SASAC: The debt risk of central enterprises is generally under control

　　Chinanews.com, February 23. The State Council Information Office held a press conference on the 23rd on the reform and development of state-owned enterprises. Peng Huagang, secretary general and spokesperson of the State-owned Assets Supervision and Administration Commission of the State Council, said that the debt risk of central enterprises is generally under control.

　　A reporter asked that since last year, local state-owned enterprises have successively defaulted on bonds, exposing some risks.

How do you treat the bond defaults and downgrades of local state-owned enterprises?

How will it be regulated?

　　Peng Huagang said that the debt defaults of individual local state-owned enterprises are caused by external factors such as the impact of the epidemic and market fluctuations, as well as internal factors such as the blind expansion of the company itself and poor management. This is the result of multiple factors.

　　Peng Huagang pointed out that, first, to achieve the survival of the fittest through risk clearing is a normal operating mechanism of the capital market, which is conducive to promoting the long-term and healthy development of the financial market.

Second, although the default ratio of state-owned enterprise bonds has increased recently, it is still lower than the market average, and the default risk is generally controllable.

Third, any fraudulent issuance, false disclosure, malicious evasion of debts and other illegal activities should be severely cracked down, and the legitimate rights and interests of investors must be protected.

Fourth, when the government implements its regulatory responsibilities, bond-issuing companies perform its main responsibilities, and investment institutions effectively improve the pricing capabilities of risky assets, they can jointly maintain the financial ecology and credit environment.

　　He pointed out that recently, under the leadership of the Financial Committee of the State Council and the guidance of relevant departments, local party committees and governments have taken effective measures to defuse debt risks and have achieved positive results.

　　Regarding how to supervise, Peng Huagang said that the debt risks of central enterprises are generally under control.

Over the years, the SASAC has always regarded risk prevention as a bottom line for business development, and has gradually established an effective regulatory system and work system.

　　Peng Huagang said that despite the severe situation and so many difficulties last year, the central SOEs still satisfactorily completed the "three-year asset-liability ratio reduction of two percentage points" set by the State Council. The average debt ratio fell to 64.5%. This is a relatively healthy and safe level.

　　Peng Huagang said that in the next step, we will continue to urge and guide companies to strengthen the prevention and control of debt risks. Specifically, we must grasp the "three combinations", that is, "point and face, long and short, and prevention and prohibition". The key is to highlight one. Strict" word.

"Integration of point and surface" means to strictly control the debt ratio of enterprises on all levels, determine the warning line and control line of the debt ratio by industry, and determine the annual target of the debt ratio by one enterprise, one policy, and keep the overall debt level stable and controllable.

In terms of strict management of high-risk companies, companies with excessively high debt ratios and tight liquidity will be included in the key control list, and special supervision will be implemented to promote the return of high-debt subsidiaries to normal debt levels.

　　“Combination of long-term and short-term” means long-term security of funds. Companies are strictly prohibited from blindly borrowing investment beyond their financial affordability, strengthening the centralized management of group funds, and strictly controlling non-main business investment budgets; short-term bond default prevention, the proportion of corporate bonds in interest-bearing liabilities, short-term bonds The proportion of all bonds is subject to classified management.

　　Peng Huagang said that last year we also promoted enterprises to establish a central enterprise credit protection fund as a "backhand" to resolve debt risks.

"Combination of prevention and prohibition" means to strictly prevent the accumulation of risks, strengthen daily monitoring and special inspections of financial derivatives, trusts, funds, guarantees and other financial businesses, and actively control new financial businesses to prevent de-facto-inspired businesses; and prohibit high-risk businesses , To fight against the outcrops of financing trade, take serious accountability, and comprehensively clean up "idle" and "order" trade businesses.

　　Peng Huagang said that for local state-owned enterprises, the requirements of the Financial Committee meeting will be implemented, and the People's Bank of China and the China Securities Regulatory Commission will jointly establish a state-owned enterprise bond risk prediction and early warning mechanism.

Recently, it is studying and formulating guidance on strengthening the debt risk management and control of local state-owned enterprises, guiding and urging the local SASAC to accurately identify high-risk enterprises, strengthen the asset-liability ratio classification control and capital investment management, and do a good job in the full life cycle management of bond issuance, according to the market The principles of globalization, rule of law, and internationalization should properly handle risks and effectively maintain the local financial ecology and financial stability.