higher during the same period. In the annual average growth rate of agricultural output value, but the fluctuation range is also large, the agricultural output value will decrease correspondingly in the year when the agricultural loan is greatly reduced or the relative increase is small.
List 1 Economic structure and loan structure and its growth rate change Table unit: 10,000 yuan content date Industrial gross output value Industrial gross output value growth rate Industrial loan Industrial loan growth rate Agricultural total output value Agricultural output value growth range Agricultural loan Agricultural loan growth rate
1999 53883 / 7533 / 37666 / 11835 /
2000 60501 12.3% 4637 -38.4% 37409 -0.1% 8081 -31.7%
2001 69398 14.7% 3429 -26.1% 40822 9.1% 12342 52.7%
2002 74666 7.6% 2517 -26.6% 38893 -4.7% 18308 48.3%
2003 88209 18.1% 2560 1.7% 40736 4.7% 30118 64.5%
Annual average growth rate / 13.2% / -22.4% / 2.3% / 33.5%
From the growth trend of deposit and loan growth rate and loan-to-deposit ratio analysis: From 1999 to 2003, the growth rate of deposits in financial institutions in Wencheng County was extremely disproportionate to the growth rate of loans. Although deposits and loans were growing simultaneously, both of them The growth rate is more than doubled, the average annual growth rate of deposits is 29.6%, and the average annual growth rate of loans during the same period is 12.6%. The deposit-loan ratio of financial institutions also fell from 80.3% at the end of 1999 to 46% at the end of 2003, showing a downward trend year by year.
List two:
Changes in deposits, loans, and loan-to-deposit ratios: 10,000 yuan content date, various deposits, various deposit growth rates, various loans, loan growth, loan-to-deposit ratio
1999 96051 / 77095 / 80.3%
2000 112795 17.4% 80204 4.0% 71.2%
2001 141512 25.5% 93080 16.1% 65.8%
2002 196214 38.7% 107137 15.1% 65.8%
2003 268026 36.6% 123394 15.2% 54.6%
Average annual growth rate / 29.6% / 12.6%
From the development trend of economic aggregates and the growth trend of total loans: from 1999 to 2003, the average annual growth rate of Wencheng County's GDP was 11.9%, while the average annual growth rate of loans of Wencheng County financial institutions was 12.6%. Higher than the annual average growth rate of GDP. However, compared with the national average development speed, the average annual growth rate of GDP in our county is higher than the national average, and the average annual growth rate of loans is lower than the national average. As the core of the modern economy, the county's economy continues to develop rapidly. Support is obviously insufficient.
2. The main reason for the weakening of county-level financial support for county-level financial banks is the intensive management strategy of state-owned commercial banks, which overemphasizes the unity of intensive management, neglects the differences in regional economic development, and fails to find the intensive management uniformity and regional economic development differences. Binding point. According to statistics, from the end of 1999 to the end of 2003, the number of financial institutions in Wencheng County decreased from 86 to 41, a reduction of 52.3%. Insufficient county financial and financial service outlets; strict credit authorization system for credit management, especially the power of township financial institutions not to approve loans, only responsible for field investigations, organization of material declarations; implementation of "zero risk" in credit assessment And the "credit personnel first responsibility for life" system, even if the loan is executed by the higher-level bank, once the risk occurs, the grassroots bank will bear the main responsibility, and the loan officer itself will bear a major responsibility, resulting in the credit officer's" Reluctance to lend and "fear of lending" have weakened the strength of credit support.
The outflow of funds is serious. Due to factors such as operating mechanism and pursuit of profit maximization, the postal savings department turned over the full deposit, and the commercial banks in each country made the remaining funds, so that the funds flowed out of the county. Since 1999, the deposits of financial institutions in Wencheng County have been increasing, from 190 million yuan in 1999 to 1.45 billion yuan in 2003. This shows that to a certain extent, more than 50% of the funds absorbed by commercial banks from the county have flowed to the cities, further weakening the support of county finance to the county economy.
The credit investment policy has changed a lot. As always, the county financial institutions, while supporting the credit investment of national industrial policies such as the agricultural economy, gradually withdrew from some high-risk industries and vigorously developed emerging loans such as personal consumption loans. For example, housing consumption loans have grown from scratch, and have accounted for more than one-third of the lending business of individual financial institutions. On the one hand, it has reduced the support for credit funds for local economic development, and on the other hand, the characteristics of the county economy. It was decided that such loans have no effect on local economic development.
The credit environment affects the credit input of financial institutions. Due to historical reasons and other reasons, the county's credit concept is still poor. After the state-owned commercial banks in Wencheng County divested more than 40.17 million yuan of non-performing loans and wrote off 6.374 million yuan of non-performing loans in 2004, non-performing loans still rebounded, resulting in a large number of financial institutions' loans. Precipitation and loss, which seriously threaten the security of financial assets, and cause "reverse selection" or "moral hazard" to good economic individuals, the credit environment is more horrible, financial institutions are discouraged, and loan issuance is cautious and directly leads to The loan of financial institutions has been declining year by year.
The effect of reduced loan efficiency has affected the development of county economy
1. The phenomenon of reduced loan use efficiency According to the empirical analysis conducted by the Monetary and Credit Department of the Shanghai Branch of the People's Bank of China, Shanghai, the results of the empirical analysis show that there are two main indicators for measuring the efficiency of loan use, one is the relationship between relative indicators. That is, the ratio of the actual GDP growth rate to the loan growth rate; the other group is the relationship between the absolute indicators, that is, the ratio of the total GDP to the loan balance; the current loan growth rate has no significant effect on the actual GDP growth rate of the current period. The impact of the loan balance on the current GDP problem is very obvious.
From 1999 to 2003, from a nationwide perspective, with the maturity of the market economy, the advancement of science and technology, and the soundness of the credit management system, the efficiency of loan use has gradually increased. According to the analysis of the absolute index of the total GDP and loan balance of Wencheng County, the balance of Wencheng County GDP/county loan in 1999 was 1.44. In 2003, Wencheng County GDP/county loan balance was 1.40. This shows that the efficiency of the use of Wencheng County loans has not improved, but has declined.
2. The main reason for the decrease in loan utilization efficiency The long-term credit trend has reduced the turnover rate of loans and directly affected the efficiency of loan use. In recent years, medium and long-term loans have grown rapidly and account for a growing proportion of loans. According to statistics, at the end of 2003, the proportion of long-term loan balances in the county accounted for 32.7% of all loan balances, up nearly 3 percentage points year-on-year. This indicates that the loan structure has a tendency of “borrowing short-term use” and “borrowing short-term use”. The long-term credit will inevitably reduce the turnover rate of loans, thus affecting the efficiency of loan use.
Some unreasonable aspects of the county's investment structure have weakened the use efficiency of loans. In 2003, Wencheng County real estate development completed 70 million yuan, accounting for 12.6% of the total fixed assets investment in the whole society, and the amount of county credit investment in real estate development also increased significantly. Real estate development has the property of directly entering the final consumption. However, the characteristics of Wencheng County's underdeveloped industry make most of the production and construction materials such as steel and cement purchased outside. Therefore, the investment in real estate has a relatively weak contribution to Wencheng County's GDP. In addition, some redundant construction in the county area not only causes waste of manpower and material resources, but also wastes limited credit resources.
Changes in the banking system and fierce competition among banks have reduced the efficiency of loan use to some extent. Some commercial banks have done the task of completing the loan placement task of the superior bank and completing the deposit assessment task. The virtual loan method is adopted, and the credit funds still flow in the bank, and they do not enter the economic activities, thus reducing the loan efficiency.
The offside of the government and the absence of the market have made the financial industry support the development of the county economy. In recent years, the financial awareness of government departments and leaders at all levels has increased, and the government's offside phenomenon has been weakened. However, due to the market-oriented reform of the financial industry, the market has not yet been completed. The absence is still more serious.
Financial institutions' loans are directly or indirectly subject to administrative intervention. The credit autonomy of financial institutions is more or less regulated by the government, and even the contradiction between local industries and national industrial policies.
The performance appraisal of a financial institution is made by the executive rather than by the market. In recent years, when financial risks and financial stability are emphasized, risk-free loans are simply not issued, and limited funds are wasted without corresponding reward and punishment measures.
The appointment and dismissal of the head of a financial institution is determined by the administration and there is no banker system. The incentives and penalties and wages within the financial institutions are similar to administrative agencies rather than corporate institutions, which makes the financial sector unable to provide attractive wages and opportunities, and it is difficult to retain outstanding talents. When faced with competition, the brain drain is more serious.
Second, measures and recommendations to improve financial advice on the weakening of county economic development
1. Integrate financial resources and establish a mechanism conducive to reducing the loss of county funds, and ensure that county funds are used for county economic development. First, the People's Bank of China should play the role of window guidance, effectively combine the national industrial policy and the actual situation of local economic construction, and timely release credit policy guidelines to ensure the county's key project funding needs. The second is to stipulate that the funds absorbed by commercial banks from the county to support the county's economic development in a certain proportion, and actively strive for the support of the higher authorities, increase the deposit-loan ratio, and reduce the deposits to the lowest level. The third is to require postal savings funds to support the county's economic development. To change the current situation of full deposits of postal savings, the funds absorbed by the postal savings institutions must be fully entrusted to the county-level legal person financial institutions, and the risks are borne by the county-level legal person financial institutions. Uses and objects are not limited as long as they are used to support the development of the county economy.
2. State-owned commercial banks should increase their support for county economic support. Commercial banks should take active measures to maximize credit approval authority, indicators and looser credit policies, and increase operational autonomy. The characteristics of county economy are different. State-owned commercial banks should strengthen the investigation and study of county economy, strengthen and improve credit work according to the different conditions and characteristics of county economic development, and avoid "one size fits all" in the use of credit funds. Establish and improve the credit assessment system, give full play to the enthusiasm of credit workers, and make good use of every credit fund.
3. Accelerate county credit construction and create a sound financial environment. Local governments at all levels should strengthen financial awareness, speed up the creation of credit villages and credit towns, assist the financial sector in maintaining financial claims, and create and maintain a good credit environment in the town, so that the financial sector can safely increase loan support for the township economy. The People's Bank of China should actively play the role of the existing credit counseling system, increase the promotion of the construction of the financial industry's credit information system, and create conditions for "trustworthy travel all over the world, and it is difficult to break the trust." County-level enterprises and individuals should cherish credit, be honest and trustworthy, lend and repay loans, and win financial support from the financial sector with good reputation.
Measures and suggestions for improving the efficiency of loan use
1. Commercial banks should be market-oriented and implement a moderately tight monetary policy. Financial support for county economies should focus on structural optimization and adjustment. It is necessary to find a new entry point for credit work around the construction of the "five bases" determined by the Wencheng County government, so as to lead and promote the county's economic development.
2. It is recommended to establish a guarantee company to guide funds to increase support for small and medium-sized enterprises in the county. At present, the reason why bank funds tend to be infrastructure, consumption and a few dominant enterprises is that they lack a good credit input environment. Government departments should introduce policies and improve the environment, and in accordance with the principle of combining development and prevention risks, combining government support with market operations, and combining guarantees and improving integrity, accelerate the establishment of SME financing guarantee institutions and solve the financing of SMEs. The problem of being unable to lend due to the failure to find a guarantee company. Thereby improving the efficiency of the use of credit funds and promoting the development of county economy.
3. Implement the investment system reform policy and optimize the allocation of investment resources. We must guide the investment of enterprises and private capital with the principle of "who invests, who makes decisions, who benefits, and who bears risks." Private capital has a simpler profitability than indirect financing of banks, and its flow and flow are completely guided by the market. Market-oriented private financing behavior must be interdependent and interact with the form of credit funds, and it also makes the investment of credit funds more reasonable, so that credit can be more effective in the actual needs of funds that are closer to the local economic development. .
Policy measures and recommendations for government homing and market positioning
1. Reduce administrative intervention and transfer government intervention targets for the financial industry. The government's intervention in the financial industry and the supervision of regulators must be institutionalized, and they must be strictly regulated in accordance with the existing system and disclosed in a timely manner. The government has to move from financial extraction to construction finance. To build finance, financial institutions must be given independent decision-making power, strengthen independent bank lending and risk control, and change the role of financial institutions' "money bags" as "resource configurators."
2. Steadily promote the commercialization reform of state-owned banks and create an efficient financial market system. According to the "Company Law", commercial banks are competitive industries, and it is not necessary to adopt a state-owned sole proprietorship form, and they should be reformed by the shareholding system. It is necessary to promote the real commercialization of state-owned banks and form a competitive market mechanism; to improve the openness of the Chinese banking industry and to relax the market entry restrictions of the banking industry, especially to encourage private banks and foreign banks to enter the market, so that there are a number of Independent, reasonably sized commercial banks to promote effective competition in the banking market.
3. Establish a market-oriented, scientific assessment, appointment and dismissal system. Reform the appointment and dismissal institutions of financial institutions, and release the examination and approval of all business bank leaders. It is necessary to adopt an effective incentive mechanism to cultivate financial talents and play the role of talents.