On March 3, Li Dongsheng , deputy to the National People's Congress, founder and chairman of TCL, put forward many suggestions on the issues of "anti-involution" of photovoltaic industry and financing of advanced manufacturing industry at the two sessions this year.
In view of the overcapacity of photovoltaic industry and the serious imbalance between supply and demand, he suggested that supporting policies should be introduced to promote the market-oriented restructuring of photovoltaic industry and eliminate the "involution" competition of photovoltaic industry. "Let the market play a decisive role in the allocation of resources, and let the whole economic system and economic activities follow the rules of the market more, instead of having different situations again and again." Li Dongsheng stressed.
Li Dongsheng pointed out that there are usually two ways to solve the problem of overcapacity : the first is to squeeze out through market competition and rely on the mechanism of survival of the fittest to promote the withdrawal of backward production capacity from the market. Although this way is direct, it will lead to a large number of existing production capacity and physical assets idle and waste a lot of social resources; the second path is merger and reorganization, that is, to support leading enterprises to carry out market-oriented mergers and acquisitions integration, through reducing disorderly competition in the market, to determine production according to demand, gradually achieve a balance between supply and demand, and resolve the problem of excess capacity.
In view of the second path, Li Dongsheng put forward specific suggestions: First, it is suggested to introduce relevant policies to allow state-owned funds and local governments to realize the impairment of state-owned assets in accordance with the law and regulations in the process of asset withdrawal. The two is to guide financial institutions to actively support mergers and acquisitions. Third, considering that most of the leading enterprises in the photovoltaic industry are listed companies, it is suggested to set up a green channel for the merger and reorganization of photovoltaic enterprises .
"It is suggested that local state-owned assets gradually withdraw from industries with fierce market competition." Li Dongsheng said, "State-owned funds can support advanced industrial projects, but they should strictly abide by four principles: they must conform to the national industrial policy guidance; government funds only bear limited liability risks; carefully select projects to ensure that funds can exit safely; and they must choose market entities with the ability to undertake project risks to cooperate."
At the same time, in view of the relatively weak capital strength of China's advanced manufacturing enterprises and the limited financing of the capital market, he suggested that the capital market should be strengthened to support the financing of advanced manufacturing enterprises. Continue to dredge financing channels and strengthen capital support.
At present, the added value of China's manufacturing industry accounts for nearly 30% of the world's total, and the overall scale of manufacturing industry has remained the first in the world for many years. However, Li Dongsheng noted that there are still shortcomings in a few high-tech fields made in China, such as integrated circuits. He believes that this is mainly due to limited technical equipment and insufficient capital investment intensity.
"Under the current economic system, how to further stimulate the investment of enterprises in the integrated circuit industry is actually a great challenge." Li Dongsheng said, "Capital market refinancing is the key for private enterprises to join the advanced manufacturing industry and achieve sustainable development."
In Li Dongsheng's view, "to cultivate world-class enterprises, we must strengthen capital support.". We should not only rely on the accumulation of profits of enterprises themselves, but also make full use of the financing function of capital market to inject momentum into the sustainable development of enterprises.
Li Dongsheng suggested that regulators, in line with the needs of the development of national industrial policies, issue relevant policies to support the development of high-tech, heavy assets and long-term industries, and set up special financing rules and channels for such projects, so as to better promote the capital market to support the development of advanced manufacturing industries.
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