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CAPACITY WAR: EXCESS INDUSTRY RESTRUCTURING OF THE CENTRAL ENTERPRISES LOOK FORWARD TO ACCELERATING
Published:2017-08-22 11:17:27    Text Size:【BIG】【MEDIUM】【SMALL

With the iron and steel coal prices rebound, to the production capacity is currently facing great pressure, the first half of the task completed nearly 30% goals in the field of coal and steel, iron and steel industry is facing "while reducing capacity, while the increased production dilemma.

As an important means of production capacity, the restructuring of state-owned enterprises is accelerating. This year the number of central enterprises have been exposed to the reorganization, the State Council issued the guiding opinions of the central enterprises restructuring and reorganization of the platform, the main operating company owned capital investment as the integration of state-owned enterprises to adjust, is expected to become the main carrier of the merger and reorganization of state-owned enterprises.

However, the reorganization of the central enterprises is still under the same regulatory body (SASAC) under the system integration, to carry out cross regional, cross owners mergers and acquisitions, still need to break the interests of different regions and owners barriers. Central enterprises restructuring into the fast lane, state-owned enterprises are hardest hit by overcapacity. On the day of the meeting of the Political Bureau of the Central Committee, the general office of the State Council issued the guiding opinions on promoting the restructuring and restructuring of the central enterprises (hereinafter referred to as the "opinions"). China Enterprise Institute chief researcher Li Jin noted that the file name no use prior to the structural adjustment and economic layout ", but at the" restructuring "," the goal is clear, the second half of the central enterprises restructuring and exit zombie companies will further accelerate." It is worth noting that the "opinions" was first proposed four "group", namely, strengthen a number, a number of innovative development, reorganization and integration of a number, exit a number of clean-up, and requires the formation of a number of innovative capability and international competitiveness of world-class multinational companies. Li Jin believes that the central enterprises in 2020 into a total of about 80, innovative ability, international competitiveness of the "national company", will be a very likely situation.

In fact, in the 13 years since the establishment of the SASAC, the central enterprises have been reduced from 196 to 105, while the size of assets has expanded by 7 times. Following the selection of Prudential, the country's new two pilot state-owned capital operating companies, the SASAC in July also selected Shenhua, Baosteel, Wuhan Iron and steel, Minmetals and other 7 central enterprises pilot state-owned capital investment company. SASAC research center researcher Hu Chi said in an interview with reporters in twenty-first Century economic report, the state-owned operating company capital investment will become the main platform for the integration of state-owned enterprises to adjust, and become the main carrier of the merger and reorganization of state-owned enterprises. "Opinions" required to play the role of platform restructuring adjustment, the central enterprises in the inefficient assets and more households, small scale, low industrial concentration, serious excess capacity in the industry of the central enterprises, the moderate concentration to the state-owned operating company capital investment, do incremental and revitalize the stock, active reduction.

This "opinion" is first put forward the concept of "3+2", that is through the transfer of property rights, assets, free transfer etc., to solve the above three years of production management and benefit the next two years is difficult to improve the inefficient asset disposal problem. In fact, the reorganization of the central enterprises at the moment is under the same regulatory body to make the integration of the system. Hu Chi said that the "opinions" mainly for the central enterprises, the integration and restructuring of state-owned enterprises are mainly central enterprises; this is mainly because the central enterprises belong to the SASAC supervision of central enterprises, part of business overlap, such as WISCO and Baosteel, which is more easy to operate. How to realize the merger and reorganization of trans regional and inter owners of state-owned enterprises is still a problem to be solved. Hu Chi introduced after Liaoning Anshan and Benxi is a typical Anshan Benxi: belonging to the central enterprises, belonging to state-owned enterprises in Liaoning Province, the restructuring of both cross regional and cross ownership, because the interests of both sides of constant struggle, and obligations after the twists and turns of mutually making excuses, just set up a loose saddle of the group, also left a lot of problems not to solve. In the second half of the year, the capacity of the Political Bureau of the Central Committee of the Central Committee of the Central Committee of the Political Bureau for the first time will go to capacity and leverage, and point to the reform of the state-owned enterprises and the financial sector. Hu late explained that this is because the excess capacity is essentially due to excessive investment in specific areas in the early stage, leverage is too high, state-owned enterprises in this regard is most prominent, to capacity and debt to be inseparable. "The capacity to process the debt disposal can not be avoided, after state-owned enterprises tend to be reduced by means of bankruptcy, but now more inclined to compromise means less than that in restructuring bankruptcy, through the restructuring to package to deal with the debt, a new round of reform is more likely with a market-oriented approach to solve this problem." Just the day after the Politburo meeting, the State Council held a standing meeting, the deployment of the rule of law, market-oriented mechanism to capacity.

Hu Chi said that many places in the capacity to exist on the "one size fits all" approach, the meeting hopes to do some rectification. The State Council executive meeting proposed to take measures to ensure the completion of this year to resolve the excess crude steel production capacity of 45 million tons, coal production capacity 2.5 tons of hard target. However, according to the ministry data, the first half of the amount of iron and steel production capacity to reach about 13000000 tons this year, is the target of about 30%; 17 parts of the country and the central enterprises have started the coal mines closed out of work and back to produce 72 million 270 thousand tons, 2.5 tons the amount for the annual target of 29%. This means that the second half of the year will be completed about 70% of the task. Vice Minister of the Ministry of Feng Fei pointed out that the main task and work on half put policies and special awards and subsidies, allocated in the target decomposition, the second half of the year to urge the provincial government to implement the responsibility at all levels of government, enterprises and the implementation of the objectives and tasks to carry out the production line; the elimination of backward production capacity, clean up

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