Our reporter Li Wenlong Chen Weizhong
Under the downward pressure of the economy, many western cities have risen against the trend of economic growth or investment this year. Ningxia Yinchuan is one of the best. In the first half of this year, Yinchuan's fixed asset investment growth rate was 18.4%, ranking first in the five northwestern provinces, especially the private investment growth rate of 43.3%, ranking first in the provincial capital cities, and the city's financial industry's added value accounted for the proportion of the tertiary industry. 17% increased to 28%. Big business, Internet of Things, smart city and other new business layouts, Hengtian Ruyi Aiji, net worth, information technology industrial city, world e-sports competition and other projects and breakthroughs in infrastructure construction financing models highlight the western city Innovative vitality.
Economic vitality is inseparable from the use of financial and living water. Since the launch of the “Financial Strong City†strategy in 2014, Yinchuan City has been focusing on the use of financial instruments to promote local economic development and service “double innovationâ€. What are the achievements of “Financial Strong Cityâ€? What role has it played in promoting industrial restructuring and attracting capital investment? This reporter recently interviewed Guo Baichun, deputy mayor of Yinchuan City, who is in charge of financial work.
Reporter: We have learned that Yinchuan has implemented a “financial strong city†strategy in the past two years, and has developed a series of combination punches in improving local financial service systems, exploring local investment and financing system innovations, and “inviting foreign investment.†I would like to ask Yinchuan to ease the real economy. What work has been done on the issue of financing difficulties and financing?
Guo Bochun: In the past two years, Yinchuan has vigorously promoted the strategy of “industrial establishment and financial strengtheningâ€. Because the city needs the support of industrial civilization, the large-scale industrial production will make the city have a population accumulation effect. With the population gathering, the service industry will be subdivided and developed. Therefore, industry is the foundation of urban development. However, without the promotion of finance, the simple "industrial establishment of the city" strategy will also be a single shadow, and promote the lack of power. Even the industrial layout generated by the original "industrial establishment" strategy has become rigid and weak due to the lack of financial blood, and has become a burden of development.
Difficulties in financing and financing are an old topic and an old problem. They are particularly prominent during the economic downturn. Because the currency turnover rate declines during the economic downturn, the previous loan of 1 million yuan can be 6 times to generate 6 million yuan of supply. Now, 4 times of turnover needs to be borrowed 1.5 million yuan to generate 6 million yuan of supply. In addition, the credit deteriorates and the delinquency between enterprises decreases. It will further increase the demand for corporate loans, and the difficulty of financing is outstanding. During the economic downturn, enterprises are more sensitive to costs, and the bank's normal loan interest will also be lowered. The problem of financing is mainly reflected in “downside loansâ€, which is caused by the unreasonable financial structure and unreasonable loan structure in China. At this stage, the bank assets in China's financial assets are too large, and corporate finance is still mainly based on loans. Both state-owned enterprises and private enterprises have higher debt ratios. It is difficult for enterprises to pay off their bank loans to borrow new loans. It is the norm for most enterprises to maintain the production and operation of old loans, and the proportion of short-term loans in China's credit structure is as high as 70%, which increases the frequency of “downside loansâ€. Based on risk considerations, bank loan review time will be extended. In order to obtain new loans, enterprises have to find bridge funds to repay old loans. Without professional financial institutions to do this business, enterprises can only find high-interest private loans, with annualized interest rates up to 36. From % to 108%, the problem of financing is expensive, and enterprises are hard to bear the weight.
To solve the financing difficulties, our main measures are to establish a guarantee system, enhance the guarantee capability, and assist enterprises to obtain loans to meet their loan needs. The Western Guarantee Company, established in July 2014, has a registered capital of 4.02 billion yuan and a rating of AA+. At present, its loan guarantee, performance guarantee, and debt issuance have accumulated more than 20 billion yuan. The main measure for financing is to set up a loan. Funds, we estimate that Yinchuan City needs to “pay†for loans of RMB 5 billion to RMB 7 billion per month, which is relatively large. To this end, the municipal government has set up a 2 billion yuan “helping loan fund†with an annualized interest rate of only 10%, which can be recycled. The bank can complete the loan within one week, and can cycle four times a month to help the company borrow new and old. The earth has reduced the cost of “downward loans†for enterprises. In addition, Yinchuan City has also established an industrial development fund with a total scale of 35 billion yuan to support large enterprises and projects in the form of shareholdings, further de-leveraging and reduce the debt ratio of enterprises.
Reporter: Yinchuan has intensified its efforts in financial and financial linkage innovation, investment and financing, and released the vitality of a new state-owned investment and financing system, forming a virtuous circular business model. How does it work? How to plan and how to advance in financial layout and transcendence?
Guo Bochun: In general, we have adopted three layouts, strengthened three integrations, and achieved three transcendences.
“Three layouts†are institutional layout, platform layout, and talent layout. In terms of institutional layout: In 2015, Yinchuan City first established a financial and economic leading group to strengthen professional competence in the decision-making of major financial and economic issues in the city. Secondly, it redefined the powers and responsibilities of the SASAC and increased the right to speak to the main executives of state-owned enterprises; Thirdly, the first financial work bureau in the northwest region was established, independently compiled, included in the sequence of government departments, and included in the financial leadership group of the municipal party committee. Together with the National Development and Reform Commission and the finance, it became an important member of the leading group. In terms of platform layout: First, a financial holding company was established, under the jurisdiction of Western Guarantee Company, Yinchuan Industrial Fund Management Company, Yinxin Asset Management Company, Yinchuan Property Rights Trading Center, participating in property insurance companies, and establishing life insurance companies and financial leasing companies; Tonglian Capital Operation Co., Ltd. manages the state-owned operational assets of the traditional industries of the city. It has jurisdiction over city investment, housing investment, insurance investment (investment in bonded areas), Bintou (inside investment in Binhe New Area), and water investment. Or participate in some third-tier companies to form a first-, second-, and third-level state-owned asset management structure. The third-tier companies mainly focus on equity financing and project investment. The secondary companies mainly focus on loan financing and industrial investment. The first-tier companies mainly focus on international financing, bill financing, and industrial layout investment, and have carried out “four clears†in the city ( Clearing assets, clearing funds, clearing land, and clearing debts), injecting all the state-owned operational assets that have been cleaned up into Tonglian Capital Operation Company, and expanding its capital operation capability; funded the establishment of emerging industries, love base, net worth, information capital operation company, investment The smart city industry, big data industry, e-sports game industry, navigation industry, lithium battery hydrogen fuel cell industry, new materials industry, stem cells and other bio-medical industries, these emerging industries have increased the development of new kinetic energy, especially the use of big data, Cloud computing, Internet of Things and artificial intelligence have transformed traditional industries and boosted traditional industries. Talent layout: With the organization and the platform, talent has become the key. We mainly introduce high-level professionals from the north, the top and the bottom with special talent policies. Through these high-level talents, we accelerate the promotion of local talents, and at the same time borrow some talent support from overseas institutions through business contacts.
On the basis of the layout, Yinchuan proposed "three integrations": First, the integration of talents and platforms, so that the work of the financial bureau has a grasp, from the traditional statistical office, coordination office, speech office to exchange resources with financial institutions, seeking Cooperative work office; in the reform of state-owned enterprises, the professional manager system was set up, in addition to giving power to the State-owned Assets Supervision and Administration Commission, it gave the enterprises greater freedom, and further played the role of professional managers, so that Tonglian Capital, Bintou, Baotou, and Fangfang Investment and other companies have become important management and operation platforms for state-owned enterprises. This will promote the true integration of the platform and talents, and form a "man-made use of Taiwan, and everyone can do everything." The second is the integration of finance and finance. The financial funds are limited, and the previous support to enterprises is in the form of subsidies, small amounts, and one-time “sprinkle peppersâ€. The actual effect is small, and there are many rent-seeking phenomena. Now, the subsidies for the “sprinkle of pepper†have been collected, and the funds are injected into the fund company to establish a guiding fund. Then, the guiding fund uses the inferior, mezzanine and priority forms to attract social capital and achieve the amplification effect. Then, in the form of shareholdings, the leading enterprises and innovative enterprises are injected, and the professional financial service capabilities of the funds are used to encourage these enterprises to graft into the capital market, and then the alternative exit through the capital market becomes a recyclable industrial development fund. The third is the integration of finance and industry. Finance must be integrated with the physical industry, otherwise it will be difficult to sustain development, which is especially important in underdeveloped areas. Utilize the guarantee capability formed by state-owned guarantee companies to improve the financing ability of local enterprises, use the transaction function of the property rights trading center to increase the liquidity of enterprise assets, and use the storage capacity of asset management companies to accept corporate assets and avoid asset impairment losses caused by downward pressure. . Through the fund and state-owned capital operation platform to generate financing capabilities, the company will be injected into the company in the form of equity, reduce the pressure on corporate capital costs, help enterprises to build a full industrial chain, establish regional industrial clusters, and form industrial competitiveness. Utilize the talent advantage of the financial profession to help enterprises adjust their asset structure and debt structure, expand financing channels, reduce capital use costs, graft capital markets, attract more investors, and better develop the real economy.
In this way, "three beyond" is achieved. The first is to go beyond the previous infrastructure investment and financing model. In the past, the government's major project investment was mainly based on financial funds or government bond issuance. Due to the lack of financial balance and limited issuance of bonds, infrastructure construction accounts for a large amount of debts. Now we mainly carry out financing and investment through various platforms, and operate the company as the main market. The government only needs a small amount of funds to purchase in stages and activate the market. In this way, it reduces government debt, reduces fiscal risks, and improves operational efficiency. The second is to go beyond the previous support of the business model. In the past, the government supported the development of enterprises, mainly through the Ministry of Industry and Information Technology and other relevant departments to support enterprises in the form of subsidies and incentives. Now through the industrial fund, the enlarged equity injection, scale up the investment, and participate in management as a shareholder, improve the operational management capabilities of the enterprise, especially in the use of corporate financial instruments, capital operation. The third is to go beyond the previous industrial layout model. In the past, the government only focused on the role of the National Development and Reform Commission in the industrial layout. Now, through the guidance of the state-owned investment and financing platform and the support of the financial support system, it attracts financial investors, grafts strategic investors, and seeks vitality through private investment and financing platforms. The industry creates a whole industrial chain, which enables the industry to support upstream and downstream, and improves industrial stability and economy.
Reporter: Do you think how to do a good job in industrial development under the new normal? How to increase investment in new industries, new economy, net worth, and information?
Guo Bochun: Under the new normal, new concepts, new thinking, new kinetic energy, and new models must be used to create new formats and new industries, and to transform and upgrade traditional industries. It is necessary to find a shortcut to counter-trend development under the new normal. Specifically, there are the following points:
Start new energy with reforms and gather new formats. Recently, we are introducing two projects, one is Internet Logistics Return Air Exchange Company; the other is Internet Medical Good Doctor Internet Hospital. These new format companies need breakthrough policies and need to establish an ecological environment that adapts to the development of new formats in order to bring together these new formats.
Create new industries with new business models. The WCA e-sports industry, smart city industry, and navigation industry we built are all emerging industries built with new business models. This year's Smart City Industrial Park has gathered smart cloud buckets, remote meter reading, water purification, smart parking equipment, light aircraft, electric logistics vehicles and other projects. The future development space is very large, and the big data center is the most in the future. A potential industry.
Transform and upgrade traditional industries with new thinking. First, use regional and policy advantages to reduce costs. For example, in the Hengtian Ruyi Industrial Park, it will create “four lows and one highâ€, that is, low cost of steam and electricity (using self-supplied power plants), low labor costs (using urbanized households and affordable housing), and low capital costs (using equity investment). Low land cost (using western land resources) and high labor efficiency (using state-of-the-art machinery and equipment). Secondly, build industrial clusters, form mutual support between the industry and the upstream, and improve industrial competitiveness and geographical advantages.
Reporter: We understand that Yinchuan City, while grasping the strategic development of “financial strong cityâ€, innovated and proposed the investment and financing model of “investment and investmentâ€, and successfully implemented in many projects such as Ruyi Textile, Smart City and Game Industry. Can you introduce the experience in this area?
Guo Bochun: In the economic up cycle, many local governments often attract entrepreneurs' investment with taxation and land concessions. These strategic investors (entrepreneurs) have both investment wishes and funds, plus the support of financial institutions, through investment promotion, industrial projects. Easy to land. However, under the economic downturn, the corporate capital chain is generally tense, its own funds are limited, and bank support is weakened. It is difficult to use traditional methods of letting land and letting taxation attract investment. In particular, some western cities are resource-dependent, and the drawbacks are concealed when the economy goes up, but the shortcomings of the economic downturn are highlighted. Therefore, on the one hand, the western cities need to change from a resource-based economy to a new economy, changing the impression of investors; on the other hand, it is necessary to change “inviting investment†to “investment and attract investmentâ€, creating a business opportunity that can graft the capital market and attract finance. Investors, using strategic investors (entrepreneurs) to invest in desire and management capabilities, to create a portfolio investment project. In this model, the government uses the advantages of endowment and operational capabilities to build business opportunities, state-owned capital to play a guiding role, financial investors to provide funds, strategic investors to a small portion of funds and project management capabilities, each do their best, each need To achieve a shared economy.
We mainly adopt two modes of "investment and investment": one is "the wishful mode"; the other is the "yinchuan model" of the smart city. In the Ruyi Textile Project, the Yinchuan Municipal Government established a capital operation company, an industrial fund company under Yinchuan Financial Holdings, China Hengtian Group and Shandong Ruyi Group, and established a “10-100 million yuan†“Hengtian Ruyi Technology Industry†through capital operation. City Investment Fund, and the bank's supporting loan of 5 billion yuan, made Ruyi Group expand from Ningxia's original spinning project to 7 projects including self-supplied power plant, spandex, medical non-woven materials and high-grade fabrics, and jointly raised 56.5. 100 million yuan to acquire the famous French brand SMCP, which has formed a complete industrial chain of spinning, fabrics, clothing and brands. Re-use of the advantages of Yinchuan big data and cloud computing combined with the advantages of Ruyi flexible production line and international brand design capability to create a private customized, flexible custom textile industry 4.0, which can be used to implement an effective exit mechanism.
In the construction of a smart city, a smart industry company was established to build a smart city in Yinchuan. After the completion of the construction, the PPP model was innovated and the government purchased information services from the smart industry company to form a cash flow, income, profit and income estimate. Value, and then placed in a listed company with professional capabilities, through the capital market cash back to recover government investment, effectively reducing the government's one-time expenditure pressure, and solving the most difficult to solve in the development of smart cities, "investment is difficult, operation and maintenance is difficult, sharing is difficult" The dilemma in the innovation of the "Yinchuan model" of smart city construction.
Reporter: Can Yinchuan replicate these practices? What suggestions do you have?
Guo Baichun: Yinchuan is located in the northwest, although it is a provincial capital, but the economy is relatively small. These practices can be implemented in most areas, and the implementation may be better. After all, talents and economies in other regions have inherent advantages over Yinchuan.
These practices of Yinchuan are partial improvement measures made under the existing financial structure and credit structure of the society. In fact, under the economic downturn, the relevant departments can take measures as a whole to change the current financial structure and credit structure to increase the development momentum of enterprises and bring the economy out of the adjustment period. Now that the real economy is "money tight", the corporate capital chain is tense because some credit funds have not entered the real economy, but have become hot money. These hot money chase the proceeds and artificially raise the price of certain assets to create a bubble. If you let these hot money go, it will not only increase economic fluctuations, but also prolong the economic adjustment period. To this end, the relevant departments should introduce corresponding measures to take advantage of the situation. The first is to change the credit structure and extend the loan period. During the economic downturn, the policy of extending the loan term was introduced to convert most of the current short-term loans into 10-year loans, reduce the pressure on enterprises to reverse loans, reduce business risks, and stabilize investors' expectations of the real economy. As for bank liquidity, Adjusted through the interbank capital market. The second is to further develop the financing ability of the stock market and improve the structure of financial assets. The main purpose is to expand the number of IPOs in the capital market and the amount of refinancing of enterprises, attract hot money back to the capital market, invest in the real economy, improve the financing structure of enterprises, and promote the further improvement of business operations, so that the economy can accelerate its adjustment period.
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