"Closing the tide" is a difficult situation
Domestic SMEs
According to industry insiders, if there is no policy to support 40% of SMEs, they will "half stop work" at the end of the year.
"SMEs are suffering from the threat of 'death'! It is not an alarmist." Zhou Dewen, president of the Wenzhou SME Promotion Association, told reporters.
In the first half of this year, some well-known private enterprises in Zhejiang, Guangdong and other places closed down, and the media reported that it was like a blockbuster, which caused the rumors of SMEs to fall into a wave of bankruptcy. After continuous fermentation, it caused society. Great attention. The central bank, the Ministry of Industry and Information Technology and the local government have come out one after another to "dismissal", saying that there is no shortage of small and medium-sized enterprises.
After interviews, the reporter found that although the tide of bankruptcy did not appear, the living environment of domestic SMEs is indeed worrying. Some economists sum up that SMEs are now facing the dilemma of "three shortages and two highs": money shortage, human shortage, power shortage, high cost, and high taxes. In fact, not only that, with the continued appreciation of the renminbi and the recent US debt crisis, the situation of SMEs is even worse.
　　 "Closing tide" did not appear
Zhou Dewen has many titles. He is not only the president of the Wenzhou SME Promotion Association, but also the deputy director of the Democratic Progressive Central Economic Committee, the vice president of the China Small and Medium Enterprises Association, and the dean of the Wenzhou Institute of Management Science. In the storm of public opinion about the “downturn†of SMEs, Zhou Dewen was a “key†figure, and some media used some of the views he expressed in the interview as an argument for “the tide of closureâ€. "Actually, I have never said that I don't think that Wenzhou SMEs are now in a 'rebound tide', just saying that the survival of SMEs is very difficult," Zhou Dewen told reporters.
In the first half of this year, several old enterprises in Wenzhou were “incoming†and they were in bankruptcy. The news of the successive closure of small and medium-sized enterprises began to spread. After that, Guangdong Dongguan also exposed the collapse of a number of private companies, further promoting the public opinion. This has aroused great attention from relevant state departments and local governments, and has conducted research.
In May of this year, the China Banking Regulatory Commission and the Zhejiang Provincial Small and Medium Enterprise Bureau formed an investigation team to investigate the “closing tides†of small and medium-sized enterprises in Taizhou and Wenzhou. The investigation team believes that the survival of SMEs does have subjective and objective difficulties, but the saying that "the tide of closure" is "unstable." In addition to the China Banking Regulatory Commission, the central bank and the Ministry of Industry and Information Technology also stood up and said that the "downturn" did not exist.
Judging from the statistics on the number of business failures in the industrial and commercial departments of Zhejiang and Guangdong, there is no significant quantitative change compared with previous years. For example, Zhejiang has cancelled 14,400 enterprises in the first half of this year, compared with 17,100 in the same period in 2008, and 15,400 in the same period of 2009, and 12,400 in 2010. According to statistics from relevant departments of Wenzhou City, 8761 new enterprises were established in the first half of this year, up 27.9% year-on-year; 3,985 companies were cancelled, down 21.7% year-on-year.
The same is true of Dongguan City, Guangdong Province. According to the statistics of Dongguan Industrial and Commercial Bureau, in the first half of this year, the city closed down 261 enterprises, a decrease of 5 compared with the same period of last year. In 2008 and 2009, the number of enterprises shut down and moved out of the city was 865 and 657 respectively. In addition to the government departments, the Peking University National Development Research Institute also released a research report on the current status of SMEs in early August, saying that there is no "downturn" in the current SMEs.
“Financing difficulties†forced entity companies
Although the "rebound tide" has not yet appeared, whether it is the investigation of government departments or the reports of academic institutions, it is said that SMEs are currently in a bad situation. And Zhou Dewen said, "Compared with the first half of the year, the situation of SMEs in Wenzhou is now more difficult and the pressure for survival is growing."
What is the most important reason for the difficult situation of SMEs? At this point, Zhou Dewen and the central bank have had differences.
Central bankers said in an interview with the media that financing difficulties are not the most important factor causing difficulties in business operations. The reasons for the difficulties in the production and operation of some small and medium-sized enterprises in the first half of this year are manifold. Zhou Dewen believes that financing difficulties are the most important reason for the difficult situation of SMEs. He said that although the direct reasons for the closure of several enterprises in Wenzhou in the first half of the year were various, or the decision-making mistakes of the enterprises, or the personal quality problems of the business owners, but ultimately because of the break of the capital chain, "there are huge private lending behind Or the usury."
After the 2008 financial crisis, the country launched a 4 trillion “stimulus projectâ€, and it is relatively easy for SMEs to obtain loans. However, this year, the central bank continuously raised the reserve ratio, making banks tighten monetary policy, and it is difficult for SMEs to obtain loans from banks. The pressure of the capital chain will follow.
After the introduction of relevant people, the reporter found a Wenzhou business owner, Qi Qing (a pseudonym). Because of the good momentum of development, his company was recognized as a “growth high-tech enterprise†by the government department in the past few years, but recently he has been eager to turn around for bank loans. In order to further accelerate the development of the company last year, Minqing loaned 10 million yuan to the bank, of which 5 million was due at the end of June this year. The person in charge of the bank told him that the 5 million yuan would be re-loaned to him first, so he cleared up on several occasions, including through the private lending, and paid the bank 5 million yuan. After the bank took back the loan, it immediately turned into a "face" and politely told Min Qing: "I am sorry, now that the money is tightening, the bank has no loan quota." This makes the Qing Dynasty cry, tears, and the capital chain breaks. The company can only stop working.
“We recently surveyed 11 companies, 8 of which all said that the capital turnover is tight,†Zhou Dewen said. According to the report of the Wenzhou Banking Supervision Bureau, at the end of June this year, Wenzhou City's financial institutions increased the balance of RMB loans by 46.82 billion yuan, which was only 71% of the same period last year. According to the Wenzhou Economic and Information Commission, the current tight-funded enterprises accounted for 48.7%, and the funding gap averaged 13.8%.
Due to the cut off from the financing channels of formal financial institutions, many SMEs have no choice but to turn to private lending or even usury. According to the “Small Business Management and Financing Dilemma Research Report†issued by Peking University National Development Research Institute, more than 50% of small enterprises in Wenzhou and other places have completed financing through private lending. “And the monthly interest rate of private usury is several times the bank loan interest rate. Except for drug trafficking, money laundering, gambling and companies with special channels in the securities market, no formal business can afford such high capital costs. Interest rates are also equivalent to forcing an entity to commit suicide," Zhou Dewen said.
Hundreds of factory profits are less than small cake shop
In addition to financing difficulties, there are many other factors that cause SMEs to get into trouble. For example, the substantial increase in labor costs, the rising prices of raw materials, the continuous appreciation of the renminbi, and the entanglement of various factors have led to the dilution of corporate profits.
Zhou Dewen said that the current situation of Wenzhou SMEs is very different from that of the 2008 financial crisis. In 2008, many small and medium-sized enterprises were not able to get orders, forced to stop work or even closed down. This time the dilemma is that there are orders, but the company does not dare to pick up and is unwilling to pick up. "Because the profits are too thin, many companies' profits are only 1%. 2%, not even making money."
Zhou Dewen introduced a case, Wenzhou Dongfang Light Industry Co., Ltd., which has more than 500 employees and exports tens of millions of dollars annually. But the chairman of the company said that the company's one-year profit is not as good as a small cake shop opened by his son. Now the settlement period of the order is 3 to 6 months, not only the exchange rate risk is large, but also the capital turnover can not afford. This year, the company has given up many tens of millions or even billions of big orders.
If you don't take the order, the company can't survive. If you take more orders, it will not bring more profits. Instead, it will take more risks, which makes many small and medium-sized enterprises fall into a dilemma.
"Now everything is going up, labor costs are rising, raw materials are rising, but product prices can't match up, otherwise there is no competition, especially for our labor-intensive enterprises." Wenzhou Yueqing production The person in charge of the USB plug and HDMI connector told reporters. This person said that last year, a worker was required to pay 1,500 yuan / month, and now the monthly salary has risen to 2,000 yuan, and if you work overtime, you have to pay extra wages.
In addition, Wenzhou SMEs are now plagued by electricity shortages. In 2010, Wenzhou once cut the power limit for energy-saving and emission reduction targets, but this year it was a real “power shortageâ€. "Last year was a 'soft power outage', the purpose is to save energy and reduce emissions, but now it is a hard power outage, because the power supply is not enough." Zhou Dewen said. Power outages are very damaging to businesses, because workers have nothing to do with power outages, but they must also be paid to ensure the manpower. Many companies have to supply their own generators, which not only has a large pollution, but also increases the cost of electricity by about three times.
Recently, SMEs have suffered another bad luck, that is, the US debt crisis. “After the US debt crisis, overseas consumer demand has dropped sharply. In the past, this was the peak period for accepting orders for Christmas consumer goods, but now it is a lot less, and some overseas customers. Even preferring to default will cancel the order," Zhou Dewen said.
Urgent policy support
"If the external environment and domestic economic policy direction remain unchanged in the second half of this year, 40% of SMEs will be in a semi-stop state at the end of this year." During the interview, Zhou Dewen repeatedly told reporters that he firmly believes that the government departments from October to December A policy to support small and medium-sized enterprises will definitely be introduced.
On the day of the reporter's interview with Zhou Dewen, a forum on how to reduce the burden on SMEs was held in Wenzhou. The forum gathered economists Yan Changhong, Ye Tan, Wei Jie and Wenzhou native scholar Zhou Dewen. Yan Changhong, director of the Institute of Economic Research of the Chinese Academy of Social Sciences, said that in the face of the current business difficulties of SMEs, it is imperative to ease financing difficulties, and in order to fundamentally solve this problem, it is necessary to start a new round of financial reform. Wei Jie, director of the China Center for Economic Research at Tsinghua University, believes that companies must continue to innovate in order to maintain their core competitiveness, and choose the right strategy to obtain more development space according to the actual situation.
Zhou Dewen said that it is imperative to solve the problem of financing difficulties for SMEs. The SMEs should be directly financed from the capital market. The government should actively encourage SMEs to list at home or abroad and raise funds in the stock market. At the same time, we must actively cultivate and develop the corporate bond market, support small and medium-sized enterprises with good operating returns and strong repayment ability, and issue financing through the issuance of corporate bonds. He also said that the state should speed up the pace of financial internal opening, allow private capital to directly enter the financial sector, and foster small and medium-sized financial institutions willing to provide financial support for small and medium-sized private enterprises.
The current difficulties of SMEs also highlight the urgency of transformation and upgrading. Ye Tan, a special commentator on the CCTV financial channel who participated in the forum, said bluntly: "If you don't have a brand, no technology, no pricing power and want to do manufacturing in the eastern region, then you are looking for death, basically there is no possibility of living." Zhou Dewen said that the introduction of emerging industries and the introduction of talents and technology are undoubtedly important measures to promote Wenzhou's economic transformation and upgrading. It is necessary to put the introduced talents in a more important position than attracting investment. It is necessary to encourage enterprises to actively introduce internationally advanced technologies and equipment, and provide support in fiscal and taxation policies and bank loans.
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