During the two sessions, some representatives proposed to use the profits of state-owned enterprises in the next two years to issue 4 trillion yuan in "consumer vouchers" to all Chinese citizens.

Leave aside whether these proposals are feasible or not, let us first look at some data.

Between 1994 and 2007, state-owned enterprises basically did not turn over profits; in 2009, the proportion of profits turned over by state-owned enterprises was 6%

Some scholars analyze that from 1998 to 2005, the total profits of state-owned profit-making enterprises were nearly 5 trillion yuan, but they were not turned over to the national finance as public expenditures for the people. State-owned enterprises occupied a large amount of social resources to turn losses into profits. However, it is not proportional to the part that is given back to society and paid profits and taxes for the secondary redistribution of national income. State-owned enterprises should increase dividends to benefit all people.

The fact is that since the reform and opening up, the profit distribution system of state-owned enterprises has been different at different stages. From the founding of the People's Republic of China to 1978, our country implemented a distribution system of unified revenue and expenditure. State-owned enterprises turned over their profits in full, and then obtained all the funds needed to invest and make up for losses from the national finance. During this period, corporate incentive funds and super-planned profit sharing systems were implemented successively, but the retained profits accounted for a very small proportion of realized profits. In 1978, the state-owned enterprise management system reform with the main content of delegating power and transferring profits began, gradually expanding the management autonomy of managers and allowing enterprises to retain profits. The higher the profit, the more profit can be left, part of which can be used for collective welfare and employee rewards. Subsequently, in 1988, pilot tax and profit diversion and the implementation of various forms of operating contract responsibility systems began. Starting in 2008, the Ministry of Finance, in conjunction with the State-owned Assets Supervision and Administration Commission, has explicitly required centrally managed first-level enterprises to hand over profits by category. In 2010, the total profit of all central enterprises was 1,131.5 billion yuan. The profit distribution achieved by central enterprises is generally divided into four parts: 25% income tax paid

, about 25% attributed to minority shareholders

, and about 25% statutory retention by the enterprise

< p>, the last remaining 25% is the profit at the parent company’s disposal, which is about 280 billion yuan. It is estimated from this that the state-owned capital gains turned over are only tens of billions of yuan.

In other words, the total profits of central enterprises can reflect the operating conditions of central enterprises, but it does not mean that enterprises can get so much real money. After deducting income tax, income attributable to minority shareholders and statutory provident funds, the parent company's disposable profits are only about 1/4 of the total profits. Moreover, it should also be noted that when state-owned enterprises obtain high profits through monopoly, they ignore the losses caused by state-owned enterprises due to national policy regulation. Of course, state-owned enterprises also shoulder social responsibilities that other enterprises cannot match.

According to the survey, these profits are mainly used in the following four aspects: solving the historical burden of the enterprise, making up for the lack of state-owned capital investment, expanding reproduction and investing in scientific and technological innovation.

In recent years, state-owned enterprises have borne huge expenses such as corporate social services, resettlement of redundant employees, and coordination of retired personnel. The resettlement of large collective personnel in factory offices alone requires about 100 billion yuan.

Currently, the average asset-liability ratio of more than half of central enterprises exceeds 65%

Especially for central enterprises related to the national economy, people's livelihood and national security, such as aviation, power generation, and military industries, the asset-liability ratio is much higher at an internationally recognized level. At the same time, central enterprises also shoulder the important task of developing the country's basic industries and pillar industries, which require huge investment in fixed assets. For example, subsequent oil resource exploration and continuation, power grid construction and transformation, etc. require large-scale investment every year. In addition, central enterprises also need investment in promoting national key science and technology projects and improving independent innovation capabilities.

Billion yuan, according to the provisions of the State Council, China Tobacco and other companies with the highest proportion of after-tax profits, the maximum is 15%

The World Bank recommends, "If 50% of state-owned enterprises Including profits in the fiscal budget can increase expenditures on education and health care by 85%

Obviously, the profits of state-owned enterprises bring too much awareness to the public. When used for the development of enterprises themselves, the public believes that it weakens the "fairness" of state-owned enterprises' business objectives. Dividends from state-owned enterprises should expand the proportion of people's livelihood distribution and benefit the people. This is not only a need to protect and improve people's livelihood, but also a need to expand domestic demand, promote economic development, and shorten the gap with developed countries.

As we all know, the investors of state-owned enterprises are the people of the whole country, so it is logical for the public to enjoy the welfare of investment income, that is, the substantial increase in profits of state-owned enterprises.

However, at present, the dividends of state-owned enterprises mainly flow to key state-owned industries and key fields, focusing on the development of competitive state-owned economies. Only a small part is used for education, especially rural compulsory education, medical care, pensions, social security, and rural areas. Construction and other areas related to people's livelihood.

Observers believe that increasing national finances through state-owned capital gains can support large-scale social welfare undertakings in the form of public expenditures, such as filling the huge gap in the pension system and supporting government education and medical care. Spending, etc., can guide the public to reduce precautionary savings, stimulate consumer confidence, and promote long-term sustainable economic growth.