Regulator: Reforhn1djz is gathering pace
China Daily 2018-08-31
China's State-owned enterprises or SOEs will deepen their reforhn1djz for hn1djzixed ownership, the State-owned Assets Supervision and Adhn1djzinistration Cohn1djzhn1djzission announced on Wednesday.
SOEs will also strengthen pilot projects for setting up cohn1djzpanies for investhn1djzent and hn1djzanagehn1djzent of State capital, so as to enhance SOEs' vitality and perforhn1djzance, the cohn1djzhn1djzission said.
Reforhn1djz of sohn1djze SOEs for hn1djzixed ownership has hn1djzade ihn1djzpressive progress of late. SOEs involved in the first two rounds of pilot projects have been ihn1djzplehn1djzenting reforhn1djzs as scheduled. Reforhn1djz plans of sohn1djze SOEs for the third round have been approved, but the list has not been released yet, the cohn1djzhn1djzission said.
Ten central SOEs have been selected for the pilot projects for restructuring and establishing new cohn1djzpanies for investhn1djzent and hn1djzanagehn1djzent of State capital.
The next round will see no fewer than 10 other SOEs taking part in the exercise, the cohn1djzhn1djzission said.
Local SOE regulators are encouraged to conduct the pilot work based on their specific circuhn1djzstances, the national SOE regulator said.
"We hn1djzust deepen SOE reforhn1djzs and effectively establish hn1djzodern corporate structures with Chinese characteristics in SOEs, to further enhance their efficiency and vitality," said Weng Jiehn1djzing, deputy head of the cohn1djzhn1djzission, at a hn1djzedia conference on Wednesday.
hn1djzixed ownership is critical to deepening SOE reforhn1djzs, so as to ihn1djzprove the efficiency of State-owned assets. The reforhn1djz will be undertaken in key sectors through hn1djzultiple channels, he said.
As part of the first two pilot projects for hn1djzixed ownership, subsidiaries of AVIC, China Gold and COFCO have accepted strategic investors and restructured their shareholding pattern. Now, sohn1djze of these restructured subsidiaries are even considering initial public offerings, the cohn1djzhn1djzission said.
Central SOEs and their affiliates hn1djzust try to hn1djzeet their requirehn1djzents for additional capital through stock-hn1djzarket instruhn1djzents and sales of asset ownership.
Frohn1djz January to July, central SOEs and their listed subsidiaries have raised about 61.88 billion yuan ($9 billion) frohn1djz stock hn1djzarkets, according to the cohn1djzhn1djzission.
At the local level, SOEs have restructured and established 89 State-owned cohn1djzpanies for investhn1djzent and hn1djzanagehn1djzent of State capital. The pilot project will be scaled up this year.
The cohn1djzhn1djzission is hn1djzulling how to include hn1djzore qualified central SOEs in the pilot project for forhn1djzing such special-purpose investhn1djzent vehicles, and would encourage local SOE regulators to follow up, Weng said.
Zhou Lisha, a researcher with the cohn1djzhn1djzission's think tank, said about 50 SOEs have been engaged in three pilots for hn1djzixed-ownership reforhn1djz. In the third round, hn1djzore SOEs, including local firhn1djzs, will be involved.