Several Opinions of the State Council on Reforming and Perfecting the State-owned Assets Management System
Several Opinions of the State Council on Reforming and Perfecting the State-owned Assets Management System
Several Opinions of the State Council on Reforming and Perfecting the State-owned Assets Management System
Guo Fa [2015] No.63
October 25, 2015
The people's governments of all provinces, autonomous regions and municipalities directly under the Central Government, and all ministries and commissions of and all institutions directly under the State Council,
Since the introduction of reform and opening up policies, we have witnessed steady promotion of the reform of the state-owned assets management system in China, with the state-owned assets contributors representative system basically established, responsibility for value maintenance and appreciation preliminarily implemented and the scale, profit level and competitiveness capacity of state-owned assets greatly improved. However, we must be aware that some problems which need to be solved urgently still exist in the current state-owned assets management system. For instance, separation of government administration from enterprise management as well as separation of government administration from state-owned assets management still fail to be realized; there are overriding behaviors, gaps or dislocations in state-owned assets regulation; the state-owned assets supervision mechanism is not perfect, with issues like state-owned assets loss and violation of disciplines and regulations prominent in some areas and enterprises; the layout and structure of state-owned economy need to be further optimized and the state-owned capital allocation efficiency is not high. In accordance with the Decision of the Central Committee of the Communist Party of China on Several Major Issues concerning Comprehensively Deepening Reforms and relevant deployment of the State Council, opinions on reforming and perfecting the state-owned assets management system are hereby given as follows.
I. General Requirements
(I) Guiding ideology. We shall, by thoroughly implementing the spirit of the 18th National Congress of the Communist Party of China (hereinafter referred to as the "CPC") and the Second, Third and Fourth Plenary Sessions of the 18th CPC Central Committee and following the decisions and deployment of the CPC Central Committee and the State Council, uphold and improve the basic socialist economic system, adhere to the direction of socialist market economy reform, respect the law of market economy and the law of enterprise development, properly deal with the relationship between government and market, strengthen the state-owned assets regulation with regulating capital as the focus, reform the state capital authorization operation system, establish the real dominant position of state-owned enterprises (hereinafter referred to as the "SOEs") in the market, promote the transformation of functions of state-owned assets regulators, adapt to market-oriented, modernized and internationalized new situations and new normal of economic development and constantly enhance the vitality, controlling force, influence and risk resistance capability of the state-owned economy.
(II) Basic principles.
Adhere to clear allocation of powers and responsibilities. We shall realize separation of government administration from enterprise management, separation of government administration from state-owned assets management and separation of ownership and operation right and sort out the contribution relationship between government and SOEs in accordance with the law. We shall effectively transform government functions, establish the dominant position of SOEs in the market in accordance with the law and establish and improve the modern corporate system. We shall adhere to the separation of public management function of the government from the function as the contributor of state-owned assets so as to ensure independent operation of SOEs in accordance with the law, and stimulate the vitality, innovation and internal drive of enterprises.
Adhere to highlighting focus. We shall, in accordance with the requirements of rules of market economy and modern enterprise system, with regulating capital as the focus, capital as the link and property rights as the basis, attach importance to properly regulating state-owned capital layout, regulating capital operation, improving capital return and maintaining capital security. We shall also focus on exercising the rights of state-owned shareholders in accordance with the law through corporate governance structure.
Adhere to combination of power delegation and regulation. We shall, in accordance with the requirements for clear allocation of powers and responsibilities and efficient supervision in a standardized and transparent manner, promote transformation of functions and regulatory modes of state-owned assets regulators.
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