Recently, the General Office of the State Council has issued the Opinions on Establishing the System of Responsibility Investigation for Unlawful Operation and Investment of State-owned Enterprises (the "Opinions").
It is proposed in the Opinions that we shall basically establish the system of responsibility investigation and the track-down mechanism for unlawful operation and investment of state-owned enterprises by the end of 2017, and, by the end of 2020, accomplish a working system of responsibility investigation comprehensively that covers both organs of all levels that perform the duties of an investor and state-owned enterprises, and achieve a standardized and orderly working mechanism of responsibility investigation with clear duties and processes. Besides, the Opinions require implementing a system of lifelong responsibility investigation for major decisions and specify 54 specific circumstances from 9 aspects where responsibilities shall be investigated, including the management of purchase and sale, project contracting and construction, property rights transfer, and the equities and assets, fixed-asset investment, funds management and risk management for listed companies. Also, the Opinions include provisions on the recognition of asset loss, the treatment of responsibility investigation, the organization and implementation of responsibility investigation and other contents.