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Chongqing and Other 15 Provinces Issue Reform Plans for State-owned and State-run Enterprises

A few days ago, Guangdong Province issued Opinions on Comprehensively Deepening Reform of State-owned Enterprises. So far, 16 provinces, including Beijing, Tianjin, Shanghai, Chongqing, Gansu, Shandong, Jiangsu, Yunnan, Hunan, Guizhou, Sichuan, Hubei, Jiangxi, Shanxi, Qinghai, and Guangdong issued reform plans for state-owned and state-run enterprises, and the development of mixed ownership has become a necessary part of all reform plans.
In addition, the Leading Group for Comprehensively Deepening Reform of the CPC Anhui Provincial Committee issued Opinions on Work Arrangement for Deepening Reform of State-owned and State-run Enterprises 2014. At the executive meeting of Shaanxi Provincial Peoples Government, the Opinion on Promoting Development of Mixed Ownership Economy was deliberated and approved in principal, and the work arrangement for developing mixed ownership economy was also defined.
Among the 16 provinces that have issued reform plans, half of them have specified the timetable and goals of developing mixed ownership economy. For example, it was proposed by Chongqing to develop two thirds of state-owned enterprises into mixed ownership enterprises in the next 3-5 years by means of five ways, i.e., promoting the diversity of equities, driving the integrative development of state-owned capital and other social capitals, reorganizing to come into the market, reorganizing or establishing state-owned capital investment corporations and operating companies, as well as increasing investment and intensifying opening-up for major projects.
Guangdong proposed that, by 2017, the percentage of mixed ownership enterprises will have been up to 70%; Jiangxi proposed that about 70% of state-owned enterprises will be developed into mixed ownership economy within about 5 years; and Gansu proposed that, by 2020, the percentage of mixed ownership enterprises will have been up to 60%. As for Shanghai, it was proposed that the enterprises, except for those that are specified by national policies to be the solely state-owned enterprises, will realize the diversity of equities in the next 3-5 years.
For the supervision on mixed ownership enterprises, Chongqing took a lead to specify that the enterprises with state-owned equity ratio lower than 50% shall not apply the regulatory system for state-owned enterprises and state-owned holding enterprises mechanically. After that, the cities such as Jiangsu and Beijing also introduced such provision into the reform plans.
In terms of securitization ratio of state-owned capital, more than a half of the provinces have set quantitative objectives: Chongqing was intended to push forward the overall listing of 20 key state-owned enterprises within about 3-5 years, and realize the securitization of over 80% of the state-owned capital of competitive state-owned enterprises; Hubei proposed that, by 2020, the securitization ratio of state-owned capital across the province will have been increased to 50%; Hunan proposed that, by 2020, the securitization ratio of capital of competitive provincial state-owned enterprises will have been up to 80%; and Guangdong proposed that, by 2020, the securitization ratio of capital of provincial enterprises will have been raised from 20% to 60%.
   

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