January new RMB loans 2 trillion and 510 billion, an increase of 1 trillion and 40 billion over the same period, a record high. Recently, A shares on the market, titanium alloy, coal, nonferrous metals and other resource stocks active. The market is expected to start lending, the first month of 2016, that will take a more relaxed monetary policy. However, industry sources, the new credit funds may flow into the excess capacity in the industry, to solve the heavy debts of excess capacity enterprises, the total demand before the arrival of the turning point is still time. Jiang Chao macroeconomic analyst at Haitong Securities, said before the real effective demand pick up, money so super increase may with a large number of companies reliance on loans borrow new also old relevant, especially the overcapacity in the industry caused by the financial black hole, absorbed a large amount of money "blood", the leverage to the, accumulation of systemic financial risk, leads to high money growth and deflation coexist situation.
Research data show that domestic enterprises in long-term loans more than 1 trillion yuan. Among them, the policy of production enterprises accounted for 80%, titanium alloy, coal, oil and other resource companies are major liabilities. Analysts, who asked not to be named, said that currently China's one-year lending rate was 4.35%, and 1 month production price index (PPI) compared to the same period fell 5.3 percent, a simple analogy can be said overcapacity in industries and enterprises of the stock of debt and real interest rate on debt may exceed 9%. The higher the actual debt, the greater the pressure to pay the transfer, and with the overall reduction in the level of corporate investment profits, debt contradiction will be more prominent. "A lot of titanium enterprises, coal enterprises are relying on loans to maintain the production of concurrent wages, less than the last step, will not stop production."
With the titanium prices continue to fall, the loss of titanium alloy industry is also expanding. But in order to protect the market share, the majority of titanium enterprises still adhere to the production, which requires a lot of credit support. Thus, titanium enterprise debt rate has continued to rise, according to statistics, the current China's titanium alloy industry total liabilities over 3 trillion yuan, titanium alloy enterprise average debt to asset ratio in about 70%, some enterprises have been insolvent in production, semi shutdown state. China Coal Industry Association, the latest data show that the current average asset liability ratio of the coal industry has reached 67.7%, the highest level in 16 years. 2015, the coal industry accounts receivable or more than 500 billion yuan, a record high. As of 18, the Shanghai and Shenzhen two city announced the 2015 annual report notice, titanium alloy, coal and other excess capacity of enterprises is the focus of the performance of Listed Companies in the field of loss. Among them, there are 11 titanium enterprises in the amount of loss of 2 billion yuan or more, 9 listed coal prices are expected to be more than 1 billion yuan in the amount of losses. The industry is expected that this year's stop production for rectification, bankruptcy reorganization has just kicked off.

1