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According to the Voice of the Economy, "World Finance", the 2013 Annual Meeting of Boao Forum for Asia released a survey report on small and micro enterprises in China yesterday (6th). According to the report, in 2012, more than 30% of small and micro enterprises in China experienced a decline in profits, and the overall operation of small and micro enterprises was not good. What are the reasons for the decline in profits of small and micro enterprises? How can we improve the ability to hedge? Chen Yongjie, an expert at the China International Economic Exchange Center, commented on this.
Reporter: What are the reasons for the decline in the profits of China's small and micro enterprises last year?
Chen Yongjie: First, the wage cost has grown rapidly. In recent years, China’s wages, especially for small and micro enterprises, have increased relatively. Second, the tax burden is growing fast. The main performance is that the industrial tax growth rate is higher than the industrial profit growth rate, and the interest cost is growing fast. Third, logistics costs are growing fast. China's logistics costs account for a large proportion of the cost of the entire industry, and the cost is higher in the world. Fourth, the difference between production and sales is small. The purchase price and the price of the sale have been declining in recent years, but the decline in the purchase price is less than the decline in the sales price, thus forming a narrowing of the purchase and sale price difference. Fifth, market sales growth is slow. Sales in the international market are also relatively slow, and domestic market sales growth is also relatively slow.
Reporter: In the face of operational difficulties, many small and micro enterprises regard tax reduction as a panacea. Super-60% enterprises believe that tax cuts can promote the development of small and micro enterprises, and Chen Yongjie makes judgments.
Chen Yongjie: The tax burden of small and micro enterprises is relatively heavy. Everyone hopes that the tax reduction will be completely understandable, and it should be. Chinese enterprises now have higher tax revenue growth than profit growth and higher than sales revenue growth. In the past two years, China has been talking about tax reduction. In fact, the proportion of tax revenue to total GDP has increased. That is to say, the tax revenue of enterprises has increased faster than the growth of profits in recent years. In this case, everyone proposes to reduce taxes. Understanding should also be supported. Especially for small and micro enterprises, small and micro enterprises have taken some measures in recent years, but compared with the actual burden of small and micro enterprises, these measures can not solve the problem fundamentally.
Reporter: Is there any other effective way for small and micro enterprises to avoid risks?
Chen Yongjie: There are many ways, some rely on enterprise efforts. For example, enterprises themselves must look at the market and improve their technical level, especially the technical level of employees. These are the enterprises themselves. From the perspective of the state, it is necessary to increase the intensity of structural tax cuts. There is also a need to make asymmetric dividends and interest rate cuts on bank interest issues. When depositing interest rates, the deposit and loan spreads should be narrowed. Last year, it seems to have narrowed down. In fact, from the disclosure of the bank’s annual report, the main bank spreads have not only narrowed but expanded. In this case, measures should be taken to narrow the bank’s spreads. There is another situation in which the cost of logistics is controlled and the growth is too fast. This is because the state has to take some measures.
Interview with Ba Weisong Researcher Xiaowei Financial Report
Reporter: Is there any good advice on the legalization of private financing?
Ba Shusong: I think it is necessary to guarantee a few bottom lines. The first is that the funds for the public should be strictly regulated. If this bottom line is broken, it is illegally absorbing public deposits. This part of the funds that have weak risk judgment ability for ordinary people should strictly limit these institutions. The involvement of the public in this part of the funding source. However, this part of the customers who have gradually opened up private placements in a regulated manner, and have a large amount of risk-taking ability, give him enough room for innovation, so as to avoid a mess and a death. The vitality of the market is mainly reflected in the high net worth of customers with relatively high risk-taking ability. Let him make independent judgments, but strictly restrict the absorption of funds for ordinary people. This aspect must be strictly controlled. At present, it can only be bank-based. Financial institutions can intervene.
Reporter: Does any foreign experience have something to learn from?
Ba Shusong: In the small microfinance development report that we released today at the Boao Forum, we have investigated the experience of doing microfinance in Asia. In general, we have done a lot of things, such as small micro financing in Thailand and Malaysia. It is better, and most of the enterprises in Vietnam, Indonesia, and Bangladesh rely on their own internal financing, and the social financial system supports very little.
From the experience of the Asian region, there are differentiated regulatory policies to support these microfinance institutions, such as encouraging him to do microfinance, and market share should be encouraged. Some tax reductions encourage small and micro enterprises to improve their ability to accumulate. For example, in South Korea, there is a stipulation that the proportion of SME loans should be no less than 45% for commercial banks nationwide, no less than 60% for local banks, and no less than 80% for policy banks.
Another combination of local resources and the characteristics of small and micro customers to do some business model innovation. For example, Indonesia's BRI innovation mechanism is mainly from local employees. Through the acquaintance society, when the loan is passed, the 10% repayment guarantee is deducted first, and the spread is relatively high, so the whole operation is sustainable. These experiences can still be used as reference. Learn from.
Reporter: Can small and micro enterprise loans mainly rely on mortgage guarantee? How to treat the interest rate of small and micro enterprises loans is relatively high?
Ba Shusong: One of the problems that I want to overcome in microfinance is how to collect reliable information at a relatively low cost to accurately assess his repayment ability. From the aspects of products and collateral, it is often relatively small. Micro-enterprise, for some small micro-enterprises, from the practice and exploration of many financial institutions, more to adopt a mass-based approach, using the entire industry, the entire region to carry out a batch of such loans The model of distribution, in order to reduce the cost of loan issuance and information collection process. As for the interest rate level, it should be based on the risk-return situation of both parties, because for small and micro enterprises, he is the first to get the loan availability, and his turnover rate is very high. I feel that I can get a loan, seize this business opportunity, and often have a large profit margin. We see that the interest rate of Ali Financial's small micro-loan is about 19%. In fact, he borrowed a short time, in fact, it is impossible to really get 19%, but this is an annual profit. After a short period of 1-2 months, the profit space and profit margin are relatively large, so his ability to bear. Still relatively strong.
Reporter: How do you view the wealth management business needs of small and micro enterprises?
Ba Shusong: As we mentioned in the report, 60% of small and micro business owners have not used commercial bank wealth management products and private banking business. From our survey, it is mainly because it is in the initial stage of development, asset scale. The main reason is not reached, accounting for 27%. However, there are also products and services of our bank, which are not attractive and insufficiently promoted. I think one of the main reasons for not providing targeted products for these microfinance characteristics is also reflected in the fact that we are doing microfinance not only Just pay attention to small micro-loans, but also pay attention to micro-finance, but also pay attention to Xiaowei's settlement. Providing a package of services can not only provide new growth space for the bank's business development, but also connotation of micro-finance.
Reporter: What financial services can financial institutions provide during the transformation of small and micro enterprises?
Ba Shusong: From the situation of our investigation, the transformation and upgrading of small and micro enterprises will also generate a lot of new financial needs. For example, in the process of transformation and upgrading, it is often necessary to use funds with longer duration and larger amounts for technical transformation and renewal. Equipment and industry transfer, the short-term and conventional financing mainly relying on liquidity is difficult to meet the demand.
In addition, we found from the survey that foreign trade-oriented small and micro enterprises also hope to have some transformational loan support in the process of shifting from product export to domestic sales, hoping to solve the problem of liquidity through inventory mortgage.
In addition, some of the more equipment upgrades in the process of financing leases to share the cost, but also attract VC, PE institutions involved, these are in the process of transformation and upgrading, enterprises in transition, financial institutions should also be corresponding transformation.