Interpretation of Hubei’s state-owned enterprise reform plan in 2019, Hubei’s state-owned enterprise reform plan schedule

Interpretation of Hubei’s state-owned enterprise reform plan, Hubei’s state-owned enterprise reform plan list schedule

News that the top-level design plan for state-owned enterprise reform is expected to be launched in the near future has attracted attention. At the same time, the state-owned enterprise reform sector in the A-share market is also very active, and all walks of life have placed high hopes on breakthroughs in state-owned enterprise reform.

Although the top-level plan has not yet been introduced, in the past year or so, many places have introduced state-owned enterprise reform plans, and these plans have also revealed some signals about the reform of state-owned enterprises.

Just one month after the decision of the Third Session of the 18th CPC Central Committee was announced, Shanghai took the lead in issuing the "Opinions on Further Deepening Shanghai's State-owned Assets Reform and Promoting Enterprise Development." According to statistics from a China Youth Daily reporter, as of press time, 22 provinces, autonomous regions and municipalities including Shanghai, Liaoning, Hunan, and Tianjin have issued “Opinions on Deepening the Reform of State-owned Assets and State-owned Enterprises.”

The remaining nine provinces, autonomous regions and municipalities have not issued complete "Opinions on Deepening the Reform of State-owned Assets and State-owned Enterprises". However, according to public meeting records and media reports, the "Opinions on Deepening the Reform of State-owned Assets and State-owned Enterprises" in Hebei and Shaanxi have been reviewed and approved by the Hebei Provincial Government Executive Meeting and the Shaanxi Provincial Party Committee Comprehensive Deepening Reform Leading Group, but have not yet been announced.

Staff from the State-owned Assets Supervision and Administration Commission of Hainan, Tibet, Xinjiang, and Inner Mongolia told reporters from China Youth Daily that they are waiting for top-level design at the national level.

Li Jin, an expert on state-owned assets issues and chief researcher of the China Enterprise Research Institute, told a reporter from China Youth Daily that on March 5 this year, Premier Li Keqiang emphasized the orderly promotion of mixed ownership. Currently, some provinces are in a wait-and-see stage.

Developing a mixed-ownership economy

Developing a mixed-ownership economy is the top priority in the reform of state-owned enterprises.

A reporter from China Youth Daily combed through the full text or interpretation of the "Opinions" on state-owned enterprise reform announced by 22 provinces, autonomous regions and municipalities (hereinafter referred to as the "Opinions" of 22 provinces, autonomous regions and municipalities) and found that there are many ways to achieve the diversification of investment entities. , including introducing strategic investors, promoting corporate restructuring and listing, exploring employee stock ownership, attracting equity investment funds to invest, and guiding social capital to enter public projects.

Promoting enterprise restructuring and listing is one of the important ways to optimize the equity structure of state-owned enterprises and achieve mixed ownership. In the "Opinions" of 22 provinces, autonomous regions and municipalities, promoting the listing of state-owned enterprises occupied a large space, and some provinces also proposed specific listing plans. For example, Gansu has proposed that by 2020, it will strive to have more than 15 provincial listed companies, and each large provincial enterprise group will have at least one listed company.

Some provinces have also made detailed regulations on absorbing equity investment funds and social capital.

For example, Guangxi proposed to encourage and support non-state-owned capital to participate in the restructuring and reorganization of state-owned enterprises, participate in the capital increase and share expansion of state-controlled listed companies through various methods such as capital contributions, equity acquisitions, subscription of convertible bonds, and financial leasing. Participate in project investment of state-owned enterprises. Chongqing refines non-state-owned capital into “private capital, foreign capital, and various new social capitals such as pension funds, insurance funds, social security funds, industrial investment funds, government guidance funds, and sovereign funds.”

In addition to restructuring and listing and non-state-owned capital participation, employee shareholding in mixed-ownership enterprises is also a reform plan that has been hotly debated in society recently. A reporter from China Youth Daily found that 20 provinces, autonomous regions and municipalities have proposed employee stock ownership plans.

Among them, Heilongjiang has refined the scope of employees and shareholding methods, allowing operating managers, business backbones and core technical personnel in key positions of competitive enterprises to invest in cash, technology, employee stock-holding companies, and trust companies. Participate in the restructuring of the enterprise through various methods such as , shareholding funds and so on. Shandong has regulations on industries that carry out employee stock ownership, and encourages transformed scientific research institutes, high-tech enterprises, and modern service companies that are engaged in fully competitive businesses and have a high proportion of human capital factors to implement employee stock ownership.

It is worth noting that 4 provinces have proposed mixed ownership reform indicators in their plans.

Chongqing proposed that through 3 to 5 years of efforts, "about two-thirds of state-owned enterprises will develop into mixed-ownership enterprises." Jiangxi has proposed to develop about 70% of state-owned enterprises into a mixed-ownership economy by 2020. Zhejiang proposed that through three to five years of efforts, "the proportion of mixed-ownership enterprises in provincial enterprises will reach 75%." Henan has proposed that the proportion of mixed-ownership enterprises in the province will reach more than 80% by 2020.

Shifting from asset management to capital management

In the "Opinions" of 22 provinces, autonomous regions and municipalities, improving the state-owned assets management system is also a key link. Some provinces have proposed that in accordance with the principles of separation of government and enterprises, separation of government and capital, and separation of ownership and management rights, the state-owned enterprise supervision system will shift from focusing on managing assets to focusing on managing capital.

The basis for optimizing the state-owned assets supervision system is to conduct classified supervision of state-owned enterprises. After sorting out by a reporter from China Youth Daily, 20 provinces mentioned the content of classified supervision.

According to different strategic positioning, development goals and status and role, most provinces divide state-owned enterprises into three categories. Among them, 9 provinces including Beijing, Gansu, Hubei, and Jiangsu adopt the classification standards of competition, functional, and public services. Guangxi, Heilongjiang, Hunan, and Liaoning are slightly different. Except that the competitive and functional categories are the same as the former, they call state-owned enterprises corresponding to the public service category public welfare categories.

Ningxia divides state-owned enterprises into three types: public welfare, profit-making, and functional.

In addition, 2 provinces have adopted a dichotomous approach. Guangdong divides them into quasi-public enterprises and competitive enterprises, and Sichuan "in principle divides state-owned enterprises into two types: functional and competitive."

It is worth noting that the classification nature of enterprises will determine the regulatory policies adopted by the state-owned assets department.

Taking Hunan as an example, public welfare state-owned enterprises, including enterprises in important livelihood fields such as urban water supply and gas supply, bus pipeline networks, and municipal public operating resources, adopt the organizational form of wholly state-owned proprietorship or state-owned absolute holding company. Functional state-owned enterprises, including government investment and financing platforms or state-owned capital investment and operation companies, as well as enterprises in the fields of important resource development and major infrastructure construction, remain solely state-owned or state-controlled. Competitive state-owned enterprises will be liberalized in accordance with the requirements of a mixed-ownership economy. State-owned capital will advance and retreat. For enterprises with competitive advantages, state-owned control will be maintained.

In addition, the decision of the Third Plenary Session of the 18th Central Committee of the Communist Party of China clearly pointed out that "to improve the state-owned capital operation budget system and increase the proportion of state-owned capital gains turned over to the public finance", most provinces have also included this in the plan reflect.

These provinces have all promised to increase the proportion of state-owned capital gains turned over, and some provinces have also given clear indicators in accordance with the requirements of the Third Plenary Session of the 18th CPC Central Committee. Among them, six provinces including Beijing, Hunan, Jiangsu, and Shandong have proposed to increase the proportion of state-owned capital gains turned over to the public finance to 30% in 2020. Chongqing and Jiangxi have set the completion deadline of 30% as 2017 and 2018 respectively. Tianjin proposed to gradually increase the proportion of state-owned capital income turned over by 1 percentage point every year.

Li Jin told a reporter from China Youth Daily that from 1999 to 2007, state-owned enterprises encountered difficulties and tens of millions of people were laid off. The state did not require them to hand over their profits. From 2007 to 2010, state-owned enterprises had a better life and began to turn over their profits, which will be returned by the state. , the state stipulates that the basic payment is 5%. Therefore, compared with historical data, 30% of state-owned capital gains turned over is still very high.

Increase the securitization rate of state-owned capital

The decision of the Third Plenary Session of the 18th CPC Central Committee pointed out that the investment and operation of state-owned capital must serve national strategic goals and invest more in areas related to national security and the lifeline of the national economy. important industries and key areas. Therefore, increasing the concentration of state-owned capital is conducive to optimizing the layout of my country's state-owned economy.

A reporter from China Youth Daily found that 15 provinces have clearly stated the degree of concentration of state-owned capital. Among them, 12 provinces including Beijing, Gansu, Guangxi, and Henan have proposed to concentrate 80% of state-owned capital in important industries and key areas.

In addition, Guangdong proposed that more than 70% of provincial state-owned capital be concentrated in important industries and key areas such as basic, public, platform, resource, and leadership. Tianjin proposes that by the end of 2017, 90% of state-owned capital will be concentrated in important industries and key areas. Zhejiang proposed that through 3 to 5 years of efforts, the concentration of state-owned capital in key areas and advantageous industries such as infrastructure and people's livelihood security, strategic emerging industries, advanced manufacturing and modern service industries will reach more than 90%.

At the same time, nearly half of the provinces have set targets for the securitization rate of state-owned capital.

Tianjin proposed that by the end of 2017, the securitization rate of operating state-owned assets would reach 40%. Beijing, Gansu, Heilongjiang, and Hubei have proposed that the securitization rate of state-owned capital will reach more than 50% by 2020. Jiangxi and Henan have proposed that the state-owned capital securitization rate reach 60% by 2020. Zhejiang proposed that through 3 to 5 years of efforts, "the securitization rate of state-owned assets will reach about 75%." Hunan has proposed that the securitization of state-owned assets will reach about 80% by 2020. Chongqing proposed that through 3 to 5 years of efforts, “more than 80% of the state-owned capital of competitive state-owned enterprises will be securitized.”

In this regard, Xiao Yimin, director of the Institute of Economics of the Hunan Academy of Social Sciences, believes that the asset securitization process of my country's state-owned enterprises is relatively long, and there are bound to be differences in the asset securitization rates of enterprises of different development stages and sizes. The asset securitization rate targets proposed by local governments will also vary. For example, in several central provinces, compared to the total size of state-owned assets in Hunan Province, the proportion of Hunan state-owned enterprises listed on the market is relatively high.

Xiao Yimin told a reporter from China Youth Daily that the securitization of state-owned assets is of great significance to the current stage of state-owned enterprise reform. It is not only conducive to the diversification of state-owned capital equity and increasing the property rights restraint capacity of public capital; it can also increase the liquidity of state-owned capital and improve the allocation efficiency and operating efficiency of state-owned capital. In addition, state-owned asset securitization can also expand funding sources and provide direct financing in the primary market.

Market-oriented recruitment

Improving the modern enterprise system is also an important part of the local state-owned enterprise reform plan.

In terms of corporate governance structure, the "Opinions" of 22 provinces, autonomous regions and municipalities basically propose to establish and improve the modern corporate management structure of shareholders (general meeting), board of directors, board of supervisors and managers, and establish the legal representative in the company. centrality in corporate governance. Some provinces, such as Jiangxi and Chongqing, also explicitly proposed to increase the proportion of outside directors and "explore ways to effectively integrate the modern enterprise system with the party organization playing a core role in politics and democratic management of employees."

In terms of personnel selection and employment mechanisms, local state-owned enterprise reform plans generally show the characteristics and trends of marketization and de-administration. A reporter from China Youth Daily found that in the "Opinions" of 22 provinces, autonomous regions and municipalities, the plans of 19 provinces including Beijing and Guangdong clearly proposed to improve the market-based selection and employment mechanism, especially to increase market-based selection and recruitment at the managerial level.

Among them, Zhejiang and other places have also proposed to establish a mechanism for the mobility and withdrawal of corporate leaders. Shandong, Guangdong and other places have proposed to gradually regulate corporate operations with an appointment system, a tenure system and a business target responsibility system as the main contents. Managers implement contractual management. Guangdong has taken this reform step ahead of schedule. Its reform plan proposes to launch a pilot project of a professional manager system in the province's property rights trading groups to achieve complete market-based selection of management teams.

Qi Yudong, a professor and doctoral supervisor at Capital University of Economics and Business, analyzed that the SASAC’s pilot project on the board of directors belongs to the corporate governance level, while the selection of professional managers belongs to the reform of the internal management system of state-owned enterprises. Judging from the current mechanism, the State-owned Assets Supervision and Administration Commission is the country's property rights representative, and it entrusts power to the board of directors, who then recruits professional managers.

Regarding the situation where the State-owned Assets Supervision and Administration Commission in some places is in charge of both the chairman and the general manager, Qi Yudong believes that these state-owned enterprises may not have established a board of directors and still belong to the general manager responsibility system. However, the future trend is for all state-owned enterprises to change to the board of directors system, and the general manager responsibility system will gradually disappear.

Local characteristics between the lines

Although the main framework of the "Opinions" of 22 provinces, autonomous regions and municipalities is roughly the same, local characteristics can still be reflected between the lines in the specific provisions.

For example, Shanghai, as an international financial center, has higher requirements for the external development of state-owned enterprises. Therefore, Shanghai has set up a special chapter to encourage enterprises to integrate into the world based on their local base and improve their international competitiveness. In addition, Shanghai has also supported multinational operations by improving country-specific guidelines and industry orientations for overseas investment cooperation, simplifying investment cooperation approval procedures, and providing a convenient mechanism for corporate personnel to carry out investment cooperation projects abroad.

The open cooperation content of other provinces mainly emphasizes their own location advantages. For example, Guangxi proposed to play a backbone and leading role in the construction of open development platforms such as the China-ASEAN Free Trade Area and the Pearl River-Xijiang Economic Belt; Gansu clearly took the opportunity to build the Gansu Golden Section of the Silk Road Economic Belt; Yunnan hopes to focus on Yunnan’s location advantages in the “Belt and Road” national strategy.

Influenced by the functional positioning of the capital, the reform goals of Beijing’s state-owned enterprises also have special requirements. When Zhang Gong, deputy mayor of Beijing, explained the plan to Beijing Daily, he repeatedly emphasized the strategic positioning of the capital’s “four centers.” Zhang Gong believes that the national science and technology center is one of Beijing's positionings, and Beijing's state-owned enterprises should emphasize seeking development under the requirements of innovation-driven development.

What needs special attention is that 9 provinces including Heilongjiang, Shandong, Shanxi, and Sichuan clearly stated in the "Opinions" that they want to solve problems left over from history.

Among them, old industrial bases such as Heilongjiang and Liaoning have stated that they will provide policy support to solve problems left over from history. Heilongjiang proposed to raise funds through multiple channels such as equity transfer proceeds and establish a reform cost-sharing mechanism. Liaoning stated that it will solve the problems left over from history by classifying the separation of social functions of enterprises, the resettlement of employees in "shell enterprises", large collectives run by factories, socialized management of retirees, and unpaid social insurance by enterprises in difficulty.

State-owned enterprises in the Northeast are burdened with heavy redundancy and debt, but Qi Yudong believes that many state-owned enterprises have basically solved the problems left over from history through measures such as diversion, merger, reorganization, and independence. The remaining large enterprises such as Daqing Petroleum and Anshan Iron and Steel are also capable of solving their own problems.

Of course, even so, these central enterprises should be restructured in accordance with the requirements of the reform. Qi Yudong said that various types of service companies, hospitals, and schools are not a matter of state-owned enterprise reform, but a matter of social reform.

Various service companies should also belong to their own industries;