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Chapter 368 Debt-to-equity swap pilot

Early the next morning, Fan Heng went to the provincial government to preside over a small-scale meeting with the province to conduct a preliminary discussion. [.

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Of course, this topic of discussion is not the 20 billion that has disappeared, but for the current crisis of state-owned enterprises in Jiangnan Province, in addition to the few vice governors, there are also representatives of several key state-owned enterprises in the province.

The decision on several issues concerning the establishment of a market economic system adopted by the Third Plenary Session of the 14th CPC Central Committee clearly pointed out that the reform direction of state-owned enterprises is to establish a modern enterprise system that adapts to the requirements of market economy and socialized large-scale production, with clear property rights, clear rights and responsibilities, and scientific separation of government and enterprise management. It requires that by establishing a modern enterprise system, enterprises can become legal entities and market competition entities that operate independently, bear their own profits and losses, self-exploitation, and self-discipline.

We must focus on the development of the entire state-owned economy and implement strategic restructuring of state-owned enterprises through the flow and restructuring of existing assets. This restructuring should be guided by market and industrial policies, do a good job in large and small, and organically combine the optimization of the distribution structure of state-owned assets and the enterprise structure 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 leading cadres of Jiangnan Province and the heads of participating enterprises, "In terms of focusing on the big picture, the country has focused on key enterprises, and has determined a classified guidance plan. In terms of letting the small picture, local governments adhere to three favorable standards, do not adopt one-size-fits-all forms, and adopt various forms such as reorganization, alliance, merger, shareholding cooperation, leasing, contracting operation and sale to directly push small enterprises to the market, so that a large number of small enterprises mechanisms can be transformed and the benefits can be improved. Zhucheng, Shandong, Yibin, Sichuan,

Many regions such as Bin County, Heilongjiang, Shuozhou, Shanxi, Shunde, Guangdong, Tongbai, Henan, Nantong, Fujian Ningde and other regions have taken the lead in exploring the revitalization of small enterprises and achieved good results. In addition, a large number of new private enterprises have participated in the reform of state-owned enterprises from their own development needs. Through reform measures such as mergers, acquisitions, investment holdings, contracting, leasing, and entrusting operations, the management concepts and management methods of the non-public economy are integrated into the operation of the state-owned economy, and a large number of state-owned assets have been revitalized."

Recently, national senior management has further emphasized the need to adjust the layout of the state-owned economy and clearly pointed out that the state-owned economy plays a leading role, mainly reflected in control. We must adjust the layout of the state-owned economy from a strategic perspective.

The state-owned economy must dominate important industries and key areas that are related to the lifeline of the national economy. In other areas, asset restructuring and structural adjustment can be used to strengthen key points and improve the overall quality of state-owned assets. [.

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"The reform of state-owned enterprises in our Jiangnan Province is a bit behind. This is certainly due to historical reasons, but our own reasons cannot be ignored. How to eliminate various obstacles, clarify property rights as soon as possible, liberate productivity, and develop the economy of Jiangnan Province is the top priority. All work should be based on this core value." Fan Heng said to everyone.

Lin Xiru, the vice governor in charge of industry, helped him with thick-framed glasses and said to everyone, "Acting Governor Fan said it very clearly. The government must effectively guide key enterprises and encourage enterprises to implement institutional reform as soon as possible. We have made a lot of efforts to address this issue in the past, but due to various reasons, we have failed. Now Comrade Fan Heng is in charge of the government in Jiangnan, which is the central government's love for our Jiangnan Province. We must seize this great opportunity to promote this matter in one fell swoop, live up to the trust of the 60 million fathers and brothers in Jiangnan Province, and achieve the economic takeoff of Jiangnan Province."

The current situation in Jiangnan Province is basically the same as other provinces in China. The non-public economy is developing rapidly. State-owned enterprises are in a dilemma due to high debt ratio, many redundant staff, heavy social burden, serious levy, and low employee enthusiasm. Their benefits are declining year by year, and the losses are increasing year by year.

According to incomplete statistics, the losses of state-owned enterprises in the first half of this year reached 40%. The amount of losses of state-owned assets has also increased year by year.

In order to solve the difficulties of state-owned enterprises, the central government has introduced a number of policies, including mergers and reorganizations, separation of main and auxiliary, and debt-to-equity conversion, etc. In combination with the centralized handling of the reform of non-performing assets, four specialized financial asset management companies must be established to implement debt transfer for some key and difficult enterprises in meeting the conditions.

If the debt-to-equity conversion is successful, these companies will not only have a significant reduction in debt ratio, but their interest expenses will be reduced by more than 20 billion yuan per year alone.

In addition, the State Council also plans to take other effective measures to solve problems such as excessive employees in enterprises and social development. The main purpose is to gradually separate or separate the social burdens such as ordinary primary and secondary schools and hospitals affiliated to large and medium-sized state-owned enterprises, and transfer them to local areas and manage them by local education and health departments.

Cui Hao, the director of the Jiangnan Wool Textile Factory, the largest textile enterprise in the province, raised his hand and said anxiously. "Governor Fan. The situation in our factory is very serious. We are currently in contact with technical transformation. Now the new technical talents are in place. The funds for applying for the land from the province have not been in place. If the funds for the equipment renovation of 200 million yuan are in place, combined with several new projects in our area.

Technique. Reappearing glory is a great hope!”

As the head of industry, Vice Governor Lin Xiru lit the table with a pencil and said, "The province's finances are also difficult, otherwise the problem would have been solved for you long ago. Now Comrade Fan Heng has just arrived in Jiangnan Province to take charge of the administration, and everything has to start from scratch. Don't rush to ask for money. Where can I get you 200 million at once? Even 20 million is difficult, so you can wait."

Cui Hao stood up excitedly and said, "Wait, we have been waiting for two years, but we have not seen any sign of funding. If we had this renovation fund two years ago, if we had this reform fund last year, we would have been out of the predicament long ago!"

Seeing that his emotions were a little out of control, the few people next to him quickly pulled him down and persuaded him, "Old Cui, Lao Cui, please calm down the fire. This is a meeting in the provincial government. Why do you still have a hot temper? Comrade Fan Heng just came to work in Jiangnan Province and encountered such a few things. At least you have to let him figure it out!"

Fan Heng frowned a little when he heard this, so he asked Lin Xiru, "Deputy Governor Lin, is there such a thing?"

Lin Xiru nodded and replied, "Yes, the argument has been passed long ago, and the province also feels that there is great potential, but because of financial tightness, the funding has not been fully allocated. I believe you have also learned about the economic situation in the province--"

Fan Heng nodded. Lin Xiru was difficult to explain in such an occasion, so it naturally refers to the 20 billion yuan fund loophole, which delayed most of the normal work.

"I made a big hole and patted my butt and left. If this is the case, we can't do our job." Cui Hao naturally had heard of this. Although it was not too clear, there were still complaints. After all, the secretary and the governor were adjusted to somewhere at the same time. It was very strange in itself, and it was impossible to let people imagine.

Lin Xiru was a little annoyed and thought to himself that you are a cadre at the department level. Although you are a businessman, you are not a leaderless person at the provincial government meeting? Just as you were about to argue with him, Fan Heng signaled him to be calm and then said to Cui Hao, "Your matter will be discussed later. Now we will finish the meeting first."

After receiving Fan Heng's acceptance, Cui Hao couldn't make trouble anymore, so the group continued to hold a meeting.

After the meeting ended, Fan Heng called Cui Hao to his office, and then asked Song Qing to get him some tea, and said to him, "The funding matter seems unrealistic now."

When Cui Hao heard Fan Heng's words, his heart was cold.

However, Fan Heng continued, "But there are turning points. You can do the debt-to-equity conversion proposed by the central government as a pilot project in the province."

The so-called debt-to-equity conversion means introducing strategic investment.

"Debt-to-equity conversion is a good solution, but there is no suitable partner at present, and I am worried that time will delay and things will become increasingly difficult to handle. At present, the emotions of the employees are already very unstable. If the province is in the province--" Cui Hao said with some concern.

At this time, what Cui Hao was most worried about was that the province used the excuse of debt-to-equity conversion to destroy himself.

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 fill the hole, but also to kill tigers. But to solve the urgent problem, I don't have much money in my hand. But I can contact you and talk to them. If the price code cannot be negotiated, I will be an intermediary to lower the price for you."

"Governor Fan has found a partner for us?" Cui Hao was delighted when he heard this. He didn't expect that Fan Heng was so quick to do things. He had only been to Jiangnan for a few days. Not only did he be busy with his business, he actually considered his own factory affairs. He was so capable! He used to only heard that he had brought a rock from a small county town to a sub-provincial city. He was very capable. Now it seems that he should have a few tricks.

Fan Heng said a little embarrassedly, "Well, it's Fan's Investment Group. They agreed to help me solve some of the problems. You can just contact them. I will urge them to arrange someone to inspect the Jiangnan Wool Mill as soon as possible, and then propose a feasible debt-to-equity conversion plan. If both parties have no objections, they can submit it to the State Council for approval and strive to resolve the matter within one month."

"Such heavy work is probably impossible to complete within a month-" Cui Hao said a little surprised.

Even if you go to the State Council to approve it, it will take at least three months, right?

Fan Heng smiled slightly and said, "As long as you both sides reach an agreement, the province and the State Council will definitely have a green light all the way. You don't have to worry about this. What you have to do is to carry out this work in a realistic way, and don't miss it."

Today's third update is to be continued,)
Chapter completed!
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