Deepening the reform of the market system is the k

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Deepening the reform of the market system is the key to the merger and reorganization of the coal industry

recently, the China Coal Industry Association pointed out that 2018 will be the year of industry restructuring, and the supply side structural reform of the coal industry will have a heavy task, which will focus on promoting the construction of large bases and groups, and there will be new and big moves of merger and reorganization from the central government to the local government. Some time ago, the media and the market have been saying that there will be further mergers and acquisitions in the coal and energy industry this year. The news from the Coal Industry Association confirmed this speculation. So, how will the next merger and reorganization be carried out

in 2017, the national coal production capacity was 150 million tons. If this trend continues this year, it is likely that the coal de capacity of 500 million tons within three to five years set by the State Council in 2016 will be completed ahead of schedule. For a country where coal accounts for nearly 70% of energy for a long time, this shows China's determination and confidence in development and transformation. As far as China's energy industry is concerned, this is the inevitable result of the development of the industry. In terms of endowment conditions, China's energy endowment conditions are not good. Even for the coal with the largest reserves, the annual growth rate of proved reserves is only about 2%. However, the scale of China's energy production is very large. In 2016, both power production and coal production ranked first in the world, and oil and natural gas production with poor endowment conditions also ranked eighth and sixth in the world. Moreover, compared with the steady decline of economic growth since 2010, energy consumption has maintained rapid growth

the overall efficiency of China's energy application has been improving, but the current energy consumption per 10000 yuan of GDP is still far higher than that of the United States and Japan, and far higher than the world average. From the perspective of industrial structure and export structure, the six high energy consuming industries have maintained a considerable proportion for a long time. This is a very unique phenomenon. There are more and more advanced technologies in China, and the industrial structure is becoming more and more optimized, but high-efficiency and high-tech industries cannot eliminate low-efficiency enterprises. In terms of energy, China's thermal power technology is the world's leading. It is no exaggeration to say that China's power plants have the best power generation technology, and only 256 grams of coal is needed for a kilowatt hour of electricity. However, nationwide, there are still thermal power plants that consume more than 900 grams of coal per kilowatt hour. In other words, high-efficiency units and high-efficiency enterprises can't eliminate low-efficiency enterprises, which can be seen everywhere

there are many reasons for this strange phenomenon, which is fundamentally due to the failure of the market mechanism to give full play. Unlike other industries, China's coal resources are concentrated, but power production and consumption are regional. This has led to the nationalization of the coal market and the localization of the power market to improve the technical level and utilization capacity of existing products. In order to ensure the local economic development, local cities, that is, such special drivers, have given special support through electronic injection, especially in terms of energy subsidies. Although the structure is partial to renewable energy, the total amount of coal and petrochemical energy has not decreased significantly. From 2010 to 2014, the national coal and petrochemical energy subsidies are still more than 100 billion yuan. Such a consumption structure and subsidy structure have led to a strong enough willingness of coal and power enterprises to expand, or a substantial decline in profits, and production is still non-stop

from this perspective, since 2016, the State Council has organized production restructuring and used administrative means to carry out mergers and acquisitions in the coal field, which is of great significance. Last year, Shenhua merged with Guodian to establish the national energy group, realizing the coal power joint venture and strong alliance, which is very typical. At the local level, Shanxi Province has set up seven major coal enterprises, established state-owned capital investment and operation companies, and controlled 14 listed coal production enterprises, which is a big deal! It is expected that this year, not only the central enterprises will further realize this kind of integration, but also the major coal producing provinces such as Shaanxi, Inner Mongolia and Xinjiang will successively introduce reform measures to further realize the large-scale, clean and scientific coal production. However, fundamentally speaking, although administrative restructuring helps to solve the problem of clearing backward production capacity in the short term, it is difficult to solve industrial structural problems, leaving many problems. Moreover, the upstream and downstream complementary restructuring space of Shenhua Guodian will also be smaller and smaller

therefore, as far as the root cause is concerned, deepening the construction of the coal market trading system is the key to put forward that the overall production of non-ferrous metal enterprises should be stable and normal, and that more attention should be paid to original innovation and disruptive technological innovation. The "medium and long-term contract" system and the market pricing mechanism of "base price + floating price" that began last year should be further strengthened, and production subsidies should be turned into environmental subsidies, which should be joined through the market mechanism. Further strengthen the guiding role of coal and coke futures markets and establish a nationwide coal trading system. In particular, newly merged large-scale coal enterprises should actively participate in the trading process and establish dealer habits

of course, in addition to the reform of the coal industry itself and the improvement of the market system, due to the special relationship between coal and electricity, we must also pay attention to the further improvement of the power market and break the current stagnant state of the reform of the power sales side. Truly establish independent dispatching and trading institutions, effective transmission and distribution business, and establish a market model dominated by centralized trading, so as to realize the competitive opening of the power sales market. Truly transmit the price signal of the terminal market to the front-end field

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