to loans with longer duration of concentration

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A micro-enterprise development in different stages of financial services they need is a huge difference,Provide comprehensive [link widoczny dla zalogowanych], lending this form of financing, the demand is relatively stable, to assess ability to repay the cash flow and relatively low risk mainly for business development into mature, stable phase. But in the enterprise business, growth and adjustment, and even exit the stage, the form of loans that finance is clearly inappropriate. From the perspective of the industrial structure, the so-called industrial restructuring is bound to need a lot of new business creation, new technology, a large number of resources, reorganization of the withdrawal of a large number of enterprises, etc., in a loan facility to dominate the financial environment, industrial transformation and the inevitable need of financial services is difficult to be met. For example, in the economic transition, a large number of merger integration needs of enterprises, the need to promote M & A funds, leveraged buyouts, junk bonds and other development.
The current credit crunch, making some areas of the enterprises are facing greater financial pressure, both direct credit controls that may amplify economic fluctuations,Provide comprehensive [link widoczny dla zalogowanych], it also shows China is now the basic corporate finance or excessive reliance on bank credit, the credit crunch for the operation of enterprises The impact is quite remarkable. In fact the whole, micro-enterprises in the local area felt a strong deflationary pressures, the macro still maintain a rapid growth rate, money supply growth rate is not too low, the key or company other than lack of credit credit financing channels to balance the financial impact of large fluctuations. In comparison, China's bond market is still divided, the development still lags behind. Capital market is now highly concerned and worried \In addition to the valuation of the factors, the real economy and financing of capital and the lack of funds formed by extrusion,Provide comprehensive [link widoczny dla zalogowanych], is also very critical reasons; if there is a greater variety of financing options may be the will of the size reduction of a corresponding non- reduced.
The transition period with the credit tightening in the current financial environment, SMEs must be subjected to more pressure. This is partly due to the competitiveness of SMEs themselves, but also due to the adjustment of bank loans. Credit crunch prompted commercial banks to a credit facility limited to large enterprises to focus on the compression of financing for SMEs; to loans with longer duration of concentration, short duration compression, SMEs rely heavily on finance bills. This reflects the current banking system is mainly for the large enterprise services, more reliance is collateral risk management tools such as, in fact, if competition in the banking system more fully, then the provision of financial services specifically for small and medium regional small and medium financial institutions can expand the space should be limited, however, in the current restructuring and austerity policies, SMEs face greater financial pressure, for SMEs in the development of medium and small financial institutions, but also may improve the small and medium financing situation of enterprises have a positive effect.
From a particular point of view, the so-called economies in transition, that is more dependent on resources from the original investment-led growth, towards more dependent on technology. However, technological progress and innovation is often difficult to advance planning and design, a breakthrough technology progress and innovation,after all, the majority of companies need to fully test and explore, with great risk, which requires a proper form of financial services Such technological advances to spread the risks that may arise, but also should have sufficient incentives to reward innovation to meet market demand and technological progress, which is obviously difficult to rely on bank credit to promote, and it is difficult to rely entirely on the financial resources to plan the need for a run effective, technological progress can form an effective risk diversification and capital market incentives, which includes both equity investment funds, including the GEM and other markets, including flexible use of existing capital markets to achieve this finance functions, and reduce the tax burden through tax instruments and incentives to promote the enthusiasm of enterprises and increase investment in research and technological progress.
Economic transformation from the industrial point of view, transformation can also be understood as lower low value-added, high dependence on exports of pollution,Provide comprehensive [link widoczny dla zalogowanych], turning expansion of domestic demand and expand domestic consumption and services. The difficulty of this transformation than to imagine a big reason why is because 30 years of reform and opening up gradually since the development of enterprises in coastal areas such export-oriented growth, through lower resource prices, the export sector more favorable exchange rate system and the various policy measures to encourage exports,Provide comprehensive [link widoczny dla zalogowanych], to many parts of the country \This is conducive to re-break the export has been part of the \Existing financial services, manufacturing and other aspects of the traditional support has been more familiar with, but the long-standing support for the service sector is lagging behind, for a long period of time, banks and services are not allowed to write off bad assets. In the new stage of economic transformation, to promote the development of service industry, we need to attract more financial resources, through appropriate means, from the original low value-added export sector, and gradually transferred to the domestic sector and services.
China's current industrial structure and consumption structure, the service sector is still relatively backward. By comparing the services between the U.S., we can see the largest gap between the production or services,Provide comprehensive [link widoczny dla zalogowanych], those who provide services for the production of services is still underdeveloped, such as logistics, packaging, product design,Provide comprehensive [link widoczny dla zalogowanych], development production services China's service industry is the key to achieve rapid growth. Transition from the experiences of many countries, in the tone from under the tight monetary policy requires a substantial deregulation, greater innovation to the market dynamism, especially for some specific service industries deregulation. From now on evaluating the progress of economic restructuring to see, now part of the tightening part can be said to have been effective, and has some low value-added export industries from some of the resources should be put out to be able to continue to drive economic growth, there is more room for growth in industry to go, such as hospitals, education, community-based financial industry, production of the service sector, these need more support and restructuring of financial services, and deregulation.
Transition process in China, because the revaluation of resource prices and resource transfer between the different departments of the objective needs of the transition process is often accompanied by rising price pressures. In this process, the transformation of macro-tightening policies are also very necessary. Current monetary policy has taken a number of effective policy initiatives, also had a very clear policy effect, but to see the operation from the basic policy, or can be attributed to the imbalance of international payments, driven by the passive relaxation of monetary policy operation system, which situation makes the operation of active operation of monetary policy with very limited space. In this process,Provide comprehensive [link widoczny dla zalogowanych], if the credit control back to the traditional way, may not only difficult to ensure the smooth implementation of the austerity policy, the policy system and may slow the transition and increase the independence of monetary policy.
Tight monetary policy environment, a more flexible exchange rate and interest rate system and market-oriented pricing mechanisms for resources, are necessary for business transformation and financial policy environment. Meanwhile, in a flexible exchange rate and interest rate formation mechanism, but also to the enterprise for more exchange rate and interest rate risk management of financial instruments; With the advance of industrialization and urbanization,Provide comprehensive [link widoczny dla zalogowanych], China has increasingly become an important global power consumption of commodities However, real consumption is not necessarily a big country with financial market pricing, pricing of access needs, including spot, forwards, futures and other diversified financial market trading system as the basis for finance, it is clear also in the financial sector in China need to strengthen.
In the face of rising resource prices, rising costs of labor and environmental decline in external demand and other pressures, the pressure of China's current economic transformation is gradually emerging, particularly in the high dependence on exports parts that Yali is far more significant. In the study to resolve these pressures, the same need to focus on financial sector restructuring. Do not have a diversified and flexible financial system to meet the industrial transformation in the demand for financial services,Provide comprehensive [link widoczny dla zalogowanych], and promote technological progress, then, industrial restructuring may need to pay more hard work, pay a higher price.