Zombie companies “suffered another bad Recently, People’s Bank of China and other eight ministries jointly issued a document called for serious excess capacity without obtaining the legal formalities industry new capacity construction projects will not be allowed to give credit; For long-term losses, loss of liquidity and market competition force “zombie companies” or environmentally friendly, safe production of non-compliance and corrective hopeless enterprise and backward production capacity, and resolutely quit compression related loans.
The document, titled “Opinions on financial support steady growth of industrial structural adjustment increase efficiency,” (hereinafter referred to as “Opinion”) is intended to “further enhance the ability of financial services, industrial restructuring and development of breakthrough faced difficulties in financing, financing your bottlenecks, increase financial industry supply-side structural reforms and industrial steady growth, structural adjustment, increase efficiency of support, to promote industrial production, to inventory, deleveraging, lower cost, fill the short board, accelerate industrial restructuring and upgrading. ”
“Opinions” to strengthen the monetary and credit policy from support, to create a favorable monetary and financial environment, improve the capital market, insurance market for industrial enterprises to support efforts to promote industrial innovation and enterprise financing mechanisms, promotion of industrial corporate mergers and acquisitions, to support industrial enterprises to accelerate the “go global “to strengthen risk prevention and coordination put forward a series of six support industrial transformation and upgrading, lowering the efficiency of specific financial policies.
Among the most eye-catching than “differentiated industrial credit policy.” The policy is clear credit “favorite”: major technical innovation, industrial upgrading and structural adjustment programs will be favored. Banking institutions will be under the premise of risk control, appropriate to reduce the proportion of down payment loans for new energy vehicles, used cars and reasonable expansion of automobile consumption credit, support for new energy production, consumption and automobile related industries. For iron and steel, nonferrous metals, building materials, shipbuilding, coal and other industries a competitive product, market, cost-effective high-quality companies continue to give credit support to help promising businesses weather the storm. The “zombie companies” and backward production capacity will eat “cold shoulder.”
To prevent the “differential treatment” possible impact, “opinions” also requires actively and steadily do “zombie companies” Credit quit, maintain bank credit assets safe. Give full play to the role of financial credit information database, establish and improve inter-departmental disciplinary mechanisms, malicious evasion of bank debt and “malicious de Paul” enterprises and individuals to form a strong constraint.
In addition, the “Opinions” requires increased capital market, insurance market to support industrial enterprises.
Support in line with the “Made in China 2025” strategic emerging industries and manufacturing enterprises direction, at all levels of equity capital market financing. Encourage industrial enterprises to expand debt issuance standardized products to replace other high-cost financing. To regulate the operation of industrial enterprises in improving safeguards on the basis of debt to support its issuance of corporate credit bonds for debt restructuring. Expand the company’s credit class bonds issued to expand the exchangeable bonds, convertible bond market. Actively develop green bonds, high yield bonds, asset securitization and other innovative green financial instruments.
Steadily promote the development of asset securitization. Further promote the securitization of credit assets, supported by bank and revitalize the stock of credit to increase credit support to industry. Accelerate the housing and car loans securitization. Under the premise of prudent and secure, choose a small number of financial institutions qualified to carry out exploration of non-performing asset securitization pilot. Accelerating accounts receivable securitization business asset securitization business development and revitalize the stock of assets of industrial enterprises.
Advancing the first (set) of major technical equipment pilot the insurance compensation mechanism, the study of new materials, key components included in the first application of insurance premiums once the scope of the compensation mechanism. (Reporter Dong Wei)
