In recent years, many state-owned enterprises have faced such severe problems as high leverage ratio, excessive growth of debt scale and increasing debt burden. High leverage and high risk have become the prominent problems restricting China's economic development. However, the endogenous and structural problems of soes have become prominent. Deleveraging is intertwined with the tasks of cutting overcapacity and strengthening weak links, which further increases the pressure on enterprises to deleverage. Although the reform of state-owned enterprises has been actively and steadily advanced, the overall effect is still lower than expected.

In an effort to win the battle for soe reform, President xi jinping stressed in his speech at the central economic work conference and the national financial work conference that it is necessary to further deepen supply-side structural reform and consolidate the achievements of "eliminating three problems, reducing one, and improving the other". Premier li keqiang chaired an executive meeting of the state council, which further defined measures to promote market-based and law-based debt-to-equity swaps, support enterprises in rescuing and mitigating risks, and strengthen the sustainability of development. The general office of the communist party of China central committee and the general office of the state council issued the guidelines on strengthening the constraint on the asset-liability ratio of state-owned enterprises, proposing to establish and improve the asset-liability constraint mechanism of state-owned enterprises, strengthen supervision and management, address both symptoms and root causes, and promote the asset-liability ratio of highly indebted state-owned enterprises to return to a reasonable level as soon as possible. In order to widen the channel of the soe reform of capital flow, countries have issued the opinions on deepening the reform of investment and financing system of the enterprise overseas investment management method "the opinion about to guide the healthy development of foreign investment fund" and a series of related policies, deepen the chinese-foreign cooperation in investment and financing mechanism, coordination, strengthen financial institutions actively guide the capital support the development of the real economy at home and abroad, and to encourage diversified funding sources. This is of great significance to the all-round development of foreign investment, the accelerated reform of state-owned enterprises and the formation of a new pattern of all-round opening up.

Based on the strong demand for deleveraging and debt reduction, state-owned enterprises and listed companies can effectively solve the problem of debt reduction through debt reduction financing DRF asset management plan. The DRF Debt Reduction Financing Asset Management Plan (DRF) combines Financing with burden Reduction for the operation of state-owned enterprises and listed companies, and tailor-makes a series of Financing schemes with Debt Reduction effect suitable for the long-term business development of enterprises. Debt reduction financing DRF asset management plan raises medium - and long-term funds for the development of enterprises through the international financial market, helps state-owned enterprises and listed companies to enter the international market where the cost of capital is more favorable, expands the channels for enterprises to obtain low-cost funds, and finally achieves the effect of debt reduction.

The specific implementation plans of DRF asset management plan for debt reduction financing include: cross-border commercial factoring, cross-border financial leasing, capital and equity increase, debt-for-equity swap, SPV project financing and other diversified implementation plans. Enterprises applying for financing can choose one or more of them according to their own conditions.

Specifically, cross-border commercial factoring refers to conducting cross-border commercial factoring directly to the financing parent company or transferring the accounts receivable claims of the financing parent company to the Hong Kong subsidiary so as to carry out cross-border commercial factoring to the subsidiary established in Hong Kong. Enterprises can also choose cross-border financial leasing to directly carry out cross-border financial leasing business with the financing parent company or the subsidiary set up in Hong Kong by the financing parent company. In addition, enterprises can raise funds by increasing capital and expanding shares. The parent company will set up a subsidiary in Hong Kong, and the fund company will increase capital to the Hong Kong subsidiary and promise to buy back the subsidiary at maturity. For enterprises with debt-for-equity swap needs, the financing parent company can transfer the debt to the subsidiary established in Hong Kong, and the fund company can acquire the underlying debt and conduct debt-for-equity swap operations on the Hong Kong subsidiary. In the implementation of the SPV project financing scheme, the financing parent company sets up a subsidiary in Hong Kong and takes the project as the financing carrier. The fund company and the Hong Kong subsidiary set up a special purpose company (SPV) in Hong Kong, and the SPV is invested in the entity project.

Debt reduction financing DRF asset management plan can not only revitalize corporate assets, improve the value of corporate assets, but also optimize the debt structure, reasonably adjust corporate debt and leverage levels, and continuously improve corporate development and profitability. In view of the financing problems such as the rising financing cost and the rising debt default rate of state-owned enterprises, diversified financing methods are adopted to help state-owned enterprises get out of trouble.

With the deepening of China's supply-side structural reform, it is imperative for state-owned enterprises to reduce leverage and prevent and defuse debt risks. Many state-owned enterprises are constantly strengthening their internal driving forces for development, seeking diversified financing plans for debt reduction, including the DRF asset management plan, to maintain and increase the value of state-owned assets and resolutely win the battle of soe reform.