Hao Chaokun: Build an ecosystem of commercial paper, industry and finance to relieve local debt pressure

December 14 The 27th Financial Cooperation and Exchange Conference was held in Nanjing, and Hao Chaokun, Chairman of Linklink Digital Science, served as China's service trade Association supply chain Special experts of the Financial Professional Committee issued a theme report entitled "Building a commercial paper industry finance ecosystem to relieve local debt pressure" (hereinafter referred to as the report). The innovative operation mode of supply chain centered on "commercial ticket+supply chain" was put forward and received great attention from the participants.

Hao Chaokun pointed out in the report that at present, local state-owned enterprises are facing two major pressures: first, the pressure to repay debts. Second, the pressure of debt reduction. Since the second half of this year, all parts of the country have issued Nearly 1.5 trillion special refinancing bonds. But compared with the local debt of more than 60 trillion The total amount is still far from the same. Moreover, compared with ordinary refinancing bonds, special refinancing bonds are mainly used to replace hidden bonds Sexual debt, implicit Sexual debt Sexualization will increase places Government The balance of sexual debt and the issuing scale are limited by the regional debt limit.

Hao Chaokun pointed out that the special refinancing bond is only a short-term way to relieve pressure, but in the longer term, it is necessary to restrain hidden dangers through the linkage reform of the system and mechanism The soil of sexual debt. It is one of the more scientific and sustainable ways to build the industry finance ecology of commercial ticket application, and then help local state-owned enterprises to reduce operating costs and achieve transformation and development through digital infrastructure construction and mode change through the innovation of supply chain operation mode.

"At present, Lianxin Digital Branch has launched three digital services for debt repayment of local state-owned assets companies: Shangfubao - matching bill payment scheme based on real payment demand; commercial financing - matching real supply chain procurement scheme based on short-term fast financing demand; and credit financing - matching customized solutions based on the demand of state-owned assets companies' bank credit facilities that cannot be used." This is an effective way to solve the current debt repayment problem of local state-owned assets companies, Hao Chaokun said.

"For the demand of local state-owned corporate bonds, LinkEase Digital has also developed three solutions: first, risk-free incremental profit insurance - refuse to consume incremental scale, realize business receivables and business profits without investment, and avoid risks; second, fully packaged operation and financing - cross regional operation, and achieve multi-channel Financial credit; The third is the innovative operation of "bill+supply chain" - establishing a state-owned supply chain company to realize transformation revenue. " Hao Chaokun stressed that local state-owned asset companies can effectively resolve risks and avoid the loss of state-owned assets by following two basic principles in supply chain operation, namely "real" and "necessary".

As early as the end of September this year, the State Council issued Financial support financing flat Guidance on Taiwan Debt Risk Resolution (GBF [2023] 35), for local financing flat Taiwan's financing and reform Put forward "three red lines". Then the Office of the State Council forwarded Guiding Opinions on the New Mechanism of Cooperation between the Government and Social Capital (GBH [2023] No. 115), which determines that all projects will adopt new mechanisms, such as franchise mode, giving priority to private enterprises to participate.

"Lianxin Digital Technology has tried to cooperate with local state-owned enterprises in the way of franchise in northern cities of Jiangsu Province to build digital infrastructure of the supply chain, help local state-owned enterprises operate the supply chain and achieve revenue. At present The effect is very good. " Hao Chaokun revealed.

Industry experts said to promote urban investment flat Taiwan transformed into ordinary operation Sex state-owned enterprises. The core is to split Government financing function, forming The clear boundary between the government and the transformation of urban investment truly follows the state-owned capital Investment companies and operating companies implement management. On the one hand, transformation urban investment is no longer burdened The burden of government investment and financing, on the other hand, is responsible for its own profits and losses in accordance with market-oriented incentives and constraints. Only in this way can local state-owned enterprises have more resources and capacity to invest in emerging industries and high-tech industries, and can gradually achieve the transformation and development goal of building modern state-owned enterprises.

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