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Opinions of the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission on Supporting the Steel and Coal Industries in Resolving Superfluous Production Capacity for Purposes of Poverty Alleviation and Development [Effective]
中国人民银行、银监会、证监会、保监会关于支持钢铁煤炭行业化解过剩产能实现脱困发展的意见 [现行有效]
【法宝引证码】

Opinions of the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission on Supporting the Steel and Coal Industries in Resolving Superfluous Production Capacity for Purposes of Poverty Alleviation and Development 

中国人民银行、银监会、证监会、保监会关于支持钢铁煤炭行业化解过剩产能实现脱困发展的意见

(No. 118 [2016] of the People's Bank of China) (银发〔2016〕118号)

For the purposes of implementing the decision and deployment of the State Council on effectively resolving the superfluous production capacity and doing a good job in poverty alleviation and upgrading of the steel and coal industries, fully playing the guiding role of finance, supporting the steel, coal, and other industries in cutting superfluous capacity, de-leveraging, cost reduction, bolstering the areas of weakness, and urging the steel and coal industries to accelerate their transformation and development as well as realizing poverty alleviation and upgrading, our opinions are hereby given as follows: 为贯彻落实国务院关于做好钢铁、煤炭行业化解过剩产能和脱困升级工作的决策部署,充分发挥金融引导作用,支持钢铁、煤炭等行业去产能、去杠杆、降成本、补短板,促进钢铁、煤炭行业加快转型发展、实现脱困升级,提出如下意见:
I. Adhering to the principles of differentiated treatment, combining support with control, and actively providing credit services for purposes of “cutting superfluous capacity”   一、坚持区别对待、有扶有控原则,积极做好“去产能”信贷服务
1. Meeting the reasonable financial needs of the steel and coal enterprises. Banking financial institutions shall fully understand the pillar and strategic position of the steel and coal industries, accurately understand the law of the industry development, and continue to provide credit support to the high-quality backbone enterprises with advanced technology and equipment, competitive products, marketability, and capacity to restore market competitiveness through deepening reform and strengthening internal management despite of the temporary problems under the principles of controllable risks and sustainable merchantability. Comprehensive financial services shall be actively provided to steel and coal enterprises that are unable to increase production capacity after layout adjustment and joint reorganization. Enterprises shall be supported in financing with mining rights, accounts receivable and other assets as collaterals. (一)满足钢铁、煤炭企业合理资金需求。银行业金融机构要充分认识钢铁、煤炭行业的支柱性、战略性地位,准确把握行业发展规律,对技术设备先进、产品有竞争力、有市场、虽暂遇困难但经过深化改革和加强内部管理仍能恢复市场竞争力的优质骨干企业,按照风险可控、商业可持续原则,继续给予信贷支持。积极向进行布局调整和联合重组但不新增产能的钢铁、煤炭企业提供综合性金融服务。支持企业以采矿权、应收账款等资产做抵押进行融资。
2. Strictly controlling credit input to newly added illegal production capacity. Credit support shall not be provided to newly added steel or coal production capacity projects for which approval has not be obtained; and lending to those enterprises that raised their production capacity illegally shall be ceased. Relevant loans to the enterprises that have suffered losses for a long period of time, that have become insolvent or lost their market competitiveness, and whose environmental protection, quality, work safety, technology and other indicators are substandard and whose rectification is helpless, and backward production capacity and other production capacity failing to meet the industrial policies shall be resolutely reduced and canceled. You should proactively keep track of and keep in line with the implementation plans of the local governments and central enterprises for resolving the superfluous production capacity of steel and coal so as to deal with the possible default risks as soon as possible. (二)严格控制对违规新增产能的信贷投入。对未取得合法手续的钢铁、煤炭新增产能项目,一律不得提供授信支持;对违规新增产能的企业停止贷款。对长期亏损、失去清偿能力和市场竞争力的企业,环保、质量、安全生产、技术等不达标且整改无望的企业,落后产能和其他不符合产业政策的产能,坚决压缩退出相关贷款。主动跟踪和对接地方政府和中央企业化解钢铁、煤炭过剩产能的实施方案,及早应对可能引发的违约风险。
3. Accelerating the innovation of credit products and promoting the transformation and upgrading of the steel and coal industries. Medium- and long-term credit products shall be actively innovated on and enterprises shall be supported in implementing intelligent transformation and product upgrading. “Closed-end management of loans” shall be researched and implemented so as to support steel enterprises in strengthening the research and development, as well as the promotion and application of national defense and military industry, aerospace aviation, high-speed rail, nuclear power, marine engineering and other high-end products in key areas. Energy efficiency credit shall be vigorously developed, and effort shall be made to expand the businesses under contracted energy management such as granting loans with liens on right to future earnings, granting loans with liens on right to pollutant emission and right to carbon emission, , and steel and coal enterprises shall be supported in conducting energy saving, environmental protection transformation and resource integration under the general framework of resolving superfluous production capacity. (三)加快信贷产品创新,促进钢铁、煤炭行业转型升级。积极创新中长期信贷产品,支持企业实施智能化改造和产品升级。研究实施“贷款封闭管理”,支持钢铁企业加强对国防军工、航天航空、高铁、核电、海洋工程等重点领域高端产品的研发和推广应用。大力发展能效信贷,积极扩大合同能源管理未来收益权质押贷款、排污权抵押贷款、碳排放权抵押贷款等业务,支持钢铁、煤炭企业在化解过剩产能的总体框架下进行节能环保改造和资源整合。
4. Improving interest rate pricing management and reducing enterprises' financing costs. The market rate pricing self-regulatory mechanism shall be fully utilized and a fair and orderly market interest rate pricing order shall be maintained. Banking financial institutions shall be promoted to further improve the deposit and lending interest rate pricing mechanism, enhance the independent rational pricing capacity, and reasonably determine the level of interest rates for the loans of the steel and coal businesses in combination with the enterprises' affordability and bearing long-term development in mind. Banking financial institutions shall be strictly prohibited from imposing unreasonable loan conditions on lending, intermediary business fee levels shall be strictly controlled, and unreasonable fees shall be resolutely canceled. (四)改进利率定价管理,降低企业融资成本。充分发挥市场利率定价自律机制作用,维护公平有序的市场利率定价秩序。推动银行业金融机构进一步完善存贷款利率定价机制,增强自主理性定价能力,结合当前企业承受能力并着眼长远发展,合理确定钢铁、煤炭行业贷款利率水平。严禁银行业金融机构在发放贷款时附加不合理的贷款条件,严格控制中间业务收费水平,坚决取消不合理收费。
II. Strengthening the construction of the direct financing market and support steel and coal enterprises in de-leveraging and reducing costs   二、加强直接融资市场建设,支持钢铁、煤炭企业去杠杆、降成本
5. Supporting steel and coal enterprises in expanding direct financing. The direct financing market system shall be improved, the direct financing market-oriented mechanism shall be improved, and steel and coal enterprises shall be supported in obtaining finance from the capital markets at all levels. Enterprises with market competitiveness and high recognition of investors shall be allowed to continue the issuance of bond products for financing so as to replace other high-cost financing. Various credit enhancement measures and credit risk mitigation instruments shall be explored and developed, the credit risk-sharing mechanism shall be improved, market acceptance shall be improved by market-oriented means, and enterprises' financing capacity shall be enhanced. The approval procedures for overseas financing of domestic enterprises shall be streamlined, and domestic steel and coal enterprises shall be encouraged to issue stocks, bonds and asset securitization products in overseas markets. Steel and coal enterprises shall be supported in accessing to insurance funds, and insurance institutions shall be encouraged to participate in the direct financing of steel and coal enterprises.
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 (五)支持钢铁、煤炭企业扩大直接融资。健全直接融资市场体系,完善直接融资市场化机制,支持钢铁、煤炭企业在各层次资本市场融资。支持有市场竞争力、投资人认可度较高的企业继续发行债券产品融资,替代其他高成本融资。探索发展各类信用增信措施和信用风险缓释工具,完善信用风险分担机制,以市场化手段提高市场认可度,增强企业融资能力。简化境内企业境外融资核准程序,鼓励境内钢铁、煤炭企业利用境外市场发行股票、债券和资产证券化产品。支持钢铁、煤炭企业对接保险资金运用,鼓励保险机构参与钢铁、煤炭企业直接融资。
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