Central enterprises are the important backbone and backbone of the national economy. The recently held meeting of the heads of central enterprises made arrangements that in 2024, it is necessary to deeply implement the deepening and upgrading actions of the reform of state-owned enterprises, focus on improving the innovation ability and value creation ability of central enterprises, promote the "three concentrations" of state-owned capital, accelerate the construction of a modern industrial system, and achieve high-quality development.

Zhang Yuzhuo, secretary of the Party Committee and director of the State-owned Assets Supervision and Administration Commission of the State Council, stressed that state-owned central enterprises should thoroughly implement the spirit of the Central Economic Work Conference, adhere to the principle of seeking progress in stability, promoting stability with progress, standing first and breaking later, constantly consolidating the foundation of stability, cultivating the driving force, enhancing the initiative of standing, firmly breaking the determination, and doing a solid job next year.

Focus on high-quality steady growth

In 2023, the central enterprises will forge ahead with difficulties, maintain stable operating efficiency, significantly increase effective investment, continue to improve operating efficiency, and have a solid foundation for enterprise development and excellent quality.

Data show that from January to November 2023, the total profit of central enterprises was 2.4 trillion yuan, the total investment in fixed assets (including real estate) was 4.1 trillion yuan, an increase of 9.1%, and the annual labor productivity of all employees was 773,000 yuan/person, an increase of 3.8%.

At the same time, the central enterprises resolutely serve the national strategy and fulfill social responsibilities as the main force, and their mission responsibilities are more evident. Taking energy and power supply as an example, as of the end of November, power generation enterprises contributed 63% of the total installed capacity of 52% of the country, coal enterprises took the lead in implementing the power coal long association mechanism, giving more than 90 billion yuan to downstream enterprises, and power grid enterprises organized cross-regional and cross-provincial power support for more than 3200 times.

At present, China's economy still needs to overcome some difficulties and challenges to further improve. The high-quality development of central enterprises is at a critical stage of climbing over obstacles, and it is necessary to actively forge ahead in transforming the mode, adjusting the structure, improving the quality and increasing the efficiency.

The Party Committee of the State-owned Assets Supervision and Administration Commission of the State Council proposed that adhering to the high-quality development as a hard truth and falling to the level of central enterprises, all enterprises should focus on enhancing core functions, improving core competitiveness, highlighting key points, grasping key points, and paying more attention to improving the value of added value, functional value, economic added value, strategic emerging industry income and the proportion of added value, brand value and other five aspects.

Du Tianjia, a researcher at the Research center of the State-owned Assets Supervision and Administration Commission of the State Council, analyzed that central enterprises should continue to become stronger in serving the national strategy, and the above five aspects are closely related and promote each other. The added value and functional value measure the comprehensive contribution of enterprises to the economic and social development of the country. Economic added value, the proportion of revenue and added value of strategic emerging industries, and brand value are respectively measured from different dimensions such as current management quality, future growth potential, and enterprise implied value.

According to the deployment, "Focusing on improving quality and efficiency, promoting the sustained recovery of China's economy" ranked first in the reform and development of central enterprises in 2024, and the special action to improve quality and efficiency and stabilize growth will be carried out in depth.

Management assessment baton value creation direction is clear. In 2024, the specific requirements of the "one profit and five rates" target management system of central enterprises are "one profit stable growth, five rates continuous optimization" : the efficiency of central enterprises has steadily improved, and the total profit, net profit and net profit of the mother have coordinated growth; The return on equity, total labor productivity, and operating cash ratio improved year-on-year, the intensity of R&D investment and the efficiency of scientific and technological output continued to increase, and the overall asset-liability ratio remained stable.

We will accelerate the development of new quality productive forces

The fourth-generation nuclear power technology fast reactor demonstration project was completed and put into operation, the Shenzhou 16 and 17 were successfully launched, the C919 made its commercial maiden flight, and the domestic large cruise ship was named and delivered.

Behind the frequent news of big countries, central enterprises pay close attention to innovation. In November 2023, central enterprises invested more than 900 billion yuan in R&D funds, an increase of nearly 70 billion yuan year-on-year, and the intensity of R&D investment was 2.53%, an increase of 0.17 percentage points year-on-year.

At present, a new round of technological revolution and industrial transformation is reshaping the global economic structure. Strategic emerging industries have become a new track for major countries to compete. In this context, state-owned capital continues to concentrate on forward-looking strategic emerging industries.

In 2023, the central enterprise strategic emerging industry rejuvenation action, the future industry sailing action was launched, all enterprises have formulated special work plans, and relevant work has made positive progress. Changan Automobile, a subsidiary of Ordnance Equipment Group, cooperated with Huawei to promote the upgrade iteration of intelligent electric vehicles; China National Building Materials carbon fiber and other new materials business revenue increased significantly; Sdic will strengthen fund investment management and provide more support for the development of strategic emerging industries such as integrated circuits and biotechnology.

According to the deployment, in 2024, the scientific and technological innovation and layout optimization structural adjustment of state-owned central enterprises will continue to increase. In vigorously cultivating new industries and new racetracks, we will further implement industrial rejuvenation actions and give full play to the role of strategic emerging industry development funds. We will steadily promote the launch action of future industries, accelerate the cultivation of launch enterprises, leading enterprises, and unicorn enterprises, and make breakthroughs in a number of key technologies and form a number of iconic products in the fields of brain-like intelligence, quantum information, and deep sea.

"Sasac emphasizes more attention to increasing the proportion of revenue and added value of strategic emerging industries, which is to hope that the central enterprises to adapt to the requirements of the new trend of industrial development, accelerate the shift to innovation-driven convolution growth, vigorously promote new industrialization, create new industrial pillars, and effectively play the leading role of central enterprises in accelerating the formation of new quality productivity and enhancing the development of new momentum." Zhang Yuzhuo said.

Deepen reform and strive for breakthroughs

Reform is a key move to improve state-owned enterprises. The reform of state-owned enterprises will be deepened and upgraded in mid-2023. With the approval of The State Council, a coordination mechanism for the deepening and upgrading of the reform of State-owned enterprises under The State Council has been established. The central enterprises have formulated specific implementation plans, put forward a total of more than 18,000 implementation measures, and implemented nearly 2,000 reform measures in advance.

China Electronics reorganized Hualu Group, and 29 central enterprises signed professional integration projects such as ecological environmental protection, biotechnology, and intelligent connected vehicles. Deepen the construction of the board of directors and continue to expand to sub-enterprises, and strengthen the tenure system of managers and the rigid implementation of contractual management. Science reform demonstration action, "double hundred action" expanded and deepened.

2024 is a key year for the implementation of the reform and upgrading of state-owned enterprises. According to the deployment, the central enterprises should further promote the implementation, make breakthroughs in key and difficult tasks, and strive to complete more than 70% of the main tasks.

We will deepen reform by focusing on optimizing resource allocation. Steadily implement strategic restructuring and professional integration, better play the function and role of state-owned capital operation companies, tap high-quality enterprises in strategic emerging industries, invest as soon as possible, and build a professional science and technology innovation incubation platform.

Deepen reform around improving institutions and mechanisms. Improve the modern corporate governance of state-owned enterprises with Chinese characteristics; Improve the market-oriented operation mechanism, promote the term system and contractual management work to improve the quality and expansion, strengthen the rigid cash and assessment, and the system of final adjustment and incompetent withdrawal in the second and third tier of central enterprises covers no less than 70%. We will promote the scientific and effective implementation of medium - and long-term incentives.

In addition, deepening reform around improving institutional guarantees will make efforts in promoting the implementation of major reform measures, enhancing the scientific supply of policies, and improving the supervision system of investors.

Source: State-owned Assets Supervision and Administration Commission of the State Council