Strictly prevent credit funds from flowing into the stock market and the property market.

Up to now, the COVID-19 epidemic has affected China's economy for more than one year. Although the epidemic situation has been effectively controlled in China, whether the economic stimulus policy introduced by the epidemic situation can be sustained in 20021year and how to withdraw from it has become a hot topic recently.

Among them, the most concerned monetary policy, the decision-making level will not make a sharp turn in the near future, and will continue to support small and micro enterprises represented by private enterprises. On 2 1 day, Liu He, Vice Premier of the People's Republic of China proposed that in order to grasp the continuity, stability and sustainability of policies and vigorously support the healthy development of small and medium-sized enterprises, financial institutions should constantly improve their ability to dare to lend, be willing to lend, be able to lend and be able to lend; On the 22nd, the State Council Press Office held a press conference on the reform and development of banking and insurance industry in 2020, indicating that it will further improve the system and measures, with the focus on promoting the implementation of policies and supporting the healthy development of private enterprises through classified policies.

It can be seen that the support of monetary policy for small and micro enterprises will still be considerable. From last year, the support effect was quite obvious. According to the latest statistics of China Banking and Insurance Regulatory Commission, China, the current loan balance of small and micro enterprises is 15.09 trillion, up by 32% year-on-year; In 20 18 and 20 19, the loan interest rate of small and micro enterprises continued to decline, and then decreased by 0.82 percentage points in 2020.

It should be said that it is still necessary to continue to support credit supply and solve the problems of difficult and expensive financing when market players are still facing many difficulties. However, although monetary policy supports the real economy, it is not uncommon for funds to flow to the property market and the stock market through corporate loans and consumer loans, thus pushing up asset prices. In the real estate market, housing prices in hot cities have risen again on the basis of already high prices, and Shenzhen, Shanghai, Hangzhou and other cities have successively staged phenomena such as grabbing houses by lottery and grabbing houses by sunlight; On the other hand, the stock market made Public Offering of Fund's new development scale break out last year, with an increase of more than 3 trillion yuan in 2020. These funds are "swarming" in the A-share market, and the valuation of public shares is rising, and the PE (price-earnings ratio) exceeding 100 times has become the norm.

Although the rise in housing prices in hot cities and the local bubble in the stock market cannot be entirely attributed to the inflow of credit funds, it is indeed a great driving force. In reality, a business license plus real estate license can lend millions of low-interest funds (annual interest rate is about 3.8%), and many people are happy to get the money, either buying a house or investing in wealth management; As for the new citizens who are mainly post-90s or even post-90s, statistics show that post-90s will account for more than half of the new "citizens" in 2020. How to set up hundreds of thousands of low-interest consumer loans to buy funds has become a hot topic after 1990s. In 2020, the fund obviously outperformed the index due to the group income, which further aggravated this phenomenon.

In recent years, the regulatory authorities have maintained the pressure of credit funds to enter the stock market by rectifying market chaos and guiding funds to "get rid of virtual reality" and achieved certain results. However, there are still some borrowers who go their own way and have orders. The reasons include excessive credit granted by banks to borrowers, lax loan review and inadequate post-loan management. Some borrowers deliberately evade bank supervision, obtain credit funds by deception, and then invest in the stock market and the property market. In addition, it is difficult for banks to monitor the flow of funds in the whole process, and it is also difficult to judge whether the borrower's stock trading funds are credit funds or self-owned funds.

But there is no doubt that the inflow of credit funds into the stock market and the property market is very harmful. On the one hand, it weakens the support for the real economy and affects the healthy development of the economy; On the other hand, it is easy to generate asset bubbles and even trigger a new round of financial risks.

Therefore, credit funds entering the stock market and the property market cannot be taken lightly, and we must remain vigilant and strictly guard against it. Recently, Shanghai, Shenzhen and other places have successively introduced policies to prevent credit funds from entering the property market. In the next step, all banking institutions should carry out in-depth market chaos rectification according to the requirements of the regulatory authorities. Credit management departments should conscientiously implement their respective responsibilities, strengthen the "three inspections" of loans, especially post-loan inspections, and do a good job in monitoring the flow of funds. In particular, it is necessary to strengthen the supervision of the flow of funds such as comprehensive consumer loans and online revolving loans to prevent credit funds from bypassing the stock market and the property market.

Generally speaking, the support of monetary policy to the real economy still needs to be sustained, but it is also necessary to prevent credit funds from flowing into the stock market and the property market under loose liquidity, which will push up the asset price bubble and become the inducement of financial risks.