It is easy to add leverage, but difficult to remove leverage. However, for the healthy development of China's economy, no matter how difficult it is, we must make firm progress.
Over the past six months, deleveraging has had a far-reaching impact on China's economic and financial development. Xinhua News Agency reporters found that more and more funds are gradually withdrawing from the traditional overcapacity areas and gathering in new economies such as high-tech industries, and the development mode and interaction mode between enterprises and financial institutions are quietly changing.
Entity enterprises: financing constraints in overcapacity industries are difficult to transform, and "new economy" funds such as scientific and technological innovation are pouring in.
"No one can answer the phone, and neither can the bank president." Jiang Zhongmin, chairman of Jiangsu Changzhou Dongfang Runan Group, which mainly focuses on steel, recently went out to answer a phone call when interviewed by Xinhua News Agency.
A few minutes later, he came back and told reporters that a joint-stock bank received a notice from the head office that the credit line of steel enterprises would be lowered and his credit line would be lowered by 30%. His loan in this bank expires after half a year and can only be renewed at 70% of the original amount.
"We shouldn't be Xianglinsao. Living proves that we have a level, and we must live better. " Jiang Zhongmin, which has been in the iron and steel industry for 28 years, insists on transformation and does not change careers, and constantly extends the industrial chain to increase added value. They jointly established Maraz elevator guide rail company with Italy, and manufactured elevator guide rail with steel rolling and waste heat and waste gas generated by the company. The efficiency is 20% to 30% higher than that of peers, and the market share is the first in the world for more than three consecutive years. Sales in the first half of this year increased by about 80% year-on-year.
The main direction of deleveraging is to reduce corporate debt, while capital-intensive and overcapacity industries such as steel and coal bear the brunt, and deleveraging and de-capacity go hand in hand. Most of these enterprises that are still alive are swaying in limited funds, making it difficult to promote transformation and upgrading.
Sun, Deputy Financial Secretary of the National Development and Reform Commission, pointed out that the overall leverage ratio of China is at a medium level among the major economies in the world, but it is rising rapidly and unevenly. De-leverage is mainly aimed at the leverage ratio of enterprises.
The reporter interviewed a number of banks and learned that with the promotion of deleveraging, the banking industry generally implements "industry access restrictions+enterprise white list management" for industries with overcapacity, and lending is generally tightened.
The task of deleveraging also points to enterprises that are over-financed. Enterprises that expand too fast in the economic upswing will tighten the capital chain in the economic downturn. Some borrow less or even don't lend after repaying the loan, and take the initiative to deleverage; Some fell into production suspension and semi-production suspension, and passively deleveraging.
The effect of deleveraging began to appear. The asset-liability ratio of industrial enterprises above designated size decreased by 0.5 percentage points at the end of May; At the end of June, the balance of medium-and long-term loans in overcapacity industries in China decreased by 0.5% year-on-year, falling for four consecutive months.
Not all industries need deleveraging, and new economic development needs strong financing support.
Hangzhou, the other side of Qiantang River and Pagoda of Six Harmonies. The weekly Liuhe Bridge Investment and Financing Salon is jointly organized by social funds. Chen Pingchuan, founder of Portable Education Technology Co., Ltd., found an investment of 2.5 million yuan here. The piano learning software APP developed by him and the smart piano connected with it via Bluetooth will be listed soon.
Over the past two years, it has raised 720 million yuan for Internet, new materials, new energy, biomedicine and other projects. Ma Haibang, general manager of Hangzhou Fenghui Consulting, the organizer of the salon, said that private funds are abundant now and more and more funds are entering the new economy.
Financial institutions: The traditional credit risk of banks is rising, and they are actively expanding new space, and a multi-channel financing pattern is taking shape.
De-leveraging not only affects the future and destiny of enterprises, but also affects the business development of financial institutions such as banks. The banking industry, which is regarded as a "golden rice bowl", is having a hard time now.
"The negative growth of corporate loans now is mainly due to the lack of good projects. It is difficult to maintain the scale of credit maturity of tens of billions every year. " The person in charge of the credit department of Liaoning Branch of a large state-owned bank told the reporter.
Some corporate banks turned around, and some corporate banks hid. Many bankers bluntly said that safety is the first priority now. By the end of May this year, the balance of non-performing loans in China's banking industry had exceeded 2 trillion yuan, an increase of more than 280 billion yuan over the beginning of the year, and the non-performing rate reached 2. 15%. If the housekeeper's business is not good, the fine will far exceed the commission.
But it also brings new risks. In a prefecture-level city in Northeast China, nearly 90% of the credit granted by major banks to the steel industry is concentrated in one enterprise, and the loan risk is concentrated.
For the financial industry, deleveraging is stressful, but it is also an opportunity to adjust the business development model.
Banks are evolving from a single credit provider to an integrated financial service provider.
"De-leveraging is actually forcing bank transformation and financial reform." Liu Xiaochun, president of Zheshang Bank, said, we propose to manage all assets, not just the deposit and loan model, to realize the integrated management and intensive operation of credit market, money market, capital market and foreign exchange market, to promote the diversified development of credit assets, trading assets, interbank assets and investment assets, and to provide multi-channel financing for entity enterprises.
The bond market is developing rapidly, and powerful enterprises often issue bonds for financing. The average annualized interest rate of bonds underwritten by CCB Jiangsu Branch in the first half of this year was only 3.28%, while the average interest rate of loans in the same period was 4.44%.
The development of multi-level capital market has opened up direct financing channels for more and more enterprises.
On July 7th, the private placement plan of Nanjing Eston Automation Company (1 1.730, -0.28, -2.33%) was approved by the regulatory authorities. The company will raise 390 million yuan for the factory that is building in Nanjing to produce robots (2 1.6 10, -0.39,-1.77%). This enterprise, which has mastered the core technology of robot manufacturing, was listed on the small and medium-sized board of Shenzhen Stock Exchange in March last year.
"Financing is much easier after listing, and banks take the initiative to come to the door. We should vigorously develop multi-level capital markets while deleveraging and open up diversified channels for corporate financing. " Qin Yuan, the company's chief financial officer, said.
Future thinking: finance should be intensively cultivated, enterprises should practice their internal strength, and finance and the real economy should flourish.
The balance of RMB loans in China exceeded 100 trillion yuan for the first time at the end of May this year, and the broad money supply exceeded 149 trillion yuan at the end of June. In the context of deleveraging, it is impossible to expect high growth of money and credit again. How to use the existing hundreds of trillions of funds to serve the transformation and upgrading of the real economy?
Wuhan Yellow Crane Tractor Company, which gave birth to the first walking tractor in New China, is undergoing a thorough transformation: stop the production of old products and rely on the technology of Huazhong Agricultural University to enter the field of intensive seeder. At this juncture, I saw that the sales of enterprises were once halved, and many banks recovered their loans. Wuhan Rural Commercial Bank's in-depth research on enterprises not only provided an additional credit of150,000 yuan, but also tailored financial products to help enterprises reduce financial expenses.
Nowadays, their new products are welcomed by farmers, and their products have entered the catalogue of agricultural machinery subsidies in more than a dozen provinces. "Although it is still losing money this year, it is expected to turn losses into profits next year." Liu Shishun, general manager of the company, said.
For the financial industry, although risk prevention is the key, the real economy is the source of profits. If enterprises that encounter difficulties but are still working hard and still have prospects are "across the board", enterprises with better benefits will flock to them at present, which may bury more hidden dangers.
"Banks should reflect on their own business model. Centralized lending and swarming credit are easy to produce bad results." The vice president of a provincial branch of a state-owned bank said that the homogeneous and extensive financial services should be changed, and it is necessary to highlight the specialty, intensively cultivate and cultivate long-term customers.
Also need to ponder, as well as the development model of enterprises.
In Fushun, a heavy industrial city in Liaoning Province, the situation of two enterprises separated by a wall is completely different. Fushun Special Steel (5.500, 0.00, 0.00%) produces high-precision special steel, the price is four times the average price of ordinary steel, and it is booming; The ordinary electrolytic aluminum produced by Fushun Aluminum Industry stopped production due to serious losses and was deserted.
"No matter what industry, there are good enterprises. The key is that the enterprise itself should practice its internal strength and enhance its core competitiveness. " Zhang Liqun, a researcher at the Macroeconomics Department of the State Council Development Research Center, said.
Whether finance and the real economy can embark on the road of * * * is not only related to the success or failure of deleveraging, but also the key to economic health and financial stability.
Although venture capital is only the younger brother of the domestic financial industry in terms of volume, its mechanism concept is worth learning. At present, the investment-loan linkage that some banks are piloting also draws lessons from similar mechanisms. In April this year, Zhejiang Rushan Huijin Capital Management Co., Ltd. raised tens of millions of yuan in Series A financing for a high-tech company in Shanghai, expecting it to become the emerging backbone of China's automobile intelligent revolution. This is just one of nearly 90 high-tech projects invested by this venture capital company.