更多精彩英语翻译内容，请关注公众号：高斋CATTI

双语：增加地方政府专项债规模强化对中小微企业普惠性金融支持发布会

胡凯红:

Hu Kaihong:

女士们、先生们，大家上午好。欢迎出席国务院联防联控机制举办的新闻发布会。今天我们请来了财政部副部长许宏才先生，中国人民银行副行长刘国强先生，中国银保监会副主席周亮先生，请他们向大家介绍增加地方政府专项债规模和强化对中小微企业普惠性金融支持的有关情况，并回答大家关心的问题。　

Good morning, ladies and gentlemen. Welcome to the Joint Prevention and Control Mechanism of the State Council press conference. Today we have invited Xu Hongcai, vice minister of finance, Liu Guoqiang, vice governor of the People's Bank of China (PBC), China's central bank, and Zhou Liang, vice chairman of the China Banking and Insurance Regulatory Commission (CBIRC). They will introduce the measures taken by the Chinese Government to increase the scale of special local government bonds and provide inclusive financial support to micro, small and medium-sized enterprises and will also answer your questions.

首先，我们有请许部长做介绍。

Let's first give the floor to Mr. Xu.

许宏才:

Xu Hongcai:

女士们，先生们，各位记者朋友们，大家上午好！

Good morning, ladies and gentlemen and media friends.

增加地方政府专项债券提前下达限额，有利于加快债券发行使用进度，对加大宏观政策调节力度、统筹做好疫情防控和经济社会发展工作具有重要意义，党中央、国务院对此高度重视。习近平总书记在中央政治局会议、中央政治局常委会会议、统筹推进新冠肺炎疫情防控和经济社会发展工作部署会议上，强调积极的财政政策要更加积极有为，适当提高财政赤字率，发行特别国债，增加地方政府专项债券规模。

Increasing the special local government bond quota allocated in advance can help accelerate bond issuance and use, which is of great importance in stepping up macroeconomic control and striking a balance between epidemic prevention and social and economic development. The Central Committee of the Communist Party of China (CPC) and the State Council have attached great importance to this. Xi Jinping, general secretary of the CPC Central Committee, stressed that proactive fiscal policy should be strengthened, the fiscal deficit ratio be raised as appropriate, special treasury bonds be issued and special local government bonds be increased at a meeting of the Political Bureau of the CPC Central Committee, a meeting of the Standing Committee of the Political Bureau of the CPC Central Committee, and a meeting for coordinating COVID-19 prevention and control and social and economic development.

李克强总理多次主持召开中央应对疫情工作领导小组和国务院常务会议，要求加快发行和用好地方政府专项债券，推动在建工程建设和具备条件项目及早开工，带动扩大有效投资。韩正副总理等国务院领导同志也多次对相关工作提出明确要求。3月31日国务院常务会议专题进行了研究部署，确定再提前下达一批地方政府专项债额度，带动扩大有效投资，财政部坚决贯彻党中央、国务院决策部署。

Premier Li Keqiang has presided over meetings of the Central Leading Group for Epidemic Control and State Council executive meetings where he has called for accelerating the issuance and proper use of special local government bonds, and paving the way for projects to start or resume construction as soon as possible to bolster and expand effective investment. Vice Premier Han Zheng and other State Council leaders have also made clear their requirements. The State Council executive meeting held on March 31 decided to release some special local government bond quota in advance to promote and expand effective investment. The Ministry of Finance (MOF) has implemented the decisions and plans of the CPC Central Committee and the State Council.

今年以来，按照党中央、国务院决策部署，根据全国人大常委会授权，财政部提前下达了2020年部分新增专项债券额度12900亿元。截至2020年3月31日，全国各地发行新增专项债券1.08万亿元、占84%，发行规模同比增长63%，预计约提前2.5个月完成既定发行任务。各地发行新增专项债券使用的项目上的是8255亿元，占发行额的77%，按照国务院常务会议部署，各地发行的新增专项债券，全部用于铁路、轨道交通等交通基础设施，生态环保，农林水利，市政和产业园区等领域重大基础设施项目建设；各地用于符合条件重大项目资本金的专项债券规模约1300亿元，积极带动社会资本，扩大有效投资。从发行情况看，今年新增专项债券平均发行期限14.5年，其中10年期及以上长期债券发行9331亿元、占86%，较2019年全年占比（34%）提高52个百分点，与往年相比期限更加合理、与项目实际期限更加匹配。总体看，新增地方政府专项债券发行使用情况较好。

This year, in line with the decisions of the CPC Central Committee and the State Council and the authorization of the Standing Committee of the National People's Congress, China's top legislature, the MOF released 1.29 trillion yuan of newly added special local government bond quota. As of March 31, various areas across China issued 1.08 trillion yuan of newly added special bonds, accounting for 84 percent of the quota and increasing 63 percent year on year. It is estimated that China will accomplish the bond issuance task two and a half months in advance. The amount of newly added special bonds spent on projects was 825.5 billion yuan, accounting for 77 percent of the total. According to the requirements of the State Council executive meetings, the newly added special bonds issued by local governments should all be used for building transportation infrastructure such as railways and major infrastructure projects in environmental protection, agriculture, forestry, water resources, municipal utility projects and industrial parks.

The amount of special bonds used as capital fund for major projects was about 130 billion yuan, which will help promote private capital and expand effective investment. The duration of the newly added special bonds is 14.5 years on average. Of these, 933.1 billion yuan will have a duration of over 10 years, accounting for 86 percent of the total, up 52 percentage points from 2019. The duration is more reasonable compared to previous years and better suits the duration of relevant projects. On the whole, the issuance and use of newly added special local government bonds are going smoothly.　　

3月31日，国务院常务会议决定，在做好前期已下达专项债券限额发行使用工作的基础上，抓紧按程序再提前下达一定规模的地方政府专项债券。这一安排是综合2020年预算安排、地方实际项目建设需要和专项债券发行使用进度等因素确定的，近期我部将抓紧履行相关程序后下达。资金投向上，继续重点用于国务院常务会议确定的重大基础设施项目建设，主要包括交通基础设施、能源项目、农林水利、生态环保项目、民生服务、冷链物流设施、市政和产业园区基础设施等七大领域；

The State Council executive meeting held on March 31 decided to allocate another batch of special local government bond quota in advance in accordance with procedures while ensuring the issuance and use of the quota that had already been released. This arrangement has been made based on factors such as the 2020 fiscal budget, local project construction requirements and the progress of the issuance and use of special local government bonds. The MOF will move to implement the recent decision. The bonds will continue to be used for major infrastructure projects decided upon at State Council executive meetings, including transportation, energy, agriculture, forestry, water resources, environmental protection, people's livelihood, cold-chain logistics, urban utility projects and industrial parks.

同时，结合疫情防控和投资需求变化等适当优化投向，将国家重大战略项目单独列出、重点支持；增加城镇老旧小区改造领域，允许地方投向应急医疗救治、公共卫生、职业教育、城市供热供气等市政设施项目。加快建设5G网络、数据中心、人工智能、物流、物联网等新型基础设施。额度分配上，坚持“资金跟项目走”原则，对重点项目多、风险水平低的地区给予倾斜。同时，对今年新增专项债券，适当提高用于符合条件的重大项目资本金的比例，进一步带动社会资本加大投入。

In the meantime, we have optimized the use of bonds based on epidemic control and changes in funding needs. Major national strategic projects have been prioritized and will get key support. Old compound renovation has been added to the list of areas where special bonds can be used. The special bonds can also be used for emergency medical care, public health, vocational education and urban utility facilities such as heating and gas supply. Construction of new infrastructure such as 5G networks, data centers, artificial intelligence, logistics and the Internet of Things will be accelerated. Quota allocation will be tilted in favor of places with a large number of major projects and low epidemic risks. Meanwhile, a larger proportion of this year's newly added special bonds will be used as capital fund for major projects to mobilize more private investment.　　

按照党中央、国务院决策部署，前期财政部已会同相关部门指导和督促地方提早着手作好准备，提前开展项目储备、审核、遴选等工作。从目前地方反馈情况看，这次再提前下达一定规模的地方政府专项债券后，可以尽快落实到项目上，预计能够尽早形成实物工作量，发挥对经济的有效拉动作用。

In line with the decisions of the CPC Central Committee and the State Council, the MOF and other departments have guided and urged local governments to make preparations and carry out review, approval and selection of projects in advance. The newly added special bonds will be used to finance projects on the ground and will effectively drive the economy.　

此外，财政部高度重视支持小微企业融资和发展。疫情发生以来，财政部与人民银行、银保监会等部门配合，及时采取了一系列措施，推动国家融资担保基金和各级政府性融资担保再担保机构普遍降费，取消反担保要求，提升服务效率，加快为小微企业提供融资增信服务。允许符合条件的创业担保贷款展期，优先为受疫情影响的小微企业提供贷款和贴息等。财政部还会继续与人民银行、银保监会等部门加强协调配合，做好相关工作，形成协同效应，引导金融机构加大对小微企业支持力度，帮助小微企业渡过难关。谢谢！

In addition, the MOF has also placed great importance in supporting the financing and development of micro and small enterprises. Since the start of the epidemic, the MOF has worked with the PBC and the CBIRC to implement a series of measures to encourage the state financing guarantee fund and local government financing guarantee and re-guarantee institutions to reduce fees, exempt counter guarantee requirements, improve service efficiency and provide credit enhancement services for micro and small enterprises. Repayment of guaranteed loans for startups that meet certain requirements can be postponed and micro and small enterprises will have priority in getting loans and interest discounts. The MOF will continue to work with the PBC and the CBIRC to guide financial institutions to increase support for micro and small enterprises to tide them over through the difficulties. Thank you.

胡凯红:

Hu Kaihong:

谢谢许部长，下面有请刘行长作介绍。

Thank you, Mr. Xu. Next, let's give the floor to Mr. Liu.

刘国强:

Liu Guoqiang:

各位记者朋友，大家上午好。面对新冠疫情对中小微企业造成的重大影响，人民银行以习近平新时代中国特色社会主义思想为指导，坚决贯彻党中央、国务院的决策部署，迅速行动，主动作为，积极应对疫情变化带来的新挑战，支持扩内需、助复产、保就业。

Good morning, media friends. In the face of the impact of the novel coronavirus outbreak on micro, small and medium-sized enterprises, the PBC has taken swift action to confront the new challenges to expand domestic demand, help the resumption of production and stabilize employment under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the decisions and plans of the CPC Central Committee and the State Council.　

我们出台了一系列措施，为疫情防控、复工复产、实体经济发展提供了精准金融服务。

We have launched a series of measures to provide targeted financial services for epidemic prevention and control, resumption of production, and the development of the real economy.

一是保持流动性合理充裕。金融市场开市以后提供了1.7万亿元的短期流动性。在年初我们全面降准0.5个百分点释放8000亿元的基础上，3月份我们定向降准释放了5500亿元长期资金，用于发放普惠领域的贷款。

First, we have maintained reasonable and ample liquidity. The central bank injected 1.7 trillion yuan into the market to provide short-term liquidity after financial markets reopened. After reducing the reserve requirement ratio by 0.5 percentage point at the beginning of the year in order to release 800 billion yuan, we cut the banks' reserve requirement ratio in a targeted approach to release 550 billion yuan in long-term funding for issuing inclusive loans.

二是提供再贷款再贴现精准支持，设立3000亿元防疫专项再贷款，一半以上投向中小微企业。财政贴息以后，小微企业负担的利息成本低于1.3%。除了3000亿元，我们还新增再贷款再贴现额度5000亿元，下调支农支小再贷款利率0.25个百分点，由原来的2.75%调成2.5%，央行运用低成本的普惠性资金支持重点领域中小微企业复工复产。

Second, we have provided targeted relending and rediscount support by establishing a 300-billion-yuan relending program for epidemic control, with over half diverted to micro, small and medium-sized enterprises. The discounted interest has helped reduce micro and small enterprises' interest cost to less than 1.3 percent. In addition, we have granted another relending and rediscount quota of 500 billion yuan and reduced the interest rate of relending for agriculture and small enterprises by 0.25 percentage point to 2.5 percent. We have also used low-cost inclusive funding to support micro, small and medium-sized enterprises in critical sectors to resume production.

三是引导贷款利率下行，3月30日公开市场操作逆回购操作中标利率再次下降20个基点，今年以来累计下降了30个基点。

Third, we have guided the interest rate lower. After the central bank cut the reverse repo rate by 20 basis points on March 30, cumulatively the rate had been cut by 30 basis points so far this year.

四是统筹发挥金融系统合力，督促国有大型银行加大支持普惠小微企业，落实好政策性银行专项信贷支持，引导地方法人银行服务好基层，加大逆周期调节。

Fourth, we have mobilized the whole financial system to work together. We have urged large state-owned banks to step up inclusive support for micro and small enterprise, offered special-purpose credit support through policy banks, guided local banks to provide better services and strengthened counter-cyclical adjustment. 　

这些措施的成效目前看起来是显著的。M2和社会融资规模与名义GDP的增速基本匹配并且略高。在实体经济没有完全复工达产的背景下，新增贷款创出历史新高。中小微企业融资量增面扩价降。货币市场利率中枢整体下移。人民币汇率表现相对稳健。外部金融风险冲击得到有效防范。

All these measures are now showing remarkable results. M2 and non-governmental financing growth rates are largely consistent with and a little higher than that of nominal GDP. Against the backdrop that the real economy is not yet fully resumed, the growth of newly increased loans has hit a record high. Micro, small and medium-sized enterprises are getting more credit at lower financing costs. The money market interest rate level is falling. Meanwhile, the renminbi exchange rate remains stable, while external financial risks are being effectively controlled.　

国务院第88次常务会议确定，进一步强化对中小微企业提供普惠性金融支持。一是增加面向中小银行的再贷款、再贴现额度1万亿元。前面有一个3000亿元，后面有一个5000亿元，这是1万亿元，这是一个连续的过程，帮助点多面广、市场融资成本较高的中小微企业获得再贷款、再贴现的政策支持。

The 88th State Council executive meeting decided to further strengthen inclusive financial support to micro, small and medium-sized enterprises. First, 1 trillion yuan of relending and rediscount quota will be provided to small and medium-sized banks, in addition to the 300 billion yuan and 500 billion yuan previously mentioned. This will be a continuing process that will help a large number of micro, small and medium-sized enterprises suffering high financing costs to obtain relending and rediscount.

二是进一步实施对中小银行的定向降准。中小银行分布比较广泛，扎根基层，天生具有普惠的性质，说一句通俗的话，“小银行要傍大款也傍不上，他们只能服务小企业，所以它天然具有普惠性”。对中小银行实施较低的存款准备金率是推进金融供给侧结构性改革的重要举措，通过改革的办法优化金融供给结构和信贷资金配置，支持中小银行更好聚焦中小微企业，增加信贷供给，降低融资成本，服务实体经济。

Second, further targeted cuts to the reserve requirement ratio will be carried out for small and medium-sized banks. With a large number of widespread outlets that mainly serve grassroots clients, these banks are inclusive by nature. In other words, unable to meet the needs of large clients, they have to serve small businesses. Implementing a lower reserve requirement ratio at these banks will be an important measure to continue financial supply-side reform. Through reform, the financial supply structure and credit fund allocation will be optimized, so that small and medium-sized banks can better focus on micro, small and medium-sized enterprises, increase credit supply, lower financing costs and contribute more to the real economy.

三是加大债券融资支持。支持金融机构发行3000亿元小微金融债券，引导公司信用类债券净融资比上年多增1万亿元，这有利于进一步增加金融机构资金来源，并拓宽企业多元化低成本融资渠道，提升金融服务水平。

Third, bond financing will be further enhanced. The authorities will support financial institutions to issue 300 billion yuan in financial bonds to specifically support micro and small businesses, and guide net financing in corporate credit bonds to increase by 1 trillion yuan over last year. These will be conducive to increasing financial institutions' funding sources, expanding the channels of diversified low-cost financing for businesses and improving financial services.　

下一步，稳健的货币政策要更加注重灵活适度。坚持底线思维，根据疫情防控和经济形势的阶段性变化，把握好政策力度重点和节奏，把支持实体经济恢复发展放到更加突出的位置。加强货币政策总量、逆周期调节，同时处理好稳增长、防风险和控通胀的关系，实现M2和社会融资规模的增速与名义GDP增速基本匹配并且略高。充分考虑中小微企业特点和目前面临的约束条件，落实好出台的各项应对措施，帮助企业渡过难关。加强国际合作，多渠道做好预期引导工作。谢谢大家。

In the future the prudent monetary policy will be more flexible and moderate. Sticking to the worst-case-scenario thinking and considering changes in epidemic control and economic conditions, we will control the focus and pace of our policies, and give greater prominence to supporting the recovery of the real economy. We will strengthen the aggregate adjustment of monetary policy and counter-cyclical adjustment, balance the relationship among stabilizing growth, preventing risks and controlling inflation, and ensure that M2 and non-governmental financing growth rates are largely consistent with and a little higher than that of nominal GDP. Taking into consideration the characteristics of micro, small and medium-sized enterprises and current constraints, we will work to implement the existing measures to help enterprises out of difficulties. In addition, we will enhance international cooperation and guide market expectations through multiple channels. Thank you.

胡凯红:

Hu Kaihong:

谢谢刘行长。下面有请周主席介绍。

Thank you, Mr. Liu. Next, the floor goes to Mr. Zhou.

周亮:

Zhou Liang:

各位记者朋友大家好。在以习近平同志为核心的党中央坚强领导下，全国人民众志成城，国内疫情防控向好形势持续巩固，企业复工复产积极有序推进，经济社会秩序加快恢复。当前，境外疫情呈现加速扩散和蔓延态势，全球经济衰退风险明显上升，我国经济社会发展面临外部冲击。

Good morning. Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, the whole nation is united. Epidemic control in China is continuing to improve and consolidate, production is resuming in an orderly manner and the recovery of economic and social order is accelerating. But the global spread of the virus is now growing, increasing the risk of a global economic recession. China's economic and social development is facing external risks.　

习近平总书记强调，要加大宏观政策调节和实施力度，为疫情防控、复工复产和实体经济发展提供精准金融服务。银保监会按照党中央、国务院决策部署，在金融委领导下，采取了一系列有效措施，引导银行保险机构大力支持企业复工复产，维护金融安全稳定，取得了积极成效。据统计，一季度银行业各项贷款新增近7万亿元，同比多增1.18万亿元，有力支持了实体经济发展。保险机构也发挥了保险保障功能和社会稳定器作用。与此同时，为了抗击疫情，银行保险机构认真履行社会责任，在国内捐款捐物、抗击疫情方面，已经捐助了大概27亿元。同时，积极开展海外捐助，大力配合驻外使馆，为我国海外留学生、驻外中资机构人员免费提供口罩、消毒液等防疫物资。此外，还向全世界59个受疫情影响比较严重的国家和地区提供一些力所能及的捐助。

General Secretary Xi Jinping urged the intensification of macro control and the implementation of macro policies to provide more targeted financial services for epidemic control, the resumption of production and the development of the real economy. Under the decisions and plans of the CPC Central Committee and the State Council, and the leadership of the Financial Stability and Development Committee of the State Council, the CBIRC has implemented a series of measures to guide banking and insurance institutions to support enterprises in resuming production and maintaining financial security and stability, which have borne abundant fruit. Figures showed that in the first quarter of 2020, the banking sector granted nearly 7 trillion yuan in new loans, up by 1.18 trillion yuan year on year, giving powerful support to the development of the real economy. Insurance institutions have also played their safeguarding and stabilizing role in society. Meanwhile, banking and insurance institutions have fulfilled their social responsibilities, donating about 2.7 billion yuan to the fight against the virus. In cooperation with Chinese embassies in foreign countries, they have provided facemasks, disinfectants and other anti-epidemic materials free of charge to overseas Chinese students and staff members of Chinese-funded enterprises and institutions overseas. In addition, they have made donations within available resources to 59 countries and regions seriously hit by the epidemic. 　

下一步，银保监会将认真贯彻党中央、国务院决策部署，抓好各项政策落实，全面提升服务实体经济质效，防控金融风险，深化金融改革，为打赢疫情防控阻击战，确保经济社会稳定健康发展作出贡献。谢谢大家。

By carrying out the decisions and plans of the CPC Central Committee and the State Council, the CBIRC will implement various policies, comprehensively improve the quality and results of serving the real economy, control financial risks and deepen financial reform in the future, with the aim of contributing to winning the battle against the epidemic and ensuring steady and sound economic and social development. Thank you.

胡凯红:

Hu Kaihong:

谢谢周主席。下面我们就进入提问环节。

Thank you, Mr. Zhou. Now we will take questions.

中央广播电视总台央视记者:

CCTV:

我的问题是，与往年相比，今年我们专项债券特点和新变化有哪些？谢谢。　　

Compared to previous years, what are the new characteristics of and changes in this year's special bonds? Thank you.

许宏才:

Xu Hongcai:

谢谢你的提问。按照党中央、国务院决策部署，今年专项债更多的要体现支持经济社会发展和疫情防控要求，跟以往做一些比较的话，主要亮点和变化体现在几个方面：

Thank you for your question. In accordance with the decisions and plans of the CPC Central Committee and the State Council, this year's special bonds will focus more on supporting economic and social development as well as epidemic control. Compared to previous years, the highlights and changes will be in the following aspects:　

一是合理扩大规模。根据全国人大授权，经国务院同意，这两年都提前下达了部分新增专项债券额度。提前下达2019年新增专项债券的额度是8100亿元，今年这项工作开展的比较早，在此之前，已经提前下达了1.29万亿，加上此次再下达一批额度，提前下达新增专项债券规模将超出上年。

First, the scale will be expanded prudently. In the past two years, with the authorization of the National People's Congress and the approval of the State Council, some quotas for newly increased special bonds have been allocated in advance. In 2019, the quota was 810 billion yuan, while this year, the work has been done even earlier. The MOF has already allocated a quota of 1.29 trillion yuan in new special bonds. In addition, a decision has been made to grant another quota. This year's total volume has surpassed that of last year.　

二是发行和使用进度提前。刚才介绍了，截至3月31日，全国各地发行新增专项债券1.08万亿元，比去年同期增长63%，加上这次再提前下达一定规模的地方政府专项债券，发行进度和资金使用进度进一步提前，有利于加大宏观政策调节力度，及早发挥作用，对冲疫情影响。

Second, issuance and utilization are being expedited. As was just explained, by March 31, local governments had issued 1.08 trillion yuan in special bonds, surging by 63 percent year on year. Moreover, an additional quota will be granted. The expedited issuance of bonds and fund utilization will help intensify macroeconomic policy regulation to offset the impact of the epidemic as soon as possible.　

三是坚持“资金跟项目走”。再提前下达一定规模的地方政府专项债券，按照“资金跟着项目走”原则，对重点项目多、风险水平低、有效投资拉动作用大的地区给予倾斜，加快重大项目和重大民生工程建设。

Third, the funds raised will be earmarked for designated projects. The additional quota for local government special bonds will be skewed in favor of regions with a large number of major projects and low epidemic risks where investment can effectively stimulate economic growth. Increased funds will help accelerate construction of key projects, including those that will improve people's wellbeing.　

四是优化资金投向，体现疫情防控需要和投资领域需求变化。在重点用于交通基础设施、能源项目、农林水利、生态环保项目、民生服务、冷链物流设施、市政和产业园区基础设施等七大领域的基础上，适当扩大专项债券使用范围，将国家重大战略项目单独列出、重点支持；同时，增加城镇老旧小区改造领域，允许地方投向应急医疗救治、公共卫生、职业教育、城市供热供气等市政设施项目，特别是加快5G网络、数据中心、人工智能、物联网等新型基础设施建设。

Fourth, utilization of funds will be optimized to meet the demand of epidemic control and demand changes in the investment sector. Today, the funds raised by special bonds are mainly used in seven sectors--transport infrastructure; energy; agriculture, forestry and water resources; environmental protection; services essential to people's livelihood; cold-chain logistics; as well as urban utility projects and infrastructure in industry parks. In the future, utilization of such funds will be properly expanded, with national key strategic projects prioritized for major support. Meanwhile, funds will go toward the renovation of old urban communities, while local governments will be allowed to invest these funds in emergency medical care, public health, vocational education and urban facilities such as heating and gas supply, especially in accelerating the construction of new infrastructure, including 5G networks, data centers, artificial intelligence and the Internet of Things.　　

五是提高专项债券作为重大项目资本金的比例，加大带动作用。对今年新增专项债券，允许地方在符合政策规定和防控风险的基础上，适当提高用于符合条件的重大项目资本金的比例，进一步带动社会资本加大投入，提高专项债券资金的拉动作用。谢谢！

Fifth, the proportion of funds raised by special bonds in the capital fund of key projects will be raised in order to mobilize more private investment. As for the newly issued special bonds this year, local governments are allowed to appropriately raise this proportion, while keeping in line with policies and risk control requirements, so as to better use the special bonds to attract more private investment. Thank you.

日本经济新闻记者:

Nihon Keizai Shimbun:

从去年8月份开始，贷款市场报价利率（LPR）已经下降了26个基点，这导致了银行利差的压缩，一些银行呼吁降低存款基准利率，您怎么看这个问题？　

Since last August, China's loan prime rate (LPR) has dropped by 26 basis points, which has led to a decreased bank spread. Some banks are calling for a lower benchmark deposit interest rate. What is your opinion?

刘国强:

Liu Guoqiang:

利率下行表面上看确实是银行的利差在缩小，但是我们也会采取很多措施，比如央行提供低成本的资金，另外我们保持市场合理充裕的流动性，这样银行从金融市场上的融资成本大幅度降低。同时，我们也在考虑加大对银行的支持力度，特别是对中小银行的支持力度。那么，对于存款利率，它是利率体系里的一个压舱石，当然作为一个工具，是可以使用的，但是这个工具比较特殊，是“压舱石”，所以实行起来要考虑得更多。比如物价的情况，现在CPI明显高于一年期的存款利率，存款利率是1.5%，CPI是5.3%，这个问题要考虑。另外也要考虑经济增长，还有内外平衡的因素，利率太低了，是不是货币贬值压力也会加大等等这些因素。特别是存款利率跟普通老百姓关系更加直接，如果让它负利率，这样的话也要充分评估，考虑老百姓的感受。所以，总的来说，就是作为工具是可以用的，但是用这个工具要进行更加充分的评估。

It's true that the decline in LPR results in a decreasing bank spread. But we will take measures, such as providing low-cost funds from the central bank and maintaining reasonably sufficient liquidity in the financial market, to greatly reduce banks' financing costs in the market. At the same time, we are also considering increasing support for banks, especially small and medium-sized banks. The deposit interest rate is a tool that can be used, but many things have to be taken into account before we use it, since it plays a special role as an anchor in the interest rate system. For example, we need to consider price. The Consumer Price Index (CPI) is now 5.3 percent, significantly higher than the one-year deposit interest rate, which is 1.5 percent. Other considerations include economic growth, as well as the exchange rate. With a lower interest rate, we may face greater pressure from currency devaluation. In particular, the deposit interest rate has a more direct impact on ordinary people. To apply a negative deposit interest rate, sufficient evaluation, including ordinary people's opinions, is required. To sum up, it is a tool that can be used, given that its use is fully evaluated.

中国财经报记者:

China Financial and Economic News:

我有两个问题，第一是目前我国政府债务水平如何？第二当前国际市场动荡、国内经济下行压力加大，中小银行抵御风险能力较弱，请问银保监会在中小银行深化改革、防范风险方面会采取哪些措施？谢谢。　　

I have two questions. First, what is the current level of government debt in China? Second, what measures is the CBIRC considering to deepen reform and prevent risks for small and medium-sized banks, which are vulnerable in the face of a volatile international market and increasing downward pressure from the domestic economy? Thank you.

许宏才:

Xu Hongcai:

谢谢你的提问。总的来说，我国政府债务的规模这些年有一些增加，但是增加的幅度是可控的。截至2019年末，我国地方政府债务21.31万亿元，如果以债务率（债务余额/综合财力）衡量地方政府债务水平，2019年地方政府债务率为82.9%，低于国际通行的警戒标准。加上截至2019年底的中央政府债务16.8万亿元，按照国家统计局公布的GDP数据计算，全国政府债务的负债率（债务余额/GDP）为38.5%，低于欧盟60%的警戒线，也低于主要市场经济国家和新兴市场国家水平。目前，我国政府债务风险水平总体可控。谢谢！　　

Thank you for your questions. In general, the size of China's government debt has increased over the years, but at a manageable rate. As of the end of 2019, China's local government debt was 21.31 trillion yuan. If measured by the debt ratio (debt balance/comprehensive financial strength), the local government debt in 2019 was lower than the internationally accepted alert standard, at a rate of 82.9 percent. Along with the 16.8 trillion yuan of Central Government debt at the end of 2019, the total national government debt rate (debt balance/GDP) was 38.5 percent, based on the GDP data released by the National Bureau of Statistics, which is lower than the EU's 60 percent warning line and of major market economies and emerging economies. At present, the risk of China's government debt is generally at a controllable level. Thank you.

周亮:

Zhou Liang:

刚才，记者朋友问到中小银行深化改革和防范风险问题。目前，我国中小银行数量有4000多家，资产总额约占到整个银行体系的1/4，应该说是我国银行体系的重要组成部分。长期以来，中小银行在支持地方经济发展，服务民营企业、小微企业、“三农”等方面发挥着不可替代的作用。总的来看，当前中小银行总体运行稳健，虽然不良资产略有上升，但是风险是可控的，主要经营指标和监管指标都处在合理区间。

You also asked the question about deepening reform and preventing risks for small and medium-sized banks. At present, there are more than 4,000 small and medium-sized banks in China, and their total assets account for about a quarter of our entire banking system. They are an important part of our banking system. For a long time, small and medium-sized banks have played an irreplaceable role in supporting local economic development, serving the private sector and small businesses, and facilitating issues related to agriculture, rural areas and rural residents. On the whole, small and medium-sized banks are operating steadily. Although the amount of non-performing assets has risen slightly, the risks are manageable, and the main operating indicators and regulatory indicators are at a reasonable range.　

我给大家报告一下，近三年以来，特别是中央要求打好防范化解金融风险攻坚战以来，银保监会采取了一系列措施，坚定推动中小银行深化改革、防范化解风险，主要做了以下工作：

Let me review the measures introduced by the CBIRC in the past three years, especially after the CPC Committee introduced the prevention and mitigation of financial risks as a key mission. The CBIRC has adopted a series of measures to promote the reform of small and medium-sized banks and prevent and mitigate risks.　

一是聚焦主责主业。坚决扭转中小银行偏离主业、盲目追求速度和规模的发展模式，回归本源、深耕本地、下沉服务，特别是强化社区和县域金融服务。对异地经营行为进行严格规范。

The first measure focused on the banks' main obligations and operations. We resolved to reverse any deviation from their main businesses and a blind pursuit of speed and scale, so that these banks can return to the businesses they were intended to do and focus on providing local services. In particular, they are expected to strengthen financial services within the community and county where they are located, with strict regulations on operation in other places.　

二是完善公司治理。积极探索把党的领导融入公司治理全过程，强化“三会一层”以及董事、监事和高管的履职评估和问责。对于履职不到位的，严肃追究责任，纠正不当履职。实行薪酬延期支付、追索扣回，强化激励和约束机制。

The second measure improved corporate governance. We have sought an approach to integrating CPC leadership into the entire process of corporate governance and strengthening performance evaluation and accountability of the general meeting of shareholders, board of directors, board of supervisors and senior management, as well as directors, supervisors and senior executives. Those who fail to perform their duties will be held accountable and improper performances must be corrected. Deferred payment of remuneration and recourse were implemented as part of an effort to strengthen the incentive and restraint mechanisms.　　

三是优化股权结构。严格审核股东资质，强化对股东特别是实际控制人“穿透式”管理，规范股东行为，依法整治违规占用银行资金、非法获取银行股权、股权代持以及使用不正当手段操纵银行经营管理的行为。最近我们也查处了一些中小机构股权管理不到位的问题，坚决清退问题股东，严格依法采取监管措施。此外，我们还开展了股权集中托管，对股权质押、变更和增资行为严肃作出了规范，切实防范内部人或者一些大股东违法把银行金融机构当成提款机。

The third measure optimized the shareholding structure. This included strictly reviewing shareholder qualifications, strengthening the "penetrating" management of shareholders, especially actual controllers, and regulating shareholder behavior, as well as rectifying illegal use of bank funds, illegal acquisition of bank equity, nominal holding of shares and manipulation of bank management via improper means. Recently, we investigated and dealt with the problem of inadequate equity management of some small and medium-sized institutions, removed ill-performing shareholders and adopted regulatory measures in strict accordance with the law. In addition, we carried out centralized custody of equity and applied strict regulations on equity pledge and change, as well as capital increase, in an effort to prevent insiders or major shareholders from illegally using banks and financial institutions as cash dispensers.　

四是压实各方责任。首先，压实中小银行深化改革和风险防控的主体责任，银行经营的好不好，第一位还是靠银行自身，主体责任一定要到位。要通过严监管倒逼银行落实责任，完善管理制度和风控体系，依法规范经营。其次，推动落实地方党委和政府责任。中小银行基本是地方经营的，地方国有资本股东也要落实责任。一旦出现风险，地方还要落实属地风险处置责任。银保监会作为金融管理部门，必须履行好监管责任，既然干了监管，就不能怕得罪人，不能当“稻草人”。要敢于监管、善于监管，纠正各种违法违规行为。

The fourth measure clarified the responsibilities of all parties. First of all, we clarified the primary responsibilities of small and medium-sized banks in deepening reform and risk control, because whether a bank operates well mostly depends on its efforts. It is necessary to use strict supervision to force banks to meet their responsibilities, improve their management system and risk control system, and operate in accordance with the law. Secondly, we promoted the fulfillment of responsibilities by local Party committees and governments. Small and medium-sized banks are basically operated locally, and therefore shareholders funded by local state-owned capital must fulfill their responsibilities. Once a risk occurs, the local government must fulfill their responsibility to handle it locally. As a financial administration, the CBIRC must fulfill its supervising responsibilities. As a supervisor, it must not be afraid to offend people and cannot be a "scarecrow." Instead, they must dare to supervise and be good at supervision, and rectify illegal acts.　　

五是增强资本实力。通过加快处置不良资产、做实资产分类、加大拨备计提和利润留存，增强银行内源性资本补充能力。通过发行普通股、优先股和无固定期限资本债券、二级资本债等方式，拓宽银行补充资本渠道和方式。支持地方向部分高风险中小银行注入资金、可变现资产，或者通过国有资本运营公司注资的方式，为中小银行补充资本。同时，我们也特别欢迎符合条件的、有实力的民营企业和外资机构参与到中小银行的改革重组中来。

The fifth measure enhanced capital strength. By accelerating the disposal of non-performing assets, classifying assets, increasing provisioning and profit retention, banks can have better endogenous capacity for replenishing capital. By issuing common shares, preferred shares, non-fixed-term capital bonds and second-tier capital bonds, banks can have more channels and methods for supplementing capital. Local governments are encouraged to inject funds or realizable assets to some small and medium-sized banks under high risks, or replenish capital for small and medium-sized banks through capital injection by state-owned enterprises. At the same time, we welcome qualified and competitive private enterprises and foreign-funded institutions to participate in the reform and reorganization of small and medium-sized banks.　

六是坚持分类施策。具体情况具体分析，不搞“一刀切”，实行一地一策、一行一策，区分轻重缓急，把握好力度和节奏，对少数高风险机构精准拆弹。

The sixth measure applied policies based on specific situations. Instead of developing any universally applicable policy, we applied policies specific to an area or industry, taking into account of its priorities. For a few institutions under high risks, we used precise measures to remove the danger.　　

七是加大金融反腐力度。对一些搞权钱交易、利益输送的违法犯罪行为严惩不贷，让干坏事的人付出沉重代价。

The seventh measure increased anti-corruption efforts in the financial sector. Those who engage in illegal and criminal activities, such as abusing power for money and tunneling, will be severely punished.　

总之，通过这几年的规范治理，中小银行发展模式、公司治理、经营管理、抵御风险能力等均有了比较明显的改善，我们对中小银行应对风险能力是非常有信心的。

To sum up, as a result of regulation and governance in recent years, great improvements have been made in small and medium-sized banks regarding a development model, corporate governance, operation and management, and resistance to risks. We are very confident in their ability to deal with risks.　

我举一个成功的例子，恒丰银行是一家资产接近一万亿的银行，由于前后两任董事长涉嫌违法犯罪，银行出现了大量的不良资产。监管部门采取果断措施进行处置，首先会同有关方面坚决撤换董事长、行长和高管，调整充实新的领导班子。对违法股权依法清退，严格查处各类违法违规人员。同时，银保监会和人民银行、财政部、地方政府密切合作，通过剥离不良资产、地方政府注资，引入新的战略投资者，在市场化、法治化的前提下，成功化解风险，完成改革重组，市场也没有引起大的波动，非常平稳。中央要求精准拆弹、稳定大局，我们应该说是实现了这个目标。

I will give you a successful example. Hengfeng Bank is a bank with assets close to 1 trillion yuan. Due to the suspected crimes committed by the bank's previous two chairpersons, it had a large number of bad assets. The regulatory authorities took decisive measures to deal with the issue. First of all, along with relevant parties, they replaced the chairperson, president and other senior executives, and reshuffled its leadership. Those that illegally possessed the bank's shared were expelled according to law, and all violators were investigated and held accountable. At the same time, the CBIRC, in close cooperation with the PBC, the MOF and local governments, introduced new strategic investors after the bank was stripped of non-performing assets and injected with capital by local governments. Under the premise of marketization and the rule of law, they successfully mitigated risks and completed the reform and reorganization of the bank. The market remained stable and there were no big fluctuations. Thus, we can say that we achieved the Central Government's goal of defusing risks precisely and maintaining overall stability.　　

下一步，银保监会还会继续坚持和深化中小银行改革、化解风险，推动中小银行走上高质量发展之路。当前受疫情和经济下行影响，有一些中小银行历史上也积累了一些问题，比如内控不完善、公司治理不到位，面临一些风险和挑战。对于这样少量的机构，我们还会坚持市场化、法治化原则，一行一策，结合实际情况，采取多种方式，比如直接注资重组、同业收购合并、设立处置基金、设立过桥银行、引进新的战投等等，加快改革重组。我们也会充分评估处置中可能产生的风险，做好各种预案，牢牢守住不发生系统性金融风险的底线。可能也会有“冒泡”的，但是我们有信心和底数，基本在我们掌握之中，不会出现区域性和系统性风险。谢谢。

Next, the CBIRC will continue and deepen the reform of small and medium-sized banks by mitigating risks and helping them to embark on the road of high-quality development. Affected by the epidemic and the economic downturn, a small number of these banks have accumulated problems, such as inadequate internal control and corporate governance, and are threatened by some risks and challenges. We will take bank-specific measures based on their actual situation, in line with the principles of marketization and rule of law. These will include reorganization with direct capital injection, horizontal mergers, the establishment of disposal funds and bridge banks, and the introduction of new strategic investment to accelerate reform and reorganization. We will also fully assess the risks that may arise in the process, make various plans and firmly adhere to the bottom line that no systemic financial risks can occur. Problems may pop up in certain banks, but we are confident that things are largely under control, and there will be no regional and systemic risks. Thank you.

经济日报记者:

Economic Daily:

当前，疫情在全球蔓延，其影响是否会超过2008年金融危机？另外，如果一季度经济数据不如预期，央行是否有新的应对方式？谢谢。　

At present, the epidemic is spreading all over the world. Will its impact exceed that of the financial crisis of 2008? In addition, if the Q1 economic data is not what is expected, does the central bank have a new way to deal with it?

刘国强:

Liu Guoqiang:

这个问题非常重要，现在很多人应该都在关心当前的经济怎么看、怎么办的问题，而且各有各的观点，有的观点可能差别还很大。对世界经济怎么看，我的回答是冲击会很大，但是到底有多大，什么时候好转？这还充满不确定性。这个回答可能不太“解渴”，但是也只能说到这个程度，我估计说的更清楚，也没有把握。

This is a very important issue. Many people are now probably concerned about the current state of the economy and how to handle it. They each have their own opinion, some of which may be quite different. As for the world economy, the impact will be great. But how serious will it be and when will it get better? This is still full of uncertainties. My answer may not be enough, but I can only speak to this extent. I cannot provide anymore certainty.　

说冲击很大，应该说现在有几个渠道比较明显。一是工业链渠道。企业要生产，原材料配不上，可能有一部分行业、企业就生产不出来。二是贸易渠道。因为有些企业、有些产品生产出来以后，卖不掉，没有订单，这也是一个问题。这两个现象都很突出。还有一个就是预期的渠道，影响人的情绪，避险情绪在加强，市场在波动。这三个是比较明显的影响。

The impact is currently obvious in three aspects. The first is in the industrial chain. Some enterprises, and even industries, can't produce without raw materials. The second is in trade channels. There are no orders even if enterprises do produce items. These two impacts are very significant. The third one is in the fluctuations of market expectations as everyone tries to lower risks. 　　

下一阶段会怎么样？或者说这个影响会不会超过2008年金融危机？现在看还没有超过。比如股市，2月24日以来，各个国家的股市大约下跌了25%，2008年金融危机期间跌幅大约50%左右，50%是危机的标配，这次目前为止跌了25%。下一步怎么样，还会不会跌25%？这还不好说，现在对下一步比较明确的就是国际货币基金组织最近表示，2020年全球经济可能会出现负增长，衰退程度可能超过2008年的金融危机。这个说法相对比较明确，但是也用了一个词叫“可能”，所以很不确定。冲击大的同时，我们也要看到，当前各个国家都出台了很大的对冲政策，另外在国际上各个国家也加大了疫情防控的力度，国际合作力度也在加大，所以对下一步还要密切跟踪、高度关注。

What will happen next? And will the impact exceed that of the 2008 financial crisis? The answer is no for now. Let's look at the stock market for example. Since February 24, the stock markets around the world have fallen about 25 percent. During the 2008 financial crisis, they dropped by about 50 percent, which is seen as a sign of a crisis. So far, they have plummeted by 25 percent. Will they drop another 25 percent? No one knows. The International Monetary Fund recently said that the global economy may have negative growth in 2020, and the recession may exceed the financial crisis of 2008. This statement is relatively clear, but it's only a possible scenario. So it is very uncertain. However, at the same time, we should not ignore that at present, each country has introduced a great deal of hedging policies, while also putting more efforts into epidemic prevention and control. International cooperation is also being enhanced, so we need to follow up and pay close attention to developments.

对中国的影响会怎么样？对中国的影响怎么看？一季度的数据现在还没有出来，出来以后，我估计按常规的观点来看，比如按没有疫情的标准来衡量，数据肯定不会好看，但是我们也要看到，从边际变化，比如从3月份和2月份的比较看，3月份是明显的好转。因此，我觉得疫情对中国经济的影响是暂时的，中国经济将继续展现极强的韧性，另外我们有丰富的工具和充足的政策空间稳定经济增长。

What will the impact on China be? The Q1 data hasn't come out yet. Taking the epidemic situation into account, I think the data will certainly not look good, but we should also see marginal changes. A comparison between February and March will show a significant improvement in March. Therefore, I think the impact of the epidemic on China's economy will be temporary. China's economy will continue to show strong resilience. In addition, we have a variety of tools and sufficient policies to stabilize economic growth.　

下一阶段怎么干？从央行的角度，就是稳健的货币政策更加注重灵活适度，把支持实体经济恢复发展放到更加突出的位置。这也是中央要求的。具体来说有几个方面：

What to do next? The central bank has issued a prudent monetary policy which pays more attention to flexibility and moderation, and puts support for the recovery and development of the real economy in a more prominent position. This is also required by the CPC Central Committee. Specifically, there are several aspects.

一是分阶段把握好政策的力度、重点和节奏。所谓分阶段，就是前期疫情防控阶段，后来是逐步复工复产，现在要进入一个全产业链的复工复产，整个经济都动起来。所以要根据不同阶段把握，保持流动性合理充裕，充分满足市场的需求。也就是说，我们绝不会让市场出现“钱荒”，当然钱也不要“变毛”，要满足市场需求合理充裕，实现M2和社会融资规模增速与名义GDP的增速基本匹配并且略高一点。

First, we should implement policies in stages with due consideration for their extent, key points and timing. In the early stage, epidemic prevention and control was the core, which gradually turned into resuming production. Now, we need to recover whole industrial chains to make the whole economy move. Therefore, it is necessary to keep liquidity reasonably adequate to fully meet market demand. That is to say, we should not let the market run short of money or cause inflation. We should make sure M2 and non-governmental financing growth rates are largely consistent with and a little higher than that of nominal GDP.

二是继续用好3000亿元专项再贷款，继续用好5000亿元专项再贷款再贴现政策，这两个政策都是已出台的，现在3000亿元、5000亿元还没有用完，当然要用得精准。

Second, we will continue to make good use of the 300 billion yuan in special relending fund and the 500-billion-yuan relending and rediscount program, both of which have been issued. Presently, the two quotas have not been used up and they of course should be utilized in a more targeted way.

三是落实好普惠性再贷款再贴现新增的1万亿元，这也是再贷款再贴现。这1万亿元比前面的5000亿元覆盖面更广一些，这个政策也要加快推动实施，做到和前面的政策无缝衔接，不出现断档。

Third, the new 1 trillion yuan in inclusive refinancing, which is also a relending and rediscount fund, should be implemented. This covers a wider scope than the previous 500 billion yuan, and should be implemented as soon as possible to achieve a seamless connection with the previous policy without interruption.

四是实施好定向降准，发挥好准备金工具的正向激励引导作用。

Fourth, we should implement targeted cuts to the reserve requirement ratio and give full play to the positive incentive and guiding role of reserve tools.

五是积极推进LPR改革，强化定价自律机制，引导银行适当向实体经济让利，促进企业综合融资成本明显下行。

Fifth, we should promote LPR reform, strengthen pricing self-regulatory mechanisms, guide banks to cut their profits to a certain extent in favor of the real economy, and facilitate a significant drop in enterprises' comprehensive financing costs.

六是加强国际合作，营造好的国际环境，与国际社会一起抗疫、一起稳定经济。同时我们还要进一步主动与市场、媒体沟通，把我们的政策意图及时公开说清楚。谢谢大家。

Sixth, we need to strengthen global cooperation, create a good international environment and work with the international community to fight the epidemic and stabilize the global economy. At the same time, we should further our active communication with the market and the media, and make our policy intentions clear in a timely manner. Thank you.

CNBC记者:

CNBC:

首先，是关于刚才提到的3000亿和5000亿的贷款，目前情况落实有没有具体的数字？还有增加的1万亿再贷款预测什么时候会发放？第二个问题，请问财政部关于支持中小微企业还有什么具体的措施或者考虑到的一些政策方向，是否考虑到新的办法有效促进消费？谢谢。　

First question is about the afore-mentioned 300 billion yuan and 500 billion yuan loans. Are there any figures for the current situation of its implementation? The second question is: What are the specific MOF measures or policies being taken to support micro, small, medium-sized enterprises and are there any new measures to effectively stimulate consumption? Thank you.

刘国强:

Liu Guoqiang:

有几个数，首先是关于3000亿元专项再贷款，主要用于重点企业抗疫保供，比如生产医疗物资等等。这3000亿元到3月30日，9家全国性银行和10个省市的地方法人银行，向5881家重点企业累计发放优惠贷款2289亿元，平均每户企业获得贷款不超过4000万元，利率加权平均是2.51%，财政部50%贴息以后，企业的实际融资利率约为1.26%。这是3000亿元的情况。还有5000亿元再贷款再贴现，重点支持有序复工复产。到3月30日，地方法人银行累计发放优惠利率贷款包含贴现2768亿元，支持的企业户数（含农户）是35.14万户。具体来说，这里面涉农贷款是552亿元，加权平均利率4.38%，普惠小微贷款1556亿元，加权平均利率4.41%，办理贴现661亿元，加权平均利率3.08%。这几个利率都符合国务院不高于4.55%的要求。

Yes, there are a few figures. The first is about the 300-billion-yuan specific relending fund, which is mainly used for major companies to fight against the epidemic and ensure supplies such as medical materials. As of March 30, the 300 billion yuan had been disbursed to nine national banks and some corporate banks in 10 key provinces and municipalities. A total of 228.9 billion yuan preferential loans had been given to 5,881 major companies, each getting no more than 40-million-yuan loans. The weighted average interest rate was 2.51 percent and after an MOF 50-percent interest subsidy, the companies' actual financing interest rate was about 1.26 percent. That's it for the 300 billion yuan. There is another 500 billion yuan relending and rediscount quota for banks focusing on supporting the orderly resumption of work and production. By March 30, local corporate banks had accumulatively issued 276.8 billion yuan in preferential interest rate loans, including subsidies, which have supported 351,400 enterprises (including rural households). Specifically, the agriculture-related loans were 55.2 billion yuan, with a 4.38-percent weighted average interest rate; inclusive financing for micro and small enterprises stood at 155.6 billion yuan, with a weighted average interest rate of 4.41 percent; and subsidies reached 66.1 billion yuan, with an interest rate of 3.08 percent. These interest rates are in line with the State Council's requirement of no higher than 4.55 percent.　　

还有新增的1万亿元再贷款再贴现，国务院88次会议前几天刚定的。我们考虑出发点是跟实体经济恢复情况进行衔接，另外和前期出台的3000亿元、5000亿元政策进行衔接，避免出现断档。政策的含义是人民银行通过再贷款再贴现工具，向中小银行提供低成本的资金支持。人民银行给中小银行再贷款成本和前面5000亿元一样，还是2.5%低成本资金支持。这样可以降低中小银行的负债成本，中小银行的负债成本降低了，也相应提高了向中小微企业让利的空间。这次新增加的1万亿元再贷款再贴现，我们会要求中小银行以优惠的利率向中小微企业发放贷款，没有规定利率。5000亿元再贷款规定最高是4.55%。这次我们是鼓励低利率向小企业贷款，但是没有限制。我们也有办法，比如我们通过奖励性考核引导中小银行降低对中小微企业的贷款利率。这个政策没有财政贴息，但是从前面5000亿元再贷款再贴现的使用情况看，虽然中央财政没有贴息，但是很多地方财政都进行了补贴，所以我们也希望地方政府对1万亿元的再贷款再贴现提供利息补贴，企业实际拿到的利率也会比较优惠。什么时候实施？我们现在就开始策划，5000亿元用完了就可以干，具体的政策很快就会出台。谢谢。

There was an additional 1 trillion yuan of relending and rediscount proposed a few days ago at the 88th meeting of the State Council. It's supposed to go along with the recovery of the real economy and the previous 300 billion yuan and 500 billion yuan policies in case there is a gap between policies. It aims to provide low-cost financing support for small and medium-sized banks through the PBC's relending and rediscount tool. The cost is the same as the previous 500 billion yuan at 2.5 percent. The move can lower the cost of debt for small and medium-sized banks, which accordingly will improve their capacity to deliver profits to micro, small and medium-sized enterprises. For the 1 trillion yuan of relending and rediscount, we will require small and medium-sized banks to issue loans to micro, small and medium-sized enterprises at preferential interest rates, but have not stipulated the interest rate. The maximum rate for the relending of the 500 billion yuan is 4.55 percent. We have other methods such as setting reward assessments to guide the banks to lower their lending rates to these enterprises. There will be no financial subsidies from the Central Government, but according to the utilization of the 500 billion yuan , although the Central Government did not offer subsidies, many local governments did. Thus, we hope local governments can provide interest rate subsidies for the 1 trillion yuan, so that enterprises can enjoy a practical preferential rate. In terms of the timing, we are making plans right now, and we will be able to implement it after the 500 billion yuan runs out. Specific measures will soon be introduced. Thank you.

许宏才:

Xu Hongcai:

应当说疫情发生以来，财政部高度重视小微企业的融资问题，全力支持小微企业现金流不断裂，支持他们渡过难关。从财政政策这个角度出台了一系列政策，包括税收、贴息等等。按照3月31日国务院常务会议部署，围绕健全贷款风险分担机制，鼓励发展中小微企业增信商业保险产品，降低政府性融资担保费率，减轻中小微企业综合融资成本这个主题，财政部主要从以下三个方面去做工作：

Since the outbreak of the epidemic, the MOF has attached great importance to the financing of micro and small enterprises, fully supporting them to keep their cash flow intact, and assisting them in overcoming difficulties. From the perspective of fiscal policy, a series of policies have been introduced, including tax cuts and subsidies. According to the plans from the State Council executive meeting on March 31, concentrating on issues such as improving the risk sharing mechanism for loans, encouraging micro,small and medium-sized enterprises to gain trust in commercial insurance products, reducing guarantee rates for government financing and reducing comprehensive financing costs for micro, small and medium-sized enterprises, the MOF will do the job from the three following aspects:　

第一，要求国家融资担保基金2020年新增再担保业务规模不得低于4000亿元，投资10家支农支小成效明显的地级市融资担保机构，对100万元以下的免收再担保费，其余的再担保费也要减半，就是100万元以上的要减半。

First, the scale of newly added reguarantee business by the national financing guarantee fund should be no less than 400 billion yuan in 2020 and will be required to be invested in 10 prefecture-level financial guarantee institutions that have made notable achievements in supporting agriculture-related and small companies. For loans under one million yuan, the reguarantee fee should be exempted, while for those over 1 million yuan, the fee should be halved.　

第二，要求政府性融资担保行业减半收费，将综合融资担保费率降至1%以下。确保2020年新增的支农支小业务占比不得低于80%。

Second, the government financing guarantee industry is required to halve the fees and reduce the comprehensive financing guarantee rate to less than 1 percent. Meanwhile, newly added business to support agricultural and small companies in 2020 should account for no less than 80 percent of the total.　　

第三，允许符合条件的创业担保贷款展期。研究进一步增加支持群体、降低进入门槛，将受疫情影响的重点群体纳入支持范围。预计2020年将新增支持100万个人创业者、1万家小微企业，增长的幅度会比上年增长50%以上。

Third, qualified entrepreneur guaranteed loans will be extended. We will further increase support for more startups and micro and small enterprises, lower the entry threshold and include key sufferers of the epidemic into the scope of support. It is estimated that in 2020, we will increase the list by 1 million individual entrepreneurs and 10,000 micro and small enterprises, with the growth rate increasing by 50 percent over 2019.　

下一步，财政部将会加快优化创业担保贷款贴息的政策，通过贴息，让更多的小微企业有钱创业、轻装上阵；改进担保激发支小动力，引导金融资源向小微企业聚集和精准滴灌，形成合力，帮助小微企业渡过难关。谢谢。

Next, the MOF will accelerate the optimization of the discounting policy for entrepreneur guaranteed loans through which more micro and small enterprises will have money to start businesses and easily run their businesses. We will improve guarantee policies and motivate institutions to support small businesses, pool financial resources to support micro and small enterprises, and achieve targeted assistant so that we can work together to help them tide over current difficulties. Thank you.

彭博新闻社记者:

Bloomberg:

您好，我是来自彭博社的记者。我的问题是提给刘行长的。您刚才提到了银行系统的稳定性，根据中国人民银行2019年发布的金融稳定报告，当时做了一个压力测试，在GDP增速小于4.1%的情况下，17家大银行在测试中都没有获得成功，同时有180多家大银行的流动性测试也失败了，今年GDP的增速预计为3.1%，远小于去年4.1%最差的情况，您如何看待银行的表现，是否会进行新的压力测试？谢谢。

Hello, I'm a reporter with Bloomberg and my question is for Mr. Liu. You just mentioned the stability of the banking system. According to the Financial Stability Report released by the PBC in 2019, a stress test was conducted where 17 major banks failed and more than 180 large banks failed the liquidity test under the condition that the growth rate of the GDP was less than 4.1 percent. This year, the rate is estimated to be 3.1 percent, far less than the worst case scenario of 4.1 percent last year, how do you evaluate the banks' performance and will there be a new stress test? Thank you.

刘国强:

Liu Guoqiang:

2019年银行业压力测试情形是基于宏观经济计量模型和历史情景、专家判断，多为一些假定。这种压力情形是“极端但可能”，可能性相对比较小，它是一种假定要求。疫情发生以来，我们密切监测银行体系的风险状况，系统评估疫情对银行业的影响，开展了压力测试。新的一些相关测试结果，将通过金融稳定报告及时对外披露，更新报告。

The banking industry stress test in 2019 was based on macroeconomic econometric models, historical scenarios and expert judgment, and was mostly based on assumptions. This situation is "extreme but possible," with the possibility relatively small and is a hypothetical requirement. Since the outbreak, we have closely monitored the risk to the banking system, systematically assessed the impact of the outbreak on the banking industry and conducted stress tests. Some new test results will be disclosed in a timely manner through the Financial Stability Report and the report will be updated.　

短期来看，疫情对经济造成了短期较大的冲击，部分行业影响比较大，风险会有所上升，这是必然的。对银行信贷资产也必然造成一定的下迁压力。但是总的来看，中国的银行业整体损失吸收能力比较强，风险抵御的弹药比较充足。到2019年末，中国商业银行不良贷款率1.86%，远低于5%的监管标准。拨备覆盖率是186.08%，贷款损失准备余额达到4.5万亿元，所以应对不良率上升这个缓冲垫是充足的。2019年，银行业处置不良资产2.3万亿元，银行资产质量管控手段多样。有些银行比较难过，但是有能力把它缓解下来。

The epidemic has caused a large short-term impact on the economy. Some industries have suffered greatly and the risk will inevitably increase. There is also a downward pressure on banks' credit assets. But overall, China's banking industry has shown a strong loss-absorbing and anti-risk capacity. By the end of 2019, the non-performing loan ratio of China's commercial banks was 1.86 percent, far below the 5-percent regulatory standard. The provision coverage ratio was 186.08 percent and the reserve for loan loss was 4.5 trillion yuan. This is sufficient to cushion rising non-performing loans. In 2019, the banking industry disposed of 2.3 trillion yuan of non-performing assets, and there are diverse measures to monitor banks' asset quality. Although it is difficult for some banks, they have the ability to ease the pressure.

周亮:

Zhou Liang:

刘行长讲的已经很全面了。人民银行做的宏观审慎测试，实际是把所有的困难想到极致，在现实当中不一定发生。从银保监会的监测来看，资本充足率达到14.6%，今年还会加大不良资产的处置力度，年初已经在研究这个计划。在银行资本补充方面，今年还会继续拓宽渠道，比如发行各种资本补充债券、优先股、普通股等，加大银行内源性资本补充。这些计划按步就班，有力推动，不会有大的问题。市场是最好的说明，资本市场保持了相对稳定，银行股价比较稳定，北上资金最近又开始流入中国股市。无论从政策层面还是市场层面，还有从银行机构整体表现来看，我们的银行业是很稳健的。谢谢。

Mr. Liu has given us a comprehensive introduction. The stress tests conducted by the PBC under the macro-prudential policy framework took into consideration extreme difficulties, which may not actually happen. Meanwhile, the CBIRC's supervision has shown a capital adequacy ratio of 14.6 percent. We will step up efforts to handle non-performing assets. Since the beginning of the year, a plan has already been put on the agenda. In terms of capital replenishment, we will continue to broaden the channels, such as issuing capital supplementation bonds, preference shares and common shares, so as to increase banks' endogenous capital supplement. If these plans are carried out step by step, there won't be major problems. Market performance will prove this. Recently, the “northbound” investment begins to flow into the Chinese stock market, as both the country's capital market and stock price of banks have remained relatively stable. In other words, our banking sector is sound in terms of policy, market and institutional performance. Thank you.

中国新闻社记者:

China News Service:

我们看到受疫情影响，现在不少中小微企业经营遇到困难，出现了资金链紧张的情况，请问银保监会在支持中小微企业方面有哪些措施？谢谢。　

Affected by the pandemic, many micro, small and medium-sized enterprises are facing difficulties in operation and limited sources of capital chain. What measures will the CBIRC take to support them? Thank you.

周亮:

Zhou Liang:

疫情发生以来，很多中小微企业面临困难，其中一个非常突出的问题，就是资金链紧张。我们急企业之所急，立即采取了一系列措施，缓解企业的资金压力。据统计，2月末，18家大中型商业银行的普惠型小微企业贷款余额5.55万亿元，同比增长31.8%，这个增速是非常可观的。贷款的平均利率是5.22%，较去年下降0.22个百分点。其中，5家大型银行普惠型小微企业贷款平均利率4.4%，较去年也下降了0.3个百分点。我们抓了以下几个方面工作：

Since the outbreak, many micro, small and medium-sized enterprises have undergone difficult times. One of the prominent problems is the limited sources of capital chain. We have taken a series of timely measures to ease their financial pressure. According to statistics, by the end of February, the balance of inclusive loans to micro and small enterprises was 5.55 trillion yuan, up 31.8 percent year on year, for a considerable growth. The average interest rate on loans was 5.22 percent, down 0.22 percentage point from the previous year. Among them, the average interest rate of five major banks' inclusive loans to micro and small businesses was 4.4 percent, down 0.3 percentage point from the previous year. We have focused mainly on the following areas:　　

一是努力实现小微企业信贷“增量、扩面、提质、降本”。确保实现单户授信总额1000万元以下的普惠型小微企业“两个不低于”，增速不低于各项贷款增速，有贷款余额户数不低于年初水平，其中5家大型银行还要力争上半年普惠型小微企业贷款同比增长30%。着力提高小微企业贷款“首贷户”的占比。适当提高信用贷款和续贷业务比重，进一步降低企业融资成本。

First, we have worked to increase credit to micro and small enterprises, weigh loans toward first-time borrowers, improve the quality of financial services and reduce their borrowing costs. We want to ensure that the growth of loans for micro and small enterprises with a credit quota of under 10 million yuan per company is not lower than the growth rate of any other loans, and that the number of accounts with a loan balance is not lower than the level at the beginning of 2020. Five major banks will strive for a year-on-year increase of 30 percent for inclusive loans to micro and small enterprises in the first half of the year. We will focus on increasing the proportion of first loans made to new clients of these enterprises and we will appropriately increase the proportion of credit loans and loan renewals to further reduce their financing costs.　　

二是落实好贷款延期还本付息政策。这项政策出台以后，受到了广大中小微企业的欢迎。实施临时性延期还本付息安排，免收罚息，不下调贷款风险分类，也不影响征信记录，为企业渡过难关创造了条件。据不完全统计，目前实施延期还款的中小微企业贷款本息达7000多亿元，广大小微企业主和个体工商户都享受到了这个政策。

Second, we have implemented the provisional deferment policy for both principal repayment and interest payment. The introduction of this policy was welcomed by the vast number of micro, small and medium-sized enterprises. The provisional deferred policy for principal repayment and interest payment will exempt default interest without adjusting clients' loan category or credit record. All of this has created conditions for enterprises to tide over difficulties. According to incomplete statistics, the principal and interest of micro, small and medium-sized enterprises' loans that are now subject to deferment policy amount to 700 billion yuan, and the majority of these enterprises and self-employed business owners are enjoying this preferential policy.　　

三是加大对受疫情影响严重的行业和地区中小微企业信贷支持。比如批发零售、住宿餐饮、酒店、物流运输和文化旅游这些行业受到疫情冲击比较大，要求银行不得盲目抽贷、断贷、压贷，特别要下调贷款利率，让利于企业。同时，通过增加信用贷款和中长期贷款的方式，支持企业尽快复工复产。对于湖北地区，我们也作了特殊安排，今年湖北的普惠型小微企业综合融资成本力争下降1个百分点以上。

Third, we have increased credit support to micro, small and medium-sized enterprises in industries and regions severely hit by the pandemic. For industries such as wholesale and retail, hospitality and catering, logistics and transportation, and cultural tourism, which have been severely hit by the COVID-19 outbreak, we urged banks to not rashly withdraw, cut off or defer lending. Financial institutions were encouraged to reduce the loan interest rates so as to benefit enterprises. At the same time, by providing more credit loans and medium- and long-term loans, we wanted to support enterprises to resume work and production as soon as possible. We have also made targeted arrangements for Hubei Province. We will strive to lower the comprehensive financing cost in 2020 by over 1 percentage point from last year for small and micro enterprises in Hubei.　　

四是发挥政策性银行的逆周期调节作用，支持民营、小微企业发展。鼓励政策性银行向中小银行提供低成本资金，以转贷款方式向民营和小微企业发放相对优惠利率的贷款，利率不高于当地普惠型小微企业贷款利率。目前，转贷款余额已经达到了1800多亿元，较年初增长17%，下一步我们还会加大力度。

Fourth, we have given full play to the role of non-commercial banks in counter-cyclical adjustment and support the development of private, micro and small enterprises. Non-commercial banks are encouraged to provide low-cost funds to small and medium-sized banks, allowing them to extend relending funds to private, micro and small enterprises at favorable interest rates no higher than the interest rates of local inclusive loans. At present, the balance of relending funds has reached 180 billion yuan, up 17 percent from the beginning of the year. We will step up our efforts in the future.　　

五是强化金融科技运用，为中小微企业提供精准便捷服务。鼓励利用大数据、云计算等技术，线上与线下联动服务，通过网络、手机、电话等方式，让广大中小微企业足不出户就能得到金融服务。

Fifth, we have strengthened the utilization of Fintech (financial technology) to provide precise and convenient services for micro, small and medium-sized enterprises. We have encouraged the use of technologies such as big data and cloud computing to provide both online and offline services to enable these enterprises to obtain financial services without leaving their homes through the Internet, mobile phones and telephones.　　

六是切实降低企业融资成本。进一步开展银行收费清理，严肃查处“存贷挂钩”“以存定贷”等违规行为，鼓励保险机构提供融资增信。另外，刚才财政部长宏才同志也讲了降低担保费率和中介费率，人民银行也提了要求，我们要做到让政策的红利实实在在的落到小微企业身上，避免被截留。

Sixth, we have effectively reduced the financing costs of enterprises. We will further clear bank fees, crack down on irregularities, such as the practice of taking deposit as the premise condition for the approval and issuing of loans, and encourage insurance institutions to provide financing and credit to micro, small and medium-sized enterprises. In addition, Mr. Xu has just talked about lowering the fees on financial guarantees and intermediary services, while the PBC has put forward requirements to ensure that the dividends of the policies go to small and micro businesses and are not withheld.　　

总之，经济稳则金融稳，企业好金融才能好。中小微企业是稳定就业的“主力军”，事关广大人民群众的切身利益，受疫情影响较大，各方应该共同携手，帮助他们渡过难关。我们要求银行保险机构多一点“换位”意识，多做一些“雪中送炭”事情，真正把党中央、国务院的好政策落到实处。谢谢。

In short, sound economic growth will ensure the stability of finance, and good performance by enterprises will boost the financial development of China. Micro, small and medium-sized enterprises are the main force for stabilizing employment. This concerns the vital interests of the people and was greatly affected by the pandemic. All parties should work together to help them tide over the difficulties. We urge banks and insurance institutions to put themselves in these enterprises' shoes and provide timely assistance to them, as well as honestly implement the policies of the CPC Central Committee and the State Council. Thank you.

香港经济导报记者:

Economic Herald:

国务院常务会议部署再提前下达一批地方政府专项债额度，请问这一政策是否对应对疫情冲击影响而采取的举措？在推动专项债时如何切实做好风险防范？　

A State Council executive meeting recently decided to increase the issuance of local government special bonds ahead of schedule. Is this a measure adopted to tackle the impact of the COVID-19 outbreak? How will risks be prevented while promoting the issuance of special bonds?

许宏才:

Xu Hongcai:

国务院常务会议部署再提前下达一批地方政府专项债券的额度，是应对经济下行的举措，也是为应对疫情的一项措施。在更好发挥专项债券作用的同时，要防范风险，我们也是把这个工作作为一个重要方面来做。发挥作用、防范风险，主要从四个方面考虑：

Assigning some of the local government special bond quota ahead of schedule is a measure to cope with the economic downturn as well as the COVID-19 outbreak. While giving better play to the role of special bonds, we should also prevent risks, which is an important part of our work. To play our role and prevent risks, we mainly take four aspects into consideration:　　

第一，早见成效。要求各地按照中央提前下达的额度，抓紧发行。争取二季度发行完毕，并且尽早拨付到项目上，进行实质性的使用，尽早发挥作用。这在当前应对疫情对经济影响的情况下，更为紧迫。

First, quick results are expected. Local governments are required to issue special bonds according to the quota decided by the Central Government. Local authorities should strive to issue the bonds by the end of the second quarter and allocate them to projects for substantive use with quick results. This is the most urgent work to do in order to deal with the economic impact of the outbreak.　　

第二，选好项目。刚才我前面介绍了原来有7个方面的领域，今年做了一些调整，完善扩大了一些领域。地方要根据中央确定的领域选择项目，特别是要把重点项目、迟早都要干的项目，还有拉动作用大的项目选出来，并且特别要求地方政府、地方相关部门密切合作，地方政府要负起责任。财政部门、发展改革部门，还有其他一些相关部门都要发挥自己的作用，配合好。地方政府把项目选择确定之后，要报到发改委和财政部进行审核把关。

Second, good projects are required. We have made some adjustments and expanded some areas on the basis of the seven fields that I mentioned before. Local governments are required to select projects in accordance with the fields designated by the Central Government. Key projects, must-do projects and projects that can play a major role in stimulating economic growth should be chosen. In particular, local governments and relevant departments are required to work closely, and local authorities must undertake their responsibilities. Financial departments, development and reform departments and others should all play their roles and cooperate with each other. After the local governments select projects, they should report to the National Development and Reform Commission and the MOF for examination and verification.　　

第三，合格合规。地方选择项目和中央有关部门审核把关的时候，要求所有的专项债券项目都必须是合格合规的，必须是符合专项债券管理条件的。也就是说，要用于有一定收益的公益性项目，项目要有融资收益平衡方案，确保在项目建设取得实效的同时防范风险。

Third, the projects should be qualified and in compliance with regulations and laws. After local governments choose projects and central authorities check and verify them, all projects are required to be qualified and in compliance with the requirements of special bond management. That is to say, they should be public welfare projects with certain benefits. And the projects should have a scheme for financing and income balance, so as to ensure that they are truly effective while preventing risks.　　

第四，全程监管。按照专项债券穿透式监管的要求，全程跟踪了解专项债券发行使用的情况，发现问题的话，立即整改落实。谢谢。

Fourth, supervision should be conducted throughout the whole process of special bond issuance. In accordance with the requirements of special bond penetration supervision, we will track and manage the whole process of special bond issuance. If there are any problems, we will urge timely rectification and implementation. Thank you.

中国日报记者:

China Daily:

这次疫情对产业链造成了很大的冲击，我们想请问一下，在支持产业链协同复工复产方面，银保监会还有哪些考虑？谢谢。

The COVID-19 epidemic has severely affected industrial chains. What measures has the CBIRC taken to support the coordinated resumption of work and production of industrial chains? Thank you.

周亮:

Zhou Liang:

谢谢记者的提问。中国是制造业大国，在国际产业链中占据着重要位置。随着现代经济的发展，很多终端产品的结构和功能都日趋复杂，单靠一家企业或者数家企业,已经不可能独立完成产品设计研发、生产、加工、运输、销售等众多环节，而且产品零部件也非常多，分工也越来越细，所以产业链的概念逐渐建立。据统计分析，每一家大型制造业的核心企业，有两三百家中小微企业或者配套企业，形成了核心企业和产业链企业的生态系统。这一次疫情对产业链的冲击很大，可能某一个零部件不到位，最终产品就生产不出来。金融在这方面很快就行动起来，围绕着产业链加强服务，顺利促进企业复产复工。

Thank you for your question. China is a manufacturing powerhouse occupying an important role in the international industrial chain. Along with the development of the modern economy, the structure and functions of many finished products have become increasingly complicated, making it impossible for one or even several enterprises to complete product design, research and development, production, processing, transportation and sales independently. Products have many parts and their divisions of labor have become more well-defined, which has generated these industrial chains. Analyses show that a leading enterprise in the manufacturing industry is usually supported by 200-300 micro, small and medium-sized enterprises or supporting companies, which have developed into an ecosystem of leading enterprises and other firms on industry chains. The epidemic has dealt a severe blow to China's industrial chains. Since the insufficient supply of certain parts may hold up the production of finished products, China's financial authorities have taken swift moves to improve services related to industrial chains and support enterprises' resumption of production and work.　　

第一，我们鼓励银行机构以核心企业为依托，根据信息流、资金流和物流等信息，为核心企业及上下游的小微企业提供全链条、全方位的金融服务。

First, the CBIRC has encouraged banking institutions to provide all-around financial services covering the whole industrial chains of leading enterprises and upstream and downstream small and micro firms based on analyses of information and capital flow as well as logistics.　　

第二，加大对产业链的核心企业的支持力度，增加流动资金贷款和中长期贷款，鼓励核心企业以适当的方式减少对上下游企业的资金占用，为下游企业提供延期付款的便利。针对店大欺客，拖欠货款，有钱不付的情况，我们要求银行加强信贷资金监测，提高对上游企业的支付效率。

Second, it has improved support for leading enterprises in industry chains, increased liquidity loans and medium- and long-term loans, encouraged leading enterprises to resort to loans and pay funds in a timely manner to upstream and downstream firms, and allow downstream enterprises to defer loan payments. The CBIRC has asked banks to improve the monitoring of credit funds and enhance the efficiency of payment for upstream enterprises to avoid delayed payment or the default in payment of large enterprises.　　

第三，持续跟进核心上下游中小微企业的融资需求，积极发展应收账款、订单、仓单、存货质押融资，创新金融产品和服务。预计今年将为产业链上的中小微企业提供应收账款融资8000亿元。   

Third, it has followed the financing demands of leading enterprises as well as upstream and downstream micro, small and medium-sized enterprises, innovating financial products and services by developing financing through accounts receivable, orders, warehouse receipts and inventory. It is expected to provide 800 billion yuan in accounts receivable financing for micro, small and medium-sized enterprises on industry chains this year.

第四，鼓励银行保险机构强化金融稳外贸的作用，完善跨境金融服务链条，与境外金融机构开展合作，为稳定全球产业链提供信用支持和融资服务。

Fourth, banks and insurance institutions are encouraged to further stabilize foreign trade through financial services, improve the cross-border financial service chains, cooperate with international financial institutions and provide credit support and financing services to help stabilize the global industrial chain.　

第五，提升产业链的金融服务科技水平，鼓励银行开发专门的信贷软件和信息系统，与核心企业深化合作，在系统对接、信息共享、资金监控等方面加强协调配合。

Fifth, it has improved the technological level of financial services for industrial chains, mainly by encouraging banks to develop credit software and information systems, and further cooperation with leading enterprises on system matching, information sharing and fund monitoring.　

通过调研，我们了解到，从工商银行和建设银行看，他们已经梳理出来了数千条产业链条，提供全方位金融服务。下一步，银保监会将继续推动做深做细做实产业链金融服务，在稳增长的基础上防控好风险，推动金融和实体经济实现良性循环。谢谢。

Research findings show that the Industrial and Commercial Bank of China and China Construction Bank have provided all-around financial services for several thousand industrial chains. The CBIRC will continue to provide more targeted and effective financial services for industrial chains, prevent and control risks while ensuring steady growth, and promote a virtuous cycle of financial support and the real economy. Thank you.

美国国际市场新闻社记者:

Market News International:

我的第一个问题，今年在专项债有报道说，全部不可以用于房地产和土地开发，能否确认一下这个报道？如果这样的话，今年棚改项目如何获得资金，还是说今年的棚改资金会大幅的削减？第二个问题，特别国债资金的具体使用能不能介绍一下？

Some media reports suggest that no special local government bonds can be directed to the real estate sector or land development. Is that true? If so, how will the shanty town renovation projects get funds this year? Will funds for shantytown renovation projects be significantly cut? Could you also elaborate on the specific use of special treasury bonds?

许宏才:

Xu Hongcai:

谢谢你提的问题。棚改是重大的民生工程，也是发展工程，按照党中央、国务院部署，近些年来各地区、各有关部门大力推进棚改工作，应当说成效很好，有很多的棚户区居民“出棚进楼”。经过多年的工作开展和推进，应该说具备条件的一些项目基本改造完成，当然还有一些难的项目没有做到位。

Thank you for your questions. The renovation of shantytowns is a major project related to people's livelihood and China's development. In line with the decision of the CPC Central Committee and the State Council, local governments have promoted renovation in recent years with great efforts and have made remarkable progress. Many residents in rundown areas have moved into apartment buildings. Some qualified projects have been completed across the board through years of efforts, while some are still face difficulties.　　

2020年，各地要结合房地产调控的要求，严把棚改的范围和标准，严格评估财政承受能力，科学确定年度棚改任务，不搞“一刀切”，不层层下指标，不盲目举债铺摊子。重点攻坚老城区内脏乱差的棚户区和国有工矿区、林区、垦区棚户区。今年明确政府的专项债不用于土地收储和与房地产相关的项目，同时根据中央经济工作会议“加强城市更新和存量住房改造提升、做好城镇老旧小区改造”的要求，刚才我前面也介绍了，在专项债的使用范围方面作了调整，将城镇老旧小区改造纳入了专项债券的支持范围。在当前宏观经济形势下，推动见效快、能够尽早开工的项目，尽快开工建设，确保形成实务工作量，尽快形成有效投资。这是关于棚改的问题。

In 2020, local governments are supposed to follow the central requirements of reigning in the property sector, control the scope and standards of shantytown renovation, strictly evaluate the financial bearing capacity and settle the annual tasks of renovation in a scientific way. Local authorities need to avoid making one-size-fits-all renovations, setting impractical targets and blindly resorting to loans. It is necessary to focus on shantytowns in poor environments in old urban areas, as well as in state-owned industrial, mining, forest and reclamation areas. The Central Government has clarified that special local government bonds should not be used for land acquisition or stock and real estate-related projects in line with the requirements proposed at the 2019 Central Economic Work Conference on renovation of existing residential projects and old urban communities. With coverage adjusted, special local government bonds will support the renovation of old urban communities. Amid the current macroeconomic situation, the government will promote the construction of projects that can be started soon and produce tangible results to ensure the steady completion of work and effective investment. 　　

刚才，你还讲到了发行特别国债的问题。今年以来，新冠肺炎疫情对我国经济产生阶段性的冲击，经济下行的压力有所加大，特别是当前境外的疫情呈扩散蔓延的态势，世界经济贸易增长受到严重冲击，我国经济的发展面临新的挑战。为了有效应对疫情的负面影响，加大宏观政策调节和实施力度，按照党中央决策部署，2020年将适当提高财政赤字率、发行特别国债，向社会释放积极明确的信号，巩固和提升市场信心，支持完成全年经济社会发展的目标。适当提高赤字率和发行特别国债，按法定程序需经国务院提请全国人大审议批准，具体方案将综合考虑国内外经济形势、国家宏观调控的需要、财政收支状况等因素确定。谢谢。

You also mentioned the issuance of special treasury bonds. Since the beginning of the year, the COVID-19 epidemic has exerted phased impacts on China's economy and added to downward pressure. As the pandemic spreads across the world, global economic and trade growth has been severely impacted, forcing China's economic development to face new challenges. To effectively cope with the impact of the epidemic and improve the adjustment and implementation of macroeconomic policies, the government has pledged to moderately increase the fiscal deficit rate and issue special treasury bonds this year, along with the CPC decision, to deliver positive and clear signals to society, boost market confidence and ensure the realization of annual economic and social development targets. A deficit rate increase and the issuance of special treasury bonds need to go through legal procedures. The State Council will submit them to the National People's Congress for review and approval. The specific plans will be settled based on the domestic and international economic situation, the demands for national macroeconomic adjustment and control, and fiscal revenue and expenditure. Thank you.

胡凯红:

Hu Kaihong:

发布会到此结束，谢谢三位发布人，谢谢大家。

That is the end of today's press conference. Thank you.

文章来源：国新办

*本网站基于服务并方便广大英语和翻译类同学学习，本着英语信息共享交流学习，如果本站部分内容侵犯了您的版权，敬请联系我们，我们将在第一时间删除相关资料。谢谢！

如果你阅读完本文有所收获，

那就关注公众号“高斋CATTI"吧！最后再送大家个福利！