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Let The Coal Go Farther And Farther In The Development Of High Quality
- Oct 15, 2018 -

High-quality development has become a new direction of China's economic development in the new era, but also for the development of the coal industry put forward new requirements. Coal industry in the golden decade investment scale is too large, resulting in serious excess capacity, with the country to promote structural reform of the supply side, the coal industry has gradually passed the cold winter, but the coal enterprises should be soberly aware that the main reason for the coal industry relief is the support of policy, the internal development of the industry is still insufficient momentum. New problems are becoming increasingly prominent, such as slowing down the growth of coal demand, strengthening environmental protection constraints, increasing alternative energy sources, etc. Faced with a number of adverse factors, the original extensive management mode can not meet the requirements of high-quality development in the new situation, coal enterprises only adhere to the concept of quality first, efficiency first. Only in this way can the whole industry develop new vitality.

To improve the quality of development, coal enterprises can start from three aspects:

First of all, we must improve the quality of commercial coal and the level of sales and service. The high quality development of coal industry should fulfill the relevant requirements of national environmental protection policy and supply-side reform. Promoting the clean and efficient utilization of coal is the key link. The clean utilization of coal can not only reduce the pollution caused by the use of coal, but also help to eliminate backward production capacity. To promote efficient and clean utilization, we can start from the following aspects: first, improve the intensity of raw coal washing. Because of the uneven distribution of coal and the great difference of production conditions in China, most of the coal mines improve their quality only by discharging gangue from raw coal, so they sell it. In the peak season of demand, some coal mines relax their requirements on coal quality for immediate benefit. To improve the quality of commercial coal in an all-round way, it is necessary to improve the washing rate of raw coal. At first, the investment in coal washing and separation should be strengthened to reduce the harmful substances such as ash and sulphur in commercial coal, and the products such as medium coal and slime produced in coal washing and separation should be used differently to reduce air pollution. Second, strengthen the deep processing of coal and efficiency of scientific and technological transformation. At present, some coal enterprises have begun to carry out professional research on deep processing and transformation of coal. For example, in 2017, Shenhua Group took the lead in completing large-scale coal-based oil products / olefin modernization coal chemical industry won the first prize of national scientific and technological progress. However, compared with other industries, the scientific and technological investment and deep processing level of coal enterprises still need to be strengthened.

Secondly, we should make full use of market means to promote the high quality development of the coal industry. Although the coal industry has been market-oriented for several years, because coal is still the main financial revenue and economic support of many resource-based cities, many inefficient mines are unable to withdraw from the market, which has a great relationship. Only by means of market intervention can we solve the current predicament. With the help of market-oriented transactions, low production efficiency mines gradually withdraw, so that high-yield and high-efficiency mines occupy the dominant position in the market. In January 2018, Hebei Environmental Energy Exchange sold 11.38 million tons of coal production capacity indicators to coal mining enterprises outside Shanxi, Shaanxi, Inner Mongolia and other provinces by means of "public listing and dynamic bidding", which greatly compensated for the shortage of funds for the diversion, resettlement and debt disposal of workers in the process of coal production capacity removal in Hebei Province. Market oriented trading of coal productivity indicators provides a useful way of thinking.

The high quality development of the coal industry and its asset structure must be optimized. From 2012 to 2015, the coal market has been in a state of oversupply, the coal industry in difficult times, sales revenue significantly reduced, the pressure of repayment increased sharply, enterprise management is difficult. Since 2016, the coal industry has been gradually warming up, but the arrears of coal enterprises have been high, enterprises should actively use policy dividends to reduce arrears and optimize the capital structure. In January, the State Development and Reform Commission and other seven departments jointly issued the Notice on the Specific Policy Issues Concerning the Implementation of Creditor's Rights-to-Equity Swap in Marketized Banks. Coal enterprises should seize the opportunity to actively apply the relevant policies on debt-to-equity swap so as to optimize the assets and liabilities structure of enterprises. For example, in 2017 Shaanxi Coal Group has landed 20 billion yuan in debt-to-equity swap funds, but also plans to implement about 50 billion yuan in debt-to-equity financing targets, effectively reducing the leverage of enterprises, optimize the capital structure of enterprises.

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