Integrated platform to manage state-owned assets in Shanghai
Print Edition
SHANGHAI is planning an integrated platform to manage state-owned assets in a bid to improve efficiency and increase transparency, Xu Yibo, director of the Shanghai State-owned Assets Supervision and Administration Commission, said at a Shanghai People’s Congress meeting yesterday.
The platform will be managed as an enterprise, possibly by the Shanghai International Group and Guosheng Group, two commission subsidiaries that supervise state-owned assets at present.
“The platform is expected to be a functional company,” Xu told city lawmakers. “It should follow the rules of the market and play a role in optimizing the structure of state-owned enterprises and realize transparent and efficient flow of their assets.”
Xu said establishing such a platform will be a top priority for the commission this year, but declined to say when it would launch or reveal the size of the assets it will manage.
Other missions on the agenda included the acceleration of group listing and exploring mixed ownership.
Shanghai has been a pioneer in the reform of state-owned enterprises. In December 2013, the city was among the first to release a guideline in managing state-owned assets.
Under the guideline, SOEs can explore areas including mixed ownership, diversification of share ownership and payment reform, in a bid to become more competitive, more professional and more international.
Vice Mayor Zhou Bo told the meeting that Shanghai will continue to take the lead in the reform of SOEs, and run trial programs in encouraging share ownership by employees.
Zhou also said SOEs should be careful in seeking partnerships.
“They should be ‘strategic’ investors who can benefit the growth of the company in the long term, instead of merely being ‘rich’ investors,” Zhou said.
Shanghai is home to 11,000 SOEs managing assets of more than 12 trillion yuan (US$1.9 trillion). They contribute more than 20 percent to the city’s taxes, and produce 20 percent of profits created by all Chinese SOEs.
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