De-capacity has several meanings: the first is to eliminate a number of enterprises with low capacity and high material energy consumption and factories with backward production methods; The second is to increase the added value of products, from the pursuit of quantity growth to quality growth, and improve the labor productivity of workers.
Question 2: What do you mean by de-capacity and de-leverage in economic leadership? "deleveraging" is a process in which a company or individual reduces the use of financial leverage. The trend of returning the original "borrowed" money by various means (or tools).
De-capacity: refers to the way to upgrade production equipment and products in order to solve the unfavorable situation of vicious competition caused by oversupply of products.
Explanation:
The reason why the asset-liability ratio (leverage ratio) of the enterprise sector is so high is probably related to the structural "overcapacity". Statistics show that the more serious the overcapacity, the higher the asset-liability ratio. Compared with before the international financial crisis, the overcapacity of China's industrial sector has changed from the overcapacity of local industries and products to the overall overcapacity. Among the 24 important industrial sectors in China, 19 has overcapacity in varying degrees, and heavy industries such as steel, electrolytic aluminum, ferroalloy, coke, calcium carbide and cement have serious overcapacity.
According to Wind's statistics, the overall asset-liability ratio of the steel industry increased slightly by 65,438+0.44 percentage points at the end of 2065,438+02, and the average asset-liability ratio of 44 listed companies was 60.35%. From June 5438 to May this year, the total assets of large and medium-sized iron and steel enterprises were 4.3 trillion yuan, a year-on-year increase of 4.3%; Total liabilities were 3 trillion yuan, up 6.5% year-on-year; The asset-liability ratio was 69.4%, up by 65,438+0.4 percentage points. Since this year, overcapacity has spread further. Not only traditional industries, but also some emerging industries such as wind power equipment and polysilicon have also experienced serious "overcapacity".
At the end of the first quarter of this year, the average asset-liability ratio of the wind power industry was 53. 13%, which continued to rise from the previous month. There are 13 wind power enterprises with asset-liability ratio exceeding 50%. With the overall decline of profit growth rate and the continuous expansion of losses, risks such as serious arrears of corporate accounts, rising proportion of accounts and declining turnover rate of accounts began to appear. The increase of "triangle debt" leads to the stagnation of debt repayment funds and the rapid rise of asset-liability risks.
What is more noteworthy is that there is a great positive correlation between overcapacity and * * * investment drive. This round of high leverage ratio is the result of large-scale investment in China since 2008. In 2008, the global financial crisis broke the economic cycle of "big inflow and big outflow". In this case, the superposition of "cyclical and structural" overcapacity further highlights the contradiction.
However, since the international financial crisis, the local investment expansion led by * * * has made thirsty places connect with them through off-balance-sheet loans and inter-bank debt financing, and a large amount of funds have flowed to local financing platforms and investment industries driven by * * *. On the one hand, this has led to a sharp increase in the debt ratio of various departments, including * * *, enterprises and financial institutions, and a significant deterioration in the balance sheet. By the end of 20 12, the balance of local * * * debts in 36 places was 384758 10/0 billion yuan, an increase of 12.94% compared with 20 10, and the local * * * debt risks increased. At the same time, due to the existence of "soft budget constraints", financial resources are excessively tilted and continue to be mismatched to industries with overcapacity. In the future, the asset quality of the banking industry will be affected by "overcapacity" loans.
On the other hand, the effect of "* * * failure" is further highlighted. The local policy subsidies distort the factor market price and depress the investment cost, and the fundamental drawbacks of the system distort the investment behavior of local enterprises. A large number of incremental funds are invested in investment-driven fields, resulting in widespread structural overcapacity and declining investment efficiency and resource allocation efficiency.
The decline of investment efficiency is measured by the elasticity of investment output. According to the calculation, the output elasticity of investment in China shows a downward trend, from 4. 1 in 2002 to 3.2 and 1.8 and 20 12 in 2008. The increment of unit GDP brought by unit investment decreases, and the capital turnover slows down sharply, which increases the financing demand. However, the cash flow creation ability drops sharply, which will inevitably lead to the decline of investment efficiency and the solvency of the real sector. Especially at present, the economy is still in the downward range, the growth rate of corporate profits is declining, and the loss area is expanding, which leads to serious arrears of corporate accounts, an increase in the proportion of accounts, and a decrease in the turnover rate of accounts.
The "deleveraging" of the real sector involves the economic growth mode driven by * * *, the improvement of investment efficiency and resource allocation efficiency, and the correction of "* * * failure". It can be seen that the "deleveraging" of the entity sector is far more complicated than that of the financial sector. & gt
Question 3: What do you mean by de-capacity? 20 16 central economic work conference interprets the meaning of de-capacity. Enterprises overproduce and have a serious backlog of products. De-capacity means controlling the new construction and approval of surplus industries and actively developing product sales.
This is because during the economic upswing cycle, especially in 2006 and 2007, due to various reasons, such as rising commodity prices of raw materials, good export situation and promising profit prospects of enterprises, China enterprises increased a large number of finished products or raw materials inventories, even expanded investment and purchased machinery and equipment, and greatly expanded their production capacity. In the second half of 2008, the international and domestic macroeconomic situation turned sharply, and these stocks were formed. Only by digesting these stocks in 2009 can enterprises regroup and move on, and the economy can return to the growth track.
Question 4: What is the difference between "destocking" and "de-capacity"? In the economic upswing cycle, especially in 2006 and 2007, due to various reasons, such as rising prices of raw materials, good export situation and good profit prospects of enterprises, China enterprises increased a large number of finished products or raw materials inventories, and even expanded investment and purchased machinery and equipment, greatly expanding their production capacity. In the second half of 2008, the international and domestic macroeconomic situation turned sharply, and these stocks were formed. Only by digesting these stocks in 2009 can enterprises regroup and move on, and the economy can return to the growth track.
CICC divides inventory and destocking into two categories, namely, narrow-sense inventory and broad-sense inventory, and correspondingly there are narrow-sense destocking and broad-sense destocking. CICC report pointed out that destocking in a narrow sense only refers to reducing the inventory level of products, such as reducing the inventory of raw materials by enterprises, which may be realized soon. However, its impact on the economy cannot be exaggerated. This is because: First, China has experienced destocking in a narrow sense in the past. For example, in 2005, enterprises reduced their inventory level, but during this period, the economy did not decline sharply, and the GDP growth rate continued to rise; Second, the proportion of inventory changes in China's GDP has undergone structural changes since 2000, which has dropped to about 2. 1%, far lower than the levels of 1980 to 1990 before 2000, reflecting that the inventory management level of enterprises has been greatly improved due to scientific and technological progress, and this trend has also decreased. Therefore, it is not appropriate to simply blame the current economic downturn on destocking.
CICC report pointed out that the process of generalized destocking, that is, digesting excess capacity, will not end soon. In recent years, the production capacity of most industrial products in China has expanded several times. The production capacity under construction in 2007-2008 is still huge and will be gradually released in the future. The seriousness of this overcapacity can be seen from the macro-level imbalance between investment and consumption. China's investment rate (the ratio of capital formation to GDP) has been rising to 43% in recent years, which is not only far higher than China's own average of 38% in the past few years, but also far higher than the peak level of other countries. On the contrary, the consumption rate in China has been declining, from an average of 59% over the years to about 50% at present, even lower than the normal level in other countries (about 70%). Excessive investment and insufficient consumption make it take longer and more painful to digest excess capacity than to destock in a narrow sense. 10
Question 5: What do inventory de-capacity and de-leverage mean in economics? De-capacity, de-inventory and de-leverage.
Actively and steadily resolve overcapacity, resolve excess inventory of enterprises, and prevent financial risks.
Financial leverage is just a multiplication symbol. With this tool, the result of investment can be amplified, and whether the final result is profit or loss, it will increase in a fixed proportion. Therefore, before using this tool, we must carefully analyze the income expectation and possible risks in investment projects. In addition, it must be noted that when using financial leverage tools, cash flow expenditure may increase, otherwise once the capital chain breaks, even if the final result may be huge gains, investors must be out early.
Question 6: What is supply-side reform? The essence of supply-side reform is to take the opportunity of resolving overcapacity and consciously promote the transformation of economic growth mode from low to high: from resource allocation to resource regeneration, from extension to connotation development, from factor-driven and investment-driven growth to innovation-driven growth, from resource operation-product operation-asset operation-capital operation to knowledge operation, so as to get rid of it. It is a historical necessity for socialist countries to consciously promote the transformation of economic growth mode from low level to high level; Solving overcapacity is only an opportunity to open the way for this inevitability. "Supply-side reform" means starting from the supply side and the production side, and promoting economic development by liberating productive forces and enhancing competitiveness. Specific requirements are to clean up zombie enterprises, eliminate backward production capacity, lock the development direction in emerging fields and innovation fields, and create new economic growth points.
Question 7: What exactly does deindustrialization mean? Equivalent to de-capacity.
In other words, let some industries with high pollution and high risk gradually reduce production.
Question 8: the State Council has made it clear what it means to reduce the production capacity of 500 million tons of coal in three to five years, namely, to reduce production capacity, inventory and leverage.
Actively and steadily resolve overcapacity, resolve excess inventory of enterprises, and prevent financial risks.
Financial leverage is just a multiplication symbol. With this tool, the result of investment can be amplified, and whether the final result is profit or loss, it will increase in a fixed proportion. Therefore, before using this tool, we must carefully analyze the income expectation and possible risks in investment projects. In addition, it must be noted that when using financial leverage tools, cash flow expenditure may increase, otherwise once the capital chain breaks, even if the final result may be huge gains, investors must be out early.
Question 9: Will 2065438+07 PTA and px go to production capacity? At present, the main PTA manufacturers in China are Yisheng (including Ningbo Yisheng, Dalian Dahua and Hainan project under construction), Shaoxing Far East (Hualian Sanxin), Xiahua Luxiang, Zhuhai BP, Yangzi Petrochemical and Yizheng Chemical Fiber. In recent years, PTA plants have been successfully built and started in Chongqing, Jiangyin and Shishi. At present, PTA plants have been successfully built in Dalian, Jiaxing and Shishi.