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The reform of state-owned assets management system is not only a major task of deepening economic system reform, but also an important content of the improvement of socialist market economic system. According to The State Council Institution Reform Plan passed at the first session of the 10th National People's Congress of PRC, the State Council approved to found State-owned Assets Supervision and Administration Commission of the State Council(SASAC), and therefore separate the government social and public management functions from the role as the investor of the state-owned assets in terms of institutional framework. Meanwhile, according to decisions of CPC's Central Committee, CPC Committee of SASAC was established to perform the responsibilities mandated by CPC's Central Committee. Statute for the Supervision and Management of Corporate State-owned Assets(tentative) was passed in principle in the standing conference of the State Council held on May 13 and will be publicized and implemented soon. This not only provides legal basis for the supervision and management of corporate state-owned assets, but also impels the establishment of state-owned assets supervision and management organizations at provincial and city (region) levels. The establishment of SASAC and the promulgation and implementation of Statute for the Supervision and Management of Corporate State-owned Assets(tentative) means that the reform of state-owned assets management system of China has achieved significant breakthrough and entered a new stage. Main responsibilities of SASAC According to Arrangement on major Responsibilities, internal Organizations
and Staffing of SASAC approved by the State Council, SASAC is the
organization authorized by the State Council to perform the responsibilities
as the investor of the State-owned asset on behalf of the central government.
SASAC was found integrating the responsibilities of guiding SOE's
reform and management form the former State Economic and Trade Commission(SETC),
the responsibilities of former CPC Enterprise Work Commission, responsibilities
of related state-owned assets management of Ministry of Finance, and certain
responsibilities of Ministry of Labor and Social Security. Its main mandates
are as follows: 3) Appoint, remove and evaluate the executives of the enterprises through legal procedures and grant rewards and punishments according to their performance. Build corporate leadership selection mechanism according to the requirements of socialism market economic system and modern enterprise system and streamline the motivation and restraint system for the corporate management. 4) Supervise and manage the maintenance and appreciation of state assets
via statistics and audit, establish and improve the state-owned assets'
maintenance and appreciation target system of state-owned assets and work
out assessment standards. Safeguard the interest and rights of the owners
of the state-owned assets. According to the principle of separation of government social and public management functions from the functions as the investor of the state-owned assets, SASAC especially undertakes the functions of supervision and management of state-owned assets. Authorized by the State Council, it fulfills the state-owned assets' investor' responsibilities on behalf of the state, supervises and manages state-owned assets it invested according to law. SASAC is the special ministerial-Level institution directly under the State Council. It is different from the government administrative organizations of public management for social enterprises and disparate from ordinary enterprise and undertaking units. The state-owned assets under SASAC's Supervision and management are the assets of those enterprises directly subordinate to Central Party Commission (excluding financial enterprises). At present, it directly supervises and manages 196 enterprises that owns total of 6.9 trillion RMB of assets and represent 2.5 trillion RMB of owner's equity right by the end of 2002. As a newly built organization, SASAC must be well and accurately positioned. More importantly, it should stick to the essence as the ¡°State-owned assets' investor¡± to perform our responsibilities according to law and scientifically define function scope and rights, obligations and liabilities, SASAC should keep harmonious relationship between the enterprises, related government organizations, and local state-owned assets management institutions. The relationship between SASAC and the its investing enterprises is the one between the investor of the state-owned assets and the investing enterprises and the one between the state-owned assets' investor's proprietorship and business entity's property right. The key for SASAC to keep well relationship with its enterprises is to separate the right of ownership from the right of management in essence. SASAC conduct the investor's responsibilities, enjoy owner's equity rights, assume related legal obligations and legal liabilities in accordance with Corporate Law and Statute of Supervision and Management of the State-owned Enterprises (tentative), etc while it refrains itself from intervening Enterprises' production and operation activities directly. As the market main body and legal entity, the investing enterprises enjoy all the rights specified in Company Law, etc, operate independently and assume sole responsibility for its own profits or losses according to law, try to increase economic profit, assume the obligation to maintain and increase the value of the state-owned assets, accept the supervision and management conducted according to law by state-owned assets supervision and management organizations, and be prohibited to harm owner's proprietorship right. The relationship between SASAC and related government agencies is the fulfillment of responsibility of state assets investor and public management functions. SASAC is assigned specifically to fulfill the responsibility as state assets' investor and should not undertake government functions of public management. Related government departments should exercise their respective public management functions based on laws and regulations governing state-owned assets management and should apply to the principle of separation of regulatory and commercial functions in this process to enable state-owned enterprises to operate independently and assume sole responsibility for profits or losses. In accordance with the principle of national treatment, related government departments should undertake general public management on enterprises in disregard of ownership. The relationship between SASAC and state-owned assets supervision and
administration bodies at provincial and municipal (regional) levels is
to fulfill the responsibilities of investors of state and local assets
authorized by the State Council and the provincial and municipal (regional)
governments respectively. In full compliance with Company Law and
other regulations, SASAC and state-owned assets supervision and administration
authorities at provincial and municipal (regional) levels should fulfill
the responsibilities of assets investors, enjoy ownership equity's
rights, undertake corresponding obligations and be held accountable for
the respective governments. Apart from fulfilling the responsibility of
state assets' investor, SASAC is in charge of guiding and
supervising regional-level state-owned assets management according to
law. State-owned assets supervision and administration authorities at
provincial and municipal (regional) levels must strictly implement laws
and regulations concerning state-owned assets supervision and administration.
At present and in the near future, the main tasks of deepening the reform of state-owned assets management system are to clarify the reform direction, improve state-owned assets management legal system, establish well-functioned state-owned assets supervision and administration bodies, define clearly their rights and responsibilities, exercise the assets management responsibility, speed up the restructuring of the layout of state-owned economy, push forward the reform of state-owned enterprises and establish new state-owned assets supervision and administration structure as soon as possible. 1) To formulate and improve basic laws and regulations governing state-owned assets supervision and administration. To seize the opportunity of the promulgation and implementation of the Statutes on the Supervision and Administration of State-owned Assets of Enterprises (tentative), formulate affiliated regulations and rules on basic management of state-owned assets, supervision of key decision-making of enterprises, supervision of top management of enterprises, and supervision and administration of state-owned assets in a timely manner. Conduct research on the current laws, regulations and administrative rules on state-owned assets management and propose legislative recommendations and advices on the amendment or abolishment of the current laws and regulations and make gradual improvement. Improve continuously the Statutes on the Supervision and Administration of State-owned Assets of Enterprises(tentative) by drawing on successful practices to lay a legal foundation for the supervision and administration of state-owned assets. 2) To set up supervision and administration bodies of state-owned assets from top down according to law. In accordance with the Statutes on the Supervision and Administration of State-owned Assets of Enterprises(tentative) and other related regulations, set up supervision and administration bodies of state-owned assets at central, provincial, municipal (regional) levels from top down featuring clear-cut rights and responsibilities, standard management, harmonious coordination, corruption-free and high efficiency. To scientifically define the supervision and administration responsibility and ownership rights of supervision and administration authorities of state-owned assets at different levels and further clarify the responsibilities at central and local level. 3) To construct a set of scientific and strict accountability system of state-owned assets management. On the basis of a clear definition of the ownership rights of the investment enterprises, a set of performance assessment system of state-owned assets of the investment enterprises should be established to provide a basis for scientific evaluation of the performance of state-owned enterprises. Set up a set of statistic evaluation system of state-owned assets for the scientific evaluation of value maintenance and increment of the state-owned assets. To set up a set of fair and reasonable award and punishment system to ensure they are performance-oriented. 4) Keep on exploring an effective operational system and patterns of state-owned assets. Continue to refine the work of state-owned assets' authorization management, streamline and develop investment entities under state-authorization and state holding companies, study and standardize authorized operational system of state-owned assets related to large companies and group enterprises while exploring the operational system and patterns of state-owned assets related to other forms of enterprises. Reform and improve management system of enterprise groups, and study and put forward measures concerning classified management and guidance of those enterprises. 5) Continue to push forward the construction of modern enterprise system. Accelerate the system reform of qualified state-owned large and medium-sized enterprises, realize diversified ownership, and form perfect and effective corporate governance. Support qualified state-owned large and medium-sized enterprises to go public abroad after they complete reorganization and system reform. Actively carry out experiments of delegation directors and independent directors system. Continue to deepen labor, personnel and distribution system reform of state-owned enterprises, and further transform operational mechanism. Keep doing well in separating minor business from major business and in reforming the minor part, and push forward the effort of increasing efficiency through downsizing working staff and peeling social functions from enterprises. 6) Set up state-owned enterprise leadership selection, appointment, incentive and restraint system, which is in accordance with the requirements of socialist market economy. Explore enterprise leadership selection and appointment system as well as the system in which leaders exert their personnel power legally in accordance with China's national conditions and requirements of modern enterprise system, introduce market mechanism, and establish enterprise leadership selection and appointment system, which is different from that of civil servants. Gradually realize market-oriented executive selection system by means of internal competition for employment, social employment and various market, etc. Keep exploring various salary systems such as post salary, annual salary system, equity holding and stock options, etc. Link up operational performance with salary, strictly carry out assessment, award and punishment system in an effort to set up restraint system of enterprise operators. 7) Speed up the strategic readjustment of layout and structure of the state economy. Further study and clarify the principle, direction and focus of the strategic readjustment. Push forward merger, association and reorganization among enterprises in order to promote the rational flow of state-owned assets, and improve the controlling, influencing and driving force of state-owned assets. Cultivate and bring up a group of large companies and enterprise groups with international competitiveness. Set up and improve the exit mechanism of state-owned assets and the mechanism of survival of the fittest. Make more effort on merger and bankruptcy of enterprises to leave those enterprises which meet bankruptcy requirements out of market within five years so that the layout and structure of the state economy will be further improved and the leading role of the state economy in the national economy will be further strengthened. 8) Form effective supervision and restraint mechanism of state-owned enterprises. To meet the needs of supervision and management efforts, amend and improve Statutes of State-owned Enterprise Supervisory Committee(tentative), and further perfect the system of supervisory committee. Strengthen accounting and audit supervision of state-owned enterprises as well as disciplines inspection and supervision, and focus inspection and supervision on enterprises crucial to the national economy and people's life or those with large assets to guarantee the maintenance and appreciation of state-owned assets. Set up and improve the supervision and management system of equity transaction of state-owned assets, promote the rational flow of state-owned assets while preventing from losses. Study and stipulate measures on managing important issues of investing enterprises, and establish important decision-making responsibility ascertainment system. Bring the supervisory role of intermediaries and mass media into full play, and gradually establish a state-owned enterprise supervision system combining investor's supervision with legislative, judicial, administrative and other social supervision. 9) Strengthen and improve the party construction and construction of spiritual civilization in state-owned enterprises. Succeeding to and carrying forward effective measures, improve and perfect the content and form of party construction, continuously explore new routes of party construction in new situations, and gradually establish new system and new mechanism of party construction in compliance with modern enterprise system. Further explore effective ways of combining enterprise cultural construction and socialist spiritual civilization construction, found modern and characteristic enterprise culture, and bring up a working team with lofty ideas, moral integrity, good education and a strong sense of discipline. Actively explore ways and forms of exerting the role of workers' convention and of workers' participation in democratic management in the background of modern enterprise system.
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