Chapter 368 Debt-to-Equity Pilot

Early the next morning, Fan Heng went to the provincial government to host a small-scale meeting on provincial issues to conduct preliminary discussions.

Of course, the topic of this discussion is not the disappeared 20 billion, but the current crisis of state-owned enterprises in Jiangnan Province. In addition to several deputy governors, there were also several key state-owned enterprises in the province who attended the meeting. represent.

The decision adopted by the Third Plenary Session of the 14th Central Committee of the Communist Party of China on several issues regarding the establishment of a market economic system clearly pointed out that the reform direction of state-owned enterprises is to establish a system that adapts to the requirements of a market economy and socialized large-scale production, with clear property rights, clear powers and responsibilities, and separation and management of government and enterprises. The scientific modern enterprise system requires the establishment of a modern enterprise system so that enterprises can become legal entities and market competition entities that operate independently, are responsible for their own profits and losses, develop themselves, and are self-restrained.

We must focus on improving the entire state-owned economy and implement strategic restructuring 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 go of the small ones, organically combine the optimization of the distribution structure of state-owned assets and enterprise structure with the optimization of the investment structure, select the best and support the strong, and survive the fittest.

Fan Heng exchanged views with the leading cadres of Jiangnan Province and the heads of participating enterprises at the meeting. “In terms of focusing on large-scale projects, the country has determined plans for classified guidance for key enterprises. In terms of focusing on small-scale projects, all localities adhere to the three A standard that is conducive to the establishment of a one-size-fits-all approach, and a variety of forms such as reorganization, alliance, merger, joint-stock cooperation, leasing, contract operation and sale, etc., are adopted to bring small businesses directly to the market, so that the mechanisms of a large number of small businesses can be transformed and their efficiency can be improved. 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 the revitalization of small businesses and have achieved good results. Based on their own development needs, new private enterprises participate in the reform of state-owned enterprises. Through reform measures such as mergers, acquisitions, investment holdings, contracting, leasing, and entrusted operations, they integrate the management concepts and management methods of the non-public economy into the operation of the state-owned economy. A large number of state-owned assets have been revitalized.”

Recently, the country's top leaders have further emphasized the need to adjust the layout of the state-owned economy, clearly stating that the state-owned economy plays a leading role, mainly reflected in its control. It is necessary to strategically adjust the layout of the state-owned economy.

For important industries and key areas related to the lifeline of the national economy, the state-owned economy must occupy a dominant position. In other areas, asset reorganization and structural adjustment can be used to strengthen focus and improve the overall quality of state-owned assets.

"The reform of state-owned enterprises in Jiangnan Province has fallen behind a bit. This is of course 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 transform Jiangnan into Improving the provincial economy is a top priority, and all work should be based on this core value," Fan Heng told the crowd.

Lin Xiru, the deputy governor in charge of industry, adjusted her thick-framed glasses and said to everyone, "Governor Fan made it very clear that the government must effectively guide key enterprises and encourage them to implement structural reforms as soon as possible. , we have made a lot of efforts to address this issue in the past,

However, due to various reasons, the success failed. Now that Comrade Fan Heng has entered Jiangnan to take charge, it is the central government's great 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 brothers and sisters in Jiangnan Province, and realize the economic development of Jiangnan Province. . "

The current situation in Jiangnan Province is basically the same as other provinces in the country. The non-public economy is developing rapidly, while state-owned enterprises are in trouble with land development due to high debt ratios, redundant staff, heavy social burdens, severe apportionments, and low employee motivation. Benefits are declining year by year, and losses are increasing year by year.

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

In order to relieve the difficulties of state-owned enterprises. The central government has launched a number of policies. Including mergers and reorganizations, separation of principal and auxiliary entities, debt-for-equity swaps, etc. Among them, it is combined with the reform of state-owned commercial banks to centralize the processing of non-performing assets. Four specialized financial asset management companies will be established. Debt-rights transfer will be implemented for some qualified key enterprises in difficulty.

If the debt-for-equity swap is successful. Not only will the debt ratio of these enterprises be greatly reduced. The annual reduction in interest expenses alone amounts to more than 20 billion yuan.

also. The State Council also plans to take other effective measures. Efforts should be made to solve problems such as excessive redundancy of employees in enterprises and the social management of enterprises. The main purpose is to gradually separate or make independent the social burdens of ordinary primary and secondary schools and hospitals affiliated with state-owned large and medium-sized enterprises. Transfer to place. Administered by local education and health departments.

Cui Hao, director of Jiangnan Woolen Textile Factory, the largest textile enterprise in the province, raised his hand. Said somewhat eagerly. "Governor Fan. The situation in our factory is very serious. We are currently contacting for technical transformation. Now the new technical talents are in place. However, the funds applied for with the province have not been received. If the 200 million equipment transformation funds are in place, then combined with our A few new things

technique. There is great hope for regaining its glory! "

As the leader in charge of industry, Vice Governor Lin Xiru tapped the table with a pencil and said, "The province also has financial difficulties, otherwise the problem would have been solved for you long ago. Now that Comrade Fan Heng has just arrived in Jiangnan Province to take charge, Qian Tou Wan Xu, everything has to start from scratch, so don’t be in a hurry to ask for money. Where can I get you 200 million at once? Even 20 million is difficult, just wait."

Cui Hao stood up excitedly and said, "Wait a minute, we have been waiting for two years, and we haven't seen any funding. If we had had this renovation fund the year before last, no, last year, we would have Get out of trouble and turn over!"

The people next to him saw that his mood was a little out of control, so they quickly pulled him down and tried to persuade him, "Old Cui, Old Cui, calm down, this is a meeting at the provincial government, why are you still so angry? Comrade Fan Heng has just come to Jiangnan Province to work, and he has encountered several things. You must at least let him sort it out!"

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

Lin Xiru nodded and replied, "Yes, the demonstration has been passed a long time ago, and the province also feels that there is much to be done, but due to financial constraints, no allocation has been made. I believe you also understand the economic situation in the province -"

Fan Heng nodded. It was difficult for Lin Xiru to explain clearly on this occasion. Naturally, he was referring to the 20 billion capital loophole, which delayed most of the normal work.

"We dug a big hole, just patted it and left. If that's the case, we won't be able to do our job." Cui Hao has naturally heard about this matter. Although it's not clear, there are still complaints. Yes, after all, the secretary and the governor were transferred to unknown places at the same time, which is very strange in itself and cannot help but make people think.

Lin Xiru was a little annoyed, thinking that you are also a cadre at the department level after all. Although you are engaged in business, but you are arguing with the leaders at the provincial government meeting, what else is it if you are not leaderless? Just as he was about to argue with him, Fan Heng told him to calm down, and then said to Cui Hao, "You will go down to discuss your matters later. Now let's finish the meeting first."

With Fan Heng's consent, Cui Hao could no longer make trouble, so a group of people continued the meeting.

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

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

However, Fan Heng continued, "But there is a turning point. The debt-for-equity swap proposed by the central government can be implemented as a pilot project in the province."

The so-called debt-for-equity swap is the introduction of strategic investment.

"Debt-for-equity swap is a good solution, but there is currently no suitable partner. I am also worried that as time goes by, things will become more and more difficult to handle. The mood of the employees is already very unstable. If the province ——" Cui Hao said with some worry.

At this time, Cui Hao was most troubled by the fact that the province would use debt-for-equity swap as an excuse to get rid of him.

Fan Heng waved his hand and said, "To be honest, the holes in Jiangnan Province are too big. I came here this time not only to repair the holes, but also to kill tigers. But to meet the urgent needs, I don't have much money. But I I can contact the partner for you, and you go and negotiate with them. If you can’t agree on the price, I will act as an intermediary to lower the price for you.”

"Governor Fan has already found a partner for us?" Cui Hao was overjoyed when he heard this. He didn't expect Fan Heng to do things so efficiently. How many days have he been in Jiangnan? Not only is he busy with work, but he actually also takes into consideration the matters of his own factory. What a capable person! In the past, I only heard that he had brought a Panshi from a small county town to a sub-provincial city. He was very capable. Now it seems that he should have a few brushes.

Fan Heng said a little embarrassedly, "Well, it's Fan's Investment Group. They agreed to help me solve part of the problem. Just contact them. I will urge them to arrange for someone to inspect Jiangnan Woolen Mill as soon as possible and then propose If both parties have no objections to the feasible debt-for-equity swap plan, they can be submitted to the State Council for approval and we will strive to resolve the matter within one month.”

"Such a heavy work, I'm afraid it won't be completed within a month -" Cui Hao said a little surprised.

Even if it is approved by the State Council, it will take at least three months, right?

Fan Heng smiled slightly and said, "As long as you two have reached an agreement, the province and the State Council will definitely give the green light. You don't have to worry about this. What you have to do is to carry out this work realistically and don't leave anything out. ”

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