民企庞大的互保网络正遭遇“火烧连营”的局面，使得浙江银行系统数月之内突增181亿不良贷款，民间借贷案件创5年新高，危局已经从疯狂的地下钱庄蔓延到地上金融系统。

Corporation huge mutual insurance network is suffering“Baked wheaten cake joins camp”situation，Makes zhejiang bank system months by 18.1 billion at bad loans，Folk lending case and a 5，Crisis of the underground Banks from crazy has spread to the financial system。

　　7月12日，浙江省省政府召开全省工业经济形势分析会，并重点围绕“把稳增长放在更加重要的位置、力保今年工业目标任务完成”主题。年中数据显示，虽然浙江省工业经济增长有所回升，主要指标趋好，但回升速度还不快，发展也不平衡。

July 12,，Zhejiang province industrial economic situation the provincial government held appearing，And mainly around“BaWen growth in a more important position、Industry this year (target job done”theme。Years data shows，Although zhejiang industry economic growth have rebounded，The main index QuHao，But picks up speed is fast，Development is not balanced。

　　决策层面对的现实是，5月末浙江全省不良贷款余额接近700亿、所有企业贷款中40%为互保贷款、600家企业上书政府要求保护。

Executives to face the truth is，Late may zhejiang non-performing loan balance is close to 70 billion、All business loans for the 40% of each loan、600 enterprises petitioned the government for protection。

　　在这个民营经济发达的省份，曾以民间资金丰沛、地下金融活跃而闻名。而今，企业之间“互保联保”的担保贷款方式，成倍增加了地上金融的风险经济疲软之时，企业“一损俱损”，各金融机构的“不良贷款率”迅速攀升；随之而来的停贷抽贷，又让实体经济雪上加霜。

In the private economy developed provinces，Once with private funds plenty、Underground financial activity and famous。now，Between enterprise“Mutual insurance LianBao”The guarantee of the loan，Double the risk of a financial economic weakness，enterprise“broken”，All financial institutions“Bad loans”Are rising rapidly；TingDai followed a loan，And let the entity economy down。

　　人民银行杭州中心提供的数据显示，5月份以来，在出险的企业中，有60%是因为为其他企业担保代偿后，出现了资金困难。

The people's bank hangzhou center to provide the data show，Since may，In the enterprise of be or get out of danger，60% is because for other enterprise guarantee after compensatory，Appeared financial difficulties。

　　浙江省政府在会议上一口气抛出了26条金融新政，力图渡过危机、拓宽企业融资渠道。萧山、建德等地政府甚至已经拿出本级财政帮助企业“转贷”。

The government of zhejiang province in the meeting breath out the article 26 financial New Deal，Tries to through the crisis、Widen enterprise financing channel。xiaoshan、Building heart, has even take out the government financial help enterprise“ZhuanDai”。

　　突增百亿不良贷款 The sudden billions of bad loans

　　最令人不安的信号来自不良贷款率。

The most troubling signal from bad loans。

　　根据本报从监管部门了解的数据，截至5月末，浙江全省的不良贷款余额为672.8亿元，比年初增加181.4亿元。

According to our understanding of the data from regulators，By the end of may，Zhejiang province's non-performing loan balance is 67.28 billion yuan，More than at the beginning of 18.14 billion yuan。

　　人民银行将此不良贷款的突升，归结为“受中小企业资金链断裂和破产倒闭的影响，局部信用环境仍未恢复”。

The people's bank will this jumpstart bad loans，Boils down to“By small and medium-sized enterprise capital chain rupture and went bankrupt influence，Local credit environment is not restored”。

　　这个结果与浙江民营企业存在的大量担保互保有直接联系。进入二季度，企业资金链断裂的现象屡有发生，使得企业联保、隐性互保的风险被点燃并迅速蔓延。人民银行杭州中心支行的数据显示，5月份以来，浙江发生信贷风险的企业中，有60%是因为为其他企业担保代偿后出现了资金困难。

The results and the existence of a large private enterprises in zhejiang guarantee each other directly contact retain。Entered the second quarter，Enterprise capital chain rupture phenomenon of sometimes occur，Makes the enterprise LianBao、The risk of mutual recessive is lit up and spread quickly。The people's bank hangzhou central subbranch figures show，Since may，Zhejiang happen credit risk in the enterprise，60% is because for other enterprise guarantee after compensatory appeared financial difficulties。

　　浙江省银监局提供的数据则显示出这种互保网络的庞大：目前浙江所有的企业贷款中有40%是企业互保贷款。这意味着，一旦担保圈内的某家企业发生资金危机，将会危及浙江全省40%的银行贷款。

Zhejiang province the CBRC to provide the data displays the mutual insurance network huge：At present the enterprise of zhejiang all loans is 40% of the loans enterprise each other。This means that，Once the guarantee of a circle enterprises capital crisis occurred，Will endanger zhejiang 40% of bank loans。

　　而现在引线已经点着，中江控股、天煜建设发生的财务危机，迄今已拖累20余家相关企业被迫代偿。其担保圈往往多达三四层，灾难被成倍放大。

And now leads have lit，ZhongJiang holding、Day Yu construction of the financial crisis occurred，So far, has more than 20 companies are forced to drag the related compensatory。Its warranty circle as many as three or four layer often，Disaster by twice amplification。

　　整个融资担保体系都受到冲击，已有部分银行提高了抵押担保的要求，企业之间不再愿意互相担保，一些担保公司甚至暂停了担保业务。

The whole financing guarantee system all suffer，There has been some bank raised mortgage guarantee requirements，Between enterprise is no longer willing to guarantee each other，Some guarantee company even suspended the guarantee business。

　　“事实上这种互保方式当初之所以产生，也有银行主动为之的因素，”有杭州银行界人士向本报记者透露，“银行有放贷的压力，面对一群小微企业无法贷款，便主动把他们打包到一起，互相担保。”

“In fact the mutual insurance had produced the way，Also have bank for the factors of the initiative，”Have hangzhou bankers to our correspondent said，“Bank lending to have the pressure，Faced with a group of micro enterprises can't loan，Then they put the package together to them，Guarantee each other。”

　　起初，这种担保链条只存在于上下游企业之间，后来扩大到了不同行业的企业之间。“这样的组合，使得互相担保比每家企业单独申请贷款的资质好很多。和美国次贷组合一样，赌的是同时出事的概率极低。”

At first，This guarantee chain exist only in between the upstream and downstream firms，Later expanded to different between industry enterprises。“The combination，Each other than each enterprise guarantee that apply separately for the qualifications of the loan a lot better。And the U.S. subprime mortgage portfolio，The best bet is also low risk of an accident。”

　　但这种概率低的前提是经济稳步向上，一旦宏观形势出现反转，后果便难以收拾。

But the low probability is the premise of economic steady upward，Once the macro situation a reversal，And hard to clean up the consequences。

　　“互保就有点像赤壁战役庞统献的"连环计"，把众多的企业绑定在一起，一旦一家着火，就容易全军覆灭。”上述银行人士说。

“Mutual insurance is a little bit like the red campaign offered pang tong accidental"LianHuanJi"，The numerous enterprise binding together，Once a fire，Army to ruin。”The bankers said。

　　金融案件数量比肩2008 Financial cases as the number 2008

　　而点燃这些“连环战船”的，是来自地下金融的火星。

And fire the“Serial warships”of，From underground is financial Mars。

　　浙江省高院的数据显示，企业资金链担保链危机的出现，使得三类金融相关案件的数量激增。

Zhejiang ShengGaoYuan figures show，Enterprise capital chain chain of security crisis there，Make three cases related to finance a surge in。

　　第一类是金融纠纷案件。在浙江省高院今年前5个月接手的15029件金融案件中，金融借款、小额贷款和担保追偿权等案件共11578件，分别同比上升23.9%和39.7%。杭州温州等地区接案量增幅更多，温州中院接手的这类案件同比更激增了209%。

The first kind is the financial dispute cases。Zhejiang ShengGaoYuan in the first five months of this year over 15029 pieces of financial cases，Financial borrowing、Small loans and any right to guarantee the cases 11578 pieces，Rise compared to 23.9% and 39.7% respectively。Hangzhou wenzhou region receive case volume growth more，Wenzhou then took on this kind of case more surged by 209% year-on-year。

　　第二类是民间借贷纠纷案件。在受审的一审民商事纠纷案件中，民间借贷案件共47380件，涉案标的224亿元，同比分别上升26%和131%。达到2007年以来的最高点。

The second type is folk lending dispute cases。In the first instance of civil and commercial disputes on trial，Folk lending case 47380 pieces，Involving the $22.4 billion mark，Up by 26% and 131% respectively。To achieve the highest since 2007。

　　第三类是因企业资金链断裂引发的劳资纠纷案件。全省法院新收此类案件11302件，同比上升54%，已经接近2008年金融危机时全省法院受审最高值。

The third category is for enterprise capital chain rupture triggered labor dispute cases。The court new harvesting such cases 11302 pieces，Rising 54% year-on-year，Has been close to the 2008 financial crisis at the high court of justice。

　　三类案件之中，第一类与地上金融系统关联最为紧密，在诸多案例中，银行都作为原告出现。

Three kinds of cases，The first kind of ground and most closely related to the financial system，In many cases，Banks are as the plaintiff appear。

　　而第二类民间借贷案件由于政府监管和实体经济疲软，目前借贷规模在持续缩小，资金价格在持续走低。人行杭州中心支行的数据显示，5月份浙江民间借贷监测利率为24.06%，环比回落0.53个百分点。

And the second folk lending case because the government supervision and entity economic weakness，At present the scale in lending continued to narrow，Funds in falling prices。Pedestrian hangzhou central subbranch figures show，May in zhejiang folk lending monitoring rate is 24.06%，Month-on-month drop of 0.53%。

　　在需求一定的情况下，地下金融的缩水则进一步推动了民营企业设法向地上金融机构求助。而资质的缺乏使得他们不得不采用互保等形式。

On the demand certain，Underground financial shrink, further promoting the private enterprise managed to the ground financial institutions for help。And the lack of qualifications that they have to use the form for each other。

　　除了三类案件外，7月10日杭州市破获一起票据诈骗案件，初步核查涉案非法经营额达900余亿元。为近年来发现的涉案金额最大的非法票据贴现案件。

In addition to the three kinds of cases，On July 10, hangzhou solving one swindle case，Preliminary check involving illegal operational proceeds of more than 900 one hundred million yuan。For in recent years involving a value of the largest found illegal bills discounting case。

　　“这900亿是累积涉资的量，不是一个余额概念。”杭州经侦队内部人士告诉本报记者，“票据拿去贴现一次就有几千万，一张几百万，一贴好七八张，有时候收票十几张都有。这个规模上几百亿是很容易的事。”

“This 90 billion is in the amount of capital accumulation，Not a balance concept。”Hangzhou JingZhenDui insiders told the reporter，“Take notes to discount a have millions，A millions of，A good post 7 or 8 copies，Sometimes bill-to ten pieces of all have。The scale is very easy generation。”

　　由于银根紧缩，在银行不愿放贷的时候，票据融资成为了变相的贷款方式。“票据一般最长期限就半年，现在大多数是半年的，三个月和一个月的相对比较少，年化利率才四点多，比贷款的成本低多了。”杭州当地一银行票据部门经理告诉记者。

Because credit-tightening，In the Banks are reluctant to lend，Bill financing became a way of loan in disguised form。“The longest period is half a year general instrument，Most now is half a year，Three months and a month of less，The interest rate to more than four years，The cost of borrowing more than low。”Hangzhou a local bank bills department manager told reporters。

　　上述案件显示，浙江的地上和地下两大金融体系已连为一体，难解难分，频发的非法集资、金融诈骗等地下金融大案，最终引爆了地面上的那些捆在一起的火药桶。

The case shows，Zhejiang land and underground two big financial system already is an organic whole repeatedly，neck，Frequent illegal raise money、Financial fraud etc underground financial big case，Finally blew up on the ground the those bound together the powder keg。

　　行政介入市场 Administrative intervention in the market

　　在杭州的600家民企联名上书浙江省政府求救之后，6月21日，浙江省政府召集人行杭州中心、浙江省银监局、浙江省高院以及数个省内城市，召开了以金融为议题的会议。

Of the 600 corporation in hangzhou, zhejiang province after the government signed a letter for help，June 21,，The government called a center of hangzhou, zhejiang province、Zhejiang province the CBRC、Zhejiang province ShengGaoYuan and several cities，Held on financial issues for the meeting。

　　在这次会议上，浙江省政府一口气抛出了26条金融服务措施，力图拓宽企业融资渠道。而在会上，政府特别要求银行“对经营情况比较好的、但因涉足互保问题而受影响的企业，相关区县政府应协调相关金融机构，根据企业实际情况，设置防火墙，不使优质企业受到影响”。

In this conference，Zhejiang province government breath out the article 26 financial service measures，Trying to broaden the financing channels of enterprise。And in the meeting，The government special requirements for Banks“For the operation of the situation is more good、But because the problems involved in each other affected by the enterprise，Related area county government shall coordinate relevant financial institutions，The enterprise according to the actual situation，Setting up a firewall，Don't make quality enterprises affected”。

　　而对中小企业，浙江政府也要求各大银行加大对小微企业和“三农”的信贷力度。第7条措施中就明确要求各个银行确保省小微企业的贷款增速不低于贷款平均增速。并且支持批量增设小企业信贷专营服务机构。

And for small and medium-sized enterprises，Zhejiang government also require Banks to increase the enterprise and small“Agriculture, rural areas and farmers”Credit strength。Article 7 measures in clear requirements each Banks to ensure that small loans of the enterprises in the province is not lower than the average growth rate loans。And supports batch add small business credit specializing in service agencies。

　　其中，设立浙江股权交易所、探索林权抵押等多项措施都是首次提出。

Among them，Set up zhejiang equity exchange、Explore the forest right mortgage of the measures are put forward for the first time。

　　比如第20条措施，就是规范发展区域性股权交易市场。建立省级金融市场投资主平台，推动设立浙江股权交易所，为各类企业提供股权托管、股权融资、股权转让、私募债券融资等服务。培育、规范托管和挂牌企业，推动符合条件的企业上市。

Such as article 20 measures，Is the normalized development of regional trading equity market。Establish provincial financial market investment main platform，Set up to promote equity exchange in zhejiang province，For all types of enterprises to provide equity custody、Equity financing、Equity transfer、Private bond financing services。foster、Standard custody and listing enterprise，Promote meet the conditions of the enterprise listed。

　　而在21条中则要求要发展各类交易市场。整合资源做强做大各类产权交易市场，为技术产权、文化产权、排污权、碳排放等各类产权交易提供公共服务平台，积极争取杭州、宁波、绍兴高新技术园企业纳入国家代办股份转让系统第二批试点范围。推动有潜质的企业到代办股份转让系统挂牌。

Article 21 in is required to develop various types of market。The integration of resources development of all kinds of property right trading market，For technology property right、Cultural property、emissions、Carbon emissions and other kinds of property right trading provide public services platform，Vigorously for hangzhou、ningbo、Shaoxing high-tech garden enterprise into the state agency share transfer system of the second batch of the scope。Have the potential to promote the enterprise to do STH for sb the stock transfer system put up for sale。

　　25条则提到了建立企业自己的风险防控和处置机制。各级地方政府牵头负责，加强政府、各有关部门间沟通协调，各司其职，落实责任加强对企业关联关系的监控，形成联动机制，切实防范企业资金链条风险传导蔓延。各级地方政府要加大对非法集资、高利贷等行为的打击。

Article 25 the mentioned the businesses to establish their own risk prevention and control and disposal system。The local governments at all levels lead，The strengthening of the government、The relevant departments of communication and coordination between，Do their own work，The responsible to strengthen enterprise relationship monitoring，Form linkage system，To prevent enterprise fund chain spread risk conduction。The local governments at all levels should intensify the illegal raise money、Usury crack down on the crime, etc。

　　但银行的态度，并没有发生根本性的改变。在此会议的第二天，诸暨某银行业的工作人员出于对诸暨某担保企业的责任心，来到杭州劝说上级银行暂停对该企业的收贷，但得到的答复却是：“如果我们不收贷，别人收了怎么办？”

But the attitude of the bank，And no change in essence。In the second day of the conference，A banking staff zhuji out of a sense of responsibility to guarantee zhuji enterprise，Came to hangzhou to persuade the bank to this enterprise's ShouDai pause，But get reply is：“If we don't ShouDai，Others charge？”

　　除了在制度层面推进中长期改革之外，杭州、诸暨等企业互保重灾区已经开始用财政资金“救近火”。

In addition to push reform in a system level outside medium and long term，hangzhou、Zhuji, mutual care enterprise already use disaster areas of financial capital“Save near fire”。

　　杭州下属萧山、建德应急资金替企业“转贷”，即给贷款到期企业提供“过桥资金”，帮助其还贷后进行再次贷款。在2008年金融危机时，萧山政府成立了一个总额为5亿的区政府应急专项资金，这一资金池在2009年经济好转后停止，2011年11月重新启动，以应对区内嘉逸集团等公司出现的续贷危机。

Hangzhou xiaoshan subordinate、Building heart emergency fund for enterprise“ZhuanDai”，That is to provide loans out enterprise“Bridge funds”，Help them to repay loan again。In 2008 a financial crisis，Xiaoshan government established a total of 500 million district of emergency special funds，This money pool in 2009 after a better economy stop，In November 2011 to restart，In response to the group, and other companies in the area from the credit crisis to appear。

　　而嘉逸集团证实因为萧山政府的这项驰援，而死里逃生。

And the group because xiaoshan government that escape the the，And a。

　　但政府财政资金的投入是否符合程序，是否经过了纳税人的同意，并未可知。其中，萧山政府其中一笔千万级的“转贷”资金就因银行不再贷款而至今亏空。

But the government financial capital investment is in accordance with the procedures，Whether, after the taxpayer to agree，Did not know。Among them，Xiaoshan government one pen must rank“ZhuanDai”Money is no longer because of bank loan yet red。

　　诸暨则成立了由书记、市长任组长的企业风险防范处理协调小组及清薪维稳、解困协调等专项工作组。将应急专项互助基金扩至1亿，相机设立政府主导的5000至1亿创业引导基金，1亿元企业风险互助基金和注册资金为1.5亿的联合担保公司等机构。

Zhuji is established by the secretary、The mayor RenZuChang enterprise risk prevention treatment coordination team and clear salary d steadily、The special working group coordination solution。Will the emergency special mutual fund expansion to 100 million，Set up the government leading camera 5000 to 100 million venture guide fund，100 million yuan enterprise risk mutual fund and the registered capital is 150 million joint guarantee institutions such as company。

　　除此之外，诸暨还对市、镇两级企业实行一日一报，对市属企业实行“每周一次”的协调机制。做到各类企业风险信息及时发现，及时汇总及时协调处置。

In addition，Of zhuji city、Two levels of a town enterprise, a newspaper，The enterprise of Beijing“Once a week”Coordination mechanism。Do all kinds of enterprise risk information discovered in time，Timely collect coordinate disposition。

　　在人行的报告中也硬性要求，各银行不得抽贷。

In the report of a mandatory requirement，Banks may not take credit。

　　但这种政府强势介入的做法，则被质疑动用了公共财政存在道德风险，有的政府和银行则被认为是民企混乱投融资的幕后推力。

But the government strong intervening practice，Is questioned used the public finance, there are moral risk，Some governments and Banks are thought to be behind the scenes of investment corporation chaos thrust。