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The second half of 2017 is the year of deepening the supply side structural reform, and also the year of tackling the difficulties of capacity reduction. It faces many new problems, risks and challenges, and the task is still very heavy. As of July, the experimental force showed that in the first half of this year, what was the specific implementation of de capacity, de inventory and de leverage? What are the challenges in the second half of the year

de capacity: "zombie enterprises" is the key point. Half of 2017 has passed. According to the data previously released by the national development and Reform Commission, by the end of May, the country had reduced the crude steel production capacity by 42.39 million tons, completed the annual target task of 84.8%, exited the coal production capacity of about 97 million tons, and completed the annual target task of 65%. From the data, the de capacity process has exceeded expectations

on July 10, an analyst said in an interview that, according to the current pace, the low value of the capacity reduction target has been exceeded, and it is not difficult to complete the high value. Although the debt and other problems caused by the closure of the "ground steel strip" enterprise have yet to be solved, the data target has been completed, which indicates that the stage of heavily tackling the ground steel strip has come to an end

in an interview on July 10, the coal industry analyst of Tianfeng Securities said that in terms of coal, the task completion degree of de capacity exceeded expectations both in terms of "quantity" and "quality". From the perspective of "quantity", the rubber and Plastic Machinery Research Institute of Beijing University of chemical technology has conducted in-depth research on the 1-type gear pump extruder. In the first half of last year, only 29% of the annual target tasks were achieved in the coal capacity reduction, and 65% in the first five months of this year; From the perspective of "quality", some coal mines involved in de capacity last year have been in the state of shutdown or semi shutdown, but this year the coverage is greater

said that the fundamental problem of capacity removal is to promote transformation and upgrading. The national development and Reform Commission and other departments have been promoting the replacement of coal capacity. In the second half of the year, the focus of capacity reduction is still those small and medium-sized coal mines with poor efficiency, small capacity and poor safety, as well as "zombie enterprises"

destocking: third and fourth tier cities became the main force

in the first half of 2017, the inventory scale of the property market in hot cities continued to fall. At a time when the real estate market in the first and second tier cities is getting colder due to policy adjustment, the market heat has shifted in echelons, and the third and fourth tier cities are gradually becoming the main force of "de Stocking" in the real estate market

zhangdawei, chief analyst of Centaline real estate, told us yesterday that from a national perspective, inventory removal has accelerated in recent months, mainly because the third and fourth tier markets are relatively active. Most of the third tier and fourth tier real estate markets, which should be replaced at this time, showed accelerated destocking in the second quarter

in this regard, Zhang Dawei said that the third and fourth lines are still the difficulties of the whole de stocking. From the perspective of the implementation strength and the current market situation, it can be maintained until the third quarter to the fourth quarter

for the de stocking measures in the third and fourth tier cities, relevant people believe that, first, some commercial real estate can be transformed into residential real estate. We will try to change commercial real estate into residential real estate or real estate for other purposes, so as to effectively solve the problem of de stocking of commercial real estate. Second, the monetization of shed reform promotes the de stocking. The third is to convert part of the inventory real estate into affordable housing and low rent housing to underpin urban low-income groups

regarding the de stocking of the real estate market this year, Zhang Dawei said that in general, the implementation is less difficult. It is expected that the de stocking effect of the third and fourth tier cities will be seen by the end of this year

deleveraging: debt to equity swap is one of the most important tasks at present, and its progress has always been the focus of the market. On June 27, the data released by the National Bureau of statistics showed that the asset liability ratio of Industrial Enterprises above Designated Size in May was 56.1% in the same year, a year-on-year decrease of 0.7 percentage points and a month on month decrease of 0.1 percentage points. The asset liability ratio of state-owned industrial enterprises was 61.3%, a year-on-year decrease of 0.5 percentage points, but a month on month increase of 0.1 percentage points, the second consecutive month since April

the researcher of health care think tank said yesterday that the leverage ratio of China's non-financial enterprises has been declining since the third quarter of last year. At present, the debt ratio of Industrial Enterprises above designated size is not too high. Although the leverage ratio of state-owned enterprises is still rising, the high leverage ratio of state-owned enterprises will soon fall down by stripping off non-performing assets through "debt to equity" and other means

Wang Gang, deputy director of the banking research office of the Financial Research Institute of the development research center of the State Council, wrote on July 6 that the capital occupation and capital utilization of debt to equity swap are the key issues that must be solved to ensure the smooth progress of this round of market-oriented debt to equity swap

Wang Gang suggested that, on the one hand, the CBRC should, in accordance with international standards, pay close attention to the calculation of the risk weight of debt to equity swap, timely revise the current capital management measures (for Trial Implementation), periodically reduce the risk weight of banks' equity in industrial and commercial enterprises, and relax the policy restrictions on the disposal of debt with shares within two years; On the other hand, it should take the lead in coordinating and solving the problem of "one enterprise with multiple debts", so as to realize the joint advance and retreat and collaborative solution of banks and non bank creditors. At the same time, it should be considered to allow banks to appropriately participate in the major decisions of the operation and management of debt to equity swap enterprises, help enterprises improve their operating capacity and protect the investment rights and interests of banks

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