According to the report, Wu Xiaoling said that the leverage ratio of China enterprises is the highest in the world. If enterprises can't get rid of heavy debts, it will be unfavorable to improve economic efficiency. She put forward her own views on debt restructuring:
First, in debt restructuring, we should encourage all kinds of asset management companies to participate in the asset restructuring of enterprises. Wu Xiaoling pointed out that more market-oriented asset management companies should be allowed to restructure debts, especially the replacement of creditor's rights and equity. Through the asset management company to raise funds from the society, make equity investment, and then reform the enterprise to return the equity funds to the loan, and complete the debt-to-equity swap in a market-oriented and legal way.
Second, promote enterprise merger and reorganization and optimize enterprise structure. In the stage of economic transformation, it is necessary to adjust the stock structure. The ownership structure of an enterprise is actually acquisition and merger. In the process of merger and acquisition, there should be leverage, but the leverage should be moderate and the rules should be clear. At the same time, it is necessary to develop multi-level capital markets and provide more equity financing channels.
It is reported that this meeting will discuss how to further improve the financial risk management mechanism under the background of economic globalization, take precautions, nip in the bud, continuously improve the competitiveness, risk resistance and sustainable development of the financial industry, and earnestly safeguard China's financial security.