Marketization to overcapacity policy framework

Abstract It is learned from the authoritative department that the joint meeting of the National Development and Reform Commission and other departments will discuss and refine the market-based policy system for overcapacity, including the implementation of differentiated pricing policies, strict credit policies and clear relevant industry standards. It is understood that the capacity has not been legally processed...
It is reported that the joint meeting of the National Development and Reform Commission and other departments will discuss and refine the market-based policy system for overcapacity, including the implementation of differentiated pricing policies, strict credit policies and clear relevant industry standards. It is understood that industrial construction projects with serious overcapacity without legal procedures will not be allowed to lend, issue bonds or go public.

Chen Bin, director of the Industry Coordination Department of the National Development and Reform Commission, which is involved in formulating policies and measures to solve overcapacity, said that in recent years, the state has introduced a series of control policies to control blind investment and redundant construction in industries such as steel, electrolytic aluminum and cement, but they have not met expectations. aims. "Subjectively, the main policy measures adopted at that time relied too much on control and restrictions on approval. They always thought that control and restriction of approval would solve the problem of overcapacity. But after a few years, overcapacity has intensified."

According to the data of the National Development and Reform Commission and the Ministry of Industry and Information Technology, the capacity utilization rates of China's steel, cement, electrolytic aluminum, flat glass and ships are only 73%, 75%, 71.9%, 73.1% and 75%, respectively, which is significantly lower than the international average. Level. The profits of steel, electrolytic aluminum, shipbuilding and other industries have fallen sharply, and enterprises are generally difficult to operate. It is worth noting that there are still a number of projects under construction and proposed construction in these industries with severe overcapacity. The overcapacity is intensifying.

Zheng Lixin, director of the Industrial Policy Department of the Ministry of Industry and Information Technology, said that the relevant state departments have been studying the experience of foreign countries in resolving overcapacity and insisting on the principle of “market regulation mechanism and government intervention supplemented”.

An expert involved in the drafting of the program said that the future market-oriented refinement policies are mainly reflected in three aspects: price, credit and standards. In terms of credit policy, industrial construction projects with severely overcapacity that have not obtained legal procedures are required to be free from lending, issuing bonds, and listing financing. Encourage commercial banks to increase credit support for mergers and acquisitions of overcapacity, transformation and transformation, product structure adjustment, technological transformation, and transfer of production capacity overseas and market expansion in accordance with the principles of risk control and commercial sustainability.

Relevant persons from the National Development and Reform Commission said that "the future joint meeting of the departments will clarify that in the overcapacity industry, it is also necessary to distinguish between advanced and backward, and to set credit standards through scientific setting. The setting of credit standards should cover profit indicators such as profit rate. Environmental indicators such as carbon emissions, social management indicators such as safety production, resource consumption indicators such as land use and electricity consumption, efficiency indicators such as labor productivity, and industry technical standards, etc., the person said, in addition, based on excess In the production industry and regional realities, the system of “unified credit and limit management” will be improved, and the authority for approval of credit will be reasonably accepted. The credit for newly started projects in industries with serious overcapacity will be uniformly approved by the head office.

In the past month, the relevant regulatory authorities such as the China Banking Regulatory Commission and the China Securities Regulatory Commission held a meeting to discuss reasonable policy measures for overcapacity in the areas of credit and capital markets. The reporter learned that the China Securities Regulatory Commission has made a special report on resolving overcapacity. According to the report, an important function of the capital market is the market resource allocation function. Therefore, in suppressing overcapacity, the market function should be exerted as much as possible. It is necessary to implement strict financial policies with safeguards and control, strict measures for issuing bonds, and capital market financing review procedures.

"In terms of price policy, the relevant departments will further improve the differential electricity price policy, and all localities will clean up and rectify preferential electricity price policies for industries with severe overcapacity, and prohibit self-implementation of electricity price concessions and electricity subsidies. High consumption for steel, cement, electrolytic aluminum, flat glass, etc. Energy industry, energy consumption, power consumption, water consumption can not meet the industry standard capacity, the implementation of differential electricity prices and punitive electricity prices, water prices." Zhu Hongren, chief engineer of the Ministry of Industry and Information Technology said. According to reports, the relevant departments will stipulate that the capacity of the standard conditions will not be reached by the end of 2015, and the price of electricity will rise by 10% on the basis of the standard price. Support electrolytic aluminum enterprises and power companies to sign long-term contracts for direct purchase of electricity, and promote the development and application of lightweight aluminum products for transportation vehicles. Encourage domestic enterprises to build electrolytic aluminum production bases in areas with abundant energy resources abroad.

The relevant person in charge of the Industrial Policy Department of the Ministry of Industry and Information Technology said that the relevant departments are setting standards for technology and access to overcapacity industries, guiding industrial upgrading and removing backward production capacity. According to reports, the shipbuilding industry will raise the industry access standards and implement differentiated policies for shipbuilding enterprises that fail to meet the entry requirements and fail to accept new ship orders for more than one year. Relevant parties have formulated standards and application specifications for flat glass and its products, and used doors and windows that meet energy-saving standards in new buildings and existing building renovations. Encourage the use of low-radiation insulating glass to support the upgrading of existing production lines and improve the quality of original float glass. proportion. Relevant parties will speed up the development of cement and concrete product standards and related design specifications, and promote the use of high-grade cement and high-performance concrete.

Promoting mergers and acquisitions is an important starting point for resolving overcapacity. According to relevant sources, this year's relevant departments will focus on promoting the structural adjustment of steel industry in Shandong, Hebei, Liaoning, Jiangsu, Shanxi, Jiangxi and other regions, giving full play to the enthusiasm of local governments, integrating the dispersion of steel production capacity, promoting the relocation of urban steel plants, and optimizing the industrial layout. The total capacity of compressed steel is over 80 million tons. Cultivate the glass deep processing base and accelerate the structural adjustment of key production areas and environmentally sensitive areas in Hebei, Guangdong, Jiangsu and Shandong. Support joint restructuring and form a group of enterprise groups with complete industrial chain and strong core competitiveness.

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