Interpretation of Hubei State-owned Enterprise Reform Scheme, List of Hubei State-owned Enterprise Reform Scheme Timetable

The news that the top-level design scheme of state-owned enterprise reform is expected to be launched in the near future has aroused concern. At the same time, the reform of state-owned enterprises in the A-share market is also very active, and all walks of life place great hopes on the breakthrough of state-owned enterprise reform.

although the top-level plan has not yet been issued, in the past year or so, many state-owned enterprise reform plans have been issued, and these plans have also revealed some signals of state-owned enterprise reform.

Just one month after the decision of the Third Central Committee of the 18th CPC Central Committee was announced, Shanghai took the lead in issuing the Opinions on Further Deepening the Reform of State-owned Assets in Shanghai and Promoting the Development of Enterprises. According to the statistics of China Youth Daily reporters, as of press time, 22 provinces, autonomous regions and municipalities such as Shanghai, Liaoning, Hunan and Tianjin have issued "Opinions on Deepening the Reform of State-owned Assets and State-owned Enterprises".

the other nine provinces, autonomous regions and municipalities have not issued a complete "opinions on deepening the reform of state-owned assets and state-owned enterprises". However, according to the minutes of public meetings and media reports, the "Opinions on Deepening the Reform of State-owned Assets and State-owned Enterprises" in Hebei and Shaanxi have been deliberated and adopted by the Hebei Provincial Government Executive Meeting and the Shaanxi Provincial Party Committee's Leading Group for Comprehensively Deepening Reform, but they have not yet been announced.

SASAC staff in Hainan, Tibet, Xinjiang and Inner Mongolia told China Youth Daily that they were waiting for the top-level design at the national level.

Li Jin, an expert on state-owned assets and chief researcher of China Enterprise Research Institute, told China Youth Daily that on March 5th this year, Premier Li Keqiang emphasized the orderly promotion of mixed ownership. At present, some provinces are in the wait-and-see stage.

developing mixed ownership economy

developing mixed ownership economy is the top priority of state-owned enterprise reform.

China Youth Daily reporter combed the full text or interpretation of the Opinions on State-owned Enterprise Reform published by 22 provinces, autonomous regions and municipalities (hereinafter referred to as "Opinions of 22 provinces, autonomous regions and municipalities"), and found that there are many ways to realize diversification of investment subjects, including introducing strategic investors, promoting enterprise restructuring and listing, exploring employee stock ownership, attracting equity investment funds to participate in shares, and guiding social capital into public projects.

promoting enterprise restructuring and listing is one of the important paths to optimize the ownership structure of state-owned enterprises and realize mixed ownership. In the Opinions of 22 provinces, autonomous regions and municipalities, promoting the listing of state-owned enterprises has occupied a large space, and some provinces have also put forward specific listing plans. For example, Gansu proposed that by 22, there should be more than 15 listed companies in provincial enterprises, and each provincial large enterprise group should have at least one listed company.

some provinces have also made detailed regulations on absorbing shares of equity investment funds and social capital.

For example, Guangxi proposes to encourage and support non-state-owned capital to participate in the restructuring and reorganization of state-owned enterprises, the capital increase and share expansion of state-controlled listed companies, and the project investment of state-owned enterprises through various means such as capital contribution, equity acquisition, subscription of convertible bonds, and financial leasing. Chongqing divides non-state-owned capital into "private capital, foreign capital, pension funds, insurance funds, social security funds, industrial investment funds, government guidance funds, sovereign funds and other new social capital".

in addition to restructuring and listing and non-state-owned capital participation, employee stock ownership in mixed-ownership enterprises is also a hot social reform plan recently. China Youth Daily reporter found that 2 provinces, autonomous regions and municipalities have put forward employee stock ownership plans.

Among them, Heilongjiang has refined the scope of employees and shareholding methods, allowing managers, business backbones and core technicians in key positions of competitive enterprises to participate in the enterprise restructuring in various ways, such as cash, technology, employee-owned companies, trust companies and shareholding funds. Shandong has made regulations on the industries where employee stock ownership is carried out, and encouraged transformed scientific research institutes, high-tech enterprises and modern service enterprises that are engaged in completely competitive business and have a high contribution of human capital elements to implement employee stock ownership.

It is worth noting that four provinces have put forward mixed ownership reform indicators in their plans.

Chongqing proposed that "about two-thirds of state-owned enterprises will develop into mixed ownership enterprises" through three to five years' efforts. Jiangxi proposes to make about 7% of state-owned enterprises develop into a mixed ownership economy by 22. Zhejiang proposed that through three to five years' efforts, "the proportion of households in provincial enterprises with mixed ownership will reach 75%". Henan proposes that by 22, the proportion of mixed-ownership enterprises in the province will reach more than 8%.

Managing assets instead of managing capital

In the Opinions of 22 provinces, autonomous regions and municipalities, improving the management system of state-owned assets is also a key link. Some provinces have proposed that the supervision system of state-owned enterprises will shift from asset management to capital management in accordance with the principles of separation of government and enterprise, separation of government and capital, and separation of ownership and management.

the basis of optimizing the state-owned assets supervision system is to supervise state-owned enterprises in a classified way. According to the China Youth Daily reporter, 2 provinces mentioned the content of classified supervision.

according to different strategic positioning, development goals and status, most provinces divide state-owned enterprises into three categories. Among them, Beijing, Gansu, Hubei, Jiangsu and other nine provinces adopt the classification standards of competition, function and public service. Guangxi, Heilongjiang, Hunan and Liaoning are slightly different, except that the competition category and function category are the same as the former, and they call the state-owned enterprises corresponding to the public service category as public welfare category. Ningxia divides state-owned enterprises into three types: public welfare, profit-making and function.

in addition, two provinces have adopted the dichotomy. Guangdong divides it into quasi-public enterprises and competitive enterprises, while Sichuan "divides state-owned enterprises into functional and competitive types in principle".

it is worth noting that the classified nature of enterprises will determine what kind of regulatory policies the state-owned assets department adopts.

taking Hunan as an example, public welfare state-owned enterprises, including enterprises in important areas of people's livelihood such as urban water supply and gas supply, public transportation network and municipal public operation resources, adopt the organization form of wholly state-owned or state-owned absolute holding company. Functional state-owned enterprises, including government investment and financing platforms or state-owned capital investment and operation companies, as well as enterprises in the fields of important resource development and major infrastructure construction, remain wholly state-owned or state-controlled. Competitive state-owned enterprises should be liberalized in accordance with the requirements of mixed ownership economy, and state-owned capital should be advanced and retreated. For enterprises with competitive advantages, state-owned holding should be maintained.

In addition, the decision of the Third Plenary Session of the 18th CPC Central Committee clearly pointed out that "improving the budget system of state-owned capital operation and increasing the proportion of state-owned capital gains turned over to public finance" was also reflected in most provinces.

all these provinces have promised to increase the proportion of state-owned capital gains, and some provinces have also given clear targets according to the requirements of the decision of the Third Plenary Session of the 18th CPC Central Committee. Among them, Beijing, Hunan, Jiangsu, Shandong and other six provinces proposed that the proportion of state-owned capital gains turned over to the public finance should be increased to 3% in 22, and Chongqing and Jiangxi set the target completion period of 3% as 217 and 218 respectively. Tianjin proposed to gradually increase the proportion of state-owned capital gains, increasing by 1 percentage point every year.

Li Jin told China Youth Daily that from 1999 to 27, state-owned enterprises encountered difficulties and tens of millions of people were laid off, and the state did not ask them to hand over their profits. In 27-21, the state-owned enterprises had a good time, and they began to turn over their profits, and the state would return them. , the state regulations basically turned over to 5%. Therefore, compared with historical data, the proportion of 3% state-owned capital gains turned over is still very high.

improve the rate of securitization of state-owned capital

the decision of the third plenary session of the 18th CPC central Committee pointed out that the investment and operation of state-owned capital should serve the national strategic objectives and invest more in important industries and key areas related to national security and the lifeline of the national economy. Therefore, improving the concentration of state-owned capital is conducive to optimizing the layout of China's state-owned economy.

The reporter of China Youth Daily found that 15 provinces clearly put forward the concentration degree of state-owned capital. Among them, 12 provinces including Beijing, Gansu, Guangxi and Henan all proposed to concentrate 8% of state-owned capital in important industries and key areas.

in addition, Guangdong pointed out that more than 7% of provincial state-owned capital is concentrated in basic, public, platform, resource, leading and other important industries and key fields. Tianjin proposes that by the end of 217, 9% of state-owned capital will be concentrated in important industries and key areas. Zhejiang pointed out that through three to five years' efforts, the concentration of state-owned capital in key areas and advantageous industries such as infrastructure and people's livelihood security, strategic emerging industries, advanced manufacturing and modern service industries has reached over 9%.

At the same time, nearly half of the provinces have set targets for the securitization rate of state-owned capital.

Tianjin proposes that by the end of 217, the securitization rate of operating state-owned assets will reach 4%. Beijing, Gansu, Heilongjiang and Hubei have proposed that the securitization rate of state-owned capital will reach more than 5% by 22. Jiangxi and Henan propose that the securitization rate of state-owned capital will reach 6% by 22. Zhejiang proposed that "the securitization rate of state-owned assets will reach about 75%" through three to five years' efforts. Hunan proposes that the securitization of state-owned assets will reach about 8% by 22. Chongqing proposes that "more than 8% of the state-owned capital of competitive state-owned enterprises will be securitized" through three to five years' efforts.

In this regard, Xiao Yimin, director of the Institute of Economics of Hunan Academy of Social Sciences, believes that the process of asset securitization of state-owned enterprises in China is long, and the asset securitization rate of enterprises of different development stages and sizes is bound to be different, and the target of asset securitization rate proposed by different places will be different. For example, in several central provinces, compared with the total scale of state-owned assets in Hunan Province, the listing ratio of Hunan state-owned enterprises is relatively high.

Xiao Yimin told China Youth Daily that the securitization of state-owned assets is of great significance to the reform of state-owned enterprises at this stage. It is not only conducive to the diversification of state-owned capital equity, but also increases the property rights restraint ability of public capital; It can also increase the liquidity of state-owned capital and improve the allocation efficiency and operation efficiency of state-owned capital. In addition, the securitization of state-owned assets can also expand the source of funds and provide a way for direct financing in the primary market.

Marketization of employment

Perfecting the modern enterprise system is also an important content in the reform plan of local state-owned enterprises.

In terms of corporate governance structure, the Opinions of 22 provinces, autonomous regions and municipalities basically put forward to establish and improve the modern corporate management structure of shareholders' meeting, board of directors, board of supervisors and managers, and establish the central position of legal representatives in corporate governance. Some provinces, such as Jiangxi and Chongqing, also explicitly proposed to increase the proportion of external directors and "explore ways to effectively integrate the modern enterprise system with the party organization to play a political core role and the democratic management of employees".

in the selection and employment mechanism, the reform programs of local state-owned enterprises generally show the characteristics and trends of marketization and de-administration. China Youth Daily reporter found that in the Opinions of 22 provinces, autonomous regions and municipalities, the plans of 19 provinces, including Beijing and Guangdong, clearly proposed to improve the market-oriented selection and employment mechanism, especially at the manager level.

Among them, Zhejiang and other places have also proposed to establish a mechanism for the flow and withdrawal of enterprise leaders, while Shandong, Guangdong and other places have proposed to gradually implement contractual management of enterprise management personnel with the appointment system, tenure system and business target responsibility system as the main contents. It is Guangdong that took this reform step ahead of schedule, and its reform plan proposes to carry out a pilot project of professional manager system in the provincial property rights trading group to realize the complete market-oriented selection and appointment of management team.

Professor capital university of economics and business and doctoral supervisor Qi Yudong analyzed that the pilot project of SASAC on the board of directors belongs to the level of corporate governance, while the selection of professional managers belongs to the reform of the internal management system of state-owned enterprises. From the current mechanism, the State-owned Assets Supervision and Administration Commission (SASAC) is the representative of national property rights, and it entrusts power to the board of directors, who then recruits professional managers.

in view of the fact that the SASAC in some places is in charge of both the chairman and the general manager, Qi Yudong thinks that these state-owned enterprises may not have established the board of directors, but they are still under the general manager responsibility system. However, the future trend is that all state-owned enterprises will be changed to the board system, and the general manager responsibility system will gradually die out.

Local characteristics between the lines

Although the main framework of the Opinions of 22 provinces, autonomous regions and municipalities is basically the same, in specific articles, local characteristics can still be reflected between the lines.

For example, as an international financial center, Shanghai has higher requirements for the external development of state-owned enterprises. Therefore, Shanghai has set up a special chapter to encourage enterprises to integrate into the world based on local conditions and improve their international competitiveness. Moreover, Shanghai also supports the transnational operation of enterprises by improving the country guide and industry orientation of overseas investment cooperation, simplifying the approval procedures for investment cooperation, and providing a convenient mechanism for enterprise personnel to carry out investment cooperation projects abroad.

The content of open cooperation in other provinces mainly emphasizes their own location advantages. For example, Guangxi proposed to play a leading role in the construction of open development platforms such as China-ASEAN Free Trade Area and Pearl River-Xijiang Economic Belt. Gansu clearly takes the opportunity of building the golden section of the Silk Road Economic Belt in Gansu; Yunnan hopes to give full play to its regional advantages in the "Belt and Road" national strategy.

influenced by the functional orientation of the capital, Beijing's state-owned enterprises also have special requirements for their reform goals. Zhang Gong, vice mayor of Beijing, repeatedly emphasized the strategic positioning of the "four centers" in the capital when interpreting the plan of Beijing Daily. Zhang Gong believes that the national science and technology center is one of Beijing's positioning, and Beijing's state-owned enterprises should emphasize the pursuit of development under the requirements of innovation.

What needs special attention is that nine provinces, including Heilongjiang, Shandong, Shanxi and Sichuan, clearly stated in the Opinions that they should solve the problems left over from history.

Among them, Heilongjiang, Liaoning and other old industrial bases have indicated that they should provide policy support for solving problems left over from history. Heilongjiang proposed to raise funds through multiple channels, such as equity transfer income, and establish a reform cost sharing mechanism. Liaoning said that it will solve the historical problems such as separating enterprises from social functions, resettling employees of "shell enterprises", running large collectives in factories, socialized management of retirees, and arrears of social insurance by difficult enterprises.

State-owned enterprises in Northeast China have heavy redundant staff and debt burdens, but Qi Yudong believes that many state-owned enterprises have basically solved the problems left over from history through measures such as diversion, merger, reorganization and independence. The remaining large enterprises such as Daqing Petroleum and Angang are also capable of solving their own problems.

of course, even so, these central enterprises should be restructured according to the requirements of reform. Qi Yudong said that various types of service companies, hospitals and schools are not about the reform of state-owned enterprises, but about social reform. Various service companies should also belong to all walks of life;