高功能自闭症:北京紧缩信贷 温州小企业步履维艰

2011年 10月 06日 07:20北京紧缩信贷 温州小企业步履维艰
评论(23)温州是显示中国经济状况的风向标，这座城市的小型制造商碰到的麻烦，正在给中国经济的一个重要组成部分蒙上阴云，并进一步动摇了投资者的信心，凸显出中国政府在促进增长和抑制通胀之间求得平衡时面临的风险。

据中国媒体报道，在因企业家的成功故事而出名的温州，有20多家民营小企业近日因无法偿还到期的银行贷款而破产。上周四，在社会各界普遍担心信贷紧缩的背景下，温州官员敦促银行限制贷款利率，增加对小企业的贷款。

Imaginechina/Associated Press温州市的工人。国有媒体报道说，本周倒闭的小企业之一是浙江祥源钢业有限公司。该公司一位姓李的销售代表将企业倒闭归因于银行抽回信贷。他说这家公司有100多名员工，但拒绝透露更多信息。

其他人则对温州的经商环境表示了担忧。温州电线电缆行业的小企业主邱国宁（音）说，政府多年来一直承诺要支持私营企业的发展，我已经听够了这一套说辞。温州有数百家生产电线电缆的小企业，邱国宁目前正发愁如何为他计划中的企业扩张筹集资金。

由于温州属于中国30年前开始允许创办私营企业后首批因此繁荣起来的城市，并且被认为是私营企业的摇篮，这些有关温州小企业倒闭的报道加重了中国股市和汇市的下行压力。

荷兰国际集团（ING Groep NV）驻新加坡的首席亚洲经济学家康登（Tim Condon）说，由于出现了大量有关温州企业不堪债务重负的报道，市场再度产生了担心中国经济可能硬着陆的焦虑。

另一个进一步加剧了市场对中国小型制造企业担忧情绪的因素是，上周五发布的汇丰中国制造业采购经理人指数显示，中国的制造业活动在九月份连续第三个月收缩。由于该指数的数据采集样本中包括了小企业，因此它被视为可反应中国私营企业表现的一个指标。分析师们估计，中国的中小型私营企业雇佣了中国80%的劳动力，创造了中国一半以上的经济产出。

受全球市场动荡的拖累，中国基准的上海综合指数上周五下跌6.12点至2359.22点，跌幅0.3%，创2009年4月以来的最低收盘价。外汇市场方面，在中国央行引导人民币升值之际，交易员却令人民币兑美元走低。此举使北京为抑制汇率波动而设置的人民币兑美元汇率变动区间连续第三天受到考验。

中国正在收紧信贷以抑制通货膨胀，通胀一定程度上是由全球金融危机期间的大规模刺激性投资引发的。但限制银行信贷对私营企业造成了压力，导致人们日益担心经济会急剧放缓，而迄今为止中国的经济增长一直在纾缓着美国和欧洲经济疲软对全球经济的负面影响。

多年来，拥有190万人口的温州靠制造打火机逐渐崭露头角，但它现在却以其在从高端电子产品制造到房地产开发等诸多领域的重镇地位而闻名。据政府估算，温州36万家中小企业占全市工业产值的90%以上，今年前八个月创造的产值为人民币2,715亿元（合424亿美元）。

但从去年开始，随着中国开始抑制银行放贷，小型制造商的财政问题开始加剧。私营公司发现越来越难找到融资。相对于私营企业，中国的大型国有企业通常更容易从国有银行获得贷款。根据当地政府的数据，今年前七个月，温州企业的亏损总额为6.4亿元（约1亿美元），比上年多2.2亿元。

行业团体温州中小企业发展促进会的会长周德文说，有些银行的放贷利率高得吓人。他说，近几周倒闭的几家企业就是这个组织的成员，但周德文拒绝详细说明。

中国官方再三表示小企业不会纷纷倒闭，并提出了帮助这类企业的方法。例如在8月份，中国最高经济规划机构国家发改委便出台新规，鼓励私营企业投资包括新能源、生物科技及先进装备制造等在内的“战略性新兴产业”，保证说合格的私营企业将会被允许通过发行债券和股票融资。

电线电缆企业的老板邱国宁说，他打算将自己的业务扩展到家电制造领域，家电业务的利润率较高，但这需要“数千万”的投资。他说，很难获得融资。

邱国宁说，他在考虑用自己名下的房产作抵押申请贷款。但他说，政府对房地产的严厉打压限制了我以房产作抵押品贷款的能力。

Small Companies Teeter as Beijing Tightens Lending

Troubles among small manufacturers in the bellwether Chinese city ofWenzhou are putting a cloud over a key part of China's economy, furthershaking investor confidence and underscoring the stakes as Beijing triesto strike a balance between fostering growth and containing inflation.

Morethan two-dozen small, private businesses in the eastern city known forits entrepreneurial success have gone belly up in recent days becausethey couldn't repay maturing bank loans, according to state mediareports. Wenzhou officials on Thursday urged banks to limit lendingrates and make more funds available to small businesses amid worriesabout a credit crunch.

One of the businesses that closed thisweek was Zhejiang Xiang Yuan Steel Industry Co., state media said. Asales representative there who gave only his surname, Li, attributed theclosure to pulled bank credit. He said the company had more than 100employees, but he declined to comment further.

Others expressedworry over the business environment in Wenzhou. 'The government haspromised support for private businesses for years, and I've heard enoughof it,' said Qu Guoning, who runs one of the hundreds of small makersof electric wires and cables in the city and is fretting about how hewill fund a planned business expansion.

The reports have added todownward pressure in China's stock and currency markets because Wenzhouwas one of the first places to boom when China began to embrace privateenterprise three decades ago and is considered the cradle ofprivate-business ownership.

'Numerous reports of debt distress inWenzhou have contributed to the latest iteration of China hard-landinganxiety,' said Tim Condon, Singapore-based chief Asia economist with INGGroep NV. 'The fear is that Wenzhou is the tip of an iceberg.'

Furtheradding to worries over the small manufacturing sector, the HSBC ChinaManufacturing Purchasing Managers Index on Friday suggestedmanufacturing activity in September declined for the third straighttime. The index is considered to be a gauge of the private sector'sperformance because it includes small companies. Analysts estimate thesmall- and medium-sized businesses in the private sector account for 80%of the country's jobs and more than half of economic output.

Damagedalso by broader global market turmoil, China's benchmark ShanghaiComposite Index fell 6.12 points, or 0.3%, to 2359.22 points Friday, itslowest close since April 2009. In currency markets, traders sent theyuan lower against the U.S. dollar even as China's central bank guidedthe currency higher. The move tested the trading limits Beijing uses toquell currency volatility for the third straight day.

China isconstraining lending as part of its effort to tame inflation, which wasspurred in part by its massive investment stimulus during the globalfinancial crisis. But its clampdown on bank credit has put pressure onthe private sector, leading to growing fears of a sharp slowdown of theeconomy that so far has served as a counterweight to weakened economiesin the U.S. and Europe.

Wenzhou, a city of more than 1.9 millionpeople, rose to prominence over the years for making cigarette lightersbut is now known for its heavy concentrations of everything fromsophisticated electronics manufacturing to property development. Its360,000 small- and medium-sized enterprises account for more than 90% ofthe city's industrial output, which amounted to 271.5 billion yuan($42.4 billion) in the first eight months of this year, according togovernment estimates.

But financial woes of its smallmanufacturers have intensified since last year, when China moved to reinin bank lending. Private companies─'which China's state banks havetraditionally underserved in favor of lending to massive state-ownedenterprises─have found financing increasingly hard to come by. In thefirst seven months of the year, Wenzhou enterprises posted a total of640 million yuan (about $100 million) in losses, 220 million yuan morethan a year earlier, according to local government data.

ZhouDewen, head of the Wenzhou Small- and Medium-sized Enterprises PromotionAssociation, a trade group, said 'banks are lending at usurious rates'in some cases. A number of the businesses that have closed their doorsin recent weeks are members of his group, Mr. Zhou said, though hedeclined to elaborate.

Chinese officials have said repeatedlythey don't anticipate a wave of small-company bankruptcies and havesuggested ways to help the sector. In August, for instance, the NationalDevelopment and the National Development and Reform Commission, China'stop economic planning agency, unveiled new rules to encourage privatecompanies to invest in what it calls 'new strategic industries'including alternative energy, biotechnology and advanced equipmentmanufacturing, pledging that qualified private companies will be allowedto raise money by issuing bonds and stocks.

Mr. Qu, owner of thecompany that makes wires and cables, said he is planning to expand hisbusiness into making household appliances, a line of business thatpromises greater profitability, but which would need 'tens of millions'of yuan in investment. Financing, he said, is difficult to get.

Mr.Qu said he is thinking about borrowing against the property he owns.'But the government's harsh crackdown on real estate has limited myability to borrow using property as collateral,' he said.

LINGLING WEI