NDRC Economic Research Institute actively and steadily reduce corporate leverage-519697

The Economic Policy Institute: actively and steadily reduce leverage and actively reduce leverage sustained and healthy development of the foundation of Li Shigang Liang Zhibing’s "people’s Daily" tamp economy (October 14, 2016   10 Edition) recently, the State Council officially announced the "on actively and steadily reduce leverage views" (hereinafter referred to as the "opinions") guidance and accessories "on the market of bank debt to equity" (hereinafter referred to as "guidance"). This is an important document to guard against and defuse the risk of corporate debt, is an important measure to promote the structural reform of the supply side, and enhance the long-term economic development of resilience. It is of great significance to reduce the leverage of enterprises in our country, especially the leverage of enterprises has been the focus of attention for some time. According to the Chinese Academy of Social Sciences and the bank for International Settlements and other institutions estimated that by the end of 2015 China’s overall economic leverage rate of around 250%, in the world’s major economies, which belong to the middle level. However, China’s corporate sector leverage level is significantly higher, the above estimates between 130% to 170%, beyond the majority of major economies. The level of leverage is high in our country, which has a high savings rate and a high proportion of indirect financing. However, the risk factors contained in high leverage can not be ignored. From the international experience, the lever of leverage to further raise the level of financial crisis and a strong relationship between the outbreak of financial crisis, the history of the financial crisis in most countries have experienced a rapid increase in leverage process. From the domestic situation, in recent years, due to high corporate leverage, debt growth is too rapid, heavy debt burden. In the more complicated international economic environment, China’s downtown pressure on the economy is still large in the background, some enterprises operating difficulties intensified,   lead to a certain extent, the debt risk increased, and spreads along the debt chain, guarantee chain and industrial chain risks. Therefore, must according to the bottom line of thinking, active as a risk, but could not see the cumulative risks to expand. The Party Central Committee and the State Council attach great importance to the risk of debt problems, made a decision to deploy to reduce leverage related work from a strategic height, to leverage as one of the five major tasks of the supply side structural reform, the "opinions" of the introduction shows that deleveraging work has entered a substantive stage. In the current situation, according to the demand and qualified enterprises to carry out down the lever, can effectively enhance the enterprise capital strength, to prevent the risk of corporate debt; help quality enterprises to reduce cost and enhance competitiveness, promote the survival of the fittest; is conducive to the realization of corporate equity diversification, promote enterprise restructuring, improve the modern enterprise system; to accelerate the construction of multi-level capital market, improve the proportion of direct financing, optimize the financing structure, is the steady growth, promoting reform, an important point of structural adjustment and anti risk. Adapt to the new situation requires a market-oriented and orderly manner of law and order to reduce the lever down the lever must adhere to market-oriented rule of law. At present, China has established a socialist market economic system, the ownership structure is more diversified, the theory of相关的主题文章: