(Economic Observation) To prevent and resolve major risks, why should enterprises consolidate their main responsibility for self-rescue?
China News Service, Beijing, December 11 (Reporter Xia Bin) Entering a new stage of development, China's development internal and external environment has undergone profound changes. As one of the three major battles, prevention and resolution of major risks also has new implications.
The recently concluded 2021 Central Economic Work Conference proposed that we should continue to follow the guidelines of stabilizing the overall situation, overall coordination, categorized policy implementation, and precise bomb disposal, grasping risk management, strengthening financial legal construction, and consolidating local, financial supervision, industry leaders, etc. Responsibilities of all parties, and compact the main responsibility of the enterprise for self-rescue.
"Preventing major risks cannot rely solely on policies and the government. Enterprises must bear the responsibility of self-rescue." Because the "big but not falling" of the enterprise forms the pressure of moral hazard, the enterprise cannot "lie down" in case of trouble.
Tian Lihui, Dean of the Financial Development Research Institute of Nankai University, said in an interview with a reporter from China News Agency that compacting the main responsibility of corporate self-rescue is to highlight the principle of doing things in accordance with the law. Let the government take responsibility for corporate issues without principles and restrictions.
"Consolidating the main responsibility of an enterprise is to convey the governance signal of China's adherence to marketization and rule of law."
Zhao Xijun, co-dean of the China Capital Market Research Institute of Renmin University of China, said bluntly that some companies, especially financial and real estate companies, often ignore risk management and control in the development process and blindly expand through large amounts of debt.
This kind of risk not only affects the enterprise itself, but also creates a risk spillover effect. It transmits proliferation risks to other institutions and fields through the debt chain, which is more harmful.
In his view, emphasizing the main responsibility of enterprises in preventing risks is actually starting from the source, discovering risk loopholes as soon as possible, and taking timely actions to reduce the occurrence and spread of risks.
China has been cautiously grasping the relationship between preventing risks and stabilizing the economy. In the long-term direction, risks must be released and dealt with. In the short-term, strategies should be adopted. The bottom line of systemic risks must be maintained. The purpose of precise bomb disposal is In order to control specific risks within a specific range.
Xie Yaxuan, chief macro analyst at China Merchants Securities, told a reporter from China News Agency that next year's financial risks are mainly related to real estate.
The real estate regulation has entered a critical stage, and the secondary problems that have arisen may have a more obvious performance next year.
Precision bomb disposal is to clearly distinguish a small number of real estate companies and their problems from the entire real estate industry and companies, and to make multi-channel and multi-dimensional disposal arrangements for the real estate companies that have caused problems.
Tian Lihui pointed out that the essence of precision bomb disposal is to delineate the risk of a single company within a single company, prevent spreading to the entire market, cut off the chain of infection, and prevent “contagious diseases” from appearing in the entire system. It needs to be sustained. Inject confidence into the market and stabilize market expectations.
Xia Bin, Chairman of China's Chief Economist Forum and Counselor of the State Council, also said that it is necessary to accurately "dispose of bombs" for each risk point, and must not allow the risk to be contagious and detonate in an all-round way.
He believes that for the risks of some economic entities, the incremental risks can be controlled first, and the existing risks can be slowly resolved; the risks of some financial entities with obvious profit expectations can be slowly digested by extending the risk resolution time; the risk exposure is obvious, and the short-term risk It will be painful when internally resolved, but it will not cause damage to the whole body. Long-term pain is not as good as short-term pain. Scraping bone therapy, thorough treatment.
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