Wenzhou is said to involve the private lending to 89% of households, individuals and 59% of the enterprises, the scale of borrowing $ 44 billion in annualized interest rate has reached 180%, so that point of view, with "full credit" to describe Wenzhou's private lending is definitely not an exaggeration.
There are ancient private lending, but objectively speaking, is the important achievements of Wenzhou private economy "hero." But why now fall into this Wenzhou-style "universal borrowing" the insane, a background can not fail to mention the current economic environment.battery clip High inflation expectations under monetary tightening, making many small and medium enterprises from the bank is difficult to borrow, have through private borrowing to maintain their normal operation; and fewer investment opportunities in the real economy, industry profit margins are not high, but also makes a large number of people spare cash can be used to lend, there are both market supply, private loans like crazy not immune.
glue gun But everything goes too far, too, and more than a certain limit, a good thing may become a bad thing. Private lending is no different. Obviously all the people borrowing the same stock as all the people, more than the normal financial circumstances required financing needs of SMEs, although borrowing from each individual to make, this is a rational decision to maximize revenue, but the overall economic situation and words, then to some extent into a "crazy", that our financial system to be a big problem.
Specifically,booster cable universal borrowing, such as the lack of effective regulation and supervision, will lead to two hazards: First, borrowing money fracture risk that may arise down the drain. Private lending is expected that interest rates continue to rise as a precondition, once the economic situation is bad, interest rates fall, the private lending risk prone. In addition, the lack of formal contracts such lending practices, often promissory note agreement,hot glue gun oral agreement, in which case the increasing credit risk will be made larger.
The second is a further blow to the real economy. On the one hand, lending rates continue to increase as the cost of corporate finance, SMEs already weak in strength, high financing costs will only increase pressure on the business, when the company was found to Industrial unprofitable, it will speed up the funds from the flight speed of the real economy; the other hand, "human" approach will make part of the lending business have been no problem for the enterprise into a security dilemma and the emergence of financial problems, and even the collapse phenomenon. This is obvious in Wenzhou, the current "on foot" of Wenzhou private bosses, some is for this reason. Can be seen, not private lending practices do not control. But to be clear that governance does not mean ban, not beat him to death, thinking it can not be used to control people against lending practices. So, how to control this whole phenomenon of borrowing? First, to accelerate private lending in the legislative aspects of the system. The formal financial situation can not conquer the world, the existence of private lending has its own space and reasonable, therefore, need to improve the management system, legislation to regulate and "sunshine."
Second, actively promote the marketization of interest rates, changes in financial and non-formal financial imbalance between the status quo. Outside the system's high cost of corporate finance, enterprises within the system to enjoy the low interest rate financing costs, the financing of the two-track system is the root cause of private lending institutions, to change this situation, we must accelerate market-oriented interest rate reform.
Third, companies should continue to carry out structural tax cuts, tax cuts focused on the primary direction is small or micro enterprises, especially in line with national industrial structure, to solicit employment, promoting scientific and technological progress of small and micro enterprises, to support, reduce the demand for private lending business.
Finally, to broaden people's financial channels. At present, in order to speed up the development of capital markets, so that the remaining stock of social capital reservoir. This requires us to rediscover the value of the stock market, but not so the stock market as it is now become the people went through there.