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Reform of SOEs will focus on key and difficult issues

Since the reform and opening up, the reform of state-owned enterprises has gone through four stages: delegating power and transferring profits, exploring the economic responsibility system, establishing a modern enterprise system, establishing a new state assets supervision system, and comprehensively deepening the reform, gradually advancing, standardizing and deepening the reform. The reform of state-owned enterprises since the Third Plenary Session of the 18th CPC Central Committee, especially in the period of the 13th Five-Year Plan, has three new characteristics compared with the previous stage:


First, all-round progress. At the policy level, the reform of state-owned enterprise policy of "1 + N" file covers general guidance, Japan layout, assets supervision, capital operation, property right reform, the reform of state-owned enterprises such as corporate governance, internal mechanism aspects, both in the reform of guidance and measures for the administration of requirements and specifications, also has operations in the reform of guidance and action plan floor plan, We achieved full coverage of the reform. On a practical level, from the "four reform" pilot "ten reform", in important fields and competitive in the field of mixed to pilot and employee ownership, to double hundred action demonstration comprehensive reform and the reform of science and technology enterprises, such as special engineering, comprehensive reform moved forward, continue to deepen, comprehensive, integrated, systematic strengthening of the reform of state-owned enterprises.


Second, innovation measures. "The function classification of state-owned enterprises has been realized for the first time". As an innovative measure of SOE reform since the Third Plenary Session of the 18th CPC Central Committee, functional classification is conducive to significantly improving the pertinence and effectiveness of SOE reform and development, corporate governance, and state assets supervision, and has a positive spillover-effect on public services, market system, and economic growth. Reorganized to form a state-owned capital investment, and promote the reform of the operating company is the first system design, to improve the aggregation of state-owned capital, liquidity and profitability, strengthen the value orientation of state-owned enterprises, to promote state-owned capital layout optimization and structural adjustment, forming "capital" assets supervision system, will produce important influence.


Third, structural optimization. We will deepen supply-side structural reform in the state-owned economy. We introduced policies on optimizing the distribution, restructuring and enterprise restructuring, and for the first time included the optimization of the distribution and restructuring of state capital as a key part of the 14th Five-Year Plan. Complete the company restructuring, enterprise for social functions stripping, "three for raised" handed over to local, retiree socialization and problems left over by history disposition of the enterprise, effectively solve the enterprise difficult points and the joining together of social enterprises, long-term problem restricting the development of the reform of state-owned enterprises, state-owned enterprises with conditions lightly to participate in market competition. In terms of policy orientation, it is beneficial to improve the efficiency of state-owned enterprises and enhance the value of state-owned capital by clearly requiring enterprises to focus on their main responsibilities and businesses, deal with the "two non-profits" and "two assets", dissolve the homogenized competition and carry out professional restructuring.


The reform measures with the above characteristics have given a strong boost to the reform of state-owned enterprises and laid a good foundation for future reform. On February 23, the State Council Information Office held a press conference, the State-owned Assets Supervision and Administration Commission of the State Council Hao Peng director said, "much starker choices-and graver consequences-in" during the reform of state-owned enterprises has made "the three historic breakthrough" substantive progress has been made in the "five" and "a fundamental strengthening", "difference" for state-owned enterprise high quality development provides a strong driving force. The reform of state-owned enterprises (SOEs) is expected to achieve greater results, as the three-year campaign to reform SOEs is pushed forward in a practical way.


At present, the reform of state-owned enterprises has entered a critical stage, and we need to "focus on key and difficult problems and work hard to solve them", and build a new pattern of development with a new development philosophy. In view of the current situation of the reform of state-owned enterprises, combined with the three directions of the reform of state-owned enterprises proposed by Hao Peng at the press conference, and the understanding of the prospect of state-owned assets and state-owned enterprises in the future, the reform and development of state-owned enterprises in the "14th Five-Year" period should present "three more".


The first is the more "human" factor. The first is to promote entrepreneurship. The development path of an enterprise is bound to be tortuous, with ups and downs due to various factors such as economic cycle, market change and industrial evolution. Entrepreneurs are the organizers of enterprise production and operation, the aggregators of relevant resources, the leaders of enterprise development and the promoters of business innovation. For this reason, on the one hand, entrepreneurs are required to have "real skills"; on the other hand, entrepreneurs are indeed required to take risks in business operation, investment and financing, and innovative development. Therefore, it is necessary to emphasize professionalism, incentive and fault tolerance in order to carry forward the entrepreneurial spirit. That is to say, real entrepreneurs should be selected and employed through marketization, their motivation should be motivated by marketization, moderate risk-taking and innovation should be encouraged by scientific fault tolerance mechanism, and the overall operation risk of enterprises should be reduced to a reasonable range through institutional arrangement. Secondly, the marketization mechanism is used to activate enterprises. The factor of "people" is more and more important to the development of enterprises. It is the source of enterprise vitality, an important component of enterprise core competitiveness and the foundation of enterprise innovation spirit. Talent is undoubtedly the most valuable part of enterprise resources. The key to stimulate the role of talents is the system arrangement of selecting and motivating people.


Second, we need to be more pragmatic in promoting layout optimization and structural adjustment. After the complete transformation of the corporate system and the overall solution of the problems left over from history, the basic conditions for the overall implementation of the optimization of the distribution and structural adjustment of state-owned capital are in place. How to promote it pragmatically? The author thinks that in the aspect of "progress", it is advisable to adopt tools such as policy guidance, assessment guidance, investment management and classified supervision to cultivate a market-oriented and professional platform for state-owned capital investment and operation, and give full play to the functions of state-owned capital platform such as capital integration, industry cultivation, value management and rational flow. In terms of "withdrawal", while playing the role of "assessment baton", it is necessary to cultivate entity NPL management companies with large asset scale and strong professional strength. As the main body, NPL management companies can undertake large-scale "non-performing assets", "non-performing assets" and difficult enterprises, and make classified diagnosis and professional disposal. In the aspect of "adjustment", we should focus on improving the capitalized securitization level of state-owned enterprises, and provide an effective channel for the flow and retreat of state-owned capital adjustment.


Third, we should pay more attention to transnational operations and global development. With the increasing proportion of China's economic aggregate in the world economy, the proportion of overseas distribution of state-owned capital and overseas business operations of state-owned enterprises has increased significantly, and state-owned enterprises have become an important force in international competition. In the future, a large number of state-owned enterprises will become multinational companies carrying out transnational operations and global investment, and they will be required to conform to international practices in business development, operation and management, organizational control, corporate governance, corporate culture and other aspects and stand on par with world-class enterprises. In the future, state-owned capital will generally conduct cross-border fund establishment, joint venture and cooperation, and investment and operation. Under the multi-tier capital structure, the "social" and "international" characteristics of capital will be highlighted. The ensuing challenge is: how can state-owned assets and state-owned enterprises effectively carry out transnational operations and global development while playing a strategic supporting role and maintaining a modern enterprise system with Chinese characteristics? We believe that it is necessary to discuss, explore and answer this question from the perspective of a new development philosophy and new development pattern.


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