"Implementation Plan on Deleveraging of Supply-side Structural Reform of Nanning" (hereinafter referred to as the "Implementation Plan") has launched recently, coming up with specific work requirements and goals on strengthening government debt management, merger and reorganization of enterprises, improving modern enterprise systems, standardizing the development of Internet finance, and preventing and combating illegal fund-raising, accelerating the promotion of the social credit system and other aspects.
According to the “Implementation Plan”, Nanning will in accordance with the overall idea of “Deleveraging, Preventing Risks, Maintaining Stability, and Promoting Development”, effectively reduce the leverage level of government departments, financial institutions, and non-financial institutions, and strive to promote economic deleveraging, prevent and resolve local financial risks. Nanning will also effectively improve the quality and efficiency of the financial service entity economy and innovation-driven development, and support Nanning's economic restructuring and industrial transformation and upgrading.
The “Implementation Plan” also proposes the structure optimization of corporate asset and liability as well as concrete measures to promote the merger and reorganization of enterprises. For example, it encourages cross-regional, cross-ownership mergers and reorganizations. It also proposes the requirements of optimizing the process of administrative approvals on the merger and reorganization of enterprises, promoting cross-regional and cross-ownership cooperation among leading enterprises, supporting the joint development among middle and small- sized enterprises, encouraging social capital to enter monopolies, and promoting the state-owned enterprises mixed ownership reform.