Credit w88 casino games login incidents exposed in many industries
Expert: We cannot rely on the government to solve the problem
China News Service4month2日电 (Financial Channel Wang Jie) Recently, following the bond market“Chaori”w88 casino games login event breaks“Rigid redemption”Later, Xingrun Real Estate fired the first shot of w88 casino games login on the debt of a real estate company, which triggered investors' concerns about whether breaking the rigid payment will trigger systemic financial risks. In this regard,Zhang Haiyun, Director of the Financial Market Research Center and Professor of the w88 casino of Finance at the w88 casinosaid that it is normal for w88 casino games login events to occur during the period of economic transformation. The break of rigid redemption is a progress for the entire financial market and will enable the market to rationally evaluate investment risks.
w88 casino games login events occur frequently in many industries. Experts say there is no need to panic about partial defaults
Ji Zhongxin Trust Products“Sincerity to Golden Kai1Collective Trust Plan”(Sincerity to Golden Kai1No.)30100 million redemption crisis, Jilin Trust Songhua River(77)9704_9771
The w88 casino games login products of China Chengxin Trust and Jilin Trust both involve the mining industry, and the w88 casino games login amount is large, making it difficult for the issuing company to fully recover. Industry attributes that make it difficult to monetize the mining industry, and trust companies’ characteristics“Channel”Problems such as lack of review of projects caused by attributes were exposed in these two incidents.
The credit w88 casino games login of Haixin Steel has triggered great concern in the industry about the financial risks of overcapacity industries. Consulting agency“Steel Home”General Manager Wu Wenzhang pointed out that special attention should be paid to the credit risks of two types of steel companies: one is companies with high debt ratios, and the other is companies that blindly diversify their investments and stretch their front lines too far.
News that Xingrun Real Estate, a leading real estate company in Fenghua, Zhejiang, went bankrupt due to its inability to repay its debts has once again triggered market concerns about credit w88 casino games login risks in the real estate industry. Some banks have tightened real estate lending this year, narrowing real estate financing channels. Industry insiders predict that as tightening controls such as purchase restrictions and loan restrictions continue, more small and medium-sized real estate companies may face the problem of capital chain breaks. After the Xingrun incident, local banks in Ningbo became more stringent in reviewing real estate loans. Economic commentator Ye Tan commented on this: The fermentation of the Xingrun Real Estate incident shows that the era of paying part of the price for the real estate bubble has begun.
Zhang Haiyun, Director of the Financial Market Research Center and Professor of the w88 casino of Finance at the w88 casinoChina News ServiceThe financial channel stated that from a macro perspective, the traditional extensive development model with high pollution, high energy consumption and low added value is unsustainable. The transformation to a refined development model with green, high technology and high added value is the general trend. Industries that have been over-financed in the past naturally have difficulty in obtaining more funds, and industries such as real estate, steel trading, coal mining and other industries are facing the emergence of risks,“Defaults in these industries will occur sooner or later. The postponement of defaults depends on further financing, but new funds gradually stop flowing into these industries, which leads to a concentrated outbreak of w88 casino games login events.”
In addition, he believes that the emergence and expansion of shadow banking has delayed the occurrence of defaults to a certain extent. In recent years, the risks of real estate and some overcapacity industries have increased significantly. In order to prevent systemic risks, regulatory agencies have restricted bank credit in related fields. However, the thirst for funds in these industries has not diminished, and they have to resort to shadow banking to attract funds with relatively high yields. As a result, the risks of these industries are increasing, until rigid redemption is broken. From the perspective of risk awareness, funds flowing to these areas will become more cautious in the future,“It is normal for w88 casino games login events to occur during the period of economic transformation.”
China Securities Regulatory Commission Spokesperson Zhang Xiaojun is here3month14stated at a regular press conference on the same day,2014In 2012, we entered the peak period of debt repayment. Market liquidity is tight, capital costs are high, corporate financing pressure is increasing, and individual companies with operational difficulties do not rule out the possibility of w88 casino games login. However, partial w88 casino games login is a normal phenomenon as long as there are no systemic or persistent problems.
Zhang Haiyun also believes that some breaches of contract are individual cases. As long as they do not cause large-scale infections, the systemic risks are controllable and the public does not need to panic blindly.“Panic will intensify the correlation and resonance effect of the market, while confidence is the stabilizer of the market.”
Breaking rigid payment is conducive to financial reform. Systemic financial risks cannot be solved by covering up
At a time when trust industry defaults are on the rise,3month4Sunday, Shanghai Super Daily release cannot be released3month7Pay all on the day“11Chaori Bond”Announcement of the second installment of interest, officially declaring a breach of contract. The first case of formal declaration of w88 casino games login in the domestic bond market was born, and the bond market's“Rigid redemption”Broken, causing public concern“Rigid redemption”'s big discussion.
Zhang Haiyun believes that breaking the rigid redemption is an inevitable trend in the development of the financial industry. Rigid redemption itself violates the objective laws of finance.
He analyzed that only investors who rely on rational judgment to decide the direction of capital can optimize the resource allocation of society as a whole, while individual rational investment decisions under rigid redemption lead to irrational resource allocation within the society as a whole.“If the bottom line is always taken, investors do not need to look at the risks, only the returns. This kind of irrational investment has caused chaos in the allocation of resources in the entire society and needs to be broken.”
He believes that the break of rigid redemption is a progress for the entire financial market, allowing the market to rationally evaluate investment risks. Rigid redemption would be simpler if it were supported by explicit guarantees, because this would force the guarantor to make rational judgments and choices. The problem is that most of the current rigid redemptions are supported by implicit guarantees.“Implicit guarantee is an unspoken rule, but when a loophole actually occurs, no one thinks that they should be responsible for the loss. Investors, banks, and trusts do not think that they should bear the loss. The loss becomes a hole, and the loss is caused by the indifference of the relevant parties to the risk.”
According to data from Shenyin & Wanguo Research Institute, currently, in terms of investment direction, the three types of trusts: real estate, basic industries, and industrial and commercial enterprises respectively account for a proportion of the entire trust scale51 .77%、26 .74%AND17.97%. As the real estate industry gradually enters a saturation period, capital liquidity tightens and investment risks intensify. The Xingrun Real Estate w88 casino games login incident has caused market participants to worry that once a w88 casino games login occurs, investor confidence will be severely hit. A large number of mature trust and wealth management products will not be issued on a rolling basis. A sharp credit tightening will directly trigger systemic credit risks.
Zhang Haiyun said that the possibility of systemic financial risks caused by the break of rigid payment exists, but systemic risks cannot be covered by banks and the government. Covering the bottom will lead to continued amplification of over-investment and growing bubbles, which will continue to accumulate systemic risks and ultimately become more difficult to control. Breaking the bottom will make investors more cautious, thereby inhibiting the accumulation of bubbles. To break the bottom, both blockage and congestion should be eliminated.“When rigid redemption is broken, this industry-wide risk will gradually spread. Trust redemption crises and bond defaults have awakened investors' awareness of risk aversion, and also caused many projects that have matured and lacked solvency to face refinancing difficulties, which may cause a domino effect. It is difficult to estimate the extent of the financial chain reaction, and comprehensive and in-depth statistical work is required.”
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