Cina. Inversione di rotta. Inizia la riduzione del debito.

Giuseppe Sandro Mela.

2017-08-28.

李克强：抓住有利时机推动央企降杠杆

La caratteristica che ha permesso al Governo ed all’economia cinese di imporsi quale prima forza sui mercati mondiali è riassumibile in poche parole: meritocrazia ed empirismo totalmente deideologizzato.

Le azioni di governo politico ovvero economico dipendono dalle circostanze e non da ciò che reciterebbe una qualche teoria.

L’esatto opposto del modo di pensare occidentale.

È anche per questo motivo che gli occidentali trovano grande difficoltà a comprendere la Cina e sbagliano regolarmente interpretazioni e previsioni.

Il Governo Cinese ha varato una direttiva in accordo alla quale le imprese di stato dovranno ridurre la loro esposizione debitoria, anche attraverso un deleveraging appositamente studiato.

I miserandi economisti occidentali, liberal ideologici, trasecoleranno e prediranno il tracollo a breve della Cina: tutte le loro teorie sul debito sono diventate cascami storici.

«Lower debts can benefit the whole economy»

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«A government guideline to further reduce the debt ratios for central SOEs in an active and steady manner will also be rolled out.»

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«We should seize the opportunity and step up the deleveraging of SOEs. Lower debts can benefit the whole economy»

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«Central SOEs are the backbone of the economy»

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«In the first seven months of this year, central SOEs registered a profit of 846.9 billion yuan ($127.2 billion), up by 16.4 percent year-on-year, compared with a 3.7 percent drop in the same period last year»

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«Central SOEs’ debt ratio was 66.5 percent in July, down by 0.2 percentage points from the start of this year»

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«China will further reduce leverage at central State-owned enterprises by establishing multiple channels to reduce corporate debts»

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«Lower debts can benefit the whole economy»

Adesso tutto il mondo dovrà adeguarsi.

Dura lezione della storia dover andare a lezione dai cinesi per imparare l’economica classica di Adam Smith.

Nota. Soes è acronimo di State-owned enterprise.

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→ The State Council. The People’s Republic Of China. 2017-08-26. China to step up deleveraging at central SOEs.

China will further reduce leverage at central State-owned enterprises by establishing multiple channels to reduce corporate debts, a State Council executive meeting chaired by Premier Li Keqiang decided on Aug 23.

In the first seven months of this year, central SOEs registered a profit of 846.9 billion yuan ($127.2 billion), up by 16.4 percent year-on-year, compared with a 3.7 percent drop in the same period last year. Central SOEs’ debt ratio was 66.5 percent in July, down by 0.2 percentage points from the start of this year, according to the State-owned Assets Supervision and Administration Commission of the State Council.

The performance by central SOEs in quality and efficiency improvements over the past two years has received full affirmation from the Premier.

“Central SOEs are the backbone of the economy. We need to conduct in-depth analysis to find key drivers that contribute to the transition to profits and consolidate the upward momentum,” Premier Li said.

“We should seize the opportunity and step up the deleveraging of SOEs. Lower debts can benefit the whole economy,” he added.

The meeting decided that the government will establish an alert line mechanism for debt ratios of different overly leveraged sectors. Central SOEs will face strict control over investments out of their main business portfolios and in programs that could increase their debt ratios. Enterprises that see sharp profit growth will be urged to pay down their debts. A government guideline to further reduce the debt ratios for central SOEs in an active and steady manner will also be rolled out.

The debt-for-equity swaps will be pushed forward in line with market rules and the law, and explore new market-based models for the swaps. Agencies that implement the swaps will receive support to expand their funding channels. Companies that are invested or run by State capital or qualified central SOE funds will be encouraged to take part in the swaps using various market channels.