Scheme on state assets investment rolled out
Print Edition
CHINA will improve the allocation efficiency of state capital by establishing special-purpose companies tasked with state assets investment and operation, according to State Council guidelines released yesterday.
The companies will be solely state-owned and can be set up either via restructuring or new registration, according to guidelines on pushing pilot reform on state capital investment and operation companies.
State capital investment companies will make investments that are in line with national strategies and increase industrial competitiveness, while state capital operation firms will be mainly tasked with enhancing returns and operating efficiencies, according to the guidelines.
The program will run on a pilot basis, and good practices are expected to be expanded.
China has been injecting vitality into thousands of state-owned enterprises through a series of reforms, moving toward mixed ownership and market-oriented management.
The country’s state asset regulator yesterday released a document aimed at avoiding state asset losses with an accountability mechanism to punish illegal business operations and investments by centrally administered SOEs.
The document specified the scope, standard and treatment procedures in cases of illegal management and investment of state assets, providing a basic framework for keeping track of such offenses, according to the State-owned Assets Supervision and Administration Commission.
Through the move, the regulator hoped to push state firms to foster a clearer and more effective operation system to avoid state asset losses.
The document detailed 72 responsibility-tracking scenarios in 11 areas, including risk control, fixed-asset investment, mergers, restructuring and overseas investment.
It also categorized the cases into three groups regarding the losses incurred: losses of less than 5 million yuan (US$733,000), losses between 5 million yuan and 50 million yuan, and those above 50 million yuan. Based on the losses and the nature of the illegal practices, the commission will hold those found responsible accountable for their actions.
China currently has 96 centrally administered SOEs, down from 117 five years ago.
Combined profit of central SOEs totaled 887.79 billion yuan in the first half of 2018.
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