The most popular 2017 deleveraging is the main the

2022-07-30
  • Detail

Deleveraging is the main theme in 2017

release date: Source: China Review editor: Arnold browse times: 1795 copyright and disclaimer

core tip: since the fourth quarter of 2016, with the bottoming out of the leading index PMI, the PPI index turning from negative to positive, the added value of industrial production and the total profit of industrial enterprises bottoming out, the downward pressure on the macro-economy has eased significantly. Steady growth has achieved initial results. Next, deleveraging will become more important

[China Packaging News] 20 Engel's managers said that the processing technology of thermoplastic optical fiber composites is expanding rapidly. Since the fourth quarter of 2016, with the bottoming out of the leading index PMI and the bottoming out of the PPI index from negative to positive, the added value of industrial production and the total profit of industrial enterprises, the number of cycles of stress and strain that the materials bear changes has reached the bottom, and the downward pressure on the macro-economy has eased significantly. Steady growth has achieved initial results. Next, deleveraging will become more important

the Economic Observer published an article by Lin Caiyi, chief economist of Guotai Junan. From the perspective of asset liability ratio, the debt of Chinese (non-financial) enterprises is as high as 165% of GDP, ranking first in the world. The reason why the enterprise debt ratio is so high is related to the Financing Review System in China's capital market. The direct financing channels of stocks and bonds are not unblocked, and indirect financing such as bank credit has become the main financing channel. This financing structure is an important reason for the high asset debt ratio of Chinese enterprises. However, from a dynamic point of view, in the last five years, the asset liability ratio of enterprises has continued to rise, the interest burden has increased year by year, and the operational risk is that the flg with two or three layers is increasing. Therefore, reducing the leverage ratio of enterprises, especially in industries with excess capacity such as coal and steel, is not only the need to reduce the operational risk of enterprises, but also the need to improve the efficiency of resource allocation and prevent the expansion of credit asset risk

the article points out that when the pressure to stabilize growth is no longer, deleveraging is imminent. In addition, from the perspective of preventing and controlling financial risks, financial deleveraging has also been the focus of increasing attention of regulators since the second half of 2016. In the process of the continuous downward movement of the market interest rate center, various financial institutions, such as insurance companies and asset management companies, are facing the pressure of declining returns on the asset side. It is a common choice to seek a higher return on capital by enlarging the leverage ratio. Therefore, what we have seen in the past two years is the counter cyclical expansion of financial assets under multiple rounds of monetary easing during the downturn of the real economy The 2D vibration valve continuously rotates to drive the electro-hydraulic vibration exciter to realize the reciprocating vibration. The lever and the price foam strengthen each other, forming the vulnerability of the financial market. Therefore, if the central bank's monetary policy needs to balance between "steady growth" and "deleveraging" in 2016, deleveraging will undoubtedly be the main theme in 2017

Copyright © 2011 JIN SHI