Original Zhongfang Daily China Real Estate Daily

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This means that China’s future monetary policy still has room for easing, but this does not mean that interest rate cuts are imminent.

Xu Qian, reporter of China Housing News, reports from Beijing.

The market expected LPR to be lowered, and it fell through.

On September 20th, the central bank released the loan market quotation rate (LPR) in September: the one-year LPR is 3.35%, and the five-year LPR is 3.85%. Compared with the LPR data in August, the LPR remained unchanged in September.

On this day, the central bank also carried out a seven-day reverse repurchase operation of 571.9 billion yuan, and the winning bid rate was 1.7%, which was the same as before.

The day before, the Federal Reserve announced the latest interest rate resolution: lowering the target range of the benchmark interest rate to 4.75% to 5%, and cutting interest rates by 50 basis points at one time, which provided more independent space for China’s monetary policy adjustment.

As a result, many market participants predict that China’s central bank will follow up with interest rate cuts with a high probability, which may be 20 basis points. However, China’s central bank has chosen a relatively conservative strategy, and monetary policy still adheres to the tone of "taking me as the mainstay".

In fact, since this year, China’s central bank has cut interest rates twice. Once in February, the LPR over five years was greatly reduced by 25 basis points to 3.95%; The other time was in July, the 5-year LPR was lowered by 10 basis points again, and the LPR entered a historical low. At present, it is still in the observation period of the policy effect after the interest rate cut in July, and the urgency of short-term downward adjustment is not great.

On September 5, at the press conference on the theme of "Promoting High-quality Development" held by the State Council Office, the voice of the top management of the central bank revealed the next monetary policy orientation.

Lu Lei, deputy governor of the central bank, said that the People’s Bank of China will continue to adhere to the supportive monetary policy, speed up the implementation of the policies and measures that have been introduced, and more strongly support the high-quality economic development. In terms of interest rate in the future, we should give full play to the driving role of the recent policy interest rate and the quoted interest rate in the loan market, so as to promote the steady decline of corporate financing and residents’ credit costs.

This means that China’s future monetary policy still has room for easing, but this does not mean that interest rate cuts are imminent.

"Policy adjustments such as RRR cuts and interest rate cuts also need to observe economic trends." Zou Lan, director of the Monetary Policy Department of the Central Bank, said at this news conference that due to factors such as the speed at which bank deposits are diverted to asset management products and the narrowing of the bank’s net interest margin, the deposit and loan interest rates are facing certain constraints.

This statement by the central bank shows the difficulty of further lowering interest rates.

Recently, the biggest change in the deposit and loan environment of banks lies in the higher cost of the source of funds. Since the beginning of this year, with the decline of deposit interest rate and the control of "manual interest payment" of deposits, deposits have moved to the bank wealth management market. In the first half of the year, the scale of bank wealth management exceeded 29 trillion yuan, approaching an all-time high.

At present, the pressure on the net interest margin of banks is relatively large as a whole. According to the State Financial Supervision and Administration, the net interest margin of the banking industry was 1.54% in the second quarter of this year, which was lower than the warning line of 1.8% for six consecutive quarters.

"If the policy interest rate is continuously lowered in the short term and the LPR quotation is followed up, and the large-scale stock mortgage interest rate also has a large room for downward adjustment, the bank’s net interest margin will face a large downward pressure in the second half of the year, which is not conducive to the stability of bank operations; If the deposit interest rate is lowered significantly with a view to stabilizing the interest margin, it may lead to the risk of large-scale’ moving’ of bank deposits to asset management products such as wealth management, which is also not conducive to the stability of bank operations. " Wang Qing, chief macro analyst of Oriental Jincheng, said.

At the same time, "the pulling effect of lowering interest rates on the real estate market is obviously weakened." Li Yujia, chief researcher of the Housing Policy Research Center of Guangdong Urban and Rural Planning Institute, said that from 2022 to now, mortgage interest rates has dropped by about 200 basis points, but its pulling effect on the commercial housing market is obviously weakened. The main reason is that the market’s expectation of housing prices is pessimistic, the number of second-hand housing listings is rising, and the trend of "price for quantity" is difficult to reverse, which cannot be changed by interest rate cuts.

In this case, the main purpose of the central bank to continue to cut interest rates is not to stimulate the property market, but to reduce the burden on entities and private investment, which is necessary.

"The policy effect of RRR reduction at the beginning of the year is still emerging. At present, the average statutory deposit reserve ratio of financial institutions is about 7%, and there is still some room. The central bank will closely observe the effect of the policy and reasonably grasp the intensity and rhythm of monetary policy regulation according to the economic recovery, the realization of the target and the specific problems faced by macroeconomic operation. " Zou Wei said.

"Considering the current economic situation and price trend, China’s central bank may cut the main policy interest rate in the fourth quarter. In addition, focusing on strengthening coordination and cooperation with fiscal policies and supporting the issuance of government bonds, there is also the possibility of RRR reduction in the fourth quarter. " Wang Qing predicted.

Dong Ximiao, chief researcher of Zhaolian, also said that considering the internal needs and external changes, the People’s Bank of China will probably implement a comprehensive RRR cut of 0.25 ~ 0.5 percentage points during the year, reduce the policy interest rate by 10 ~ 20 basis points, promote the simultaneous downward trend of LPR, and promote the steady decline of social comprehensive financing costs.

Compared with the interest rate cut, the voice is higher. When will the interest rate adjustment of stock mortgage come? The IPR did not move, in the view of some people, or to provide space for lowering the interest rate of existing mortgage loans.

According to institutional data, the stock mortgage generated between 2015 and 2022 is about 30 trillion yuan, with an average interest rate of about 5.2%; After the interest rate of the first home loan was lowered by 73 basis points in August last year, the weighted average interest rate dropped to about 4.47%. The current new mortgage interest rate is as low as 3.1%, and it may continue to drop.

The failure to adjust the interest rate of existing mortgage loans has also affected the admission of potential buyers, who are worried that the interest rate of mortgage loans will fall again.

"At this stage, the market has a high voice for lowering the interest rate of existing mortgage again. Lowering the interest rate of existing mortgage is conducive to alleviating the phenomenon of early mortgage repayment, enhancing the sustainability of residents’ debt, promoting the repair of residents’ consumer demand and forming a fairer financing environment." Wen Bin, chief economist of China Minsheng Bank, said.

The latest news from the market shows that China may reduce the interest rate of existing housing loans as early as September, and some interest rates may be lowered by as much as 50 basis points; Commercial banks are making final preparations to meet the upcoming adjustment of mortgage interest rates.

If the news can land, it will undoubtedly be an inspiration to the property market.

Original title: "Do not cut interest rates for the time being! The central bank just released "

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1905 movie network news　Is it blood, family, or secrets and lies that keep a family together? Directed by the master of Chinese suspense, the ultimate suspense movie starring "Top Line",,,, and will officially land in major cinemas across the country on May 1. Recently, the movie "Secret Visitor" released the "No Secrets" version of the poster, showing the daily life of this extraordinary family in front of the audience. The intimate interaction that gets along day and night, the heart-to-heart in the same room, the happy drinking around the wine table… Is all this a warm moment between family members or a deceptive show? What is the secret hidden behind this family?

There is a secret hidden in the warm and harmonious home, Guo Fucheng and Duan Yihong clamp the secret and burn people

The movie "Secret Visitor" released a "no secrets" version of the poster, and the delicate relationship in this special family has begun to emerge. Hidden in the room where the conversation is very happy, are the sister (Zhang Zifeng, played) and the visitor (Duan Yihong, played) really the main guest who cares about it? The meticulous love reveals alienation and hostility. Are the sister (Zhang Zifeng, played) and the younger brother (Rong Zishan, played) really siblings who love each other on a blind date? The smiling expression disguises deception. Are the father (Guo Fucheng, played) and the younger brother (Rong Zishan, played) really the family members of the father’s kindness and filial piety? There is a temptation hidden in the wine glass that pushes the glass. Are the father (Guo Fucheng, played) and the visitor (Duan Yihong, played) really the guests and hosts? The shoulders that snuggled up to each other revealed indifference and thoughts. Are the mother (Xu Weijian, played) and sister (Zhang Zifeng, played) really mother and daughter who depend on each other? The careful and considerate comfort revealed panic. Are the father (Guo Fucheng, played) and the mother (Xu Weijian, played) really a glued husband and wife? This pro-" secret "family constructed by lies and secrets may not be as warm and harmonious as the surface. With the involvement of visitors, will the" secret "of this family be" uprooted "?

Chen Zhengdao created a May 1st suspense masterpiece, and the audience of the top creative lineup called out their expectations

Once the film "Secret Visitor" was finalized, it received the attention and support of many audiences. At present, the film ranks among the best in the want-to-see index on the dual platforms of ticket purchase, and is the most anticipated cinema film in May this year. Director Chen Zhengdao is known as the "ghost" director of Chinese film suspense works due to his excellent creation of suspense atmosphere, precise control of the plot rhythm, and unique vision of casting. This time, "Secret Visitor" brings together Guo Fucheng, Duan Yihong, Zhang Zifeng, Xu Weijian, and Rong Zishan. The "top match" lineup of suspense films, which makes people look forward to how the strong cooperation of these acting schools will bring about a gripping suspense blockbuster.

WTO。 (Source: Reuters)

　　Overseas Network, November 19th In July this year, Japan announced that it would restrict the export of three materials mainly used in semiconductor and other industries to South Korea, and in August, it removed South Korea from the "white list" where it can enjoy trade convenience. South Korea also immediately "blacked out" Japan and filed a complaint with the WTO against Japan’s control over the export of some materials to South Korea. On 19th, Japan and South Korea held the second round of bilateral consultations in Switzerland based on the dispute settlement procedures stipulated by the World Trade Organization (WTO), but the results were not satisfactory.

　　According to a report by Japan Broadcasting Association (NHK) on the 19th, according to the relevant regulations of the WTO, as the first step of trade litigation, the parties to the dispute need to hold bilateral consultations. To this end, Japan and South Korea held the first bilateral consultation in October, but failed to reach an agreement.

　　During this consultation, the representatives of the two sides were Junichiro Kuroda, Minister of Trade and Industry of Japan, and Ding Haiguan, Cooperation Officer of New Trade Order of Korea Ministry of Industry, Trade and Resources. The talks lasted about six hours. The two sides still adhere to their previous positions. The Japanese side said that its purpose was "to better manage goods that may be used for military purposes", while the South Korean side retorted that the move violated WTO principles and demanded that the Japanese side cancel it.

　　At the subsequent press conference, Haruhiro Kuroda continued to reiterate the previous position of the Japanese government, while South Korean representative Ding Haiguan criticized Japan’s measures as "discriminatory trade restrictions", and the two sides still refused to give way to each other. Ding Haiguan also said, "The possibility of a third bilateral consultation is not high. According to the results of the consultation, including the establishment of the small Committee, future countermeasures will be discussed, which is expected to include filing a lawsuit with the WTO.

　　After the meeting, Junichiro Kuroda said that the two sides had a deeper understanding of the factual relationship and each other through this consultation, but the existing opinions of both sides have not changed, and the future direction of promotion will be decided by the ROK.

　　On the other hand, neither Japan nor South Korea mentioned the Japan-South Korea military intelligence protection agreement that will expire on the 23rd. According to the provisions of the WTO, if the agreement between the countries concerned cannot be resolved within 60 days from the request for agreement, they can request a small Committee equivalent to the WTO court to try it.

　　Japanese media pointed out that since the two sides did not reach a consensus in the consultations, it is expected that the ROK will apply to the WTO Dispute Settlement Body for the establishment of an expert group. It is expected that the corresponding Subcommittee of the WTO will begin to hear this lawsuit. The South Korean side will hold consultations on seeking the trial of the WTO court, and whether to prosecute will become the focus.

　　According to Yonhap News Agency’s previous report, Ding Haiguan also said recently that if the Japanese side continues to passively cope with the negotiations and fails to see the possibility of progress, it will actively consider the application. If it decides to apply for the establishment of a team, it will confirm the application time in a timely and rapid manner.

　　Recently, affected by trade friction, the relationship between South Korea and Japan was once deadlocked. The South Korean government has repeatedly stated that it will not renew the Korea-Japan Military Intelligence Protection Agreement. According to Korean media reports, the United States expressed dissatisfaction with the South Korean move. South Korean Foreign Minister Kang Jinghe also said that if Japan withdraws its trade restrictions on South Korea, South Korea can "reconsider" the renewal of the Korea-Japan Military Intelligence Protection Agreement.

　　To this end, on October 11 this year, South Korea and Japan held the first round of consultations, but the differences were obvious. At the beginning of November, the leaders of South Korea and Japan held a brief meeting for only 11 minutes, and public opinion generally expected that this move would restart the dialogue between South Korea and Japan. However, at the meeting of the two defense chiefs held on the 17th, Japan and South Korea did not make significant progress on the renewal of the military intelligence agreement. (Janice)

CCTV News:This year, the central government vigorously implemented the soybean and oilseed production capacity improvement project. What is the production situation of oil crops in autumn harvest season? Come to see the reporter’s visit in the autumn harvest line.

Henan is the largest peanut production province in China, covering an area of nearly 20 million mu. This year, relying on the new peanut varieties with high oleic acid selected by Henan Academy of Agricultural Sciences and supporting technologies, it was demonstrated and promoted in Nanyang, Xinyang and other major producing areas, which led to a large-scale balanced increase in peanut production and efficiency in the province. When the reporter came to Xinye, Henan for an interview, the peanuts here ushered in a bumper harvest.

Peanut is an important oil-bearing crop. Peanut with high oleic acid content and good quality is an important direction for the breeding and popularization of new peanut varieties in China. The results of yield measurement in demonstration area in Henan province show that the average yield per mu is more than 15% higher than that in ordinary peanut fields.

At the same time of peanut harvest, 1 million mu of corn and soybean planted in strips in Henan also ushered in a bumper harvest. Li Xiaodong, a big grain grower in Luohe, benefited from this new planting model. Not only did corn yield not decrease, but also one crop of soybeans was harvested. Moreover, due to the nitrogen fixation of soybeans, soil fertility was increased, and the amount of chemical fertilizer applied was also reduced a lot.

On May 25th, the website of the State-owned Assets Supervision and Administration Commission published the Notice on Matters Related to Central Enterprises Helping Small and Medium-sized Enterprises to Solve Difficulties and Promote Coordinated Development.

Notice on matters related to central enterprises helping small and medium-sized enterprises to solve problems and promote coordinated development

Central enterprises:

In order to implement the decision-making arrangements of the CPC Central Committee and the State Council, support the healthy development of small and medium-sized enterprises, focus on building a good ecology of interdependence, mutual promotion and common development of large, medium and small enterprises, and continuously enhance the development resilience of the national economy and the stability of the industrial chain supply chain, relevant matters are hereby notified as follows:

First, timely and full payment of accounts, to help ease the financial difficulties of SMEs.

Strictly implement the "Regulations on the Protection of Payment for Small and Medium-sized Enterprises", adhere to the principle of "paying in full and paying quickly" for the accounts of small and medium-sized enterprises, and put an end to the malicious default of accounts by abusing market dominance from the aspects of system, mechanism, process and information management and control.

1. Pay the small and medium-sized enterprises in full and on time in strict accordance with the time and method agreed in the contract. For the subsidiaries with temporary cash flow difficulties, the group company or the superior unit should give temporary funds or credit support to ensure timely and full payment of the accounts of SMEs.

2. For small and medium-sized enterprises with long-term cooperation, good reputation, timely performance and real difficulties, under the premise of ensuring the safety of funds, the other party’s written application and strict implementation of internal decision-making procedures, part of the accounts can be paid or prepaid in advance.

3. Strengthen compliance management, clean up the overlord clause, and do not set unreasonable payment terms and time limits. Strictly control the "back-to-back" payment terms, strengthen the upstream payment collection, and pay the SMEs in time after the upstream payment.

4. Strict management of non-cash payment such as bills, and enterprises with abundant cash flow should give priority to using cash to pay the accounts of SMEs. In principle, non-cash payment shall not be used without prior express and written agreement. The term of commercial acceptance bills and supply chain debt certificates issued shall not exceed 6 months in principle.

Second, effectively speed up rent reduction and exemption, and help support small and micro enterprises and individual industrial and commercial households in the service industry to tide over the difficulties.

Conscientiously implement the "Notice on Doing a Good Job in Rent Reduction and Exemption for Small and Micro Enterprises and Individual Industrial and Commercial Households in the Service Industry in 2022" (No.29 [2022] of the State-owned Assets Supervision and Administration Department, hereinafter referred to as Document No.29), adhere to the principle of "free of charge, free of charge and free of charge", and effectively accelerate the implementation of the rent reduction and exemption policy.

5. For small and micro enterprises and individual industrial and commercial households in the service industry that rent the houses of central enterprises, it is necessary to generally reduce the rent for three months in 2022, and strive to complete the reduction and exemption in the first half of the year. If the lease period in 2022 belongs to different lessees, it shall be reduced or exempted in proportion according to the actual lease period of different lessees.

6. For small and micro enterprises and individual industrial and commercial households in the service industry that are listed as high-risk areas of the epidemic in 2022 and rent houses of central enterprises, the rent will be reduced or exempted for three months, and the supplementary reduction and exemption should be completed within two months after the high-risk areas of the epidemic appear in the county-level administrative area.

7. For subletting or subletting the houses of central enterprises, efforts should be continuously intensified to ensure that the rent reduction policy is effectively transmitted to the actual lessees. For subsidiaries with diversified equity, we should actively communicate and coordinate, strive for the understanding and support of small and medium shareholders, and reduce rent as soon as possible after standardizing internal decision-making procedures.

8. If the government where the rental house is located issues a rent reduction policy that is stronger than the requirements of Document No.29, it is necessary to conscientiously implement the territorial policy and ensure that the policy is not discounted. For the houses owned by joint-stock enterprises, we should actively assume the responsibilities of shareholders and negotiate with other shareholders for support. Small and medium-sized enterprises that do not belong to the object of rent reduction and exemption stipulated in Document No.29 apply for rent reduction and exemption, and encourage central enterprises to give necessary assistance within their capabilities based on the principles of mutual benefit, friendly consultation, standardized decision-making and sharing difficulties.

Third, vigorously implement cost reduction and quality improvement to help reduce the operating costs of small and medium-sized enterprises

Give full play to the supporting role of central enterprises, strengthen the guarantee of production factors, actively implement the requirements of reducing costs and improving quality, and provide accurate, efficient and convenient services and adequate, reliable and high-quality supply for small and medium-sized enterprises.

9. Resolutely cooperate with the local government price departments and market supervision departments to clean up the unreasonable price increase in the power transfer link. For those who have clear internal property rights and have the conditions for transformation, the work of "transforming to straightening" will be promoted in an orderly manner. In accordance with the relevant requirements of the state, clean up and standardize urban power supply charges, and further standardize charging items and standards.

10. Implement the relevant relief support measures for poor industries such as catering, retail, tourism, civil aviation, highway, waterway and railway transportation, and actively cooperate with local price departments to do a good job in the phased preferential treatment of electricity consumption for small and micro enterprises and individual industrial and commercial households in poor industries. Small and micro enterprises and individual industrial and commercial households affected by the epidemic that have temporary difficulties in production and operation will be given "non-stop supply of arrears" for water, electricity and gas, allowing them to pay the arrears within six months.

11. Accelerate the integration and application of innovative technologies such as 5G, artificial intelligence, industrial Internet, Internet of Things, big data and blockchain with physical industries, and support the digital transformation of small and medium-sized enterprises. Accelerate the development of 5G and Gigabit broadband networks, improve the quality and level of services, open up the "last mile" of broadband access, and ensure that the average tariff for broadband and private lines for SMEs will drop by 10% in 2022. Increase the incentives for cloud office products such as cloud disk and cloud conference, and reduce the impact of the epidemic on the offline office of SMEs.

12. Innovate service means, provide sunshine services for water, electricity and gas, and speed up the realization of "one network service" such as payment and warranty. Actively build a cloud platform, vigorously promote "cloud procurement", "cloud contract", "cloud settlement" and "cloud logistics", strive to make more information run, save the "foot" cost of SMEs as much as possible, and actively reduce the fees for using the cloud and platform for SMEs that are greatly affected by the epidemic.

13. Provide high-quality basic services such as coal, electricity, oil and gas transportation, do a good job in ensuring the supply and price stability of bulk raw materials, and strictly prohibit illegal acts such as colluding with price increases and driving up prices, and take the lead in maintaining market price order. Give full play to the basic guarantee function of logistics enterprises, coordinate transportation capacity, optimize routes, speed up the creation of smooth, safe and efficient logistics transportation channels, and promote the smooth circulation of logistics.

Fourth, strongly support financing and help alleviate the financing difficulties of SMEs.

Give full play to the advantages of central enterprises’ market resources, use big data, blockchain and other technical means to promote production through finance, realize the sharing of their own high-quality credit and small and medium-sized enterprises in the industrial chain supply chain, and smooth the circulation of upstream and downstream funds.

14. Increase support for consumer loans for commercial trucks, effectively alleviating the pressure of loan repayment for logistics enterprises and individual truck drivers. The financial subsidiaries of the Central Automobile Enterprise should play a leading and exemplary role, and give a six-month extension of the policy support for the commercial truck consumption loans issued before June 30, 2022.

15. Actively play the role of "core" enterprises in the industrial chain, support and cooperate with upstream and downstream SMEs to carry out supply chain financing, and strive to share their own high-quality credit with upstream and downstream SMEs. Small and medium-sized enterprises need to handle financing business with the accounts payable, commercial bills and supply chain debt certificates held by the units in the central enterprise group, etc., and should promptly confirm their rights and prohibit high-interest arbitrage.

16. Actively play the role of the supply chain service platform, empower the credit of upstream and downstream SMEs based on real business data, and help SMEs expand financing channels, obtain low-cost funds and reduce capital occupation. Learn from the experience of supply chain platforms such as E-Finance "E-Loan" and Zhongchu Zhiyun "Freight Loan" to serve small and medium-sized enterprises, and innovate ways to serve small and medium-sized enterprises based on their own.

17. Continue to promote the substitution of letter of guarantee (insurance) for cash deposit, and do not charge unreasonable deposit from small and medium-sized enterprises in a disproportionate way or in disguised form, and do not limit the ways in which small and medium-sized enterprises provide guarantee and return the due deposit in time.

V. Continue to increase innovation support and focus on promoting innovation among large, medium and small enterprises.

Based on building a new development pattern, we will give full play to the leading and leading role of central enterprises in science and technology, support innovative small and medium-sized enterprises to grow into an important birthplace of innovation, carry out in-depth "joint action" for large and medium-sized enterprises to integrate innovation, and promote the integration of innovation in the upper, middle and lower reaches of the industrial chain.

18. Give full play to the role of the central enterprise industrial fund and venture capital fund, base on the main business, attract and drive all kinds of capital to support the innovation and development of small and medium-sized enterprises in the upstream and downstream of the industrial chain supply chain that are in line with the national strategy, have technological advantages and have development potential, jointly promote scientific and technological innovation and break through key core technologies, cultivate strategic emerging industries, and serve the transformation, upgrading and development of industries.

19. Continue to hold the Central Enterprise Bright Star Innovation and Creative Competition for the whole society, strengthen the supply of innovative resource elements and services for the transformation of scientific and technological achievements, carry out innovation management training and entrepreneurship counseling, and promote the transformation of the results of the competition projects.

20. Improve the collaborative innovation system, give full play to the role of scientific research institutes in transforming enterprises, build an open, collaborative and efficient common technology research and development platform, actively participate in the construction of national laboratories, establish a number of high-level innovation consortia, industrial technology innovation alliances and public research and development platforms, create a high-level "double innovation" platform, and increase innovation support for small and medium-sized enterprises.

21. Accelerate the creation of original technology sources, take the initiative to connect with major national strategies, work together with various entities including small and medium-sized enterprises to tackle key problems, and strive to break through the blocking points in the supply chain of the industrial chain. Support the upstream and downstream of the industrial chain supply chain to cultivate a large number of leading enterprises and specialized new "invisible champion" enterprises.

Six, constantly strengthen the leadership, and strive to achieve the coordinated development of large, medium and small enterprises.

Give full play to the leading role of state-owned capital, implement the chain length action plan of modern industrial chain, continue to lay out key links with high-end leading and basic supporting functions in the industrial chain, and make every effort to stabilize, supplement and strengthen the chain, so as to provide more application scenarios and market opportunities for the development of small and medium-sized enterprises.

22. Promote the implementation of various measures to stabilize growth, make continuous efforts, actively expand effective investment, land a number of major projects with clear plans in the Tenth Five-Year Plan as soon as possible, form more physical workload as soon as possible, release order demand for upstream and downstream in advance, and stabilize the expectations of small and medium-sized enterprises.

23. Actively purchase high-quality products and services from small and medium-sized enterprises, improve the management level of supply chain, deepen the accurate matching between supply and demand, standardize the purchase transaction behavior, and do not set unreasonable conditions to restrict and exclude the participation of small and medium-sized enterprises.

24. Focus on the main business, strengthen cooperation with small and medium-sized enterprises with high matching degree, high sense of identity and high synergy, and actively support and promote the coordinated development of small and medium-sized enterprises in the upstream and downstream of the industrial chain through investment cooperation, project cooperation, industrial co-construction and alliance building.

25. Give play to the core role of the industrial chain, give better play to the leading role of central enterprises in smoothing the industrial cycle, market cycle, economic and social cycle in the special critical period, and provide necessary support for the upstream and downstream SMEs affected by the epidemic to resume work and production.

Seven, strengthen organizational security, and strive to promote the implementation of various measures.

All central enterprises should start from the height of doing a good job of "six stabilities", implementing the task of "six guarantees" and giving full play to the strategic supporting role of the state-owned economy, and implement various supporting policies, so that the majority of small and medium-sized enterprises in the upstream and downstream can "see, feel and benefit" and show the responsibility of central enterprises at critical moments.

26. Establish and improve the working mechanism, vigorously strengthen the organization and leadership, improve the requirements of internal assessment and rewards and punishments, and refine the operational procedures in combination with their own reality. In accordance with the requirements of relevant departments and localities to promote the development of small and medium-sized enterprises, actively organize and participate in the activities of SME service month, unblock the channels for accepting the appeals of small and medium-sized enterprises, and better publicize and implement the relevant policies and measures for state-owned central enterprises to serve small and medium-sized enterprises.

27. Due to the implementation of policies to help small and medium-sized enterprises solve problems, such as rent reduction and exemption, which have an impact on the current operating performance, the SASAC will consider it realistically in the assessment of operating performance.

The SASAC will strengthen the supervision and inspection of the implementation of relevant policies. If the policies such as timely payment of accounts of small and medium-sized enterprises, reduction and exemption of rents for small and micro enterprises and individual industrial and commercial households in the service industry are not implemented in place, go through the motions, or verify that the complaints reflect the truth, the SASAC will seriously pursue responsibility and accountability in accordance with relevant regulations.

State owned assets supervision and administration commission

May 19, 2022