Consensus loan is a transparent and regular macro-prudential policy tool based on capital constraints. Since its implementation, it has played an important role in smoothing the balanced and moderate credit supply and guiding the adjustment and optimization of credit structure, which is conducive to grasping the credit scale from the total amount and reasonably and appropriately guiding funds to support the real economy.

In early p>211, in order to cope with the challenges such as continuous abundant liquidity and significantly increased inflationary pressure, The central bank formally implemented the dynamic adjustment measures of differential reserve, aiming at organically combining the total adjustment of money with the countercyclical macro-prudential supervision framework through a more transparent and standardized dynamic adjustment policy of differential reserve. The the State Council executive meeting held in November last year clearly proposed to increase the flexibility of loan-to-deposit ratio index, improve the management of consensual loans, improve the policies of non-performing loans written off by small and micro enterprises before tax, and enhance the ability of financial institutions to expand loans for small and micro enterprises, agriculture, rural areas and farmers. What is a desirable loan? How can consensual loans play a role in guiding funds to support the real economy? These issues have attracted much attention from the market.

according to the monetary policy implementation report of China in the third quarter of 214 issued by the central bank, the so-called "consensual loan" widely mentioned by all walks of life is essentially the dynamic adjustment mechanism of differential reserve, and its core content means that the appropriate credit supply of financial institutions should match their own capital level and the reasonable needs of economic growth. Among them, capital constraint includes not only the minimum capital requirement of 8% in the past, but also the capital requirements based on macro-prudence, such as countercyclical capital, systemically important additional capital and reserve capital. The reasonable need of economic growth means that the overall credit growth rate should not deviate too much from the expected economic growth target. Since the implementation of the consensual loan policy, it has played a certain role in smoothing the balanced and moderate credit supply and guiding the adjustment and optimization of credit structure, but there are still some places that need to be improved. Based on the practice in Guangxi, this paper discusses the important role and value of consensual loans in reasonably and moderately guiding funds to support the real economy, and puts forward relevant suggestions on further optimizing and perfecting the management policy of consensual loans.

to analyze the consensual loan, we should first study the causes and history of the consensual loan. Consensus loan is a macro-prudential measure to guide monetary conditions to return to normal according to the State Council's deployment after the stimulus package to deal with the international financial crisis has shown results and the economic recovery has gradually consolidated. Over the years, the central bank has emphasized the transition to a market-oriented indirect control mode, including giving more play to the role of liquidity management and price-based tools. However, the use of price instruments is also constrained by many factors, such as liquidity constraints and large-scale adjustment of interest rates, some micro-subjects are not sensitive enough to interest rates, and the process of exchange rate marketization still needs to be promoted. Therefore, it is necessary to play a necessary role with the help of macro-prudential and other policy tools. In nature, consensual loan is a transparent and regular macro-prudential policy tool based on capital constraints. The measurement of this indicator integrates loan-to-deposit ratio, capital adequacy ratio, non-performing loan ratio and other data, which are generally measured by commercial banks themselves and reported to the central bank. Banks control the pace of lending according to the measurement results, which is transparent, regular and dynamic. This limits human discretion to the greatest extent, which is different from administrative scale control. In a sense, the original purpose of the emergence and implementation of the consensual loan policy is closely related to restraining the excessive expansion of commercial banks by guiding them to operate more steadily and preventing the improper pace of credit supply from disrupting the structure of economic development. This is not only in line with the current macro-control environment, but also an option to digest the impact of previous stimulus policies with new macro-prudential tools.

since the implementation of consensual loans in various places, many achievements have been made in grasping the credit scale from the total amount and guiding the supporting role of funds to the real economy reasonably and moderately. Taking the practice of Guangxi as an example, the consensual loan management has achieved certain results in promoting the balanced and moderate credit supply of local corporate financial institutions and guiding the adjustment and optimization of credit structure. The first is to promote a balanced and appropriate credit supply. Since the practice of consensual loan, the impulse of lending by local corporate banking institutions in Guangxi has been greatly curbed, and the credit supply has gradually returned to normal, and the growth rate and pace have become more stable. According to statistics, the average annual growth rate of credit supply in Guangxi from 211 to 214 was about 19%, which was 13 percentage points lower than that from 27 to 21, and the annual growth rate of credit supply was more stable. The second is to guide the adjustment and optimization of credit structure. Promote all banking institutions to actively make good use of loan increments and optimize the credit structure, strengthen credit support in key areas and weak links, give priority to meeting credit demand in agriculture-related fields, and continuously optimize financial services for small and micro enterprises. The third is to force local corporate financial institutions to increase their capital strength. The relevant capital level factors in the formula for calculating consensual loans urge local corporate financial institutions to take the initiative to raise the capital level in order to obtain more consensual loans. According to statistics, since 211, Guangxi rural cooperative financial institutions have increased their capital by 6 billion shares, which greatly enhanced the capital strength of financial institutions and improved their ability to resist risks.

Of course, it is worth noting that there are some complicated factors in the implementation of consensual loans. For example, the capital adequacy ratio of some rural credit cooperatives has been lower than the regulatory requirements for a long time or even negative. If the rules and standards are strictly implemented, the loans should have been contracted, which may have a greater impact on local economic development in some remote and poor areas lacking financial services; For another example, in recent years, there are many new institutions such as village banks, which lack sufficient historical data. In addition, in the specific implementation process, there are still some microscopic problems such as contradictions between the management and control of consensual loans and the differentiation of credit demand. To solve these problems, we need to work hard on flexibility and flexibility. Specifically, the growth rate of consensual loans is usually calculated on an annual basis, and the progress of loans during the year is independently arranged by financial institutions according to the actual loan demand of the real economy, their own liquidity and business strategies. For example, rural financial institutions can decide the amount of loans independently according to the demand for funds in combination with the seasonal laws of agriculture. Generally speaking, the consensual loan is dynamically adjusted, and it has certain flexibility and flexibility according to the actual loan demand of the real economy, which meets the actual requirements of economic development.

in addition, we should also pay attention to how to improve the fit between consensual loans and other policies. For example, some bankers believe that loans to small and micro enterprises are generally risky when the economy is facing downward pressure, and the enthusiasm of banks to issue small and micro loans has been affected under the background of declining risk appetite of banks. Compared with some regulatory restrictions, banks may need some incentive measures more. In view of these situations, experts believe that consensual loans will still play an important role in connection with the loan-to-deposit ratio index, and regulators may continue to use consensual loans to guide and restrict bank lending behavior. In this process, it is necessary to improve the fit between consensual loans and other policies, and enhance the resultant effect between policies, so as to better play the role of consensual loans and guide funds to support the real economy reasonably and moderately.