5. Strictly implement various risk prevention and control measures
(18) Promote the revitalization of existing assets in a steady and orderly manner in accordance with laws and regulations. Strictly implement the requirements for preventing and resolving hidden local government debt risks, and strictly prohibit the addition of new local government hidden debts during the process of revitalizing existing assets. Adhere to the principle of marketization and rule of law, strictly implement the regulations on the supervision and management of state-owned assets, and do a good job in financial auditing, asset evaluation, decision-making approval, etc., except for situations stipulated in relevant policies, which should mainly be done through public * resource trading platforms and stock exchanges. , property rights exchanges and other open and transparent channels to reasonably determine transaction prices and strictly prevent the loss of state-owned assets. Fully protect the legitimate rights and interests of creditors and avoid any outstanding claims during the transfer of existing assets. We will take multiple measures to ensure employee placement and create good conditions and atmosphere for revitalizing existing assets. All projects planning to issue infrastructure REITs should comply with relevant requirements such as major national strategies, development plans, industrial policies, investment management regulations, etc. to ensure project quality and prevent market risks.
(19) Improve the compliance performance capabilities of professional institutions. Strictly implement the self-discipline rules, professional standards and business specifications of relevant intermediaries, promote intermediaries and others to perform their duties, and provide professional services such as due diligence, project evaluation, financial and legal consulting for revitalizing existing assets in accordance with laws and regulations. Actively cultivate professional institutions that serve to revitalize existing assets and improve professional service levels. Intermediaries that violate relevant laws and regulations will be held accountable in accordance with the law.
(20) Ensure the stable operation of infrastructure. For infrastructure projects with strong public attributes, the relationship between the public welfare and operational aspects of the project should be properly handled when revitalizing existing assets, and ensure that the investor introduces or establishes an infrastructure operator with strong capabilities and rich experience after taking over. Management agencies, maintain the stable operation of infrastructure, effectively protect the interests of the public, and prevent and resolve potential risks. Promote infrastructure REITs fund managers and operation management institutions to improve their operating mechanisms, better leverage the professional role of original equity holders in project operation management, and ensure the continued and stable operation of projects during the duration of the fund.
6. Establish a work ledger to strengthen organizational security
(21) Implement ledger management. Comprehensively sort out the status of existing assets in infrastructure and other fields in various regions, screen out projects that meet certain conditions for revitalization, establish a ledger for revitalizing existing assets, and implement dynamic management. According to the types and basic conditions of the items included in the ledger, the revitalization plan will be clarified one by one, and the responsible units and responsible persons will be implemented. Local people's governments at all levels should strengthen guidance and coordination, carry out regular project scheduling, sort out project progress, solve existing problems in a timely manner, and mobilize private investment participation.
(22) Establish and improve a coordination mechanism. Led by the National Development and Reform Commission, in conjunction with the Ministry of Finance, the Ministry of Natural Resources, the Ministry of Housing and Urban-Rural Development, the People's Bank of China, the State-owned Assets Supervision and Administration Commission of the State Council, the State Administration of Taxation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and other departments, we will strengthen information communication and policy coordination on the work of revitalizing existing assets, and establish Improve the working mechanism, clarify the division of tasks, provide guidance and supervision, coordinate and solve major problems, form a joint force, and report major matters to the Party Central Committee and the State Council in a timely manner. All regions have established relevant coordination mechanisms to effectively revitalize existing assets and recover funds for new project construction.
(23) Strengthen supervision, encouragement and guidance. For regions or units that have achieved outstanding results in revitalizing existing assets and expanding effective investment, we will actively provide incentives in appropriate ways; for those whose assets have been idle for a long time and whose revitalization work is ineffective, we will use interviews, accountability and other methods to increase supervision. In a timely manner, the progress of work related to revitalizing existing assets and expanding effective investment will be made a key inspection content of the State Council's general inspection. The study will encourage the revitalization of existing assets and incorporate them into the assessment and evaluation system of state-owned enterprises. For regions with high local government debt ratios, we will focus on urging them to reduce debt ratios and improve reinvestment capabilities by revitalizing existing assets. Information related to the revitalization of state-owned stock assets in the current year shall be included in the annual state-owned assets reports of local governments at all levels.
(24) Actively carry out pilot exploration. Based on actual work needs, select no less than 30 attractive and representative key projects across the country, and identify a group of relevant institutions that can provide strong support for revitalizing existing assets and expanding effective investment, and carry out pilot demonstrations. Develop experience and practices that can be replicated and promoted. Guide all regions to actively learn from advanced experience, study and formulate powerful and effective measures to revitalize existing assets according to local conditions, and prevent "one rush".
General Office of the State Council
May 19, 2022
(This document is publicly released)