the party's report defines the goals and tasks for the development of the cause of the party and the country in the new era and the new journey, and makes special arrangements for the work of local soes in order to accelerate the building of a new development pattern and promote high-quality development. in 2023, the development of central enterprises will focus on achieving the goal of "one increase, one stability and four improvements", that is, to promote the growth rate of total profits of central enterprises to be higher than the national gdp growth rate, and strive to achieve better results; the overall asset-liability ratio remained stable; the four indicators of return on equity, intensity of r&d expenditure, total labor productivity, and operating cash ratio were further improved. "one increase, one stability and four improvements" is not only an important assessment index system for the high-quality development of local state-owned enterprises, but also provides important direction guidance for financial services to local state-owned enterprises.
in order to speed up the solution of the current development difficulties faced by local state-owned enterprises and implement the annual development goals, icg launched the "high-quality development project of local state-owned enterprises' debt reduction financing (drf) in the new era" with a total scale of 50 billion yuan, and adopted the combination of debt reduction financing and industrial equity investment to fundamentally solve the problems of difficult financing, high cost, short term and so on. and through the investment of local high-quality industries to enlarge the investment effect, the ultimate realization of local state-owned enterprises of high quality development. according to statistics from authoritative institutions, the total investment of icg in various business sectors in 2022 was 221.98 billion yuan, involving 256 investment projects.
debt reduction financing to solve the local state-owned enterprises "borrow new to repay the old" problem
"high asset-liability ratio" is a major problem plaguing the high-quality development of local state-owned enterprises. in order to take into account their social responsibilities and their own stable operation, local state-owned enterprises gradually appear to spend more than the income situation, most of the enterprises through external debt to solve the problem of fund shortage, thus "borrow the new to pay the old" increasingly prominent disease. based on the development needs of debt reduction and low cost financing of local state-owned enterprises, the high-quality development project of local state-owned enterprise debt reduction financing (drf) in the new era provides two financing modes of joint capital management (ucm) and debt-for-equity (des) for applying enterprises, which can not only achieve high limit financing, a variety of debt financing methods (including hong kong and macao bond issuance, mainland bond issuance, trust, financial leasing, factoring, etc.) are also adopted to achieve long-term rolling financing. in addition, the low-cost funds introduced by the applicant enterprises through the icgtrs portfolio can significantly reduce the cost of using funds for local state-owned enterprises. more importantly, local state-owned enterprises can effectively improve their debt structure and achieve debt reduction and balance sheet release through capital and share expansion and spv project company equity.
after local state-owned enterprises raise funds through joint capital management (ucm) and debt-to-equity (des) projects, the financing enterprises can use part of the funds raised to form industrial equity investment funds with icg. icg will search for high-quality enterprises for investment. after investment, high-quality enterprises will generate large returns to financing enterprises through listing, merger and acquisition, and other methods. the investment income can be used to repay the existing debts of local state-owned enterprises, so as to solve the problem of "paying back the old by borrowing the new".
industrial equity investment drives regional industrial development
aaron wang, secretary of the party committee and chairman of icg, pointed out that managing the asset-liability ratio and maintaining a reasonable debt level are the urgent tasks facing local soes at present, but the high-quality development project of local soes debt-reduction financing (drf) in the new era provides more financial services than that. as a state-owned joint-stock investment group, icg extends its investment services to the upgrading and development of regional industries. through industrial equity investment, icg guides and cultivates industrial ecology, forms a virtuous cycle of the whole industry, and promotes the high-quality development of regional economy.
in the new era of local state-owned enterprise debt reduction financing (drf) high-quality development project, the industrial equity investment fund jointly established by the local state-owned enterprises applying for financing and icg can promote regional industrial cooperation and further enlarge the investment effect. as the capital guide, icg will allocate capital according to different industrial levels, and implement the logic that the stronger the industrial advantages, the higher the proportion of capital allocation, so as to expand the linkage effect of the advantageous industries on related industries, build a new industrial development pattern with a chain and a network, implement the integrated development of industrial chains, promote the growth of local tax revenue, and realize the steady development of regional economy.
breakthroughs were made in the high-quality development of debt-reduction financing for local state-owned enterprises in the new era
since the launch of the high-quality development project of local state-owned enterprise debt-reduction financing (drf) in the new era, icg has helped many local state-owned enterprises optimize their debt structure and improve their vitality and efficiency, and has made outstanding achievements and effects. the ministry of industry and information technology, the ministry of justice, the ministry of finance, the national development and reform commission, and the state-owned assets supervision and administration commission all agreed after listening carefully that the high-quality development project of icg in the new era of local state-owned enterprises debt-reduction financing (drf) has made many breakthrough achievements in reducing the scale of local state-owned enterprises' debt, expanding financing channels, and assisting high-quality development of enterprises. at the same time, it highly appraises the achievements and contributions of icg in subject research and financial model innovation.
"accelerating the optimization of the layout and structural adjustment of the state-owned economy, and promoting state capital and state-owned enterprises to become stronger, better and bigger" is an important task in the process of realizing chinese-style modernization. icg shouldered the mission of the times and made every effort to enhance the competitiveness, influence and resilience of local state-owned enterprises, achieve the goal of "one growth, one stability and four improvements" by 2023, and make new contributions to the sustained and healthy economic and social development and the all-round building of a modern socialist country.