SCIO briefing on reform of SOEs

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Speaker:
Xiao Yaqing, chairman of the State-owned Assets Supervision and Administration Commission of the State Council

Chairperson:
Hu Kaihong, spokesperson of the State Council Information Office

Date:
Sept. 28, 2017

 

Hu Kaihong:

Thank you, Mr. Xiao. Now, the floor is open for questions. Please identify yourself before asking your question.

China Central Television (CCTV) News Program Center:

Since the 18th CPC National Congress, the CPC Central Committee and the central government have issued a series of documents to promote reforms of central SOEs - the priority of economic structural reform. What efforts have the State-owned Assets Supervision and Administration Commission of the State Council and central enterprises made to implement those documents? What effects have been delivered? Thank you.

Xiao Yaqing:

Since the 18th CPC National Congress, the CPC Central Committee with Comrade Xi Jinping at its core has made a series of strategic arrangements. In implementing "1+N" series of documents, both central and local SOEs have undertaken the following work.

First, making a strong push for implementation. In order to implement the "1+N" documents, ministries and commissions introduced a further 102 supportive documents, and local governments also produced a total of 926 supportive documents. Moreover, the central and local SOEs also worked out many implementation programs and detailed procedures according to their own needs.

Second, they launched various pilot programs. The pilot programs in 18 central SOEs are progressing well. China Central Television (CCTV) covered developments of the central SOEs pilot programs via several of its channels and People's Daily as well as other media also introduced their best practices.

Third, best practices are chosen to lead the way. In implementing the "1+N" documents, especially in various pilot programs, we undertake timely summarization and try to scale up the best practices that have emerged. At the same time, we are constantly learning lessons from dealing with new problems and challenges, so as to further promote reform.

Fourth, there is a strong focus on monitoring and assessment. During the reform, we are paying special attention to monitoring, reviewing and assessment of the results in order to ensure public satisfaction and drive the reform program forward.

As for the results of our efforts, firstly, great progress has been made in system and institutional reform. More than 68 percent of central SOEs have finished their process of mixed ownership reform, a total of 83 central SOEs have regulated the establishment of a board of directors and 92 percent of local SOEs have established a board of directors. Many central SOEs have reduced employees in their headquarters.

Secondly, the process of structural adjustment of the state-owned economy has been optimized and improved. Since the 18th CPC National Congress, 34 central SOEs have been merged, the number of central SOEs has been cut from 117 to 98 and a total of 136 provincial SOEs have started to merge. After the structural adjustment, the assets of SOEs are optimized and the development goals of SOEs are clear.

Thirdly, the system of assets supervision has been improved. We have accelerated the transition of our functions by focusing on capital management. Forty-three functions of the State-owned Assets Supervision and Administration Commission of the State Council have been cancelled and decentralized, while 563 functions of local State-owned Assets Supervision and Administration Commission of the State Council have been decentralized. There are ten pilot companies chosen from investment companies and operating companies of central SOEs with 18 functions being decentralized. Meanwhile, we have strengthened state-asset supervision to prevent the loss of state-owned assets.

Meanwhile, the leadership of CPC in SOEs has been strengthened through the reform.

To sum up, the reform facilitates the development of central SOEs. Without the reform and the leadership of the CPC, it will be difficult for central SOEs to achieve a great performance in 2017.

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