Chinanews.com, January 19, talked about the debt risk management and control of central enterprises. Peng Huagang, secretary general and spokesperson of the State-owned Assets Supervision and Administration Commission of the State Council, said on the 19th that the next step will be to consolidate the results of the three-year leverage reduction work. The shift from reducing leverage to stabilizing leverage will ensure that the debt ratio of most companies remains stable, and the debt ratio of high-debt subsidiaries will return to a reasonable level as soon as possible, and resolutely maintain the bottom line of no major debt risks.
On the morning of the 19th, the State Council Information Office held a press conference on the economic performance of central enterprises in 2020.
At the meeting, a reporter asked: It was just mentioned that the debt ratio of state-owned enterprises and central enterprises has declined. What measures will be taken to ensure that there is no debt default or evasion this year? What is the focus of state-owned enterprises' deleveraging?
Peng Huagang said that all aspects are very concerned about the debt risks of central enterprises.
Recently, the State-owned Assets Supervision and Administration Commission also organized a comprehensive investigation of the debt risks and bond risks of central enterprises.
Judging from the current investigation, the current credit rating of central enterprises is still good, the capital market recognition is relatively high, the bond scale is generally reasonable, the capital connection is safe and reliable, and the risk is basically controllable.
Peng Huagang said that the SASAC has always attached great importance to the management and control of debt risks of central enterprises. Since 2017, it has implemented the decision and deployment of the Party Central Committee and the State Council on preventing and resolving major risks, and comprehensively promoted the work of central enterprises to reduce leverage and reduce liabilities and prevent risks. Obvious results have been achieved.
Peng Huagang introduced the work done in recent years.
First, control the debt ratio by classification.
The debt ratio of central enterprises is 64.5% by the end of 2020. In fact, this has achieved the goal of reducing 2%.
In order to control the debt ratio, the SASAC has adopted a series of measures.
Specially issued guidance on reducing the debt ratio, put forward 11 specific measures, formulated a classification control plan for debt ratio, implemented classified control according to the control line and warning line, and signed a three-year debt ratio target with central enterprises on a household basis, and strengthened monitoring Notification, supervision and interviews, etc., to promote the strict implementation of goals by central enterprises.
From now on, the effect is still very good.
Second, strengthen risk management and control of key bonds.
Implement classified management restrictions on the proportion of central corporate bonds in interest-bearing liabilities, strictly control the proportion of high-risk corporate short-term bonds, prevent centralized redemption risks, strictly control capital investment, require enterprises to efficiently invest funds in their main responsibilities, and strictly control and exceed It is strictly forbidden to embezzle funds for idling arbitrage for investment in financial capacity.
In the event of debt risks or problems, many of them lie in the loss of investment control. In recent years, efforts have been increased in this regard.
In recent years, there has not been a single bond default incident in central enterprises.
Third, comprehensively strengthen the management and control of high-risk businesses.
Comprehensively investigate the risks of financial and financial derivative businesses, strictly control high-risk businesses such as external guarantees and PPP, and resolutely prohibit financing trade.
In the past few years, a lot of work has been done in prohibiting financing trade, and it has been found that together notification and accountability have effectively consolidated the foundation for the prevention and control of debt risks of central enterprises and comprehensively improved the ability of enterprises to resist risks.
Peng Huagang said that in the next step, on the basis of consolidating the results of the three-year leverage reduction work, it will shift from reducing leverage to stabilizing leverage, ensuring that the debt ratio of most companies remains stable, and that the debt ratio of high-debt subsidiaries returns to a reasonable level as soon as possible. The bottom line of major debt risks.
At the same time, it is necessary to further strengthen the guidance of local SASACs on debt risk management and control, and encourage local SASACs to establish bond risk prevention and control, daily monitoring, and major risk reporting mechanisms to effectively improve the debt risk prevention and control capabilities of local state-owned enterprises.