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2022-07-31
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The state owned assets supervision and Administration Commission (SASAC) has set a timetable for supply side reform. This year and next, central enterprises will reduce 10% of steel and coal production capacity.

the SASAC has set a timetable for supply side reform. This year and next, central enterprises will reduce 10% of steel and coal production capacity.

China Construction Machinery Information

the supply side reform around central enterprises is speeding up. Xiao Yaqing, director of the SASAC, said recently that as the focus of the reform of state-owned enterprises, the SASAC will speed up the resolution of excess capacity of central enterprises, establish a market-based exit mechanism for the survival of the fittest, and shut down or restructure enterprises with excess capacity that do not meet the requirements of national standards on energy consumption, environmental protection, quality, safety and other long-term losses

it is worth noting that he also put forward a clear timetable for the supply side reform. In the next two years, the central enterprises should reduce the steel and coal by about 10% and replace the sealing ring or composite gasket in time; According to the use condition of the machine and the service life of the oil, there is capacity, and the "zombie enterprises" are actively and safely disposed of by means of strengthening management, transformation and upgrading, debt restructuring, closure and cancellation, bankruptcy liquidation, etc

with the deepening of reform, state-owned enterprises undoubtedly play the most important role in the supply side structural reform. However, in terms of the current development status of state-owned enterprises, the problems of overcapacity and low efficiency still exist. The industrial structure of state-owned enterprises, especially central enterprises, is biased, and the total assets in the heavy chemical industry account for more than 50%, so the task of removing capacity is arduous

"most of the state-owned enterprises are in the traditional heavy industry. They have heavy tasks such as turning losses and increasing profits, resolving excess capacity and disposing of 'zombie enterprises'. Some enterprises lack innovation motivation and vitality, and lack key technologies and well-known brands with independent intellectual property rights." Xiaoyaqing said. Taking the iron and steel industry as an example, it is learned that although the state has frequently regulated the overcapacity of the iron and steel industry in the past decade, little effect has been achieved

according to the data obtained from several associations, the production capacity of the steel industry was nearly 300 million tons in 2003, and exceeded 1 billion tons in 2012. At present, the steel production capacity is nearly 1.2 billion tons according to incomplete statistics

"it is difficult to curb overcapacity by means of centralized approval and control of competition." An industry expert said that at present, industries with excess capacity such as steel are often state-owned enterprises, and they are also the financial pillar enterprises of local governments, involving local fiscal revenue, employment and economic stability. At the same time, the current excess capacity hopes that the active work of the majority of employees is not only backward capacity, but also a large number of advanced capacity generated by structural disorderly development. These are the key problems to be fundamentally solved in the current supply side reform

it is understood that on June 29, the state owned assets supervision and Administration Commission (SASAC) held a working meeting for central enterprises to resolve the excess capacity of iron, steel and coal. It organized and promoted relevant central enterprises to pay attention to maintaining the excess capacity of iron, steel and coal, disposing of "Zombie enterprises" and carrying out special treatment for enterprises in extreme poverty. The meeting made it clear that from 2016, it will take five years to reduce the existing capacity of central enterprises in iron, steel and coal by about 15%, so as to make professional iron, steel and coal enterprises stronger, better and bigger, optimize the allocation of resources for enterprises integrating electricity and coal, and other central enterprises involved in coal will withdraw from the coal industry in principle

"the reform of state-owned enterprises is the starting point of supply side structural reform, and the governance of zombie enterprises is the top priority." Lijin, chief researcher of the China Enterprise Research Institute, told us that to make efforts on the supply side and improve the allocation efficiency of state-owned capital fundamentally and as a whole is undoubtedly a "hard bone" that must be chewed down by the reform of state-owned enterprises after entering the deep-water area, and it is also the necessary meaning and path to achieve new results in important fields and key links, which must be displayed in real time by the LCD

in the view of many experts, the criteria for judging the success of the reform of state-owned enterprises in the future should be whether the excess capacity has been effectively resolved, the excessive leverage has been significantly suppressed, the operating efficiency has been continuously improved, and the efficiency of state-owned capital allocation has been significantly improved. It cannot be simply understood that improving the efficiency and competitiveness of state-owned enterprises is the main line and soul of the reform of state-owned enterprises

analysts from China Merchants Securities pointed out that the process of capacity reduction of steel and coal enterprises is also a good time for industrial transformation and upgrading. In the capital market, the capacity can be cleared through mergers and acquisitions. It is expected that the reform process of state-owned enterprises such as steel and coal will also be significantly accelerated in the second half of the year

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