General Secretary AA delivered an important speech at the Central Economic Work Conference, comprehensively summarized the economic work in 2023, brilliantly summarized the regularity of economic work in the new era, systematically deployed the economic work in 2024, and provided fundamental guidelines for us to do a good job in the current and future periods. The State-owned Assets Supervision and Administration Commission of the State Council and the central enterprises firmly unify their thoughts and actions in the decision-making and deployment of the Party Central Committee, adhere to the hard principle of high-quality development in the new era, seek progress while maintaining stability, promote stability through progress, establish first and break later, enhance core functions and enhance core competitiveness, and better leverage the role of scientific and technological innovation, industrial control, and security support. It will continue to promote the effective improvement of the economy in quality and reasonable growth in quantity, and make new contributions to comprehensively promoting the construction of a strong country and the great cause of national rejuvenation with Chinese-style modernization.

Focus on better undertaking the functional mission, and resolutely serve the overall situation of Chinese-style modernization

The Central Economic Work Conference made a series of major strategic judgments and decisions and plans closely focused on the biggest political issue of promoting Chinese-style modernization. As an important material and political foundation for socialism with Chinese characteristics, state-owned enterprises, especially central enterprises, must remain firmly positioned in serving the central work of the Party and the overall development of the country, firmly grasp the missions and responsibilities entrusted to them by the new era and new journey, strive to promote high-quality development, and deepen overall layout optimization and structural adjustment. Pay more attention to improving the value of enterprise added value, functional value, economic added value, the proportion of strategic emerging industries' income and added value, and brand value, and resolutely serve as a strategic force to fully build a modern socialist country, a leading force to drive the overall upgrading of China's industrial system, and a supporting force to promote national economic and social development.

We will work hard to improve the overall efficiency of state capital. We will continue to concentrate state capital in important industries and key areas that are vital to national security and the lifeblood of the national economy, in public services, emergency response capabilities, and public welfare areas that are vital to the national economy and people's livelihood, and in forward-looking strategic emerging industries. In the work, we pay attention to both surface concentration, internal structure improvement and development quality improvement, constantly improve the allocation and operation efficiency of state-owned capital, and enlarge the overall function.

We will work hard to increase the overall contribution of the state economy. By increasing the added value, we can promote the continuous development and growth of the state-owned economy, effectively assume the functions of cross-cycle and counter-cycle adjustment, and improve its contribution to the growth of the national economy. By enhancing the functional value of political security and social utility, it takes the initiative in serving national strategy, safeguarding national security, and ensuring and improving people's livelihood, and realizes the organic unity of economic, political and social attributes at a high level, so as to better reflect its status and role in serving national strategic goals and overall modernization construction.

We will work hard to enhance the ability of soes to create value. Focusing on increasing economic added value, we will continue to optimize the investment and distribution of capital, improve the quality of operations and the level of return on capital, resolutely curb blind investment impulses, reduce the use of inefficient and ineffective capital, and generate more profitable income and profits with operating cash flow. To improve the proportion of revenue and added value of strategic emerging industries, actively adapt to the new trends and new requirements of industrial development, actively layout new areas, shape new advantages, accelerate the shift to innovation-driven convolution growth, create new industrial pillars, and accumulate future development potential. Around the promotion of brand value, practice internal skills, external image, with perseverance to do Hengye, quality tree brand, leading enterprises to continue to become stronger and better, to create more "national business cards" and "century-old shops", to accelerate the construction of world-class enterprises.

Focusing on improving the quality and efficiency of enterprises, we will make every effort to promote the sustained recovery of China's economy

To implement the overall requirements of the Central Economic Work Conference for this year's economic work, the State-owned Assets Supervision and Administration Commission of the State Council has maintained the target management system of "one profit and five rates" for central enterprises as a whole, and the specific requirements are "one profit stable growth, five rates continuous optimization", that is, to promote the steady improvement of the efficiency of central enterprises, the total profit, net profit and net profit of the mother to grow together. The rate of 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 prevented and defused risks in high-quality development, providing strong support for enhancing economic vitality and improving public expectations.

We will steadily promote high-quality and steady growth. We will carry out special actions to improve quality, efficiency, and steady growth, strengthen analysis and judgment of commodity prices, markets, and exchange rates, build high-end and differentiated competitive advantages, optimize product mix, seize market opportunities, and improve operating efficiency. Further promote the special action to improve the quality of listed companies held by central enterprises, improve the performance evaluation system of listed companies, and fully reflect the real value of listed companies. With digitalization as the support and intelligence as the direction, strengthen the management system and management capacity construction, strengthen the group's strategic management and control, optimize the enterprise finance, planning, market operation and management chain, promote the whole industrial chain and the whole value chain to reduce costs and expenses, deepen the "two gold" management and control and management of losses, and improve the asset turnover efficiency and management ability. We will resolutely and effectively prevent and control risks in key areas, accelerate the improvement of long-term mechanisms for compliance management, strictly and carefully address safety and environmental protection work, and firmly maintain the bottom line of safe development.

We will make effective investment play a key role. Focusing on the major strategy of serving the country, we will accelerate the implementation of major projects under the national "14th Five-Year Plan" and major investment projects under the "14th Five-Year Plan" of central enterprises, and implement key projects that have signed strategic cooperation agreements with local governments to a high standard. We will focus on strengthening the industrial chain, building infrastructure, and ensuring energy and resources, and lay out a number of major projects with strong traction and long-term benefits. We will implement the action plan to double investment in strategic emerging industries, and increase investment in new industries, new technologies, and new forms of business.

We will work hard to provide services for people's well-being and ensure basic security. We will make every effort to ensure the supply and price of basic products, accelerate the start of approved power generation projects, strengthen the construction of coal, electricity, oil and gas and other transportation channels, increase the supply of clean energy such as wind water nuclear energy, promote the iteration and industrial transformation of hydrogen energy and new energy storage technologies, and accelerate the construction of a new power system. We will resolutely shoulder the responsibility for emergency support, strengthen the building of comprehensive platforms and forces for emergency rescue, and improve the emergency response mechanism for major accidents and disasters.

We will focus on promoting industrial innovation through scientific and technological innovation, accelerate the development of new quality productive forces, and promote new industrialization

To lead the construction of a modern industrial system with scientific and technological innovation is a clear requirement of the Central Economic Work Conference, and it is also an urgent need for central enterprises to accelerate the transformation of kinetic energy and accelerate industrial upgrading. State-owned central enterprises will intensify their efforts in scientific and technological innovation, deepen research in key and core technologies, build national strategic scientific and technological strength, promote self-reliance in high-level science and technology, promote the construction of a modern industrial system, and better play a leading role in accelerating the formation of new quality productive forces and enhancing new drivers of development.

We will strengthen the dominant position of enterprises in scientific and technological innovation. Comprehensively implement the new nationwide system, deeply integrate into the national research system, actively undertake major national scientific and technological tasks, further give play to the advantages of central enterprises in the market and scene, and accelerate the localization of alternative applications in key areas. We will work hard to improve the overall efficiency of innovation, promote the development of original technologies as hubs, build national innovation platforms with high standards, and upgrade innovation consortia. We will target major national needs, increase investment in research and development in key areas, increase the proportion of investment in applied basic research, and generate new industries, new models, and new drivers of growth with disruptive technologies and cutting-edge technologies. We will systematically optimize the innovation ecosystem, promote output-oriented evaluation of science and technology innovation on a classified basis, formulate more targeted and powerful innovation support policies that meet the expectations of scientific and technological personnel in light of actual conditions, and give sufficient inclusive support to innovation activities, so that enterprise scientific and technological personnel can do their work freely and focus on scientific research.

We will continue to work in both strategic emerging industries and traditional industries. We will further implement the industrial rejuvenation campaign, focus on transformation, investment, innovation, and synergy, and strive to achieve a number of landmark achievements in key areas such as artificial intelligence, new energy, and new energy vehicles, and accelerate the construction of strategic emerging industrial clusters. 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, deep earth and deep sea, and laser manufacturing. We will continue to promote the strong transformation of traditional industries, promote the implementation of high-quality development actions for key industrial chains in the manufacturing industry, accelerate pilot projects for digital transformation and the construction of smart factories, deepen the green and low-carbon transformation of industry, construction, transportation and other fields, create more green and low-carbon demonstration projects, and accelerate high-end, intelligent, and green development.

We will improve the resilience and safety of industrial and supply chains. We will strive to build modern industrial chain leaders, deepen industrial chain integration and common chain development actions, identify key areas and landmark products in the industrial chain, carry out technological research, resource integration, and scenario construction, and strengthen support capabilities in manufacturing equipment, basic materials, and key parts and components. We will continue to implement a new round of strategic actions to make breakthroughs in prospecting, carry out strategic resource security projects, and promote domestic exploration and production of important energy and mineral resources.

Focus on deepening the reform of state-owned assets and state-owned enterprises, and accelerate the creation of modern new state-owned enterprises

The Central Economic Work Conference put forward clear requirements for deepening and upgrading the reform of state-owned enterprises. 2024 is a key year for the implementation of the deepening and upgrading of the reform of state-owned enterprises, and it is also a tough year for the past and the next. State-owned central enterprises will plan the progress, do a good job in promoting the implementation, and strive for breakthroughs in key and difficult tasks.

We will deepen reform by focusing on optimizing resource allocation. We will steadily implement strategic restructuring, and accelerate the specialized integration of new energy, mineral resources, and main pipeline networks. We will give better play to the functions and roles of state-owned capital operation companies, tap high-quality enterprises with great potential and good growth in strategic emerging industries, invest in the layout as soon as possible, and build a professional scientific and technological innovation incubation platform. We will optimize budgetary input for state capital operations, and increase support for central government enterprises in developing strategic emerging industries, industries of the future, and breakthroughs in key core technologies.

Deepen reform around improving institutions and mechanisms. We will improve the modern corporate governance of state-owned enterprises with Chinese characteristics, stratify and dynamically optimize the "priority list" of party committees (party groups), promote the construction of a scientific, rational and efficient board of directors, and improve the scientific and standardized decision-making level of the board of directors. We will improve the market-based operation mechanism, strive to improve the quality and scope of the term system and contractual management, build a precise, efficient, standardized and orderly income distribution mechanism, and promote the scientific and effective implementation of medium - and long-term incentives.

Deepening reform around improving institutions. We will give full play to the coordinating mechanism of The State Council's actions to deepen and upgrade the reform of State-owned enterprises, and promote the implementation of major reform measures. Further optimize the rights and responsibilities of investors, improve the way of supervision, and enhance the precision, scientific and consistent supply of policies. Improve the supervision system of investors, improve the working mechanism of accountability for violations, and improve the efficiency of supervision.

Focus on adhering to and strengthening the overall leadership of the Party, and ensure the high-quality development of enterprises with high-quality party building

Upholding and strengthening the Party's overall leadership is the fundamental guarantee for doing economic work well, and is an inevitable requirement for high-quality development. State-owned central enterprises will adhere to the important ideas of General Secretary AA on Party building as the guide, the implementation of the spirit of the third plenary session of the Central Commission for Discipline inspection, inspection and rectification as an opportunity, to consolidate the political responsibility of party management and party governance as the key, to improve the comprehensive strict party governance system as the focus, more prominent reinforcement of weak points, more prominent standardization and institutionalization, more prominent functional role play. Comprehensively and systematically improve the quality of party building and provide a strong political guarantee for the reform and development of enterprises.

Effectively strengthen the Party's political construction. Persist in using the Party's innovation theory to solidify the heart and cast the soul, deepen the implementation of the "first issue" system, explore the establishment of a normal long-term mechanism for thematic education, and integrate the scientific system, core essentials, and practical requirements. Always maintain a high degree of political acumen, implement the quasi-political direction and political requirements in the implementation of major strategies and major tasks, shoulder the responsibilities and missions, pay close attention to the implementation of the work, and resolutely achieve the "two maintenance" reflected in the implementation of the decision-making and deployment of the Party Central Committee, reflected in the performance of duty, mission, and the effectiveness of promoting the work.

Effectively improve the quality and effectiveness of party building work. Adhere to the correct orientation of employment, actively choose business leaders who are brave and capable, vigorously promote the excellent entrepreneurial spirit, support entrepreneurs to try boldly and boldly, and always maintain a state of spirit. Consolidate the grassroots foundation of party building, actively explore effective ways for party organizations in mixed-ownership enterprises to play their roles, open up the chain of responsibility for party building, and strengthen the political functions of party organizations.

We will effectively strengthen the right manner, discipline and anti-corruption. Take inspection and rectification as a major political task, establish a list of problems, a list of tasks, and a list of responsibilities, improve the work system and institutional process covering the whole cycle of inspection and rectification, strengthen the supervision and handling of problem rectification, and promote the high-quality development of enterprises with the high-quality and real results of inspection and rectification. We will work hard to correct the "four winds" of corruption, improve the working mechanism for wind and corruption investigation, build a strong mental dam for the central Government's eight provisions and implementation rules, deepen the fight against corruption, and strive to create a good political ecology that is clean and clean.

In 2024, state-owned central enterprises will be more closely united around the Party Central Committee with Comrade AA as the core, deeply understand the decisive significance of "two establishment", enhance the "four consciousness", firm "four self-confidence", achieve "two maintenance", keep in mind the mission, forge ahead, and make every effort to complete the goals and tasks throughout the year. With the practical actions and results of the high-quality development of central enterprises, we will make new and greater contributions to the comprehensive construction of a modern socialist country.

Source: SASAC of The State Council