He said, in 2016, Shanxi suffered from political collapse and economic cliff, faced with the pressure of eliminating excess capacity, plummeting commodity prices, and comprehensively tightening monetary policy by financial institutions. At that time, the life of Shanxi provincial state-owned enterprises, especially coal enterprises, was on the line. Many comrades of financial institutions and provincial state-owned enterprises still remember this scene vividly. With the joint efforts of the government, banks and enterprises, we survived and survived. Under such severe conditions in those years, our provincial state-owned enterprises were all biting their teeth and did not explode a single thunder and risk. Under such a background today, we have no reason to default.
He stressed: since 2017, the Shanxi provincial Party committee and the provincial government have resolutely implemented the important exposition of general secretary Xi Jinping on the reform and development of state-owned enterprises, and promoted the reform of state owned enterprises in accordance with the series of decision making arrangements made by the Party Central Committee and State Council state owned enterprises in the reform of state-owned enterprises. The same amount of indicators have been transformed into quality indicators that pay more attention to asset liability ratio, return on net assets, total labor productivity and comprehensive cost per ton of coal, and have set up a clear quality benefit orientation. It should be said that in the past four years, state-owned enterprises in Shanxi Province have undergone significant changes. From the end of 2016 to now, the average asset liability ratio of provincial state-owned enterprises has decreased by 5.45 percentage points. We should not underestimate the 5.45 percentage points. It is very difficult to reduce one point. In particular, the asset liability ratio of coal enterprises decreased from 82.62% at the end of 2016 to 74.58% now, a decrease of 8.04 percentage points. The rate of return on net assets and total labor productivity of provincial state-owned enterprises have increased significantly. The comprehensive cost per ton of coal in coal enterprises continues to decline. Novel coronavirus pneumonia cannot be mention in the same breath. The current global situation of Chinas first emerging pneumonia epidemic is the first time in the world. The economy is recovering in an all-round way. It is now emerging from a new pattern of domestic major cycles and double circulation development in both the domestic and international markets. The prices of commodities such as coal and steel are stable and demand and supply flourishing. The state of Shanxis state-owned enterprises is no longer comparable with that of 2016. It should be said that in recent years, the reform and development of state-owned enterprises in Shanxi Province has greatly improved the overall ability to resist risks.
He pointed out that this year, the Shanxi provincial Party committee and the provincial government have carried out a major reform of the state-owned assets supervision system, and the provincial state-owned assets operating companies fully perform the functions of capital management according to the authorization. With more scientific and powerful measures, the provincial state-owned assets operating companies have comprehensively controlled the major investment decisions and risk management of provincial state-owned enterprises, which has greatly enhanced the ability of risk control and guarantee from the perspective of system and mechanism.
Second, the comprehensive optimization and professional restructuring of state-owned enterprises in Shanxi Province by the Shanxi provincial Party committee and the provincial government is a major positive rather than a negative for financial institutions and investors.
He said, for a long time, Shanxis state-owned assets have been dominated by one share and only by coal . According to the three-year action plan for state-owned enterprise reform (2020-2022) issued by the CPC Central Committee and the State Council, the provincial Party committee and the provincial government have carried out a comprehensive optimization and adjustment of the provincial state-owned enterprises this year, focusing on specialization, and adjusting a large number of companies and assets existing in the second, third and fourth level new fields under the coal group in the past, and carry out remodeling restructuring. Provincial State-owned enterprises have changed from 28 to 19 professional companies, including logistics, transportation, aviation, construction, culture and tourism, sports, information industry, mine restoration and environmental management, water affairs, new materials, chemical industry, gas and other professional enterprise groups. The original seven coal groups have become professional coking coal group and comprehensive Jinneng holding group. The positioning of the newly established group by the provincial Party committee and the provincial government is: to be based on Shanxi, to be the flagship force of the industry in a broader field and scope. The provincial state-owned state-owned enterprises are changing from one coal dominating to eight pillars holding the sky. A number of strategic emerging industries representing the future direction are growing vigorously. The optimization and adjustment of the layout of state-owned enterprises in Shanxi Province, especially the specialized reorganization, will greatly enhance the competitiveness of state-owned enterprises of Shanxi Province.
He stressed that in the process of specialized restructuring of provincial state-owned enterprises, it is inevitable to bring about changes in the corresponding relationship between the stock of creditors rights and debts, assets and liabilities. But these are all technical operation problems in the background of macro-economic benefits. How to deal with this problem? On the one hand, we should ask all financial institutions, including the headquarters of financial institutions, to give more understanding, support and cooperation; of course, more importantly, from provincial state-owned capital operating companies to provincial state-owned enterprises, we should pay great attention to the artistry in the process of adjusting the relationship between creditors rights and debts, so as to ensure that the risks of financial institutions are not triggered or increased. On the spot today, Jinneng holdings, coking coal group, cloud times company and Zhongtiaoshan Group signed a contract, marking the completion of this round of state-owned enterprise strategic restructuring asset boundary transfer, marking the formal transfer of relevant asset management rights. However, there is still a lot of background work to do, so we must refine the operation. In our work, we must adhere to and pay attention to the following points: first, no matter how the asset ownership changes among provincial state-owned enterprises, the credit guarantee for financial institutions will not be reduced. How to do this? The provincial state-owned capital operating companies should make corresponding coordination and arrangement in time according to the changes of debts. This is to let comrades in financial institutions not to worry. Second, in the process of promoting the professional restructuring, we must take into account the fairness and rationality of the ratio of assets and liabilities, not significantly promote the asset liability ratio of an enterprise, and make special arrangements for special circumstances. Third, in the process of asset restructuring, adhere to the principles of marketization and legalization. If listed companies are involved, only the macro direction should be clarified, and the specific operation should be handled according to the rules of listed companies. Fourth, the provincial state-owned enterprises should pay attention to the overall situation, pay attention to discipline, combine principle with flexibility, and obey the unified coordination and arrangement of provincial state-owned assets operating companies. In short, as long as the government, banks and enterprises work together, this round of professional restructuring will not cause risks, but will effectively reduce the risk coefficient.
Third, the future of state-owned enterprises in Shanxi Province is expected, which is worthy of the favor of the capital market.
This year, the strategic focus of the reform of state-owned enterprises by the provincial Party committee and the provincial government is to adjust and optimize the layout, he said. Next year, efforts will be focused on the refinement of enterprise management, reducing costs and increasing efficiency, reducing staff, and improving quality and efficiency. Specifically speaking, they are two major grippers. First, we will comprehensively improve the asset securitization rate of provincial state-owned enterprises. There is a big gap between the level of asset securitization of state-owned enterprises in our province and that in developed coastal areas. At present, there are 20 provincial state-owned enterprises listed at home and abroad, and we are stepping up the cultivation of provincial state-owned enterprises to be listed in 70 companies. Our basic idea is to fully promote the specialized reorganization of the provincial state-owned enterprises, and plan to put their assets into the existing listed company platforms and the companies to be listed. In principle, the assets that can not be loaded into the listed companies should be included in the category of changing the cage for the bird. Second, we should implement digital intelligence in an all-round way, and establish digital systems for finance, procurement, sales, inventory, accounting, cost management, human resources, and production, so as to achieve the bottom line of inventory clearance, reduce costs and increase efficiency. Through these two measures, we will comprehensively improve the corporate governance structure and enhance the level of decision-making, especially the level of investment decision-making and risk control
He stressed, as for the bond risk that you are most concerned about at present, I can tell you responsibly that recently, together with relevant comrades, I have analyzed the bonds to be cashed by state-owned enterprises in Shanxi Province in the near future, and there is no problem. Its natural for Shanxi merchants to repay money by borrowing money. This is the gene of Shanxi merchants. In our mind, we have never had the idea of not paying debts, and we will never allow the person in charge of state-owned enterprises under the provincial government to have such an idea. The provincial state-owned enterprises which are facing financial risks and have no countermeasures indicate that your financial director is incompetent. If who has caused major financial risks and affected Shanxis reputation image, then you, the main person in charge of the enterprise, must bear the responsibility. Both the provincial Party committee and the provincial government attach great importance to the prevention and control of financial risks. After the media exposed the default event of Yongmei bond, Secretary Lou Yangsheng sent instructions to me at the first time. The provincial state-owned assets operation company took a series of positive risk prevention and control measures. I think the capital market is still very positive. We should adhere to and improve the ideas, ideas and methods that have been successful in preventing and controlling financial risks in recent years, and safeguard Shanxis reputation as if we took good care of our own eyes.
Wang Yixin finally said, the bounden duty of finance is to serve the real economy. Financial institutions are closely related to the real economy, which is the relationship between fish and water, hair and skin. Lets join hands with the government, banks and enterprises to build Shanxi with integrity. I believe that at present, the default of state-owned enterprises is only an individual and extreme situation. Under the firm leadership of the CPC Central Committee with Comrade Xi Jinping as the core, Chinas economy is thriving in the world, and the competitiveness of state-owned enterprises has continued to grow. The cloud over the bond market should soon be blown away by the breeze.
At the meeting, Jinneng holdings and Shanxi Coking Coal signed a contract on the transfer of coal mine management related assets and management rights, and the provincial state-owned assets operation company and cloud times company signed a contract on the transfer of Zhongtiaoshan groups equity. Guo Baomin, chairman of the provincial state owned assets operation company, made arrangements and arrangements for the next step of asset transfer of provincial state-owned enterprises, and Hong Qiang, general manager, made arrangements for the prevention and control of debt risk of provincial state-owned enterprises.
Heads of 19 provincial state-owned enterprises, 30 financial institutions and relevant provincial units attended the meeting.