Chapter 368 Pilot Debt-to-Equity Swap
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Early the next morning, Fan Heng went to the provincial government to preside over a small-scale meeting to make preliminary discussions on the Jiangnan Provincial issue.
Of course, the topic of discussion is naturally not the 20 billion yuan that has disappeared, but in view of the current crisis of state-owned enterprises in Jiangnan Province, in addition to several vice governors, there are also representatives of several key state-owned enterprises in the province.
The decision adopted by the Third Plenary Session of the 14 th CPC Central Committee on Several Issues Concerning the Establishment of a Market Economic System clearly points out that the direction of the reform of state-owned enterprises is to establish a modern enterprise system that meets the requirements of the market economy and socialized large-scale production, with clear property rights, clear rights and responsibilities, and separation of government administration from enterprise management and scientific management.
It is necessary to focus on doing a good job in the entire state-owned economy and carry out strategic reorganization of state-owned enterprises through the flow and reorganization of existing assets. This kind of reorganization should be guided by market and industrial policies, do a good job in the big ones and let the small ones go, organically integrate the optimization of the distribution structure of state-owned assets and the structure of enterprises with the optimization of the investment structure, select the best and support the strong, and survive the fittest.
At the meeting, Fan Heng exchanged views with the leading cadres of Jiangnan Province and the heads of the participating enterprises, "In terms of grasping the large, the key enterprises that the state focuses on have determined the plan of classified guidance. With regard to the decentralization of small enterprises, all localities have adhered to the three favorable criteria, not to apply a one-size-fits-all approach, and have adopted various forms, such as reorganization, alliance, merger, joint stock cooperation, leasing, contract operation, and sale, to directly push small enterprises to the market, so that a large number of small enterprises have been transformed into mechanisms and their efficiency has been enhanced. Zhucheng in Shandong, Yibin in Sichuan, Binxian in Heilongjiang, Shuozhou in Shanxi, Shunde in Guangdong, Tongbai in Henan, Nantong in Jiangsu, and Ningde in Fujian have taken the lead in exploring and invigorating small enterprises, and have achieved good results. In addition, a large number of new-type private enterprises have taken part in the reform of state-owned enterprises based on the needs of their own development. Through reform measures such as mergers, acquisitions, investment holdings, contracting, leasing, and entrusted management, the management concepts and management methods of the non-public economy have been integrated into the operation of the state-owned economy, and a large number of state-owned assets have been revitalized. β
Recently, the state's top level has further stressed the need to readjust the layout of the state-owned economy, clearly pointing out that the state-owned economy plays a leading role, which is mainly reflected in its controlling power. It is necessary to strategically readjust the layout of the state-owned economy.
The state-owned economy must occupy a dominant position in important industries and key areas that have a bearing on the lifeblood of the national economy. In other areas, asset restructuring and structural adjustment can be adopted to strengthen the focus and improve the overall quality of state-owned assets.
"The reform of state-owned enterprises in Jiangnan Province has been a little backward, which of course has its historical reasons, but our own reasons can not be ignored, how to eliminate all kinds of dangers, as soon as possible to clarify property rights, liberate the productive forces, and promote the economy of Jiangnan Province, is a top priority, all work should be based on this core value." Fan Heng said to everyone.
Lin Xiru, vice governor in charge of industry, helped his thick-framed glasses and said to everyone, "Governor Fan Dai made it very clear that the government must effectively guide key enterprises and promote the early realization of structural reform of all enterprises. Now that Comrade Fan Heng has taken charge of the government in Jiangnan, it is because the central authorities have great love for us in Jiangnan Province, and we must seize this great opportunity to bring about this matter in one fell swoop, so as to live up to the trust of the 60 million fathers and brothers in Jiangnan Province and realize the economic take-off of Jiangnan Province. β
The current situation in Jiangnan Province is basically the same as that of other provinces in China, with the rapid development of the non-public economy, while the state-owned enterprises have fallen into the predicament of development due to high debt ratios, redundant personnel, heavy social burdens, serious apportionment, and low enthusiasm of employees, and their efficiency has been declining year by year, and the loss area has increased year by year.
According to incomplete statistics. In the first half of this year, 40 percent of the loss-making state-owned enterprises were located. The amount of losses in state-owned assets has also increased year by year.
In order to relieve the difficulties of state-owned enterprises. The central government has introduced a number of policies. Including mergers and acquisitions, separation of main and auxiliary and debt-to-equity swaps, etc. Among them, the reform of state-owned commercial banks to deal with non-performing assets in a centralized manner. It is necessary to set up four specialized financial asset management companies. The transfer of creditor's rights will be carried out for some qualified enterprises in key difficulties.
If the debt-to-equity swap is successful. Not only will the debt ratio of these companies be greatly reduced. The annual reduction in interest expenses alone will amount to more than 20 billion yuan.
Furthermore. The State Council also plans to take a number of other effective measures. Efforts should be made to solve the problems of excessive redundancy in enterprises and social management by enterprises. The main thing is to gradually separate or separate the social burdens of large and medium-sized state-owned enterprises, ordinary primary and secondary schools, hospitals, and so on. Transfer to the place. It is managed by the local education and health authorities.
Cui Hao, director of Jiangnan Woolen Mill, the largest textile enterprise in the province, raised his hand to speak. Said with some eagerness. "Governor Fan. The situation at our factory is very serious. Technological transformation is currently being contacted. Now the new technology talent is in place. It's just that the funds for applying for land with the province have not been in place. If the 200 million equipment transformation funds are in place. Combined with several new patented technologies from our land. There is great hope for a regain of glory! β
As the leader in charge of the industrial sector, Vice Governor Lin Xiru pointed to the table with a pencil and said, "The province's finances are also in difficulty, otherwise it would have solved the problem for you a long time ago." Now that Comrade Fan Heng has just arrived in Jiangnan Province to take charge, there are so many things that everything has to start from scratch, so don't be in a hurry to ask for money. Where can I get you 200 million all at once now? Even 20 million is difficult, so you can wait. β
Cui Hao stood up a little excitedly and said, "Wait, wait, we've been waiting for two years, and we haven't seen a shadow of the appropriation, if it was the year before last, no, if we had this renovation fund last year, we would have rushed out of the predicament and turned over!" β
Seeing that his emotions were a little out of control, several people next to him hurriedly pulled him down and persuaded him, "Lao Cui, Lao Cui, extinguish the fire, this is a meeting in the provincial government, why are you still hot-tempered?" Comrade Fan Heng has just come to work in Jiangnan Province, and he has encountered such a few things, you must at least let him sort it out! β
Fan Heng frowned a little when he heard this, so he asked Lin Xiru, "Vice Governor Lin, is there such a thing?" β
Lin Xiru nodded and replied, "Yes, the argument has already been passed, and the province also feels that there is a lot to do, but because of financial constraints, there has been no appropriation in place." I'm sure you've learned about the economic situation in the provinceβ"
Fan Heng nodded, Lin Xiru was not easy to explain on this occasion, naturally referring to the 20 billion fund loophole, which delayed most of the normal work.
"Got a big hole, patted the ass and left, if that's the case, we won't be able to do our job." Cui Hao naturally heard about it, although he didn't know much, but there were still complaints, after all, the secretary and the governor were adjusted to an unknown place at the same time, which was very weird in itself, and it couldn't help but make people think about it.
Lin Xiru was a little annoyed, and said in her heart, you are also a cadre at the level of the main hall, although you are engaged in enterprises, but you are so at the meeting of the provincial government with the leaders, what is it that you are not leaderless? Just as he was about to reason with him, Fan Heng signaled to him not to be impatient, and then said to Cui Hao, "Your matter will be discussed later, now we will finish the meeting first." β
got Fan Heng's promise, and Cui Hao couldn't make any more trouble, so a group of people continued the meeting.
After the meeting ended, Fan Heng beckoned Cui Hao to his office, and then instructed Song Qing to get him some tea, and said to him, "The matter of appropriation seems unrealistic now. β
As soon as Cui Hao heard Fan Heng's words, his heart was half cold.
However, Fan Heng continued, "But there is a turning point, and you can use the debt-to-equity swap proposed by the central government as a pilot project in the province." β
The so-called debt-to-equity swap is the introduction of strategic investors.
"Debt-to-equity swap is a good solution, but there is no suitable partner at present, and I am worried that the time will drag on for a long time, and things will become more and more difficult to do.
At this time, Cui Hao's heart was most entangled, that is, the province used the debt-to-equity swap as an excuse to send himself away.
Fan Heng waved his hand and said, "To be honest, the hole in Jiangnan Province is too big, I came here this time not only to make up the hole, but also to fight the tiger, but to solve the urgent need, I don't have any money in my hand." But I can contact you with the partner, you go and talk to them, if the price can't be negotiated, I will be the middleman to lower the price for you. β
"Governor Fan has already found us a partner?" Cui Hao was overjoyed when he heard this, he didn't expect Fan Heng to be so neat, and he had only been in Jiangnan for a few days? Not to mention the busy affairs, he actually took into account the affairs of his own factory, what a capable person! I only heard that he had made a rock from a small county town to a sub-provincial city, and his ability was very great, but now it seems that he should have a few brushes.
Fan Heng said a little embarrassed, "Well, it's Fan's Investment Group, they promised to help me solve some of the problems, you just go and contact them, I will urge them to arrange someone to inspect the Jiangnan Woolen Mill as soon as possible, and then put forward a feasible debt-to-equity swap plan, if the two sides have no objection, they can report to the State Council for approval, and strive to solve the matter within a month." β
"With such heavy work, I'm afraid it won't be completed in a month-" Cui Hao said with a little surprise.
Even if it is approved by the State Council, it will take at least three months, right?
Fan Heng smiled slightly, "As long as the two of you negotiate, the province and the State Council will definitely have a green light all the way, so you don't have to worry about this." What you have to do is to do this work realistically, and don't miss anything. β
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