zh-cn	中央广播电视总台央视记者：李克强总理在国务院常务会议上提出要进一步把再贷款、再贴现政策落实到位，加快投放进度。
en-us	Journalist with China Central Television, China Media Group: At the State Council Executive Meeting, Premier Li Keqiang called for full implementation of the central bank lending and discount policies with accelerated pace of issuance. 

zh-cn	我们注意到中国人民银行设立了一笔3000亿元专项再贷款，现在这笔贷款发放多少企业、效果如何？
en-us	We have noticed that the People’s Bank of China (PBC) has set up RMB300 billion of special central bank lending. So far, how many enterprises have been granted with the funds, and how well do the funds work? 

zh-cn	是不是对保供产生了一定的影响？
en-us	Have the policies had an impact on ensuring supplies? 

zh-cn	孙国峰：根据国务院的部署，人民银行于今年1月31日设立了3000亿元抗疫专项再贷款，为支持疫情防控发挥积极作用。
en-us	Sun Guofeng: In line with the arrangements of the State Council, the PBC set up RMB300 billion of special central bank lending for combating the epidemic on January 31 this year, which played an active role in supporting epidemic control. 

zh-cn	截至3月13日，人民银行已经发放专项再贷款1840亿元，9家全国性银行和10个省市的地方法人银行向4708家全国性、地方性重点企业累计发放优惠贷款1821亿元，平均每户企业获得优惠贷款4000万元。
en-us	As of March 13, the PBC has issued RMB184 billion of special central bank lending, enabling nine national banks and locally incorporated banks in ten provinces or municipalities to grant RMB182.1 billion in loans at preferential rates to 4,708 national or local key enterprises. The average loan size for each enterprise stands at RMB40 million. 

zh-cn	优惠贷款的加权平均利率为2.56%，财政贴息50%以后，企业实际融资成本大约是1.28%，低于国务院关于利率不高于1.60%的要求。
en-us	The weighted average interest rate of the preferential loans is 2.56 percent, and with subsidies equivalent to 50 percent of the interest expenses, the actual financing costs for these enterprises are at around 1.28 percent, which is lower than the cap of 1.6 percent required by the State Council. 

zh-cn	目前来看，银行发放优惠贷款的进度保持在每天100亿元以上，发放速度比较快。 
en-us	For the time being, the banks have been granting more than RMB10 billion of preferential loans each day, which suggests a rapid pace of issuance. 

zh-cn	从效果看，据不完全统计，1月25日至3月10日名单内的重点企业生产口罩16亿个、防护服8779万件、护目镜421万个、病毒检测试剂1029万人份、负压救护车4143辆、蔬菜249万吨、粮食374万吨、肉类156万吨。
en-us	With regard to the effects of these funds, according to incomplete statistics, the key enterprises on the recipient list produced 1.6 billion masks, 87.79 million sets of protective suits, 4.21 million goggles, 10.29 million testing kits, 4,143 negative-pressure ambulances, 2.49 million tons of vegetables, 3.74 million tons of grain and 1.56 million tons of meat from January 25 to March 10. 

zh-cn	专项再贷款还为一些重点项目提供资金支持，比如支持北京小汤山医院新建床位向北京城建集团快速发放贷款3.3亿元。
en-us	Meanwhile, the special central bank lending is also used to finance some key projects, such as the prompt issuance of RMB330 million loans to Beijing Urban Construction Group for adding new beds to the Xiaotangshan Hospital in Beijing. 

zh-cn	目前医用物品紧张局面已经明显缓解，生活物资供应充足，专项再贷款的政策效果显著。
en-us	At present, the shortage of medical supplies has been significantly eased and daily necessities are in ample supply, which demonstrates the pronounced effects of the special central bank lending. 

zh-cn	谢谢。 
en-us	Thank you. 

zh-cn	金融时报中国金融新闻网记者：除了3000亿的专项再贷款政策外，央行还出台了5000亿元再贷款、再贴现政策，引导金融机构以优惠利率资金去支持疫情防控。
en-us	Journalist with China Financial News: In addition to the RMB300 billion special central bank lending, the PBC also rolled out the central bank lending and discount policy totaling RMB500 billion in a bid to guide financial institutions to support epidemic control with funds at preferential rates. 

zh-cn	请问这两项政策工具之间有什么异同？
en-us	What are the similarities and differences between the two policies? 

zh-cn	5000亿元再贷款、再贴现政策现在落地情况怎么样？
en-us	How are the RMB500 billion quotas going so far? 

zh-cn	分别支持哪些企业？
en-us	Which enterprises are their recipients? 

zh-cn	贷款平均利率水平大概是多少？  
en-us	What about the average lending rate? 

zh-cn	孙国峰：为了支持复工复产，人民银行于2月26日新增再贷款、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。
en-us	Sun Guofeng: In order to support the resumption of work and production, the PBC increased central bank lending and central bank discount quotas by RMB500 billion, and lowered the interest rates of central bank lending in support of agriculture and micro and small enterprises (MSEs) by 0.25 percentage points. 

zh-cn	5000亿元再贷款、再贴现政策和前期出台的3000亿元专项再贷款政策在政策目的和实施方式方面有不同。 
en-us	The policy of RMB500 billion quotas for central bank lending and discounts and the earlier policy of RMB300 billion special central bank lending are different in terms of their policy goals and the way they are implemented. 

zh-cn	3000亿专项再贷款是直接用于支持防疫保供的，是人民银行为保障重要医疗物资、生活必需品的生产、销售和运输的重点企业的专门政策
en-us	The RMB300 billion special central bank lending is aimed at directly supporting epidemic control and ensuring supplies, namely a targeted central bank policy dedicated to securing key enterprises’ production, sale and transportation of important medical supplies and daily necessities. 

zh-cn	3000亿专项再贷款是救急救命钱
en-us	The funds are for emergency purposes and vital for people’s lives. 

zh-cn	因此采用名单制管理，由发改委、工信部确定和备案重点企业名单
en-us	Therefore, we have adopted a list-based approach under which key enterprises are determined and put on record by the National Development and Reform Commission as well as the Ministry of Industry and Information Technology. 

zh-cn	通过9家全国性银行和10个重点省市的部分地方法人银行向名单企业提供支持。
en-us	The funds are provided for these enterprises via nine national banks and some locally incorporated banks in ten key provinces and municipalities. 

zh-cn	5000亿元再贷款再贴现主要用于支持企业复工复产，是人民银行为企业提供的低成本、普惠性的资金支持
en-us	The RMB500 billion quotas for central bank lending and discounts are primarily used to support the work and production resumption of enterprises, which is an inclusive initiative of the PBC to offer low-cost funding to enterprises. 

zh-cn	覆盖面广，包括复工复产的中小微企业，参与的金融机构也更加广泛，包括2500家左右的地方法人银行。
en-us	The quotas cover a wide range of entities, including micro, small and medium-sized enterprises (MSMEs) which are resuming work and production, and involves more financial institutions, including around 2,500 locally incorporated banks. 

zh-cn	实施方式是在人民银行现有的再贷款再贴现管理下操作，只要金融机构的贷款利率和用途符合要求，就可以到人民银行等额申请再贷款资金。 
en-us	The RMB500 billion quotas are implemented under the PBC’s current management framework of central bank lending and central bank discounts, that is, as long as the rates and intended usage of loans of financial institutions meet the requirements, they can apply for an equivalent amount of central bank lending from the PBC. 

zh-cn	5000亿元再贷款、再贴现政策实现了增量、降价、扩面。
en-us	The RMB500 billion of central bank lending and discounts have realized volume increase, price reduction and coverage expansion. 

zh-cn	增量就是增加了5000亿元的额度，降价是降低了支农支小再贷款的利率0.25个百分点，扩面是重点支持复工复产、脱贫攻坚、春耕备耕、畜禽养殖、外贸行业等受疫情影响比较大领域的企业。
en-us	Specifically, for increasing the volume, the quotas have been raised by a total of RMB500 billion; for reducing price, the interest rates of central bank lending in support of agriculture and MSEs were lowered by 0.25 percentage points; and for expanding coverage, the funds are used to provide priority support to enterprises resuming work and production and those engaged in heavily affected areas such as poverty alleviation, spring farming and tillage preparation, poultry and livestock breeding and foreign trade. 

zh-cn	截至到3月13日，收到5000亿元再贷款再贴现政策支持的地方法人银行已累计发放优惠利率贷款1075亿元
en-us	As of March 13, the locally incorporated banks, under the support of the RMB500 billion policy, have issued RMB107.5 billion in loans at preferential rates. 

zh-cn	其中涉农贷款205亿元，加权平均利率4.40%，普惠小微贷款385亿元，加权平均利率为4.36%，办理再贴现485亿元，加权平均利率为2.98%
en-us	Specifically, agriculture-related loans, inclusive MSE loans and central bank discounts amounted to RMB20.5 billion, RMB38.5 billion and RMB48.5 billion respectively, with their weighted average interest rates standing at 4.40 percent, 4.36 percent and 2.98 percent respectively. 

zh-cn	这个利率低于国务院要求的LPR+50个基点目前是4.55%的要求。 
en-us	All the rates are lower than the current requirement of 4.55 percent, which equals to the loan prime rate plus 50 basis points, which is set by the State Council. 

zh-cn	中央广播电视总台央视财经频道记者：疫情期间央行通过公开操作和逆回购引导利率整体下行，下一步针对国内复工复产情况以及经济发展在利率调节上会做哪些调整？请给我们介绍一下。谢谢。 
en-us	Journalist with CCTV Business Channel, China Central Television, China Media Group: During the epidemic, the PBC has guided a downtrend of overall interest rates via open market operations and reverse repos. In the next stage, what adjustments will be made to the interest rates so as to accommodate to the country’s work resumption and economic growth? Could you please elaborate on the issue? Thank you. 

zh-cn	孙国峰：随着利率市场化改革的推进和我国利率市场化程度的提高，在观察利率水平时，还要更加关注实际利率的变化。
en-us	Sun Guofeng: With the advancements in the market-oriented interest rate reform and increased liberalization of interest rates, we need to focus more on changes in real interest rates when observing interest-rate levels. 

zh-cn	近年来人民银行重点通过利率市场化改革的办法促进降低贷款实际利率。
en-us	In recent years, the PBC has facilitated the reduction of real lending rates mainly through interest rate reform. 

zh-cn	去年8月，按照国务院部署，人民银行推进贷款市场报价利率改革，也就是LPR改革，增强贷款市场的竞争性，疏通市场利率向贷款利率的传导，促使贷款实际利率明显下行
en-us	Last August, in accordance with the arrangements of the State Council, the PBC launched the LPR reform to boost competition in the lending market, smooth the transmission from market interest rates to lending rates and facilitate a remarkable drop in real lending rates. 

zh-cn	今年2月，一般贷款（不含个人住房贷款）利率为5.49%，比LPR改革前的2019年7月下降0.61个百分点
en-us	In February this year, the general lending rate, excluding personal mortgage loans, was at 5.49 percent, 0.61 percentage points lower than that in July 2019 prior to the LPR reform. 

zh-cn	降幅明显超过同期1年期LPR0.26个百分点的降幅，说明改革潜力在释放。 
en-us	The drop was apparently larger than the decline of 0.26 percentage points of the one-year LPR rate during the same period, indicating the potential of the reform was being unleashed. 

zh-cn	下一步，人民银行将继续综合采取多种措施促进贷款利率明显下行，支持企业复工复产和经济发展。
en-us	Next, the PBC will continue to adopt a variety of measures to facilitate a marked drop in lending rates and support work and production resumption of enterprises as well as economic growth. 

zh-cn	一是运用多种货币政策工具，保持流动性合理充裕，为降低企业融资成本提供良好的流动性环境。
en-us	First, a mix of monetary policy tools will be applied to keep the liquidity reasonably adequate and provide a sound liquidity environment for lowering the financing costs of enterprises. 

zh-cn	二是继续推进LPR改革，有序推进存量浮动利率贷款定价基准转换，引导完善商业银行内部的转移定价（FTP）体系，将LPR内嵌入银行内部的利率机制中，完善LPR的传导机制，继续释放改革促进降低贷款实际利率的潜力。
en-us	Second, we will push ahead with the LPR reform, advance the transition of outstanding loans with floating rates to the ones adopting LPR in an orderly manner, guide the improvements in the funds transfer pricing (FTP) system within commercial banks, incorporate the LPR into banks’ internal pricing mechanism, improve the transmission mechanism of LPR, and continue to unleash the potential of the reform in bringing down real lending rates. 

zh-cn	三是引导银行体系适当向实体经济让利，降低企业融资成本，激发微观主体活力，畅通经济金融的良性循环。
en-us	Third, the PBC will guide the banking system to offer more benefits to the real economy as appropriate, reduce the financing costs of enterprises, invigorate micro entities, and smooth positive economic and financial cycles. 

zh-cn	四是继续发挥存款基准利率作为整个利率体系“压舱石”的作用，同时压降银行不规范存款创新产品，将结构性存款保底收益率纳入宏观审慎评估，维护存款市场竞争秩序，稳定银行负债端成本。
en-us	Fourth, we will continue to leverage the role of deposit benchmark rates as the ballast for the entire interest rate system, while reducing the irregular innovative deposit products of banks and including the guaranteed minimum yields of structured deposits into macroprudential assessment, so as to preserve the competition order of the deposit market and stabilize the costs of banks’ liabilities. 

zh-cn	谢谢。
en-us	Thank you.