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City releases detailed reform guide for state-owned assets
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SHANGHAI released a detailed reform guideline for its state-owned assets today, in line with the central government's initiatives to overhaul state-owned enterprises for more vitality and competitiveness.
The guideline said the new round of SOE reform will address the management of state-owned assets while reducing government interference in the operation of the enterprises.
"The reform will unleash the great potential of the city's SOEs, which is a significant step for Shanghai to break the bottleneck of further development," Shanghai Party Secretary Han Zheng told a meeting attended by city officials and SOE representatives this morning.
The management of state-owned assets will be put under integrated supervision by the government, replacing previous systems with myriads of separate regulations promulgated by local supervision commissions.
The model allows the government to distance itself from the day-to-day operation of its enterprises without relinquishing ownership.
Meanwhile, Shanghai SOEs will be divided into three categories — competitive SOEs, functional SOEs and public utility SOEs — with different objectives based on their nature.
Competitive SOEs aim for higher profits, functional SOEs focus on fulfilling their mandates, and public utility SOEs enable the stable functioning of the city, according to the guideline.
Modern corporate management systems will be introduced, allowing SOEs to hire professional managers for key positions — excluding chairmanships and presidents, who will still be designated by the government.
The guideline also proposes mixed ownership for SOEs, encouraging private participation. It also pledges to boost securitization of state-owned assets and promote mergers and public listings of SOEs.
It will seek to optimize spending of state-owned resources by directing most of the assets to strategic industries and public utilities, said the guideline.
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