The”Three-Year Action for State-owned Enterprises” will do eight major things! In terms of mixed reform, promote the listing of state-owned enterprises and encourage state-controlled listed companies to introduce strategic investors holding 5%or more of the shares
On October 12, the State Council Information Office held a regular policy briefing of the State Council. Weng Jieming, Deputy Director of the State-owned Assets Supervision and Administration Commission of the State Council, and Peng Huagang, Secretary-General and Spokesperson of the State-owned Assets Supervision and Administration Commission, on the implementation of the three-year action for state-owned enterprises and the promotion of the reform and development of state-owned enterprises Answered reporters’ questions.
Weng Jieming said that the three-year action plan for the reform of state-owned enterprises clearly stated that it is necessary to promote the listing of state-owned enterprises and increase the intensity of various reforms including the active and prudential promotion of mixed ownership reform.
“Although there is no specific indicator for the asset securitization rate, there is no doubt about this direction.” Weng Jieming said,”We will continue to cooperate with various ownership systems to carry out equity reforms to carry out various innovations. Promote the listing of enterprises. Listed companies are the main carrier of mixed ownership reform and an important channel to promote corporate internal governance. It is believed that after three years of reform, state-owned absolute holding, relative holding or state-owned capital participating listed companies representing the important characteristics of mixed ownership There will be more and more.”
Data shows that there are currently more than 1,000 state-controlled listed companies at all levels, accounting for about 26%of the A-share market and about 32%of the market value.
Image source:China Net
Focus on eight key tasks
Weng Jieming said that the three-year action for the reform of state-owned enterprises is the implementation of the”1+N” top-level design and policy system of the Party Central Committee and the State Council in the next three years. It is a specific construction drawing, and there are projects and time points for completion, which can be measured. , Can be assessed, must be implemented, and must be clearly explained to all parties in the society.
The three-year action of state-owned enterprise reform focuses on eight key tasks:
First, improve the modern enterprise system with Chinese characteristics, adhere to the”two consistent”, and form a scientific and effective corporate governance mechanism ;
The second is to promote the optimization and structural adjustment of state-owned capital, focus on the main responsibilities and main businesses, develop the real economy, promote high-quality development, and improve the efficiency of state-owned capital allocation;
Promote the reform of mixed ownership steadily, and promote enterprises of all types of ownership to learn from each other’s strengths and develop together;
Fourth is to stimulate the vitality of state-owned enterprises, improve market-oriented operating mechanisms, increase positive incentives, and thereby improve efficiency;
Fifth, form a state-owned asset supervision system focusing on capital management, focus on realizing changes from various aspects such as supervision concepts, supervision priorities, supervision methods, and supervision orientations, and further improve the systemic and pertinence of state-owned assets supervision , Effectiveness;
The sixth is to promote the fair participation of state-owned enterprises in market competition, strengthen the status of state-owned enterprises in the market, and create an open, fair and just market environment;
A series of special actions for the reform of state-owned enterprises have been implemented;
The eighth is to strengthen the party-leading party building of state-owned enterprises and promote the deep integration of party building work with the production and operation of enterprises.
He pointed out that in the next step, we must focus on the implementation of several aspects:First, grasp the implementation of responsibilities. It is necessary to clarify the direct responsibility system, sign a letter of responsibility, and achieve the goal of grasping one level at a time, and grasping at the end. Second, in accordance with the requirements of the three-year action for the reform of state-owned enterprises, combined with the actual conditions of each enterprise, the implementation of the region and the enterprise should be done in a solid manner. Third, promote grassroots innovation. Under the premise of adhering to the correct reform direction, localities must be given greater reform autonomy, and enterprises must be encouraged to boldly experiment and venture to open up a new world of state-owned enterprise reform. Fourth, we must do a good job in supervision and assessment. The SASAC has established an online supervision system to include key items. At the same time, it has also formulated a relatively clear assessment method, which is actually a wall chart operation and seeks practical results.
Five aspects actively promote mixed ownership reform
Weng Jieming expressed that he actively and steadily promotes mixed ownership reform , Has made a series of progress.
First, the field and scope of mixed reforms have been continuously expanded. Since 2013, the number of mixed reforms promoted by central enterprises has reached 4,000, and various types of social capital have been introduced over 1.5 trillion yuan. According to statistics, the number of mixed reform enterprises has exceeded that of central enterprises as legal entities. For more than 70%of the total, listed companies have become the main carriers of mixed reform. Statistics show that the total assets of listed companies account for 68%of the central enterprises as a whole, and their profits account for 86%.
The second is to effectively promote the transformation of the operating mechanism. In order to promote reform by mixing, mixed-ownership enterprises have made important progress in promoting the formation of a modern enterprise system with Chinese characteristics, the reform of the labor and personnel distribution system, and the formation of medium and long-term incentive mechanisms. Something like Hikvision, Wanhua Chemical, China Jushi and a batch of mixed-reform enterprises with exemplary and benchmarking significance.
The third is to continuously enhance the influence and motivation of state-owned capital. According to statistics, in the owner’s equity of central enterprises, the proportion of minority shareholders’ equity formed by the introduction of social capital has increased from nearly 27%at the end of 2012 to the current 38%. From January to August this year, central SOEs introduced more than 170 billion yuan of social capital through investment, mergers and acquisitions, capital increase and share expansion, an increase of 28%year-on-year. At the same time, through the cooperation of industrial chain and supply chain, the central enterprises have coordinated development with the vast number of private enterprises and small and medium-sized enterprises. They have invested in more than 6000 non-public enterprises, and the total investment has exceeded 400 billion yuan. Leading”hidden champions” and leading enterprises in various fields.
Weng Jieming pointed out that the next step will be to combine the three-year action of state-owned enterprise reform, to adhere to the party’s leadership as the fundamental principle, to avoid the loss of state-owned assets as the bottom line of work, and to stimulate vitality and improve efficiency as the specific path. We actively and steadily push forward the reform of mixed ownership with the requirements of”independence is appropriate, control is appropriate, and participation is appropriate”.
The first is to promote reforms in layers and categories. Mixed reform is more focused on state-owned capital investment companies, operating companies funded enterprises and commercial sub-enterprises.
The second is to rationally design and optimize the ownership structure. Encourage state-controlled listed companies to introduce strategic investors who hold 5%or even more than 5%of the shares to participate in governance as active shareholders. As for non-listed companies, the corresponding shareholding ratio can be larger.
The third is the in-depth transformation of the operating mechanism. Support and encourage state-owned enterprise groups to implement more market-oriented and differentiated management and control of relatively controlled mixed-ownership enterprises, and hope that the mixed-reformed enterprises will take the lead in breaking through the labor and personnel distribution mechanism.
Fourth, we must take mixed ownership reform as the starting point, and continuously deepen cooperation with private enterprises and small and medium-sized enterprises in the industrial chain and supply chain to form a situation of mutual integration and common development.
Fifth, we must always adhere to the party’s leadership and party building.
Support the merger and reorganization of state-owned and private enterprises
“We have never No boundaries have been set for the merger and reorganization and professional integration of state-owned and private enterprises.” Weng Jieming said that he naturally supports the merger and reorganization of state-owned and private enterprises, as well as the merger and reorganization between central enterprises and central enterprises, and supports central and local state-owned enterprises The key point of mergers and reorganizations is to grasp the principle of seeking truth from facts. As long as mergers and reorganizations can enhance the competitiveness of enterprises, they can avoid disorderly competition between enterprises and can better enhance the concentration of industries.
Weng Jieming said that the next step will focus on the strategy of serving the country, combined with the preparation of the”14th Five-Year Plan”, to further promote the optimization and structural adjustment of state-owned capital.
First, promote state-owned enterprises to vigorously develop the real economy around their main responsibilities and businesses, so that state-owned capital advances and retreats. Promote the concentration of state-owned capital in important industries that are related to national security and the lifeline of the national economy, to industries that are related to national economy and people’s livelihood, emergency response capacity building, and public welfare, and to strategic emerging industries.
Secondly, to promote the adjustment of industrial structure and enhance the stability and competitiveness of the industrial chain and supply chain.
Thirdly, promote coordinated regional development in combination with the country’s major regional development strategies.
Fourth, increase the cultivation of new kinetic energy and build a new pattern of high-quality development. Guide and promote central enterprises to invest more in the construction of new infrastructure such as 5G, industrial Internet, artificial intelligence, and data centers, promote the in-depth integration of a new generation of information technology and industry, and promote the digital and intelligent transformation of central enterprises and local state-owned enterprises. A series of methods cultivate a group of world-class enterprises with global competitiveness.
Focus on the three major directions of state-owned enterprise reform
Zhu Bin, chief strategy analyst at Southwest Securities believes , State-owned enterprise reform has once again entered an acceleration stage. As the reform of state-owned enterprises deepens, the potential of state-owned enterprises will be released step by step.
Currently, there are three major directions that will become the key content of the reform of state-owned enterprises in the next three years, which are worthy of market attention:First, the reform of mixed ownership will continue to advance. The mixed reform in the next three years will be mainly promoted in three aspects. One is to focus on promoting mixed reforms in competitive fields. The second is”two-way” mixed reform. The third is to promote the”reform mechanism” with”mixed capital”.
Second, to further promote equity incentives and stimulate the vitality of the management of state-owned enterprises. Under the guidance of the registration system, the upper limit of equity incentives has been greatly increased among newly listed companies.
Thirdly, accelerate the promotion of multiple special actions to promote the reform of state-owned enterprises. The direction of the SASAC to promote the reform of state-owned enterprises is becoming clearer and faster. It is expected that in the future state-owned enterprise reform process, special actions for the reform of state-owned enterprises will be vigorously promoted, such as”Double Hundred Action”,”Regional Comprehensive Reform Experiment”,”Science Reform Demonstration Action” and other special projects to give play to the advanced and leading role of the demonstration zone. Promote the development of state-owned enterprises.
From the perspective of investment strategy, it is recommended to pay attention to two major aspects of the target. First, state-owned enterprises with excellent quality, good track, and stable industry position can enhance their competitiveness through mixed reform and equity incentives; second, state-owned enterprises that can greatly increase the upper limit of equity incentives and large-scale equity incentives.