浙江民营工商界又再发生新一波借贷危机，这一次爆发点是杭州。

Zhejiang private business and happen again a new wave of lending crisis，This time the outbreaks is hangzhou。

　　杭州地区有600家知名民营企业近日联名上书向浙江省政府紧急求助，恳请政府帮助它们渡过因银行催贷、抽贷而面临的难关。“确实有600家杭州企业联名写报告到我们金融办这里。”7月16日，浙江省金融办公室的工作人员证实了这一消息，但对方拒绝透露更多细节。

Hangzhou district has 600 well-known private enterprise recently signed a letter to zhejiang province government emergency，Will the government to help them through bank loans for push、A loan and face difficulties。“Do have 600 home hangzhou enterprise joint to write the report to our finance do here。”July 16,，Zhejiang financial office worker, confirmed the news，But the other side declined to give any more details。

　　据悉，事件是因各大银行对浙江民企集中催收贷款所引发。7月份是银行还贷期限较为集中的时点。催贷的压力沿着浙江民企之间庞大的联保互保网络蔓延，引发了大面积的企业资金链危机。这是继2011年夏秋温州的民间高利贷危机爆发以来，浙江民营企业遭遇的又一波资金链风暴。

It is reported，Events for each big bank on collection of zhejiang corporation triggered by loan。July is a bank with a term at are concentrated。Push loan pressure along the zhejiang corporation huge LianBao each other between the network spread，Triggered large areas of enterprise capital chain crisis。This is the 2011 summer of wenzhou folk usury since the outbreak of the crisis，Private enterprises in zhejiang encounter another wave of capital chain storm。

　600民企联名上书浙江金融办 600 corporation signed a letter zhejiang financial do

　　引发此次催贷危局的，是两大导火索：一是中江控股董事长俞中江因无力偿还高利贷，资金链断裂，6月14日被杭州警方以涉嫌非法吸收公共存款罪刑拘。旗下数十家实体企业和相关资产、债权、债务正被依法核查，涉及金额初步统计达数十亿元之巨。二是天煜建设有限公司旗下分公司涉非法集资案发。注册地在东阳的天煜建设下属江苏分公司经理因涉嫌非法集资于2011年12月被法院立案，牵连天煜建设全部账户和房产陆续被法院冻结查封。

The credit crisis triggered reminders，Is the two big fuse：One is ZhongJiang holding the chairman yu ZhongJiang because unable to repay the usury，Capital chain rupture，June 14 by hangzhou police for suspected illegal absorb public deposit XingJu sin。Dozens of entity enterprise and its related assets、Creditor's rights、Debt is being checked according to law，Involving amount of billions of dollars to preliminary statistics of the giant。2 it is day Yu construction Co., LTD. Is its branch of raising funds illegally in the crime。Registered in the day Yu construction dongyang subordinate jiangsu branch manager for suspected illegal fund-raising in December 2011 was the court put on record，Involvement in the day Yu construction and real estate have all account by the court to freeze the seizure。

　　而杭州家具行业龙头嘉逸集团是天煜建设的互保企业，它旗下的新洲家具为天煜建设在建设银行(601939,股吧)的贷款1亿元的银承提供担保。因此嘉逸集团被银行列入重点“关注”名单。今年1月被建设银行收贷，其他银行也加紧了收贷节奏，集团共被8家银行收贷1.15亿元，顿时陷入困局。

And hangzhou furniture industry leading the group is a day Yu escape of the construction of the enterprise each other，It its new furniture for days Yu construction in construction bank(601939,Shares it)Loans of 100 million yuan silver bear to provide security。So the group will be a bank escape“attention”list。January this year by construction bank ShouDai，Other Banks tightened ShouDai rhythm，Group of eight Banks by ShouDai 115 million yuan，Sink into this。

　　此后，沿着企业间的担保链条，银行的催收风暴逐级扩延。

Since then，Along the guarantee of the chain between enterprises，Bank collection storm spread out gradually。

　　受嘉逸影响，3月初，浙江荣事实业集团被北京银行(601169,股吧)收贷3000万元。

Escape by the influence，In early march，Zhejiang honor things by Beijing bank industrial group(601169,Shares it)ShouDai 30 million yuan。

　　3月26日，虎牌集团受荣事实业收贷影响，加上自身因收购引发问题，被华夏银行(600015,股吧)收贷4000万元，3月27日被中国银行(601988,股吧)收贷4000万元。

March 26,，The tiger brand group and industrial ShouDai influence by things，Add in the purchase of their own cause problems，Be huaxia bank(600015,Shares it)ShouDai 40 million yuan，On March 27, is the bank of China(601988,Shares it)ShouDai 40 million yuan。

　　4月，虎牌集团下游担保圈的企业陆续出现被收贷的情况，互保链上的正邦水电自4月起，短短45天，被4家银行收贷1.05亿元。

April，The tiger brand guarantee circle of enterprise group downstream in ShouDai comes up to be，Mutual insurance on the chain is bond utilities starting in April，Just 45 days，Be four bank ShouDai 105 million yuan。

　　据掌握的一份萧山区政府的银企协调会报告显示，仅嘉逸集团的互保圈就有6家大集团卷入，涉及企业超过30家，互保金额总计4.18亿元，总资产为55.17亿元。嘉逸集团现象并非孤例，杭州市家具行业协会给杭州高层递交的紧急报告显示，因天煜建设引发的信贷危机，涉及到中国银行、建设银行等23家金融机构，关联债务超过100亿元，关联企业近100家。

According to master a xiaoshan district government argues that the meeting report，The only escape of the circle is each group have six big group involved in，More than 30 stores involving enterprise，Mutual insurance amount total 418 million dollars，The total assets of 5.517 billion yuan。The phenomenon is not isolated cases from the group，Hangzhou furniture industry association to hangzhou top submitted to the emergency report shows，For days Yu construction caused by the credit crisis，Related to the bank of China、Construction bank 23 financial firms，Associated debt more than 10 billion yuan，An associated enterprise nearly 100。

　　在此背景下，民企们陆续向政府呼救。于是，先后发出求助的600家企业的诉求被汇总起来，形成一份报告，递交到了浙江省金融办。

In this context，The corporation in succession to the government for help。so，Out of the 600 successively for help enterprise appeal is collect up，Form a report，Submit to zhejiang financial do。

爆炸的“互保联保”火药桶 explosion“Mutual insurance LianBao”Powder keg

　　这是一场因信贷联保引发的多米诺骨牌式灾难。联保又称“互保”，是指互相担保，也就是企业之间对等为对方保证贷款，当对方还不出钱时需承担还款连带责任。浙江企业之间互保非常普遍，还有更多的采用“联保”，就是三家或三家以上企业组成担保联合体，所有成员为其中任何一家的贷款承担连带责任。

This is a credit LianBao trigger for domino type disaster。LianBao say again“Mutual insurance”，Refers to guarantee each other，Also is the enterprise equivalence for the other party guarantee loans，When the other side still didn't have the money to need to bear joint and several responsibility when payments。Zhejiang enterprise mutual insurance is very popular，There are more used“LianBao”，Is three or three or more enterprises composition guarantee the union，All members of any a loan shall be jointly and severally liable。

　　“一家资产上5000万的企业，至少有3家以上的担保企业，多的甚至超过10家。”一家在此次风波中被牵连的企业老总说。杭州市家具协会一名曾参与银企协调的人士透露，整个联保圈根据始发前后共分为四级。

“A assets 50 million enterprise，At least three above the guarantee of the enterprise，Many even more than 10。”In the storm in a involved in the enterprise old total said。Hangzhou furniture association a participated in the coordination of the fact people said，The whole LianBao circle before and after initial divided into 4 class according to。

　　在天煜建设为原点的联保危机圈上，一级圈内的是嘉逸集团和华洲集团，与此核心互保的圈子中，又以各个“传染点”企业形成一个个圈圈。其中与前述两家企业有互保关系的荣事实业，共与10家企业有互保关联，由此形成四级担保圈。

In the days Yu construction as the origin LianBao crisis ring，Level 1 circle is the ease HuaZhou group and group，And the core of the circle each other，And with each“Infect point”Enterprises to form a circle。Among them with the foregoing two enterprises have the relationship between each other things the glory of the industry，Altogether and 10 enterprise have mutual insurance association，From a level 4 guarantee circle。

　　天煜建设处于诉讼账户和资产冻结状态，华洲集团与天煜建设总担保9000万元，天煜建设为华洲集团总担保1亿元。华洲的上级集团公司嘉逸集团实际控制人同属姚荣华，由此被连累，被银行收贷后，原本银行授信总额6.5亿元的银行开始观望。

Day Yu construction in litigation account and assets freeze state，HuaZhou group and day Yu construction total guarantee 90 million yuan，Day Yu construction as the HuaZhou group total guarantee 100 million yuan。HuaZhou superior group company from the actual control group who belong to YaoRongHua，Thus drenched，After ShouDai by the bank，Originally the drawdown total 650 million yuan of Banks began to see。

　　以华洲集团为原点的二级互保圈企业成员有荣事实业、高盛集团、浙江中业控股及下属关联公司、浙江正见集团建设有限公司5家。“这种层级式的危机扩延，并不会是因为紧密度的亲疏而递减。”建设银行浙江杭州区域内一负责贷款的工作人员评价说。

To HuaZhou group for the origin of the secondary mutual members and enterprise circle thing industry、Goldman sachs group、Zhejiang industry holding and subordinate association of the company、Zhejiang is see group construction Co., LTD five。“This level of spread out of the crisis，Will not because of the close degree or decreasing。”Construction bank in hangzhou, zhejiang province, area is responsible for the work of a loan personnel evaluation said。

催贷风暴下危机蔓延 Push the loan crisis spread

　　“很有可能这些联保圈在跨区域蔓延。”一名被卷入互保危机的浙江企业主认为，一旦自己的企业被联保拖垮，自己在江苏一带投资的企业资金链肯定也要牵连进去。

“Very likely these LianBao circle in the cross area to spread。”One was involved in each other the crisis of zhejiang business owners think，Once their enterprise is LianBao drag down，In jiangsu area of their investment enterprise capital chain must also involved in。

　　尽管有各级地方政府一再出面召集银企协调会，但银行有自己的商业逻辑，这意味着这场危机难以在短期内看到尽头。“这种互保是在货币政策一松一紧中，银行结合自己业务与中小企业融资特性而推广的。”浙江一名国有银行高管介绍，这不仅是浙江的独有现象，但由于浙江是民营大省，这种模式更加普及，约占企业总融资比例的60%至70%。在这种格局下，银企已经形成了相对恶化的循环状态：企业融资难，银行不愿贷 ，由此引发企业不愿还贷，银行不良贷款率上升。“其实自去年10月起，部分银行不良贷款率就开始上升。今年以来，浙江出现了全省银行业不良率整体上扬的情况。年初全省银行业不良率约为0.93%，目前大概上升了0.5个百分点。”浙江省金融办一位人士透露。

Despite the local governments at all levels to convene a meeting again and again the fact，But the bank has its own business logic，This means that the crisis in the short term to see the end。“The mutual insurance is in a loose monetary policy in a tight，The bank with his business and small and medium-sized enterprise financing characteristics and promotion。”Zhejiang a state-owned bank executives is introduced，This is not only the zhejiang's unique phenomenon，But because of zhejiang province is private，This model more popular，Accounts for about 60% of the proportion of the total enterprise financing to 70%。In this pattern，The fact has already formed the relative deterioration of the circulation state：Enterprise financing，Banks are reluctant to borrow ，Caused by this enterprise is not willing to payments，Bad bank loans to rise。“In fact since last October，Part of the bank bad loans began to rise。Since this year，Zhejiang appeared the rise of the whole banking scrap rate。The banking industry of the whole province early about 0.93% defective rate，At present about rose 0.5%。”Zhejiang financial do a people said。

　　节节上升的不良贷款率引发了银行的焦虑，随之而来的便是强硬的催收贷款浪潮，最终形成一个闭合的恶性循环圈，直至危机的爆发。“银行增长的坏账率，使得我们的风险控制意识增强。催收是必然的。”上述建设银行浙江杭州区域内一负责贷款的工作人员表示。

Rising bad loans triggered a bank anxiety，What followed was tough collection loan tide，Finally form a closed vicious circle，Until the crisis。“The growth of bank debt defaults，Make our risk control consciousness enhancement。Collection is inevitable。”The construction bank in hangzhou, zhejiang province, area is responsible for the work of a loan researchers said。

　　据《21世纪经济报道》综合整理（资料图片）

According to《21 century economic report》Comprehensive consolidation（Material pictures）