The warm loan crisis "tired" Ordos

The story of the running of the owner of Wenzhou has shaken up another place where private finance flourishes. The Beijing Morning Post reporter learned from local lenders yesterday that Ordos City is monitoring more than 50 million mortals. If money is squandered, property freezes, liquidation, and other measures are taken. Following Wenzhou’s introduction of a package of measures to “prevent the emergence of capital chain breaks in SMEs”, Erdos City has begun to quietly guard against the risk of capital breaches.

The "Beijing Morning Post" reported on September 19 that the atmosphere of Ordos folk lending was strong. Everyone in the Ordos white-collar bank in Beijing returned to their hometowns to lend through their own channels. The famous financial commentator Ye Tan commented that "*** is A terrible damaging lake." Today, this risk has received the official attention.

"Have your money come back?" This is a very popular greeting in Ordos today. “When there are ten people, at least eight people said so.” Li Director, real estate development in Ordos, told reporters, “Wenzhou bosses ran, many media also reported the risk of private loans in Ordos, plus Ordos’s house could not be sold. The developers here have no money, and the banks do not give them any money. Indeed, some prudent people withdrew their money to deposit the bank."

The reporter was informed that in Ordos, besides the individual’s attitude toward private lending began to be “strained,” the local government has also begun to take a low-key approach to guard against the risk of financial collapse. "Before starting to prepare to control 10 million people, later discovering that too much will control more than 50 million, if it is done in industry, if there is a problem with short-term cash flow, the government may also help the group; if It's money that is squandered, and it directly freezes the property and pays off,” said one person close to the local government official. “But the repayment is calculated from the time you start to save money from someone’s family, if the interest paid to you has reached the principal amount. The degree is no longer compensated, and it is equivalent to taking away the principal.” The staff of a certain bank in Erdos and the staff of the Microfinance Company all agreed that it was indeed the case.

The locals said that if they hadn’t got their money back yet, they wouldn’t have to worry about it again. "It is difficult for small companies to make up a hundred and eighty thousand at present, and it will be good to wait until next year when the credit rate is gradually reduced!" Some people still judge with optimism.

■Related news bank: Overreaction in the market (Reporter Liu Yinghua) The news that private lending began to collapse has added to the already depressed stock market. But is private lending really like a time-sequence? Even a drag on China’s economic hard landing?

DBS Senior Economist Liang Siu-ki said yesterday that the market’s reaction to private lending was somewhat excessive. "First, the size of private lending is much smaller than that of the formal banking system. The China Banking Regulatory Commission predicts that the size of the private lending market may be around 3 trillion yuan, while the scale of the Chinese banking system exceeds 52.4 trillion yuan. Second, outside the banking system. Informal lending may be limited to a few cities."

The private lending crisis has caused more and more calls for monetary policy relaxation in the market in recent days. In this regard, Liang Zhaoji believes that China must treat the economic outlook with prudence and adopt policies that must reflect facts, not market sentiments or rumors.

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