原文截图
中国日报征引剖析人士称，“定向降准”等钱银方针措施最快一周内由央行正式宣告，并在第三季度收效。在周三的国务院会议上，李克强总理明确要求，当天研究部署的小微企业融资方针要尽快出台，并由相关部分组织在年末报告成果。
以下为原文：
Lenderstoldtothinkofsmallerfirms
ByChenJia|ChinaDaily
Chinesebanksarebeingencouragedtolendmoretosmallandmicro-sizedbusinessesthrough“targeted”monetarypolicytools，inabidtoeasefinancialstressandcontroldebtdefaults．
ThemeasurescouldbeofficiallyannouncedbythePeople‘sBankofChina，thenation’scentralbank，assoonaswithinaweek，andtakeeffectinthethirdquarter，accordingtomarketanalysts．
Thetoolsincludeanothercuttothereserverequirementratio，thecashamountthatfinancialinstitutionsarerequiredtohold．Butthelowerratioisonlyforlendersprovidingloanstosmallandmicro-sizedbusinesses，accordingtoastatementissuedfollowingameetingoftheStateCouncilonWednesday．
“Targetedeasing”，ratherthanalteringthe“prudentandneutral”toneofmonetarypolicy，isnecessarytopreventrisksgiventherisingdownsidepressuresoneconomicgrowth，saidLiQilin，aseniorresearcherofLianxunSecurities．
“Itisalsotooffsetthenegativeshocksthatprivateandsmallerfirmssuffer”，saidLi．“Butabroadermonetaryeasingmaynotappearintheshortterm．”
NomuraChiefChinaEconomistLuTingpredictedthatthisreductioncouldvaryfrom50to150basispointsfordifferenttypesoffinancialinstitutions，justlikethemeasureannouncedinlastSeptemberwhenthecentralbankestimatedthat450billionyuanofliquiditycouldbeinjectedintothebankingsystem．
Aftertheupcomingcut，theRRRforChinesefinancialinstitutionsislikelytobe15-16percent，stillarelativelyhighlevelamongemergingeconomies．
China‘scentralbankmadeitsfirsttargetedcuttotheratio-acreativemonetarypolicytool-inApril2014，allowingcounty-levelruralcommercialandcooperativebankstolendmoremoneybycuttingtheirRRRby50-200basispoints．
ThelatesttargetedreductionoftheratiotookplaceonJan18，acutof50basispointsforfinancialinstitutionsiftheyissuednewloansexceeding1.5percentoftheirtotallendingin2017tosmallandmicro-sizedenterprises，agriculture-relatedsectors，impoverishedgroupsandstudents．Anadditionalreductionof100basispointscouldbemadeforlendersifthisproportionwaslargerthan10percent．
Financialtighteningordeleveragingsince2017hasresultedinfinancialstressinthecorporatesector，especiallyforprivateandsmall-sizedcompanies．Theclosureofshadowbankingoperations，increaseddefaultcasesinthebondmarketandstockmarketfluctuationsledborrowersbacktotraditionalbankloans．
However，financialinstitutions‘riskappetitehasalsochangedastheyprefermoresafeandshort-termlendingundertightregulation．State-ownedcompanies，usuallywithanimplicitguaranteebylocalgovernments，aretheirprioritiestoissueloanstoratherthanprivateandsmallcompanies，saidexperts．
Arecentcentralbanksurveyindicatedthatinthesecondquarter，smallerfirmshadhigherfinancingdemandsthanlargerones，ascreditgrowthslowedamidregulatorytightening，althoughthecredit-to-GDPgrowthgaphasnarrowed．
