Wenzhou Boss "Run On The Road" Phenomenon Torture Shoe Companies "Integrity Chain"

　　 Wenzhou The phenomenon of "running on the road" is getting more and more intense. It touches not only the sensitive nerve of the private lending market in Wenzhou, but also the valuable credit system of Wenzhou businessmen. such as Shoe industry The capital chain may be broken, but the "integrity chain" must not be broken.

According to the Wenzhou chamber of Commerce, there is a mutual guarantee in Wenzhou enterprises. Once a company has problems, it will affect other security companies. As the king of glasses in Wenzhou, Hu Fulin's disappearance has brought Wenzhou's eyeglasses industry to a desperate state. The dangerous situation of Xintai group will eventually evolve into a havoc in Wenzhou's spectacle industry. If the crisis worsens further, the Wenzhou eyewear industry will face a collapse. market It is feared that the running of Wenzhou bosses will lead to the credit crisis of SMEs in Wenzhou.

Data show that in 2010, the average return on assets of the 2176 listed companies was only 14.45%. For the current entity manufacturing industry in Wenzhou, the overall profit margin will not exceed 20%. In addition, labor costs and commodity prices will rise, and more than 20% of the lending rate will crush Wenzhou's manufacturing industry, not to mention a lending rate of up to 180%. Many bosses are unable to pay their debts. For those who work hard for a year, they may face the situation of arrears of wages. For upstream suppliers of raw materials, they may not be able to recover their loans and cause cascading debts and bankruptcy. Eventually, it may lead to the loss of the integrity system of Wenzhou businessmen. No enterprises dare to supply the small and medium-sized enterprises in Wenzhou. No organization or individual dares to finance them. No migrant workers dare to go to their enterprises for serious employment.

Confucius said: "people without faith, do not know how they can. If a car loses his good faith, it is like a car losing the key part of the wheel. From disorderly competition leads to "bad money drives out good money" effect to "shop without Wenzhou goods" into signboards, and then to Wenzhou to create famous brand names to buy the whole world. Wenzhou integrity has experienced a new lease of life. Faced with the harm of the lack of credit in the late 80s of last century, the "good faith day" was set up in August 2002. In the past 10 years, Wenzhou has finally worked out another effective experience and method. Now, the debt of Wenzhou's boss is "running away", which may destroy Wenzhou's 10 year integrity system.

Now there are concerns that whether the Wenzhou boss "run the road" will trigger a nationwide credit crisis. We believe that there is an effective firewall in the domestic financial industry, which should not detonate the national credit crisis. Although the current frenzy of private lending should not cause systemic financial risks in China, we still need to be vigilant against the impact of the real economy and banks, as well as the undercurrents of banks' "disguised lending". There are many private borrowers, including many listed companies that are tempted to lend to private lending by interest. This behavior will jeopardize the whole real economy foundation, and the off balance sheet business of entrusted loans and other banks will easily suffer losses in this process.

We believe that it is not a good way to ban and suppress private lending which leads to the employer's debts. Simply prohibiting or letting go is not allowed. We should improve laws and regulations, and guide them. The regulatory authorities should include private lending into the regulatory scope as soon as possible, strengthen their guidance and regulation, and let the new version of the general rules of loans and other legal regulations be issued as soon as possible, and make clear a unified regulatory department. In addition, we need to deepen the reform of financial market as soon as possible, speed up the marketization of interest rates, straighten out the relationship between capital prices and improve the investment channels of residents.