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        SASAC Dynamics

        Making solid progress in deepening the reform of state-owned enterprises

        Release time:2018-05-30

        The 19th National Congress of the Communist Party of China has put forward clear tasks and new higher requirements for deepening the reform of state-owned enterprises. We should strengthen the "four items of consciousness ", i.e. maintaining political integrity, thinking in big-picture terms, following the leadership core, and keeping in alignment, keep highly consistent inwardly, politically and in action with the CPC Party Central Committee with Comrade Xi Jinping as the core, and implement various tasks to solidly advance the reform of state-owned enterprises in the spirit of a nail.

        We should improve the management system for all types of state-owned assets by establishing and improving the system of laws and regulations on the supervision and management over various types of state-owned assets and realizing the institutionalization, standardization and systematization of the supervision and management of state-owned assets; by reforming the authorized operation system of state-owned capital and accelerating the centralized and unified supervision and management of the operational state-owned assets; by giving priority to managing capital in deepening the functional change of the regulatory authorities of state-owned assets, accurately the positioning of performing the duties of contributors according to law, scientifically defining the boundaries of the ownership and management rights of state-owned capital, and developing a list of regulatory powers and a list of responsibilities; by innovating the ways and approaches of supervision and management, changing the way of administrative supervision and management, improving the assessment system and measures, implementing the responsibility for maintaining and increasing the value, and improving the timeliness, pertinence and effectiveness of supervision and management; deepening the comprehensive reform of the companies invested and operated with state-owned capital, exploring effective operating modes, and giving full play to the role of the specialized platforms for the market operation of state-owned capital.

        We should speed up the layout optimization, structural adjustment and strategic restructuring of the state-owned economy by round service national strategy to promoting the state-owned economy to concentrate in the important industries and key areas with a close relationship with the national security, lifelines of the national economy, and the people's livelihood, and also the important infrastructure, optimizing the layout of the state-owned economy, and effectively playing the overall functional effect of the state-owned economy; by promoting the form transformation and structural adjustment of state-owned capital, supporting the innovative development of forward-looking strategic emerging industries, speeding up the disposal of inefficient or low-efficiency assets, eliminating backward production capacity, stripping social functions, solving problems left over by history, and improving the allocation efficiency of state-owned capital; by promoting the strategic restructuring of state-owned enterprises, focusing on the development of the real economy, highlighting and strengthening main business, accelerating the horizontal and vertical integration and also specialized restructuring, improving the core competitiveness of state-owned enterprises, and enhance the vitality, control, influence, international competitiveness and ability to resist risks of the state-owned economy.

        We should develop the mixed-ownership economy by actively promoting the mixed ownership reform of business-type state-owned enterprises with the main business in a fully competitive industry and field, exploring effectively the mixed ownership reform in key areas, guiding the reform at the subsidiary level while promoting the mixed ownership reform at the group level; energetically promoting the reorganization and going public of state-owned enterprises, and gradually adjusting the proportion of state-owned shares according to the functional orientation of different enterprises; by steadily and orderly carrying out ESO (Employee stock ownership) of mixed ownership enterprises under state-owned holding on the basis of gaining experience, and establishing a long-term incentive and restraint mechanism; by encouraging non-state capital investment subjects, including private enterprises, to participate in the restructuring and reorganization of state-owned enterprises through a variety of ways, encouraging state-owned capital to hold shares in non-state enterprises in a variety of ways, and establishing and improving the governance mechanism of mixed ownership enterprises.

        We should form an effectively balanced corporate governance structure and flexible and efficient market operation mechanism by actively promoting the shareholding system reform, introducing various investors to realize the diversification of equity, and exploring the establishment of the system of preferred stock and state-owned special management stock on the basis of comprehensively completing the reform of the corporation system; by overall promoting the construction of normalized boards of directors, earnestly implementing the functions and powers of boards of directors, reforming the management system of external directors, and strictly managing director election and duty performance, to make boards of directors really become the decision-making subject of enterprises; by continuously deepening the reform of three internal systems of state-owned enterprises, promoting the tenure system and leasing management for management, establishing the professional manager system, exploring the differentiated salary  distribution system for enterprise leaders, establishing and perfecting the salary determining and normal growth mechanism basically adapting to the labor market and associating with enterprise’s economic benefit and labor productivity, and promoting the flexible promotion and demotion of internal management personnel inside enterprises, flexible employment and dismissal of employees and flexible salary increase and decrease.

        We should strengthen supervision and management and effectively prevent the loss of state-owned assets by accelerating the formation of a supervision and management system for state-owned assets with overall coverage, clear division of labor, synergy & coordination, and strong restraint, with the aim of maintaining and increasing the value of and preventing losses of state-owned assets; by enhancing the overall effectiveness of the internal control system inside enterprises, strengthening the rigid constraints of the process control, and ensuring the timely and effective internal supervision; by strengthening supervision by investors, speeding up the construction of laws and regulations on the code of conducts of state-owned enterprises, and enhancing the supervision over key businesses of enterprises, key reform areas and important operation links of state-owned capital; by strengthening and improving the supervision of externally dispatched boards of supervisors; by establishing and improving the responsibility investigating and reverse examining mechanism over major decision-making errors, dereliction of duty and responsibility for malfeasance in state-owned enterprises, and increasing the responsibility investigation of state-owned enterprises for illegal operation and investment; by strengthening the supervision from audit, discipline inspection, and tour inspection, establishing an effective mechanisms for coordinated linkage and supervision consultation of external supervision, and forming combined supervision force; by implementing information disclosure, strengthening social supervision, and building state enterprises under sunshine.

        We should develop world-class enterprises with global competitiveness by supporting state-owned enterprises to carry out international operation, constantly increase the intensity of open cooperation, promote competitive industries to go out in the construction of "the Belt and Road", drive China's equipment manufacturing, technology, standard, and service to go to the world, make full use of domestic and international markets and also resources, foster a number of international operation talents, and form a group of leading enterprises dominant in the allocation of international resources; by vigorously implementing the strategy of innovation driven development, encouraging state-owned enterprises to continue to increase spending on research and development in a market-oriented manner, make breakthroughs and master a number of key core technology, foster a batch of leading-edge products with high added value, build a batch of internationally renowned high-end brands, and form a group to leading enterprises guiding the global industrial technology development; by accelerating the industrial upgrade, moving towards the top of the value chain in some advantageous industries and fields, trying to occupy the advantageous position in the international market competition, and form a batch of leading enterprises with voice and influence in the development of the global industry.