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| Opinions of the State Council on Vigorously, Steadily and Properly Reducing Corporate Leverage Ratios | | 国务院关于积极稳妥降低企业杠杆率的意见 |
| (No. 54 [2016] of the State Council) | | （国发〔2016〕54号） |
| The people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government; all ministries and commissions of the State Council; and all institutions directly under the State Council: | | 各省、自治区、直辖市人民政府，国务院各部委、各直属机构： |
| Over recent years, the corporate leverage ratios in China have maintained high, the size of debt have expanded too fast, and the debt burden on enterprises have been increasingly heavy. Against the backdrop that the international economic environment becomes more complicated and the economic downturn pressure on China is still pressing, some enterprises are confronted by more difficulties in business operations, leading to the increase in debt risks to some extent. For purposes of implementing the decisions and arrangements of the Central Committee of the Communist Party of China (CPC) and the State Council regarding the advancement of the supply-side structural reform and effective conduct in priority of the work, "lowering production capacity, destocking, reducing leverage, cutting costs and making up for shortness," promoting the establishment and improvement of a modern enterprise system, and enhancing the flexibility of medium and long-term economic development, the following opinions on vigorously, steadily and properly reducing corporate leverage ratios (hereinafter referred to as "reducing leverage") are hereby offered. | | 近年来，我国企业杠杆率高企，债务规模增长过快，企业债务负担不断加重。在国际经济环境更趋复杂、我国经济下行压力仍然较大的背景下，一些企业经营困难加剧，一定程度上导致债务风险上升。为贯彻落实党中央、国务院关于推进供给侧结构性改革、重点做好“三去一降一补”工作的决策部署，促进建立和完善现代企业制度，增强经济中长期发展韧性，现就积极稳妥降低企业杠杆率（以下简称降杠杆）提出以下意见。 |
| I. General requirements | | 一、总体要求 |
| The overall thinking on reducing leverage is to comprehensively implement the spirit of the 18th CPC National Congress and the Third, Fourth and Fifth Plenary Sessions of the 18th CPC Central Committee, conscientiously carry out the arrangements made at the Central Economic Work Conference and in the Government Work Report, adhere to the tendency of proactive fiscal policies and sound monetary policies, by market-oriented and legal means, by advancing merger, restructuring and improving the modern enterprise system, strengthen self-regulation, revitalize existing assets, optimize debt structure, transfer banks' debt to equity in an orderly and market-oriented manner, go bankrupt in accordance with the law, develop equity financing, vigorously, steadily and properly reduce corporate leverage ratios, help promote the supply-side structural reform, the deepening of the reform of state-owned enterprises and the transformation and upgrade of the economy and optimization of distribution, and lay a solid foundation for long-term, constant and sound development of the economy. | | 降杠杆的总体思路是：全面贯彻党的十八大和十八届三中、四中、五中全会精神，认真落实中央经济工作会议和政府工作报告部署，坚持积极的财政政策和稳健的货币政策取向，以市场化、法治化方式，通过推进兼并重组、完善现代企业制度强化自我约束、盘活存量资产、优化债务结构、有序开展市场化银行债权转股权、依法破产、发展股权融资，积极稳妥降低企业杠杆率，助推供给侧结构性改革，助推国有企业改革深化，助推经济转型升级和优化布局，为经济长期持续健康发展夯实基础。 |
| The following basic principles shall be adhered to in the progress of advancing the reduction of leverage: | | 在推进降杠杆过程中，要坚持以下基本原则： |
| The principle of market orientation. Full play shall be given to the decisive role of the market in allocating resources, and the role of the government shall be made better use of. Market participants such as creditors and debtors shall, based on their own demand, conduct or participate in the reduction of leverage, independently consult over and determine the prices in all types of transactions, and independently assume risks and enjoy profits. The government shall, by making guidance policies, improve the relevant regulatory rules, maintain the market order of fair competition, effectively conduct necessary organization and coordination, keep society stable and create a good environment for reducing leverage. | | 市场化原则。充分发挥市场在资源配置中的决定性作用和更好发挥政府作用。债权人和债务人等市场主体依据自身需求开展或参与降杠杆，自主协商确定各类交易的价格与条件并自担风险、自享收益。政府通过制定引导政策，完善相关监管规则，维护公平竞争的市场秩序，做好必要的组织协调工作，保持社会稳定，为降杠杆营造良好环境。 |
| The principle of rule of law. The leverage shall be lowered in accordance with the laws and regulations, the government and all market participants shall do business in strict accordance with the law, and the lawful rights and interests of creditors, investors and corporate employees shall be especially protected in priority. The building of the social credit system shall be strengthened, moral hazards shall be prevented, escape from financial obligations shall be strictly cracked down upon, and the liability which should be assumed by market participants shall be prevented from being unreasonably transferred to the government or other relevant entities. The scope of governmental responsibility shall be specified and the government shall not be ultimately responsible for any loss. | | 法治化原则。依法依规开展降杠杆工作，政府与各市场主体都要严格依法行事，尤其要注重保护债权人、投资者和企业职工合法权益。加强社会信用体系建设，防范道德风险，严厉打击逃废债行为，防止应由市场主体承担的责任不合理地转嫁给政府或其他相关主体。明确政府责任范围，政府不承担损失的兜底责任。 |
| The principle of orderly conduct. In reducing leverage, the relations among stabilizing growth, adjusting structure and preventing risks shall be well mastered, and all types of risks which may appear in the process of reducing leverage shall be prevented and resolved. The economic pattern shall be respected, full consideration shall be given to the characteristics of leverage in different industries and of different enterprises, measures shall be adopted by category, there should be both support and control, no "one-cut-for-all" policy shall be taken, and rushing into mass action shall be prevented, so as to advance the reduction of leverage in an steadily, properly and orderly manner. | | 有序开展原则。降杠杆要把握好稳增长、调结构、防风险的关系，注意防范和化解降杠杆过程中可能出现的各类风险。尊重经济规律，充分考虑不同类型行业和企业的杠杆特征，分类施策，有扶有控，不搞“一刀切”，防止一哄而起，稳妥有序地予以推进。 |
| The principle of overall arrangement and coordination. Reducing leverage is a systematic project featuring relatively long time span. The present shall be focused on, the future shall be kept in view, both temporary and permanent solutions shall be sought and comprehensive measures shall be adopted. The establishment of a regulated modern enterprise system, improvement of corporate governance structure, and enhancement of self-restraint mechanism shall be made as the root routes to reduce leverage. Multiple means shall be comprehensively used to reduce leverage and leverage lowering shall be organically integrated and advanced in an coordinated manner with the reorganizing or restructuring of enterprises, reduction of the costs for real-economy enterprises, resolution of excess capacity, promotion of the transformation and upgrade of enterprises, and other work. | | 统筹协调原则。降杠杆是一项时间跨度较长的系统工程。要立足当前、着眼长远，标本兼治、综合施策。要把建立规范现代企业制度、完善公司治理结构、强化自身约束机制作为降杠杆的根本途径。降杠杆要综合运用多种手段，与企业改组改制、降低实体经济企业成本、化解过剩产能、促进企业转型升级等工作有机结合、协同推进。 |
| II. Major methods | | 二、主要途径 |
| (1) Vigorously promoting merger and restructuring of enterprises. | | （一）积极推进企业兼并重组。 |
| i. Encouraging trans-regional and cross-ownership merger and restructuring. The cultivation of high-quality enterprises through merger and restructuring shall be supported. Regional protectionism and blockade shall be further broken down and enterprises shall be encouraged to conduct trans-regional merger and restructuring. The reform of mixed ownership shall be promoted, and state-owned enterprises shall be encouraged to introduce private capital by transferring shares, increasing capital, expanding share capital, cooperating in the form of an equity joint venture or a contractual joint venture, and other means. The reform in monopoly industries shall be accelerated and competitive business fields in monopoly industries shall be open to private capital. | | 1.鼓励跨地区、跨所有制兼并重组。支持通过兼并重组培育优质企业。进一步打破地方保护、区域封锁，鼓励企业跨地区开展兼并重组。推动混合所有制改革，鼓励国有企业通过出让股份、增资扩股、合资合作等方式引入民营资本。加快垄断行业改革，向民营资本开放垄断行业的竞争性业务领域。 |
| ii. Promoting merger and restructuring in key industries. Play shall be given to the guidance role of industrial policies, enterprises in industries with excess production capacity shall be encouraged to make more efforts in merger and restructuring, and the exit of "zombie enterprises" shall be accelerated, so as to effectively resolve excess production capacity and realize market clearing. Conglomeration and restructuring in industries featuring poor industrial concentration and outstanding homogeneous competition shall be better conducted, resource integration shall be strengthened, economies of scale shall be developed, and the reduction of employees to raise efficiency shall be implemented, so as to improve comprehensive competition. | | 2.推动重点行业兼并重组。发挥好产业政策的引导作用，鼓励产能过剩行业企业加大兼并重组力度，加快“僵尸企业”退出，有效化解过剩产能，实现市场出清。加大对产业集中度不高、同质化竞争突出行业或产业的联合重组，加强资源整合，发展规模经济，实施减员增效，提高综合竞争力。 |
| iii. Guiding enterprises in restructuring business. Enterprises shall be guided in lean business operation, highlighting major business, optimizing the distribution of value chain, and overcoming blind expansion and extensive operations. Non-major business or low-income business shall be sold to recover funds, reduce debt and expenditure, cut the corporate funds occupied in an inefficient way, and improve enterprises' efficiency of operations and effectiveness of business operations. | | 3.引导企业业务结构重组。引导企业精益化经营，突出主业，优化产业链布局，克服盲目扩张粗放经营。通过出售转让非主业或低收益业务回收资金、减少债务和支出，降低企业资金低效占用，提高企业运营效率和经营效益。 |
| iv. Strengthening financial support to merger and restructuring of enterprises. Through measures such as loans for merger and acquisition, eligible enterprises shall be supported in merger and restructuring. Eligible enterprises shall be allowed to raise funds for merger and restructuring by issuing preferred shares, convertible bonds and other means. Financing modes shall be further innovated on to meet the demand for financing at different phases of merger and restructuring of enterprises. All types of investors shall be encouraged to participate in the merger and restructuring of enterprises through equity investment funds, startup investment funds, industrial investment funds and other forms. | | 4.加大对企业兼并重组的金融支持。通过并购贷款等措施，支持符合条件的企业开展并购重组。允许符合条件的企业通过发行优先股、可转换债券等方式筹集兼并重组资金。进一步创新融资方式，满足企业兼并重组不同阶段的融资需求。鼓励各类投资者通过股权投资基金、创业投资基金、产业投资基金等形式参与企业兼并重组。 |
| (2) Improving the modern enterprise system and strengthening self-regulation. | | （二）完善现代企业制度强化自我约束。 |
| v. Establishing and improving the modern enterprise system. A modern enterprise system shall be established and improved, the corporate governance structure shall be improved, a decision implementation supervision mechanism featuring defined powers and duties and effective checks and balance shall be established in respect of the act of enterprises taking loans, the restraints imposed by enterprises on financial leverage shall be enhanced, and the size of debt financing shall be reasonably arranged, so as to effectively control corporate leverage ratios and form a reasonable structure of assets and liabilities. | | 5.建立和完善现代企业制度。建立健全现代企业制度、完善公司治理结构，对企业负债行为建立权责明确、制衡有效的决策执行监督机制，加强企业自身财务杠杆约束，合理安排债务融资规模，有效控制企业杠杆率，形成合理资产负债结构。 |
| vi. Specifying the primary responsibility of enterprises for reducing leverage. Enterprises are primary responsible bodies to reduce leverage. The responsibility of the management of enterprises to manage assets and liabilities shall be strengthened, an incentive and restraint system shall be reasonably designed, the relation between long-term development and short-term performance of enterprises shall be effectively handled, and a concept of prudent business operations shall be developed, so as to prevent aggressive operations and excessive debt. The responsibility of corporate shareholders shall be implemented, capital shall be contributed in full amount according to the obligation of capital contribution, and the necessary costs of reducing leverage shall be borne in accordance with the principle of equity absorbing loss before debt. | | 6.明确企业降杠杆的主体责任。企业是降杠杆的第一责任主体。强化企业管理层资产负债管理责任，合理设计激励约束制度，处理好企业长期发展和短期业绩的关系，树立审慎经营观念，防止激进经营过度负债。落实企业股东责任，按照出资义务依法缴足出资，根据股权先于债权吸收损失原则承担必要的降杠杆成本。 |
| vii. Strengthening the appraisal mechanism of state-owned enterprises reducing leverage. The competent departments of state-owned assets at all levels shall effectively perform functions and duties, vigorously advance the work of state-owned enterprises to reduce leverage, and include the reduction of leverage into the system for the competent departments of state-owned assets to appraise the performance of state-owned enterprises. The leverage mechanisms, such as performance appraisal, appointment and removal, innovative pilot programs and policies shall be arranged in an overall manner and used to motivate the local people's governments at various levels and state-owned enterprises to reduce leverage. | | 7.强化国有企业降杠杆的考核机制。各级国有资产管理部门应切实履行职责，积极推动国有企业降杠杆工作，将降杠杆纳入国有资产管理部门对国有企业的业绩考核体系。统筹运用政绩考核、人事任免、创新型试点政策倾斜等机制，调动地方各级人民政府和国有企业降杠杆的积极性。 |
| (3) Adopting multiple measures to revitalize existing corporate assets. | | （三）多措并举盘活企业存量资产。 |
| viii. Sorting out existing corporate assets. Assets shall be sorted out in a regulated manner, the work relating to idle and existing assets, such as due investigation, assets checking and property assessment, shall be effectively conducted, valueless assets shall be written off, and the separation between employees and assets shall be realized so as to enable assets exchangeable. | | 8.分类清理企业存量资产。规范化清理资产，做好闲置存量资产相关尽职调查、资产清查、财产评估等工作，清退无效资产，实现人资分离，使资产达到可交易状态。 |
| ix. Adopting various methods to revitalize idle assets. Idle assets, such as land, workshops and equipment, and all sorts of physical assets shall be revitalized by adopting multiple forms, including sale, transfer, lease, leaseback, and investment attraction and cooperation, so as to realize effective use. Enterprises shall be guided into property right trading markets and full play shall be given to the functions of property right trading markets to discover prices and realize values. | | 9.采取多种方式盘活闲置资产。对土地、厂房、设备等闲置资产以及各类重资产，采取出售、转让、租赁、回租、招商合作等多种形式予以盘活，实现有效利用。引导企业进入产权交易市场，充分发挥产权交易市场价格发现、价值实现功能。 |
| x. Integrating more existing assets. Enterprises shall be encouraged to integrate internal resources, sort out the assets relating to major business and merge them with major business, so as to raise the level of using existing assets and improve corporate business operations and effectiveness. | | 10.加大存量资产整合力度。鼓励企业整合内部资源，将与主业相关的资产整合清理后并入主业板块，提高存量资产的利用水平，改善企业经营效益。 |
| xi. Securitizing the assets of enterprises in an orderly manner. According to the principle of "veracious sales and bankruptcy remoteness," assets securitization business with enterprises' receivables, leases and other property rights, and infrastructures, commercial real estate and other immovable property, or property rights and interests, as underlying assets, shall be conducted. Real estate enterprises shall be supported in transforming its mode of operations to that of asset-light operations by developing real estate investment trusts. | | 11.有序开展企业资产证券化。按照“真实出售、破产隔离”原则，积极开展以企业应收账款、租赁债权等财产权利和基础设施、商业物业等不动产财产或财产权益为基础资产的资产证券化业务。支持房地产企业通过发展房地产信托投资基金向轻资产经营模式转型。 |
| (4) Optimizing the debt structure of enterprises through various methods. | | （四）多方式优化企业债务结构。 |
| xii. Promoting enterprises in clearing up and integrating debt. Debt shall be better repaid, valueless occupation shall be reduced, working capital turnover shall be accelerated and leverage shall be lowered. Multiple measures shall be adopted to clear up triangular debt resulted from mutual guarantee and chains of debt. The repayment of overdue funds with the government and large enterprises as sources shall be accelerated, and the receivable financing of small and medium-sized enterprises shall be promoted. Enterprises with promising development prospects, relatively regular production and business operations, technologies and orders, which become the source of default on funds by temporary reason, shall be encouraged to fully mobilize the resources of all parties to, within the scope allowed by policies, make overall arrangements about and use various methods such as revitalizing assets, bond issuances and bank credit, and shall be given necessary support. | | 12.推动企业开展债务清理和债务整合。加大清欠力度，减少无效占用，加快资金周转，降低资产负债率。多措并举清理因担保圈、债务链形成的三角债。加快清理以政府、大企业为源头的资金拖欠，推动开展中小企业应收账款融资。对发展前景良好、生产经营较为正常，有技术、有订单，但由于阶段性原因成为资金拖欠源头的企业，鼓励充分调动多方力量，在政策允许范围内，统筹运用盘活资产、发行债券和银行信贷等多种手段，予以必要支持。 |
| xiii. Reducing financial burdens on enterprises. The innovation on bond products in the category of corporate credit shall be accelerated, more types of bonds shall be created, and enterprises shall be promoted in, on the premise of controllable risks, making use the bond markets to raise the ratio of direct financing and optimize the debt structure of enterprises. Enterprises shall be encouraged to strengthen the centralized management of funds, support eligible enterprises in establishing finance companies, enhance internal financing, and raise the efficiency of using corporate funds. By vigorously developing government-backed guarantee institutions and adopting other measures, the credit rating of enterprises shall be raised to reduce financing cost. | | 13.降低企业财务负担。加快公司信用类债券产品创新，丰富债券品种，推动企业在风险可控的前提下利用债券市场提高直接融资比重，优化企业债务结构。鼓励企业加强资金集中管理，支持符合条件的企业设立财务公司，加强内部资金融通，提高企业资金使用效率。通过大力发展政府支持的担保机构等措施，提高企业信用等级，降低融资成本。 |
| (5) Transferring banks' debt to equity in an orderly and market-oriented manner. | | （五）有序开展市场化银行债权转股权。 |
| xiv. Conducting debt-equity swaps in a market-oriented and legal manner. Banks, implementation institutions and enterprises shall, based on the direction of state policies, independently consult over the subjects for debt-equity swaps, debt to be swapped, and the prices of and conditions on the swaps, as well as the funds which are required by the implementation institutions to conduct debt-equity swaps, and realize the market-oriented exit of enterprise through multiple channels and methods. | | 14.以市场化法治化方式开展债转股。由银行、实施机构和企业依据国家政策导向自主协商确定转股对象、转股债权以及转股价格和条件，实施机构市场化筹集债转股所需资金，并多渠道、多方式实现股权市场化退出。 |
| xv. Conducting market-oriented debt-equity swaps for the purpose of promoting survival of the fittest. Market-oriented debt-equity swaps orienting to high-quality enterprises with good development prospects but confronted by temporary difficulties shall be encouraged, and it shall be strictly prohibited to make "zombie enterprises," enterprises losing faith and those lacking conformity with the state industrial policies subjects of debt-equity swaps. | | 15.以促进优胜劣汰为目的开展市场化债转股。鼓励面向发展前景良好但遇到暂时困难的优质企业开展市场化债转股，严禁将“僵尸企业”、失信企业和不符合国家产业政策的企业作为市场化债转股对象。 |
| xvi. Encouraging various types of implementation institutions to participate in and conduct market-oriented debt-equity swaps. Banks shall not directly transfer their debt to equity unless it is otherwise provided by the state. Banks shall transfer debt to the implementation institutions and the latter shall swap the debt into the equity of the subject enterprises, so as to realize debt-equity swaps. Various types of implementation institutions, such as financial assets management companies, insurance assets management institutions, and state-owned capital investment and operation companies, shall be encouraged to participate in and conduct market-oriented debt-equity swaps; banks shall be supported in making full use of the existing eligible institutions affiliated to them, or new institutions, conforming to provisions, of which the establishment are allowed, to conduct market-oriented debt-equity swaps; and implementation institutions shall be encouraged to bring in private capital, develop mixed ownership and enhance capital strength. | | 16.鼓励多类型实施机构参与开展市场化债转股。除国家另有规定外，银行不得直接将债权转为股权。银行将债权转为股权应通过向实施机构转让债权、由实施机构将债权转为对象企业股权的方式实现。鼓励金融资产管理公司、保险资产管理机构、国有资本投资运营公司等多种类型实施机构参与开展市场化债转股；支持银行充分利用现有符合条件的所属机构，或允许申请设立符合规定的新机构开展市场化债转股；鼓励实施机构引入社会资本，发展混合所有制，增强资本实力。 |
| (6) Implementing corporate bankruptcy in accordance with the laws and regulations. | | （六）依法依规实施企业破产。 |
| xvii. Establishing and improving the systems and mechanisms of going bankrupt in accordance with the law. Full play shall be given to the important role of corporate bankruptcy in solving debt conflicts, fairly guaranteeing the rights of all parties, optimizing resource allocation, etc. Judicial interpretations and judicial policies on bankruptcy and liquidation shall be improved. The bankruptcy trustee system shall be improved. A combined bankruptcy system of associated enterprises shall be explored and established. The rules for work process shall be detailed so as to effectively solve the problem of illegal enforcement in bankruptcy procedures. Courts shall be supported in establishing special liquidation and bankruptcy tribunals, the optimization of judge assignment shall be vigorously supported and professional training shall be enhanced so as to strengthen the development of bankruptcy judicial ability. Law firms, accounting firms and other intermediary agencies shall be regulated and guided in performing functions in accordance with the law, and enhancing the ability to provide bankruptcy and liquidation services. | | 17.建立健全依法破产的体制机制。充分发挥企业破产在解决债务矛盾、公平保障各方权利、优化资源配置等方面的重要作用。完善破产清算司法解释和司法政策。健全破产管理人制度。探索建立关联企业合并破产制度。细化工作流程规则，切实解决破产程序中的违法执行问题。支持法院建立专门清算与破产审判庭，积极支持优化法官配备并加强专业培训，强化破产司法能力建设。规范和引导律师事务所、会计师事务所等中介机构依法履职，增强破产清算服务能力。 |
| xviii. Implementing corporate bankruptcy, liquidation, reorganization or settlement as the case may be. In respect of "zombie enterprises" without hope to eliminate loss, losing survival and development prospects, barriers shall be broken down so as to conduct bankruptcy liquidation according to judicial procedures, the assets of the bankrupt enterprises shall be thoroughly sorted out, the debt of the bankrupt enterprises shall be repaid, the qualification of legal persons of the bankrupt enterprises shall be subject to de-registration, and employees shall be properly settled. In respect of enterprises qualified for bankruptcy but still with development prospects, creditors and enterprises shall be supported in, according to the court procedures for bankruptcy and reorganization, or independent consultation, conducting debt restructuring of the enterprises. Enterprises and creditors shall be encouraged to, according to bankruptcy and settlement procedures, reach settlement agreements and implement the agreements. During the process of corporate bankruptcy, the role of creditors' committees shall be effectively made use of so as to protect the lawful rights and interests of all types of creditors and employees of the enterprises. | | 18.因企制宜实施企业破产清算、重整与和解。对于扭亏无望、已失去生存发展前景的“僵尸企业”，要破除障碍，依司法程序进行破产清算，全面清查破产企业财产，清偿破产企业债务并注销破产企业法人资格，妥善安置人员。对符合破产条件但仍有发展前景的企业，支持债权人和企业按照法院破产重整程序或自主协商对企业进行债务重组。鼓励企业与债权人依据破产和解程序达成和解协议，实施和解。在企业破产过程中，切实发挥债权人委员会作用，保护各类债权人和企业职工合法权益。 |
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