Notice of Guangdong Provincial People’s Government on Forwarding the State Council’s Work of Cleaning up "Triangular Debts" nationwide
Yuefu [1990] No.40
On April 26th, 1990, the provincial people’s government forwarded the "Notice of the State Council on cleaning up triangular debts nationwide" (Guo Fa [1990] No.19 document), and put forward the following opinions:
First, people’s governments at all levels should attach great importance to this work as an important task of rectification and deepening reform. All departments in charge should take active actions, establish the overall concept, overcome the fear of difficulties, correct the wait-and-see thinking, start with clearing up the payable goods of this system and unit, work closely together, and jointly do a good job in clearing debts.
Second, the scope of debt settlement. In accordance with the national industrial policy and the principle of credit, production enterprises and operating enterprises, in the process of commodity trading, engineering construction, technical transformation, etc., before the end of March 1988 to 1999, due to insufficient funds, were included in the scope of this clean-up. In principle, the starting amount of clearing is 200,000 yuan each, and the arrears below the starting point can also be included in the scope of clearing by mutual agreement.
The following debts are not included in the scope of debt settlement: the old debts before the end of 1987: the debts caused by disputed transaction disputes of enterprises: normal commercial credit, such as the transaction of agreeing to pay the goods first and then paying by contract; Arrears due to non-compliance with industrial policies and credit policies and compression of capital construction.
Three, pay off the funds to take multi-party financing to solve. Enterprises should actively tap the potential of internal funds and materials, increase revenue and reduce expenditure, expand the sales of products (commodities), and vigorously organize the withdrawal of funds to increase the debt-clearing funds. All construction funds, foreign trade, commerce and materials systems used for acquisition funds and industrial start-up funds should be paid immediately by enterprises and units that have been put in place.
The financial and tax departments should timely make up for the losses that enterprises should make up and the taxes that should be refunded in accordance with the regulations, and banks and finance at all levels should take out certain funds as appropriate to help enterprises solve the shortage of funds. The department in charge of the enterprise should also make overall arrangements for a part of funds in the whole industry as far as possible to help enterprises pay off debts.
If it is still difficult for an enterprise to clear up the payables after actively raising funds, it may draw a commercial acceptance bill and apply to the opening bank for acceptance. Enterprises have financial difficulties due to clearing up the commercial acceptance bills received from the accounts receivable, and can apply to the bank with the acceptance bills for discounting to solve the financial difficulties. Specialized banks at all levels should adjust and adjust the credit funds and credit scale caused by clearing debts and discounting in a timely manner. After actively raising funds, if the capital turnover is still difficult, they can apply to the People’s Bank for rediscounting with the commercial acceptance bill of the enterprise.
Where an enterprise has funds, it can immediately clear its accounts payable, it can be settled by cheque in the same city and by wire transfer in different places. Where payment cannot be made immediately, commercial acceptance bills will be adopted.
Four, clean up the arrears work to take a combination of compartmentalization, bottom-up method. All competent departments should pay close attention to completing the delay between enterprises in this system; All specialized banks should pay close attention to clearing up the payment owed by the account opening unit in this system; For cross-bank account opening and cross-regional arrears of payment, first, clean-up shall be organized within the jurisdiction of the county, and then clean-up shall be organized within the jurisdiction of the city. The clean-up of cross-city, provincial and cross-bank account opening enterprises’ arrears of payment shall be organized by the province.
The work of clearing arrears in cities should be completed before the beginning of June this year, and the whole province should be completed before the end of June, so as to participate in the national clean-up work.
Five, seriously solve the problem of arrears before clearing. All localities must resolutely follow the national plan, strictly control the scale of investment in fixed assets and stop repeated construction projects, and conscientiously adjust the industrial structure and product structure. Banks at all levels must issue loans according to national plans, industrial preferential policies and product policies. For the funds returned by enterprises through clearing debts, finance and banks at all levels should not rush to pay profits and taxes, return capital and interest and recover them in various forms, so as to help start the market and develop production. All enterprises and units must abide by the contract and strictly enforce the discipline of financial settlement. Any unit that unreasonably defaults on payment for goods will pay the payee a late fee of 3% per day from April 1st this year, and the professional bank that opened the account will pay it to the payee in the account of the unit that defaulted on payment for goods.
Six, strengthen the leadership of the work. The provincial government decided to set up a leading group to clean up the "triangular debt" (the list of members is attached), which is responsible for organizing the province’s debt settlement work. The temporary office of the leading group is located in the Provincial Economic Commission, with the participation of personnel selected by relevant departments, without additional preparation. The relevant departments in charge of the province should also be responsible for the main leading comrades and set up leading groups. Municipalities and counties should be responsible for the main leading comrades of the government, absorb the participation of relevant departments, form a leading group to clean up the "triangular debt", and set up a temporary office to be responsible for organizing and implementing the work of clearing debts.
In order to keep abreast of the situation of clearing debts, the relevant competent departments of the province and the offices of clearing debts of municipalities should submit the schedule of clearing arrears and written report to the office of the provincial leading group before the 6th of each month.
List of members of the leading group for cleaning up "triangular debts" in Guangdong Province;
Yu Fei (deputy governor) is the team leader, Jiang Yueming (provincial government), Tang Weiying (provincial economic commission) and Zhu Wanli (provincial people’s bank) are the deputy team leaders, Zhang Zhongliang (provincial finance department), Tong Huinian (provincial finance office), Zeng Bo (provincial commerce department), Jiang Defen (provincial economic and trade commission), Li Jingquan (provincial supply and marketing cooperative) and Gao Jintian (provincial).
Main contents of the State Council notice:
First, the principle of refreshing work. The work of clearing debts should be combined with starting and promoting the current industrial production, implementing the national industrial policy, adjusting the industrial and product structure, strengthening the construction of the fund management system, and promoting the invigorating of the market.
Second, methods and steps. The work of clearing debts is carried out in a piecemeal and bottom-up way. The first step, first in the provinces, autonomous regions and municipalities directly under the central government and infrastructure, foreign trade, commerce, materials and other systems, by all regions and departments to organize their own debt-clearing work, combined with the recent issuance of various loans, all enterprises and units that have the construction funds and foreign trade, commerce, materials system acquisition funds in place should immediately pay off the payment for equipment or raw materials owed to the production enterprises. If the national key construction funds have not yet been put in place, the relevant departments of finance, credit and so on should timely pay in full, and no new arrears will be added. The second step is to organize regional clean-up across provinces (autonomous regions and municipalities) with provinces, autonomous regions and municipalities directly under the Central Government as the center. The third step is to carry out nationwide cleaning on the basis of regional cleaning. The work of clearing debts will be basically completed before the end of July this year.
Three, in order to clean up the "triangle debt" banks to invest a number of start-up funds.
Four, in order to solve the problem of arrears before clearing, all enterprises and units must abide by the contract and strictly enforce the discipline of financial settlement. From April 1 this year, any unit that unreasonably defaults in payment for goods will pay the payee a late fee of 3% per day.
Five, to strengthen the leadership of the work. The State Council decided to set up a leading group to clean up "triangular debts" in the State Council, which is responsible for organizing and leading the nationwide work to clean up "triangular debts".
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