On September 14, Cao Yuanyuan, director of the Financial Markets Department of the People's Bank of China, said at the State Council's policy routine briefing that from a macro financial perspective, large enterprises expand interest-free liabilities such as accounts payable, and small and medium-sized enterprises that are squeezed out of cash flow have to lend to banks, causing small and medium-sized enterprises to actually bear the financing costs passed on to large enterprises. This structural misallocation has had an adverse impact on the transmission of monetary policy.

On September 14, Cao Yuanyuan, director of the Financial Markets Department of the People's Bank of China, said at the State Council's policy routine briefing that from a macro financial perspective, large enterprises expand interest-free liabilities such as accounts payable, and small and medium-sized enterprises that are squeezed out of cash flow have to lend to banks, causing small and medium-sized enterprises to actually bear the financing costs passed on to large enterprises. This structural misallocation has had an adverse impact on the transmission of monetary policy.