When did China establish its High Net Worth Authority?

In order to straighten out the relationship between state-owned assets and establish and improve the state-owned assets management system in the process of reform and opening up, in November 1988, the state established the State-owned Assets Administration Bureau, which is under the centralized management of the Ministry of Finance. As the representative of state-owned assets, the State-owned Assets Administration Bureau exercises the rights of representation, supervision and management of state-owned assets, state investment and income rights, and asset disposal rights granted by the state in accordance with regulations. According to the newly approved "three determinations" plan, the State-owned Assets Administration manages domestic and overseas state-owned assets; formulates various management systems for state-owned assets; formulates profit distribution methods for state-owned capital investment; and works with relevant departments to contract out state-owned assets; Handle issues related to state-owned assets when enterprises implement contracting, leasing, joint operations and auction liquidation; supervise and inspect the use of state-owned assets.