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Shanghai unveils guide to reform SOEs
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SHANGHAI yesterday released a reform guideline for its state-owned assets that will address the management of the assets while reducing government interference in the operation of these state-owned enterprises.
“We aim to improve the management system of state-owned assets, further optimize the allocation of national resources, and boost vitality and competitiveness of the SOEs in three to five years,” the guideline said.
The guideline seeks to ensure that the management of state-owned assets will be put under integrated supervision by the government, replacing previous systems with myriads of separate regulations by local supervision commissions.
The new model allows the government to distance itself from the day-to-day operation of its enterprises without relinquishing ownership.
“The government should not be both the referee and athlete,” Mayor Yang Xiong told a meeting attended by city officials and SOE representatives yesterday.
“The government should confine its role to a shareholder who only oversees the assets and sets strategy and objective in the long term,” he said.
Meanwhile, more than 50 Shanghai SOEs will be divided into three categories with different objectives.
Competitive SOEs aim for higher profits, functional SOEs focus on fulfilling their mandates, and public utility SOEs enable the stable running of the city, according to the guideline.
The SOEs will be able to hire professional managers for key positions — excluding chairmen and presidents who will still be appointed by the government.
Market-oriented incentives will be implemented for enterprise executives, including stock-based compensation and profit-sharing bonus.
The guideline also encourages private participation to create a mixed ownership for SOEs.
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