Financial Boost for Zhejiang Economy: Zheshang Bank Launches 8 Special Actions for High-Quality Development
Expand the coverage of the "white list" project, reduce the interest rates on existing housing loans, continue policies that reduce fees and allow profits for small and micro businesses, and launch the "Delivering New Policies to Promote Development" financial advisory action in the golden autumn...
Recently, in order to actively implement the central government's "package of incremental policies" and the deployment requirements of the Zhejiang Provincial Committee and the provincial government, the Party Committee of Zheshang Bank held a special meeting to formulate the "Work Plan for Raising the Position and Taking Action as the Foremost Priority to Strive to be the Vanguard in High-quality and Efficient Implementation of the Central Financial Policy Combination" (hereinafter referred to as the "Work Plan"), and introduced twenty measures in eight aspects, such as promoting special actions to stabilize and stabilize the real estate market, and implementing special actions for important measures of good financial practices such as financial advisors, to make every effort to promote the implementation of policies and contribute financial strength to the bright discourse on China's economy.
Raise the position, and write a new financial answer with practical actions and responsibilities
In September 2023, Zhejiang was given a new positioning and mission of "bravely being a pioneer and writing a new chapter". With the new requirements of "stability, progress, and establishment", how can the banking industry contribute financial strength to the high-quality development of the economy?
The reporter learned that at the special meeting, Zheshang Bank stated that it would focus on eight aspects of work: carry out special actions to promote the stabilization and stabilization of the real estate market; carry out special actions to promote the high-quality development of inclusive finance; carry out special actions to support the development and growth of the private economy; carry out special actions to assist in major project investments in Zhejiang; carry out special actions to assist in boosting the capital market; carry out special actions to assist in the high-quality development of pension finance; carry out special actions to implement important measures of good financial practices such as financial advisors; carry out special actions for comprehensive collaborative reform and supporting actions.
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Taking the special action to promote the stabilization and stabilization of the real estate market as an example, the bank will increase the investment in white list projects of the real estate financing coordination mechanism; reduce the interest rates on existing mortgage loans and support affordable housing projects. On September 30, in response to the call of the People's Bank of China and others, Zheshang Bank announced the "batch adjustment of existing housing loan interest rates" and issued the adjustment details for existing commercial personal housing loans (including the first set, the second set and above) on October 12, and implemented a batch adjustment of existing housing loan interest rates on October 25.
In terms of assisting in boosting the capital market, the bank will leverage the platform of the Listing and M&A Federation to vigorously promote financial support for mergers and acquisitions; fully support high-quality customers in repurchasing and increasing their holdings of stocks to promote the stable development of the capital market. Zheshang Bank stated that it would innovate financial products around the types of business such as merger loans of listed companies, stock buybacks of listed companies, and increases in holdings by major shareholders, which are key to policy support, and efficiently develop financial products that meet customer financing needs. It is reported that Zheshang Bank immediately studied and deployed a special loan action plan for stock buybacks and increases in holdings according to the spirit of the central policy, and jointly organized and planned the "Zhejiang Province Listed Companies Mergers and Acquisitions Promotion Conference" with the Zhejiang Province Listing and M&A Federation to assist and support listed companies in Zhejiang Province in better promoting mergers and acquisitions; aiming to fully leverage the policy tools of the central bank's special re-lending policy to promote the development of direct financing and enhance investor confidence.
Industry analysts believe that the deployment made by the Central Political Bureau meeting is a set of macroeconomic policy combinations, with clear direction, strong measures, and significant significance, releasing a clear signal of continuously improving the development environment and unswervingly promoting high-quality development.
Zhejiang Merchants Bank responded immediately and implemented eight aspects and twenty measures, which is to deeply implement the spirit of the Central Political Bureau meeting, provide supporting financial resources, maximize the quality and efficiency of policy implementation, and make every effort to be the vanguard in implementing the central financial policy and the deployment of the Zhejiang Provincial Committee and the provincial government.
Set an example and strive to create a Zhejiang Merchants Bank demonstration for high-quality financial development.It is understood that in recent years, Zheshang Bank has been holding high the banner of "finance for good," actively practicing the concept of "good finance," and promoting the political and people-oriented practices of finance. Currently, "good finance" has established a comprehensive system of "six pillars," including financial advisors, county-level financial comprehensive ecological construction models, "Zhejiang Bank Good Standards," "Good Finance Trust," employee goodness, accountability goodness, and "six pillars" system, embedding the "good" gene into financial service scenarios, and promoting personnel to be good, services to be kind, customers to promote goodness, capital to be oriented towards goodness, mechanisms to assist goodness, and culture to promote goodness.
Taking the financial advisor system as an example, the Zhejiang General Chamber of Commerce Financial Services Committee (hereinafter referred to as the "Financial Services Committee"), with Zheshang Bank as the leading unit, has served more than 87,000 enterprises and implemented financing of 677.8 billion yuan. At the same time, the bank actively explores the practice of "good finance," constructs the "Zhejiang Bank Good Standards" evaluation system, applies the results of the good standards evaluation to the entire business process of customer entry, credit approval, and risk control, forming a Zhejiang Bank plan for finance to be good, leading finance to be good from value orientation to practical implementation.
The "Work Plan" shows that Zheshang Bank will play a good role in the Financial Services Committee and the leading unit of the Listing and M&A Federation, organize 4,300 financial advisors in the province to carry out special actions, and publicize and interpret policies around the needs of listed companies, key enterprises, and small and micro enterprises, so that a large number of business entities and the public know and use policies well.
It is reported that at the "Delivering New Policies and Promoting Development" Golden Autumn Special Action Mobilization and Deployment Meeting held on the 11th, the Financial Services Committee issued a special action plan, calling on all financial advisors to play the role of a bridge and link in the "1+N" comprehensive financial service mechanism, promote the effective connection between financial resources and the real economy, and achieve the goals of stabilizing the economy, boosting confidence, and promoting growth.
Looking forward to the future, Zheshang Bank will resolutely implement the central deployment requirements, be determined, overcome difficulties, refine goals, continue to strengthen financial support for major strategies, key areas, and weak links, and add new financial momentum to high-quality development with the mission and responsibility of "the great cause of the country," contributing Zhejiang Bank's strength to the construction of a financial power.