PBOC: Outstanding medium- and long-term loans to the service sector reached 76.22 trillion yuan at the end of Q2.

On September 29, the National Development and Reform Commission held a special press conference to brief on progress in advancing the expansion, upgrading, and quality improvement of the service sector. Che Shiyi, Deputy Director-General of the Credit Market Department of the People's Bank of China, said in response to a reporter's question that in recent years, in order to promote the accelerated development of the service sector and support financing for various new business forms and new service scenarios, the People's Bank of China, together with relevant departments, has introduced a series of policy measures, focusing on improving financial products and services and promoting an increase in the supply of high-quality services. It has mainly done the following four areas of work. First, strengthen financial policy support for the service sector. Build a policy system for financial support for the private economy, boosting and expanding consumption, entrepreneurship and employment, and issue relevant comprehensive documents to create a financial environment conducive to the development of the service sector. Around subdivided areas of the service sector, focus on producer services such as scientific and technological services and logistics and transportation, as well as consumer services such as elderly care, culture and tourism, and sports, and provide supporting special financial support policies and products. Second, give play to the role of structural monetary policy tools. Make good use of structural monetary policy tools such as relending for service consumption and elderly care, relending for scientific and technological innovation and technological upgrading, relending for agriculture and small businesses, and relending for private enterprises to incentivize and guide financial institutions to increase credit allocation to the service sector. Third, strengthen the development of basic financial services. The People's Bank of China has continued to improve the diversified payment service system, deepen the development of payment scenarios such as elderly care canteens and medical and health care, improve the environment for accepting foreign cards, and optimize foreign-related payment services. High-quality credit reporting services help the public use compliance information to demonstrate their own creditworthiness and, based on their own credit, improve credit availability. The People's Bank of China has fully given play to the main-channel function of the basic financial credit information database for credit reporting services, and innovatively deployed a national platform for sharing credit information on the capital flow of small and medium-sized micro enterprises to help business entities better achieve financing and development based on their own good credit. In addition, the People's Bank of China has also actively promoted the unified registration and publicity system for movable property financing, and continuously improved the quality and efficiency of registration of security interests in movable property and rights such as inventory, orders, warehouse receipts, and financial leasing. Fourth, optimize financial products and services for the service sector. In recent years, the People's Bank of China has actively guided financial institutions to provide differentiated and personalized products and services around the financial needs of multiple scenarios and multiple business forms in the service sector. For traditional service industries such as wholesale and retail and accommodation and catering, increase the allocation of credit loans based on data such as operating cash flow and tax payments to alleviate enterprises' working capital turnover difficulties. For the culture, sports, and entertainment sector, around scenic area renovation, cultural and creative product development, and the organization of sports events, innovate special products such as pledges of project income rights and pledges of cultural and creative copyrights. For livelihood areas such as elderly care and childcare and domestic services, provide medium- and long-term loans, support the construction of elderly care and childcare institutions, and provide proactive credit granting and revolving loan models to facilitate the financing and development of private small and micro enterprises in domestic services. For scientific and technological service areas such as information technology services, promote products such as intellectual property pledge loans and talent loans. As of the end of the second quarter of this year, the balance of medium- and long-term loans in domestic and foreign currencies for the service sector nationwide was 76.22 trillion yuan, a year-on-year increase of 6.4%, 1.3 percentage points higher than the growth rate of all loans, and financial support for the development of the service sector has achieved notable results.