10% equity transfer of state-owned enterprises to social security fund by the end of next year

| gov.cn

10% equity transfer of state-owned enterprises to social security fund by the end of next year

By the end of September, $860.1 billion had been completed

In order to enhance the sustainability of the social security fund and further consolidate the foundation of the old-age security system, the executive meeting of the State Council on 10 July decided to comprehensively push forward the 10% state-owned equity rights of the central and local state-owned and state-controlled large and medium-sized enterprises and financial institutions this year. Transfer to the Social Security Foundation and local relevant undertakers, and as financial investors, in accordance with the provisions of the right to income and other rights. Liu Kun, minister of finance, said a few days ago that transferring some state-owned capital to enrich the social security fund is an important measure to effectively solve the gap in the basic old-age insurance fund, and is the objective need to adhere to the people-centered development idea, ensure and improve people's livelihood. Local financial departments should resolutely implement the decision-making arrangements of the CPC Central Committee and the State Council, make concerted efforts with relevant departments, be pragmatic and efficient, and complete the transfer work by the end of 2020.

At present, with the joint efforts of all parties, the transfer work has achieved preliminary results. By the end of September this year, the transfer of three batches of 67 central enterprises and central financial institutions had been completed, with a total transfer of state-owned capital of about 860.1 billion yuan, of which the transfer of central financial institutions by the Ministry of Finance to perform the duties of investors had been basically completed.

At the same time, the preliminary work of the transfer of local enterprises has been carried out one after another. By the end of 2018, the pilot work in Zhejiang and Yunnan provinces had been basically completed. Zhejiang Province selected 40 pilot enterprises to transfer state-owned capital of 15.8 billion yuan, and Yunnan Province selected 13 provincial-owned enterprises to transfer 18.5 billion yuan of state-owned capital. Preparatory work for the transfer has been carried out in other provinces one after another.

The Ministry of Finance, in conjunction with relevant departments, will carry out in-depth investigation and research, track the progress of the work, and lay the foundation for the next study and formulation of supporting policies for the operation and management of the transfer of state-owned capital and the specific use of the collected funds by the central finance. (reporter qu Zhe Han)

10% equity transfer of state-owned enterprises to social security fund by the end of next year

| gov.cn

10% equity transfer of state-owned enterprises to social security fund by the end of next year

By the end of September, $860.1 billion had been completed

In order to enhance the sustainability of the social security fund and further consolidate the foundation of the old-age security system, the executive meeting of the State Council on 10 July decided to comprehensively push forward the 10% state-owned equity rights of the central and local state-owned and state-controlled large and medium-sized enterprises and financial institutions this year. Transfer to the Social Security Foundation and local relevant undertakers, and as financial investors, in accordance with the provisions of the right to income and other rights. Liu Kun, minister of finance, said a few days ago that transferring some state-owned capital to enrich the social security fund is an important measure to effectively solve the gap in the basic old-age insurance fund, and is the objective need to adhere to the people-centered development idea, ensure and improve people's livelihood. Local financial departments should resolutely implement the decision-making arrangements of the CPC Central Committee and the State Council, make concerted efforts with relevant departments, be pragmatic and efficient, and complete the transfer work by the end of 2020.

At present, with the joint efforts of all parties, the transfer work has achieved preliminary results. By the end of September this year, the transfer of three batches of 67 central enterprises and central financial institutions had been completed, with a total transfer of state-owned capital of about 860.1 billion yuan, of which the transfer of central financial institutions by the Ministry of Finance to perform the duties of investors had been basically completed.

At the same time, the preliminary work of the transfer of local enterprises has been carried out one after another. By the end of 2018, the pilot work in Zhejiang and Yunnan provinces had been basically completed. Zhejiang Province selected 40 pilot enterprises to transfer state-owned capital of 15.8 billion yuan, and Yunnan Province selected 13 provincial-owned enterprises to transfer 18.5 billion yuan of state-owned capital. Preparatory work for the transfer has been carried out in other provinces one after another.

The Ministry of Finance, in conjunction with relevant departments, will carry out in-depth investigation and research, track the progress of the work, and lay the foundation for the next study and formulation of supporting policies for the operation and management of the transfer of state-owned capital and the specific use of the collected funds by the central finance. (reporter qu Zhe Han)






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