According to a decision at the meeting, the SOEs will be required to improve corporate governance and introduce a debt control mechanism. Their efforts to replenish capital including through additional share offering and introducing strategic investors will be supported. The mixed ownership reform will be pushed forward.
Measures to raise stable, low-cost equity investment funds for the medium and long run will be brought forward, as well as those to set up private equity funds targeting debt-to-equity swaps. The capital market will be given a greater role in the merging, restructuring and optimizing of capital stock. A plan to conduct equity-swap transactions through the multilevel capital market will also be worked out.
The agencies that enforce the debt-to-equity swaps will be reinforced. Financial institutions will be guided to conduct the swaps through existing agencies and state-capital investment companies in a market-based manner. Eligible banks and insurance agencies will be supported in setting up new enforcement bodies. And asset management companies will be encouraged to strengthen their capital positions.
The debt restructuring policies for enterprises will be improved, and a bankruptcy mechanism for affiliated enterprises will be established. The cost of zombie companies going bankrupt will be borne through a cost-sharing mechanism between the government, enterprises and banks.
"Related government departments should fulfill their responsibilities and make concerted efforts to create an enabling environment and see the debt-to-equity swap agreements through," the premier said.
【国内英语资讯:China to ramp up measures for corporate deleveraging】相关文章:
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