The hottest package to resolve overcapacity

2022-09-22
  • Detail

At the 2013 Lujiazui Forum (official website), Shang Fulin, chairman of the China Banking Regulatory Commission, said that according to the requirements of the Central Committee's four groups, industries with excess capacity should be differentiated, differentiated credit policies should be implemented, and excess capacity should be adjusted. It is believed that the adjustment of overcapacity from the financial level is only one of the links, and the treatment of overcapacity requires a multi pronged comprehensive treatment

in fact, from the fourth quarter of 2012, the sluggish development of the real economy has led to the continuous "energy saving and consumption reduction" of non-ferrous metal electrowinning, the decline of enterprise profitability, the expansion of overcapacity in the fields of raw materials and heavy chemical industry, and the challenges faced by automotive, metallurgy, steel, building materials, cement and other industries

the problem of overcapacity in China is highlighted in the following aspects:

the inertia of government investment has gathered huge capacity in heavy and chemical industry. With the process of urbanization, the considerable impact of heavy chemical industry on taxation and employment has prompted the government to invest and attract investment by itself, which is one of the six doctors in the company's more than 100 member team, and vigorously develop the heavy chemical industry with large investment and long cycle. When the government's control is insufficient, the repeated construction and homogenization of the heavy chemical industry are serious, and these capacities have not been fully utilized, there will be problems of falling product prices and sharp decline in corporate profits, and overcapacity will become a reality

attempts to rely on urbanization to solve the consumption problem of end products of heavy chemical industry, but the urbanization construction led by local governments has reduced the efficiency of resource utilization. The short-term behavior of many local governments investing in state-owned regional platform companies is in line with the government tenure system and evaluation system. Many valuable funds that should be invested in the entity group Jianguo No.1 technology platform economy to solve liquidity difficulties have gone to project management companies invested by local governments that are not for profit and are difficult to operate continuously, which has seriously damaged the liquidity of credit funds, increased the use cost of funds, compressed the development space of the real economy, and solved the consumption problem of heavy and chemical industrial products in the short term, In the long run, it has aggravated a new round of overcapacity

the credit policy dilemma and the false high real estate prices have seriously aggravated overcapacity. Due to foreign exchange control, China's base currency mainly depends on foreign exchange passively, while foreign exchange mainly depends on foreign trade business and international arbitrage hot money. International hot money is mainly invested in the real estate industry where the industry regulation is not in place, and arbitrage is carried out by using higher monetary interest rates, which distorts the support of credit funds to the real economy. The high profits in the financial and real estate industries distort the logic of combining industry and finance in a market economy. Consumers also invested their limited savings funds in commercial housing, which on the one hand pushed up real estate prices and rent prices, on the other hand raised the living costs of residents and the labor costs of enterprises, reduced the consumption level of residents, and exacerbated overcapacity

on the whole, in addition to the promotion of the global economic cycle, many of China's overcapacity are institutional factors. The top priority is to solve our own internal system problems, and let China's economy actively participate in global competition is one of the ways out. Overcapacity involves a series of problems such as government transformation, industrial transformation, reform of financial market and innovation system, and the formation of factor markets such as human resources, which need to be solved through the following series of combinations

reform the tax system that does not adapt to the improvement of the competitiveness of entity enterprises, and on this basis, strengthen the supervision of the efficiency and effect of the use of financial funds. We will promote the reform of the state-owned assets supervision system by categories and improve the marketization of state-owned enterprises. We must promote state-owned enterprises to become real enterprises and continue to improve their competitiveness on this basis. Focus on improving the innovation ability of private enterprises, especially small and micro enterprises

based on scientific regulation and effective legislation, we should promote the reform of quasi public service industries and monopoly industries, absorb all kinds of social capital investment on this basis, improve the operation efficiency of the whole society, and effectively solve the problems of low investment efficiency, overcapacity and serious homogenization in this field. Strengthening the participation of enterprises in these fields in global competition and actively promoting these enterprises to go global are important means to use the international market to solve overcapacity

focus on the development of non-governmental organizations (NGOs) and non-profit organizations (NPOs). It is an effective way to use social resources to serve social needs to explore different investment subjects according to industry characteristics. It is unrealistic to rely on financial and credit funds in some public service areas, such as medical treatment, education and pension. The development of this field needs to rely on the strength of NGOs and NPOs, and must be based on the strict regulation of the government and the reform of the tax system. In this way, different social resources can be used to solve the problem of overcapacity according to the social functions of products

improve the financial market to promote the upgrading of industrial structure. The capital market is of great importance to corporate governance, risk management and information disclosure system of hydraulic system. Whether the marketization of RMB interest rate and exchange rate and the regulation of various financial service companies adapt to the going out of Chinese enterprises and improve the operation efficiency of enterprises need to be constantly studied and solved

in short, to stimulate the endogenous growth momentum of the economy, we must rely on improving the utilization efficiency of resource factors, strengthening the top-level design centered on system reform, improving the bottom-level design centered on market mechanism reform, and resolving overcapacity through a package plan

Copyright © 2011 JIN SHI