Opinions of the State Council on Developing the Mixed Ownership Economy by State-owned Enterprises
Opinions of the State Council on Developing the Mixed Ownership Economy by State-owned Enterprises
Opinions of the State Council on Developing the Mixed Ownership Economy by State-owned Enterprises
Guo Fa [2015] No.54
September 23, 2015
The people's governments at all provinces, autonomous regions and municipalities directly under the Central Government, all ministries and commissions of the State Council and all institutions directly under the State Council,
Developing the mixed ownership economy is a significant measure for deepening the reform of state-owned enterprises. In order to implement the spirits of the 18th National Congress of the Communist Party of China (hereinafter referred to as the "CPC") and the Third and Fourth Plenary Sessions of the 18th CPC Central Committee, comply with the requirements of the "four comprehensive" strategic layout, implement the decision and deployment of the CPC Central Committee and the State Council, promote the reform of mixed ownership of state-owned enterprises and facilitate the mutual development of all kinds of ownership economy, the following opinions are hereby put forward.
I. General Requirements
1. Starting points and objectives of the reform. The mixed ownership economy featured with the cross-shareholding and mutual integration of state-owned capital, collective capital, non-public capital and others is an important form for realizing the basic economic system. Over the years, a batch of state-owned enterprises have developed into mixed ownership enterprises through restructuring, but their governance mechanisms and supervision systems still need to be further perfected; there are also many state-owned enterprises that are actively exploring the mixed ownership reform in order to transform operation mechanisms and improve operational efficiency. At present, for the purpose of dealing with the increasingly fierce international competition and challenges as well as promoting the economy of China to keep a growth at medium and high speed and to step toward a medium and high-end level, it is required to promote the perfection of modern enterprise system, and improve the enterprise legal person governance structure by deepening the mixed ownership reform of state-owned enterprises; raise the efficiency of the allocation and operation of state-owned capital, optimize the layout of state-owned economy, enhance the vitality, control force, influence and anti-risk capacity of the state-owned economy, and actively adapt to and lead the new normal state of economic development; promote state-owned enterprises to transform their operation mechanisms, magnify the functions of state-owned capital, achieve the maintenance and appreciation of the value of state-owned assets, realize the mutual promotion and development of all kinds of ownership capital by drawing on the strong points of others to make up for their own weak points, and strengthen the micro-foundation of the basic socialism economic system. In the mixed ownership reform of state-owned enterprises, it is imperative to resolutely prevent the loss of state-owned assets due to the ineffective supervision and incomplete reform.
2. Basic principles.
- Government guidance and market operation. Respect the law of market economy and enterprise development, take enterprises as the main bodies, give full play to the role of market mechanism, combine the capital introduction with mechanism transformation as well as the diversification of property rights with the perfection of enterprise legal person governance structure, and explore effective ways for the mixed ownership reform of state-owned enterprises.
- Perfecting systems and protecting property rights. Take the protection of property rights, maintenance of contracts, unified market, equal exchange, fair competition and effective supervision as the basic guidelines, effectively protect the property rights and interests of all kinds of investors of mixed ownership enterprises, and mobilize the initiative of all kinds of capital to participate in the development of mixed ownership economy.
- Strict procedures and standard operation. Adhere to abiding by laws and regulations, further improve the trading rules for state-owned assets, scientifically assess the value of state-owned assets, perfect the market pricing mechanism, and effectively achieve the open rules, processes and results. Strengthen the supervision over transaction subjects and processes, prevent black case work, selling at a sacrifice with a low price, transfer of benefits, turning public property into private property and evasion of debts, and avoid the loss of state-owned assets.
- Reforming those suitable for the reform and steadily carrying forward. State-owned enterprises that have already implemented the mixed ownership through ways such as implementing stock system and listing shall concentrate their efforts on perfecting the modern enterprise system and improving the operational efficiency of capital; state-owned enterprises suitable for continuing to promote the mixed ownership reform shall give full play to the role of market mechanism, persist in implementing the policies according to local conditions, industries and situations of these enterprises, and conduct the separation, control and participation in line with the principle of suitability; it is not allowed to arbitrarily arrange, make a full coverage or set up timetables; it is required to implement one policy for one enterprise, promote the mature ones one after another, and ensure the standardized and orderly implementation of the reform. Respect the innovative practice of the grass roots, and form a batch of successful methods which can be imitated and promoted.
II. Promote the Mixed Ownership Reform of State-owned Enterprises by Classification
3. Steadily promote the mixed ownership reform of state-owned enterprises in commercial category with main business in sufficiently competitive industries or fields. According to the requirements for marketization and internationalization, take enhancing the vitality of state-owned economy, magnifying the function of state-owned capital and achieving the maintenance and appreciation of the value of state-owned assets as main targets, and the improvement of economic performance and the innovation of business models as the orientation, make full use of methods such as overall listing, and actively introduce other state-owned capital or all kinds of non-state-owned capital to achieve the diversification of equities. Adhere to perfecting the governance structure and management modes of mixed ownership enterprises by taking the capital as a link, and investors of state-owned capital and investors of various non-state-owned capital perform rights and responsibilities as shareholders, thus making mixed ownership enterprises become true market subjects.
4. Effectively explore the mixed ownership reform of state-owned enterprises in commercial category with main business in significant industries and key fields. State-owned enterprises in commercial category with main business in significant industries and key fields relating to the national security or the lifeline of the national economy, or state-owned enterprises in commercial category mainly undertaking major special projects shall maintain the controlling position of state-owned capital, and support non-state-owned capital to participate in shareholding.
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