What are the highlights and difficulties of state-owned enterprise reform under the new normal?

Deepening the reform of state-owned assets and state-owned enterprises faces six major problems.

In the decision of the Third Plenary Session of the 18th CPC Central Committee, it was pointed out that the reform of state-owned assets and state-owned enterprises is one of the key areas for China to deepen reform in the next step and one of the difficult areas for comprehensively deepening reform in the next step. Under the background of the new economic normal, Zhang Junkuo, deputy director of the State Council Development Research Center, proposed at the forum that the key to deepening the reform of state-owned assets and state-owned enterprises at this stage is to solve the following six important problems.

First, improve the top-level state-owned capital management system, strengthen the formulation and implementation of state-owned property rights policies, and promote state-owned capital to better serve national strategic goals.

The second is to realize the transformation from managing assets to managing capital by building an effective state-owned capital investment operation platform.

Third, optimize the ownership structure and further improve the modern enterprise system. Zhang Junkuo said that a lot of experience has proved that even if the mixed ownership of state-owned capital and other social capital cannot be diversified, as long as multiple state-owned shareholders can hold shares, it can play a positive role in improving corporate governance to a great extent.

Fourth, deepen the reform of personnel management system of state-owned assets and state-owned enterprises, and build an incentive system that is compatible with the market economy. Zhang Junkuo believes that according to the reformed state-owned assets management system, the two types of companies basically operate in accordance with the Company Law and implement a complete market-oriented employment management system. It may be more reasonable for state-owned capital investment and operation companies and individual special companies to implement the dual-track selection, employment and management mechanism.

Fifth, by further solving the historical burden of state-owned enterprises, we will create basic conditions for enterprises to develop mixed ownership economy, participate in market competition fairly, and better integrate with market economy.

Sixth, all localities should reform state-owned assets and state-owned enterprises according to local conditions. On the premise of adhering to the principle that state-owned capital can better serve local economic and social development, focus on managing capital to improve the vitality of enterprises, and adhere to the principle of fair competition and common development of all forms of ownership capital, local governments are encouraged to explore new modes of state-owned assets management according to local conditions and release reform dividends as soon as possible.

Establish a macro-management system based on managing capital

In view of the reform of state-owned assets management system, Liu Shangxi, director of the Institute of Fiscal Science of the Ministry of Finance, said at the meeting that to comprehensively deepen the reform of state-owned assets and state-owned enterprises, state-owned assets reform should be regarded as a prerequisite for the reform of state-owned enterprises. Without this premise, the reform of state-owned enterprises may become empty talk.

The "Decision" of the Third Plenary Session of the 18th CPC Central Committee proposed "to improve the management system of state-owned assets and strengthen the supervision of state-owned assets mainly by managing capital". Liu Shangxi believes that traditional asset management and capital management are very different. Traditional asset management can't really make state-owned enterprises become qualified market players. Under this management system, it is not only difficult for state-owned enterprises to compete with other market players on an equal footing, but also there are various constraints and constraints, which cannot truly realize mixed ownership.

Regarding how to establish a macro-management system based on managing capital, Liu Shangxi thinks that "three horizontals and three verticals" can be adopted.

"Horizontal separation" means separating the three basic functions of ownership management of state-owned capital, namely, separating the macro-management function of state-owned capital, the investment operation function of state-owned capital and the supervision and evaluation function of state-owned capital. Although these three functions actually constitute the ownership management system of state-owned capital, they must be separated and cannot be confused.

To achieve "horizontal three points", it needs to be reflected and implemented through macro management. Liu Shangxi said that macro management should make corresponding decisions and formulate a set of corresponding rules and policies for the specific investment and operation of state-owned capital, but there is no need to specifically intervene in the investment and operation of state-owned capital. Once state-owned capital enters the market, it should operate in full accordance with market rules. At the same time, it is necessary to carry out supervision, evaluation and feedback. Through supervision and evaluation, it is necessary to see whether the investment operation meets the mission, strategic objectives and strategic requirements of state-owned capital.

"Vertical separation" means separating state ownership, investor property rights and enterprise management rights. Ownership, property right and management right actually correspond to three different subjects: one is the state, represented by the government; One is the subject of property rights, that is, investment and operation companies; There is also an enterprise, an enterprise market entity established in accordance with the company law.

In the past, the separation of the two rights was the separation of ownership and management rights. Liu Shangxi believes that the separation of property rights should be added, so as to truly realize the separation of ownership and management rights. Only by realizing "vertical separation" can we really build a macro-management system that conforms to the management of capital.

Liu Shangxi said that only by realizing "three verticals and three verticals" can a macro management system framework focusing on managing capital be truly formed, and the management system focusing on managing assets and enterprises in the past be truly transformed into a new management system managing capital. Only in this way can there be more room for developing a mixed-ownership economy.