Recently, the so-called real economy did not make cuts to reduce financing costs, but just the opposite argument is actually popular, really surprised. I think that this argument lacks sufficient justification.

From a policy intention to see that the cuts can be said is to give business burdens. Since November 22, one-year benchmark lending rate down 0.4 percentage points to 5.6%; year benchmark deposit rate by 0.25 percentage points to 2.75 percent. Lending rates have dropped more than deposit rates have dropped, is obvious to corporate entities loan burdens. Moreover, the same day the central bank also said that, combined with the advance interest rate reform, the financial institutions deposit rate floating range limit by 1.1 times to adjust the benchmark deposit rate is 1.2 times. So far about three weeks later, including five state-owned commercial banks, including Bank deposit rates have been floating to the top, and the same level as before the cuts. Thus, the interest rates which can be understood as "pure interest rate cut and lay the groundwork" for future reduce the overall cost of financing the real economy, laying the groundwork.

From the rate cut effect, reducing the burden to the real economy is the real deal. CCTV December 10 broadcast of "economic half-hour" program, a logistics company president, said, "Enterprise currently has more than thirty million yuan of bank loans, interest rates of 0.4% in accordance with the provisions of the central bank issued a one-year loan is expected to enterprises fourteen year can save $ 50,000 interest ", fourteen fifty thousand yuan on the" dinosaur enterprise "in probably nothing, but for a small scale enterprises, it can take more than two people employed, do some business; or you can use the money to open a branch, the addition of a new business, naturally increases the potential profits. There is also a textile business, said, "The rate cut could save companies about 14 million, equivalent to a 7% increase in profits." Very clear cut interest rates did reduce the cost of financing the real economy, corporate subsidies.

So that instead of raising interest rates based on the cost of corporate finance is tenable? From the look of some phenomenon, indeed, before the financial markets than the interest rate cut interest rates edged up, A shares rose sharply to stimulate demand for funds, thereby pushing stocks outside the multi-asset rates.

However, despite these phenomena and cuts some relevance, but not equal causation. Interest rates before the financial markets than the interest rates rose slightly, exposing still time bank liquidity mismatch, especially in the end of the year time node. While the asymmetrical cuts, savings and loan spreads narrowed by increasing the cost of borrowing constraints and the impact of increased downside risks, the bank is more a lack of motivation to reduce financing costs, particularly reluctant to reduce lending rates to lend to those with high SMEs and disadvantaged sectors of risk, the risk factors the bank is still the first consideration.

As for the stock market out of a rally by the cuts, but not because of some non-listed companies and financing difficulties and blame the stock market. Bank stocks led the plate from the brokerage stocks, the more important reason is that the valuation factors rose, interest rates play a catalytic role, rather than a decisive role.

However, under the background of cuts, the high cost of market financing, precisely illustrates a deep-seated problem that the attractiveness of the real economy, the current lack of funds. Under China's economy from factor-driven, investment-driven to innovation-driven new normal, corporate entities how institutional innovation, technological innovation, management innovation to stimulate inner life, and enhance the attractiveness of the periphery of the funds, rather than waiting for the policy, "drip" this is the need to recognize and solve problems.