that is, selling some state-owned enterprises to private bosses

that is, the shareholding system reform

The shareholding system, also known as "share economy", refers to an economic organization form in which scattered factors of production belonging to different people are concentrated, used uniformly, managed rationally, self-financed and distributed by shares. It is also a form of enterprise property ownership

and also the main realization form of public ownership

The Third Plenary Session of the 16th CPC Central Committee proposed to actively promote various effective realization forms of public ownership, vigorously develop the mixed ownership economy with state-owned capital, collective capital and non-public capital, realize diversification of investors, and make the shareholding system the main realization form of public ownership. This is a major breakthrough in the understanding of the realization form of public ownership in China, which opens up a new road for the realization form of public ownership economy and will greatly liberate and develop China's social productive forces. As a form of capital organization of modern enterprises, the shareholding system is conducive to the separation of ownership and management rights and to improving the operational efficiency of enterprises and capital. According to the report of the 15th National Congress of the Communist Party of China, capitalism can be used as well as socialism. It can't be said in general that the shareholding system is public or private. The key depends on who holds the controlling stake. Throughout the reform practice for more than ten years, people have a gradual and in-depth understanding of the consolidation and development of the public sector of the economy and its realization forms, forming a clearer context. In the past, people often thought that the shareholding system and public ownership were incompatible, but in the continuous practice and exploration, after the implementation of the shareholding system, state-owned enterprises did have irreplaceable advantages, effectively promoting the reform of internal mechanisms of enterprises and inspiring the enthusiasm of enterprises and employees. From 1984 to the end of 1991, 3,2 enterprises in the pilot joint-stock system in China had a large annual increase in output value and tax profits, which was higher than that of other state-owned enterprises. By 1992, China was ready to expand the pilot joint-stock system. The report of the 14th National Congress of the Communist Party of China pointed out that the joint-stock system is conducive to separating government from enterprises, transforming the operating mechanism of enterprises and accumulating social funds. It is necessary to actively carry out pilot projects, sum up experience, and promptly formulate and implement relevant laws and regulations, so as to make them develop in an orderly and healthy way. Encourage qualified enterprises to unite and merge, and form enterprise groups reasonably. Some small state-owned enterprises can be leased or sold to collectives or individuals. With the deepening of the economic system reform aimed at establishing the socialist market economic system and the deepening of the understanding of the realization forms of ownership, the 15th National Congress of the Communist Party of China in 1997 proposed that the realization forms of public ownership can and should be diversified, and all management methods and organizational forms that reflect the laws of socialized production can be boldly utilized. At the same time, the report of the 15th National Congress of the Communist Party of China clearly affirmed the shareholding system, the capital organization form of modern enterprises, and made a major theoretical breakthrough, indicating that ownership and the realization form of ownership are two different concepts, and the shareholding system can be the realization form of ownership, and its own name is neither "society" nor "capital". Under the guidance of this spirit, the realization form of public ownership began to find more new ways. After five years of development, the shareholding system has gradually become the main form of corporate ownership in China. Joint-stock enterprises developed rapidly. From 1997 to 21, the number of joint-stock enterprises in China increased from 72, to nearly 3,. The number of employees increased from 6.437 million to 27.466 million; The annual operating income increased from 831.1 billion yuan to 5673.3 billion yuan. The 16th National Congress of the Communist Party of China pointed out that we should further explore various effective forms of public ownership, especially state ownership, and vigorously promote the innovation of enterprise system, technology and management. Except for a few enterprises that must be wholly owned by the state, we will actively promote the shareholding system and develop a mixed ownership economy. At the Third Plenary Session of the 16th CPC Central Committee, which is of great significance to the improvement of China's socialist market economic system, it was proposed for the first time that we should vigorously develop the mixed ownership economy, realize the diversification of investors, and make the shareholding system the main form of public ownership. This is a big breakthrough. The previous formulation mainly shows that the shareholding system is a form of public ownership, but now it clearly puts forward the policy of "making the shareholding system the main form of public ownership". This means that China has a new way of thinking on how to fully understand public ownership, and has completely got rid of the understanding of public ownership under the planned economy, and the speed of diversification of state-owned enterprises will be greatly accelerated. Since the reform and opening up, with the continuous development of economic marketization, every breakthrough and innovation of economic theory in China will bring great vitality to the development of national economy. This time, we also have every reason to believe that with the shareholding system becoming the main form of public ownership in China, it will play an important role in the new stage of socialist development, and the huge productive forces contained in public ownership in China will be further liberated and developed, adding new strength to building a well-off society in an all-round way.

The classical Marxist theory holds that the shareholding system is a sublation of capitalism and a transition point from capitalism to socialism. It is not capitalist in itself, so it can be used by capitalism as well as socialism. The emergence of joint-stock companies in capitalism meets the needs of capital socialization and production socialization, and promotes the development of capitalist society and economy. Under socialist conditions, the trial implementation of the joint-stock system can expand the position of public ownership, gradually establish a modern enterprise system and promote the continuous development of the socialist economy. At present, the situation facing China's economic development is still grim, the problem of weak market has not been fundamentally solved, the price stability is supported by financial subsidies, the industrial growth rate is maintained by bank loans, and there are abnormal phenomena such as excessive money and shortage of funds (due to credit specifications). By issuing stocks and bonds, enterprises can directly raise funds from the market, which can reduce the pressure of bank funds supply, and can also divert some savings deposits and directly convert them into funds needed for production and construction. Although the current enterprise contract system has promoted production to some extent, it has not fundamentally solved the problems of self-restraint mechanism and self-development ability of enterprises, so the implementation of joint-stock system is still a topic to be discussed in strengthening enterprise reform. At present, it is the best time to try out the joint-stock system. The reasons are as follows: 1. Affected by the "stock fever" in Shenzhen, the people's financial awareness and investment awareness, especially the awareness of stock investment, have been greatly enhanced, providing objective conditions for stock issuance; 2. At present, the market weakness faced by economic development is, in the final analysis, the weak product structure. By developing the stock market and according to the requirements of the national industrial policy, timely inject funds into enterprises that adjust their industrial structure and product structure, so as to accelerate the pace of adjustment and promote the sustained, stable and coordinated economic development; 3. At present, there are a considerable number of hot money in the society seeking a way out. Of course, some of them can be absorbed through banks, but there are still a considerable number of hot money waiting for action. The amount of funds owned by enterprises and cash held by residents is considerable. If the stock market can be developed in a timely manner, it can not only give full play to the functions of market financing and capital proliferation, but also receive the effect of "introducing foreign capital without borrowing, attracting domestic capital without increasing domestic debt", thus promoting the pace of financial reform, effectively controlling the release of extra-budgetary funds, guiding residents' consumption, and raising more construction funds for some consumption funds to accumulate funds; 4. The trial joint-stock system and the issuance of shares can spread the investment risks, and spread the risks that used to be borne by one country to all shareholders, effectively avoiding big fluctuations in the economy and maintaining the steady development of the economy. China is in the primary stage of socialism, and the development of joint-stock companies is of great significance for perfecting socialist relations of production and further developing social productive forces, which are mainly manifested in the following aspects: 1. Socialist enterprises implement joint-stock system, which realizes the separation of enterprise ownership and management right. The state is only one of the owners of the enterprise, and it no longer has all the means of production. Collectives, individuals and foreign investors can all become part owners of enterprises. Shareholders have the right to participate in the operation and management of the enterprise, and the board of directors is responsible for making major decisions on the investment and development direction of the enterprise, and handing over the daily work to the factory director (manager) elected by the board of directors. Employees' shareholding will directly combine ownership with workers, and the purpose of labor will be more clear, and their enthusiasm will be greatly improved. In this way, by decentralizing ownership, the joint-stock system has changed the original administrative relationship between the state and enterprises into an economic constraint relationship. With the expansion of the autonomy of enterprises, the vitality of enterprises will inevitably increase. 2. Joint-stock companies are an effective way to raise social funds. In the primary stage of socialism, the shortage of funds will not disappear, and it is difficult to meet the capital needs of production and construction by relying solely on finance and banks. It is of great significance to alleviate the shortage of funds by raising funds through shares and asking for funds from the society and changing the past situation of indirect financing by a single bank. 3. Joint-stock enterprises mainly rely on issuing stocks to raise funds and conduct production activities. Subscribing for shares is not restricted by regions, urban and rural areas, public and private, and internal and external restrictions, and depends entirely on the free choice of shareholders. The purpose of shareholders is to obtain more dividends and dividend income. There is no doubt that the stocks of well-run and profitable enterprises will be favored, and funds will flood into advanced enterprises in large quantities, which will play a role in encouraging the advanced. The dividends and bonuses of advanced enterprises' stocks are higher than those of ordinary enterprises, so there are many shareholders and the newly issued stocks are easy to sell. The trading of shares is smooth, the stock price is on the rise in the securities market, and the assets of shareholders holding the shares of the enterprise are increased, which will improve the status and reputation of the enterprise and strengthen the competitiveness of products. 4. The organizational form of shareholders' meeting and board of directors is a good form of democratic management of enterprises. Shareholders participate in the business decision-making of the enterprise and decide the leaders. They can choose people who are proficient in business and talented to be the leaders of enterprises, so as to ensure that the business operation mode of enterprises is right and the business effect is outstanding. 5. The shareholding system can promote the horizontal flow of talents. Managers and scientific and technological personnel with knowledge and professional ability can easily realize their desire to work in promising enterprises. Advanced enterprises will be strengthened in talent and manpower. After the implementation of the shareholding system, the horizontal exchange of technology has developed. New technologies and inventions are willing to be popularized in advanced enterprises, and advanced enterprises also have the conditions and ability to buy new technology patents, so that enterprises can get the support of new technologies. 6, joint-stock company form is conducive to mobilize the enthusiasm of enterprise employees, enterprise owners and managers. The income of employees in joint-stock companies is directly linked to the company's operating results, which can fully mobilize the enthusiasm of enterprise employees. The property of a joint-stock enterprise is the * * * property of the shareholders, and all the shareholders, that is, the owners, will care about the quality of the company's operation from their own interests. Joint-stock enterprises have realized the separation of enterprise management right and management right, enterprise managers have autonomy in business decision-making, and managers implement appointment system, which greatly strengthens their sense of responsibility and enthusiasm.