Eliminating the mixed Reform "Fuzzy Zone" and promoting the "Reform Mechanism" with "mixed Capital"

| gov.cn

SASAC issues operational guidelines for the Reform of mixed ownership of Central Enterprises

Eliminating the mixed Reform "Fuzzy Zone" and promoting the "Reform Mechanism" with "mixed Capital"

Recently, the State-owned assets Supervision and Administration Commission of the State Council issued the operational guidelines for the Reform of mixed ownership of Central Enterprises. This is another important measure for the State-owned assets Supervision and Administration Commission of the State Council to implement the decision-making arrangements of the CPC Central Committee and the State Council on the development of mixed ownership economy, and to actively, steadily and orderly promote the reform of mixed ownership in central enterprises.

The introduction of the "operational guidelines" has provided a systematic operational guide for the central enterprises to carry out mixed ownership reform, eliminated many 'fuzzy zones' in the previous mixed reform practice, and made enterprises dare to change and know how to do so. In order to play the role of mixing and changing the 'accelerator'. " Huang Qunhui, director of the Institute of Economics of the Chinese Academy of Social Sciences, pointed out that. The "operational guidelines" implement the spirit of the documents and relevant policies, such as the guiding opinions of the CPC Central Committee and the State Council on deepening the Reform of State-owned Enterprises, and the opinions of the State Council on the Development of mixed ownership economy by State-owned Enterprises. It is beneficial for central enterprises to standardize the work flow of mixed ownership reform, deepen the connotation of mixed ownership reform, promote "reform mechanism" with "mixed capital", and effectively improve the competitiveness, innovation, control, influence and risk resistance of central enterprises. Tamping the micro foundation of the basic socialist economic system.

Mixed reform is an important breakthrough in the reform of state-owned enterprises. Since the 18th CPC National Congress, the reform of mixed ownership in central enterprises has been steadily accelerated, and the reform atmosphere has been formed. The data show that the central enterprises have implemented more than 3700 mixed reforms, introducing more than 1 trillion yuan of non-public capital, and the proportion of enterprises with mixed ownership accounts for more than 70 percent, an increase of nearly 20 percentage points over the end of 2012. 65% of the total assets of the central enterprises have entered the listed companies, and 61% of the operating income and 88% of the total profits come from the listed companies. At the same time of "mixed capital", the "reform mechanism" is also constantly exploring. A number of popularizable and replicable experiences have been formed in corporate governance, the implementation of the functions and powers of the board of directors, the reform of the three systems, the incentive and restraint mechanism and the party building in mixed ownership enterprises.

It is worth noting that in the process of promoting mixed reform in central enterprises, there are still some problems, such as not daring to mix, unwilling to mix, mixing for mixing, mixing for mixing, heavy mixing, light reform, and so on, reflecting that some enterprises do not have a clear understanding of the purpose and significance of mixed reform. The goal and path of mixed reform are not clear, lack of top-level design and strategic considerations, worried about the risk of loss of state-owned assets in the process of mixing and so on.

This needs to adhere to the problem and goal-oriented, combined with practice, the courage to explore, multi-measures to solve at the same time. The operational guidelines were formulated by the State-owned assets Supervision and Administration Commission of the State Council on the basis of systematically combing the relevant laws, regulations and supporting policies involved in the reform of mixed ownership, and summing up the work of mixed ownership reform in central enterprises. The operational guidelines focus on the following areas:

Standardize the operation process of mixed ownership reform. The operational guidelines are clear, The reform of mixed ownership in central enterprises should generally perform the basic processes such as feasibility study, formulation of reform plan for mixed ownership, implementation of decision-making and examination and approval procedures, carrying out audit evaluation, introducing non-public capital investors, and promoting the reform of enterprise operation mechanism. The main contents of each process, the relevant provisions involved, the basic principles to be followed and the key issues of concern are described in detail.

-- to carry out cooperation with non-public capital through market-oriented means. The "operational guidelines" make it clear that the "mixed capital" link of central enterprises should give full play to the decisive role of the market mechanism and carry out openly, fairly, and impartially in the property rights market, the stock market, and other platforms. This paper explains the relevant provisions, working procedures and key matters of attention in the process of "mixed capital", such as the audit evaluation of assets, the implementation of mixed reform through the property rights market, and the implementation of mixed reform through the stock market.

-- promoting mixed enterprises to change their operating mechanisms. The operation guidelines clearly change the main contents of the enterprise operation mechanism, including perfecting the corporate governance structure and control mode, deepening the reform of the three systems, making good use of a variety of incentive and restraint mechanisms and strengthening the construction of the Party. The key contents, relevant regulations and guiding principles of the relevant work are described in detail.

-- combing the relevant support policies for the mixed reform of enterprises. The operational guidelines focus on the fiscal and tax support policies and land disposal policies related to the reform of mixed ownership. In addition, the laws, regulations and normative documents involved in the reform of mixed ownership are sorted out, and the 49 laws and regulations currently in force and issued publicly are listed as annexes, which can be used as a reference for enterprises in promoting the reform of mixed ownership.

The "operational guidelines" have strong guidance and pertinence, and they are also very normative, and they have meticulous control over the whole process of promoting mixed reform in central enterprises, whether they are key issues such as' mixed capital'or 'reform mechanism'. Some of the realistic 'pain points' and difficult problems encountered have given solutions and paths, which are quite encouraging. " Fan Zhi, secretary to the board of directors and director of the mixed Reform Office of China Salt Industry Group Co., Ltd., said that the sub-enterprises at all levels of the central enterprises, through the transfer of property rights, capital increase and share expansion, the initial listing of (IPO), and the assets reorganization of listed companies, The introduction of non-public capital and collective capital to implement mixed ownership reform, the relevant work can refer to the "operational guidelines".

The "operational guidelines" put forward that "enterprises to introduce non-public capital investors will be carried out in an open, fair and just manner, mainly through market-oriented platforms such as the property rights market and the stock market." It also makes clear the operational details of the selection of property rights trading institutions, information disclosure, investor selection, trade secret protection and transaction price determination. In this regard, Zhu GE, president of the Beijing property Exchange, said that unlisted central enterprises must operate through the open market platform of the property rights exchange by means of property rights transfer and capital increase and share expansion, and have a strong orientation. This provides a basic institutional support for the standardized operation of the mixed reform of central enterprises and the full discovery of the value of state-owned assets, and creates favorable conditions for maintaining and increasing the value of state-owned assets and promoting the organic integration of state-owned resources and non-public capital in the process of mixed reform. (reporter Zhou Lei)

Eliminating the mixed Reform "Fuzzy Zone" and promoting the "Reform Mechanism" with "mixed Capital"

| gov.cn

SASAC issues operational guidelines for the Reform of mixed ownership of Central Enterprises

Eliminating the mixed Reform "Fuzzy Zone" and promoting the "Reform Mechanism" with "mixed Capital"

Recently, the State-owned assets Supervision and Administration Commission of the State Council issued the operational guidelines for the Reform of mixed ownership of Central Enterprises. This is another important measure for the State-owned assets Supervision and Administration Commission of the State Council to implement the decision-making arrangements of the CPC Central Committee and the State Council on the development of mixed ownership economy, and to actively, steadily and orderly promote the reform of mixed ownership in central enterprises.

The introduction of the "operational guidelines" has provided a systematic operational guide for the central enterprises to carry out mixed ownership reform, eliminated many 'fuzzy zones' in the previous mixed reform practice, and made enterprises dare to change and know how to do so. In order to play the role of mixing and changing the 'accelerator'. " Huang Qunhui, director of the Institute of Economics of the Chinese Academy of Social Sciences, pointed out that. The "operational guidelines" implement the spirit of the documents and relevant policies, such as the guiding opinions of the CPC Central Committee and the State Council on deepening the Reform of State-owned Enterprises, and the opinions of the State Council on the Development of mixed ownership economy by State-owned Enterprises. It is beneficial for central enterprises to standardize the work flow of mixed ownership reform, deepen the connotation of mixed ownership reform, promote "reform mechanism" with "mixed capital", and effectively improve the competitiveness, innovation, control, influence and risk resistance of central enterprises. Tamping the micro foundation of the basic socialist economic system.

Mixed reform is an important breakthrough in the reform of state-owned enterprises. Since the 18th CPC National Congress, the reform of mixed ownership in central enterprises has been steadily accelerated, and the reform atmosphere has been formed. The data show that the central enterprises have implemented more than 3700 mixed reforms, introducing more than 1 trillion yuan of non-public capital, and the proportion of enterprises with mixed ownership accounts for more than 70 percent, an increase of nearly 20 percentage points over the end of 2012. 65% of the total assets of the central enterprises have entered the listed companies, and 61% of the operating income and 88% of the total profits come from the listed companies. At the same time of "mixed capital", the "reform mechanism" is also constantly exploring. A number of popularizable and replicable experiences have been formed in corporate governance, the implementation of the functions and powers of the board of directors, the reform of the three systems, the incentive and restraint mechanism and the party building in mixed ownership enterprises.

It is worth noting that in the process of promoting mixed reform in central enterprises, there are still some problems, such as not daring to mix, unwilling to mix, mixing for mixing, mixing for mixing, heavy mixing, light reform, and so on, reflecting that some enterprises do not have a clear understanding of the purpose and significance of mixed reform. The goal and path of mixed reform are not clear, lack of top-level design and strategic considerations, worried about the risk of loss of state-owned assets in the process of mixing and so on.

This needs to adhere to the problem and goal-oriented, combined with practice, the courage to explore, multi-measures to solve at the same time. The operational guidelines were formulated by the State-owned assets Supervision and Administration Commission of the State Council on the basis of systematically combing the relevant laws, regulations and supporting policies involved in the reform of mixed ownership, and summing up the work of mixed ownership reform in central enterprises. The operational guidelines focus on the following areas:

Standardize the operation process of mixed ownership reform. The operational guidelines are clear, The reform of mixed ownership in central enterprises should generally perform the basic processes such as feasibility study, formulation of reform plan for mixed ownership, implementation of decision-making and examination and approval procedures, carrying out audit evaluation, introducing non-public capital investors, and promoting the reform of enterprise operation mechanism. The main contents of each process, the relevant provisions involved, the basic principles to be followed and the key issues of concern are described in detail.

-- to carry out cooperation with non-public capital through market-oriented means. The "operational guidelines" make it clear that the "mixed capital" link of central enterprises should give full play to the decisive role of the market mechanism and carry out openly, fairly, and impartially in the property rights market, the stock market, and other platforms. This paper explains the relevant provisions, working procedures and key matters of attention in the process of "mixed capital", such as the audit evaluation of assets, the implementation of mixed reform through the property rights market, and the implementation of mixed reform through the stock market.

-- promoting mixed enterprises to change their operating mechanisms. The operation guidelines clearly change the main contents of the enterprise operation mechanism, including perfecting the corporate governance structure and control mode, deepening the reform of the three systems, making good use of a variety of incentive and restraint mechanisms and strengthening the construction of the Party. The key contents, relevant regulations and guiding principles of the relevant work are described in detail.

-- combing the relevant support policies for the mixed reform of enterprises. The operational guidelines focus on the fiscal and tax support policies and land disposal policies related to the reform of mixed ownership. In addition, the laws, regulations and normative documents involved in the reform of mixed ownership are sorted out, and the 49 laws and regulations currently in force and issued publicly are listed as annexes, which can be used as a reference for enterprises in promoting the reform of mixed ownership.

The "operational guidelines" have strong guidance and pertinence, and they are also very normative, and they have meticulous control over the whole process of promoting mixed reform in central enterprises, whether they are key issues such as' mixed capital'or 'reform mechanism'. Some of the realistic 'pain points' and difficult problems encountered have given solutions and paths, which are quite encouraging. " Fan Zhi, secretary to the board of directors and director of the mixed Reform Office of China Salt Industry Group Co., Ltd., said that the sub-enterprises at all levels of the central enterprises, through the transfer of property rights, capital increase and share expansion, the initial listing of (IPO), and the assets reorganization of listed companies, The introduction of non-public capital and collective capital to implement mixed ownership reform, the relevant work can refer to the "operational guidelines".

The "operational guidelines" put forward that "enterprises to introduce non-public capital investors will be carried out in an open, fair and just manner, mainly through market-oriented platforms such as the property rights market and the stock market." It also makes clear the operational details of the selection of property rights trading institutions, information disclosure, investor selection, trade secret protection and transaction price determination. In this regard, Zhu GE, president of the Beijing property Exchange, said that unlisted central enterprises must operate through the open market platform of the property rights exchange by means of property rights transfer and capital increase and share expansion, and have a strong orientation. This provides a basic institutional support for the standardized operation of the mixed reform of central enterprises and the full discovery of the value of state-owned assets, and creates favorable conditions for maintaining and increasing the value of state-owned assets and promoting the organic integration of state-owned resources and non-public capital in the process of mixed reform. (reporter Zhou Lei)



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