IMF:僵尸企业债务所占份额低于预期

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中国人的债务负担“zombie”国际货币基金组织(International Monetary Fund)的一项新研究显示,企业在企业债务总额中所占份额比以前预期的要小。

新的基金组织正在运作 基金组织驻华盛顿高级经济学家拉斐尔·林(Raphael Lam)和基金组织高级驻地代表阿尔弗雷德·史基普(Alfred Schipke)’s 中国 headquarters, claims that 僵尸 enterprises accounted for only 5% to 9% of 中国’截至去年底的公司总债务。

中国公司’铝,水泥,煤炭,平板玻璃和钢铁等产能过剩行业仅占公司总债务的16%。

北京此前曾表示,要解决中国过高的债务负担’的公司部门,特别是国有企业部门是“优先事项” for its economic 去杠杆化 运动。

Chinese authorities have also expressed concern over the potential for 僵尸 SOE’银行以寻求提高生产能力的公司为代价来吸收稀缺的信贷 禁止 他们获得挽救生命的债转股的机会。

Despite its comparatively small share of the total, Lam and Schipke contend that addressing the problem of 僵尸 enterprise debt would bring dramatic benefits to the Chinese economy, given that it remains disproportionate in relation to the contribution made by such companies to total production and employment.

They point out that the ongoing presence of 僵尸 enterprises can prevent more efficient Chinese companies from accessing finance, as well as other key economic inputs such as labour.

他们的研究估计中国’的经济可实现0.7的GDP增长–如果弱势公司得到改善并且产能过剩减少,那么在接下来的十到十五年中,每年将有1.2个百分点。

这将转化为累积的经济增长16–期末占28%。

“Resolving weak firms such as 僵尸s is a first step in addressing debt vulnerabilities and raising productivity gains,” said the 纸 .

“The government should harden budget constraints for 僵尸s and SOE’通常,通过暂停对信贷访问的隐式支持并允许更大的公司违约率。”

The figures produced by the IMF working 纸 are consistent with other key sources, with data from the Bank for International Settlements indicating that 僵尸 enterprise debt accounts for 6% to 11% of GDP and companies in overcapacity sector 21%, out of total corporate debt of 166%.

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