2015年CRI China to Reform State-owned Asset Management

 

According to the guideline, in a break from the current supervision¹ body that manages the capital as well as state-owned enterprises (SOEs), the new organ will only supervise the use of capital and return other administrative² tasks to relevant government departments.

The guideline specified³ plans to establish an investment firm to manage the state's capital and restructure state-owned enterprises. 

It is a supporting document for the central government's guideline on advancing SOE reforms released in September.

Liu Shangxi is director of Research Institute for Fiscal⁴ Science with the Ministry⁵ of Finance.

"The investment firm will work to manage the capital instead of providing specific products or services. The emerging of such a company as an intermediary agent will prevent the government from interfering⁶ in the concrete operation of enterprises. "

The country will also accelerate elimination⁷ of outdated⁸ and excessive capacity for SOEs and dispose of inefficient⁹ assets. 

State capital will be removed from some SOEs, while others will be restructured or upgraded on the basis of innovation.

Liu added that the move aims to enhance the role of state-owned assets.

"The ultimate goal is to make state-owned assets more vital and more influential¹⁰. It's to make state-owned assets play a better role in economic reconstructing and upgrading, and in fulfilling their social responsibility."

Yet many difficulties still lie in the reform of state-owned asset management, and Minister of Finance Lou Jiwei has noted¹¹ that more work is needed to help deal with the difficulties.

"Fundamentally, as long as it's a set of stated-owned assets, it will be associated with the government. Then a series of complicated problems will be brought about. If we want to deal with the problems properly, we will need to leave some leeway, to make progress step by step, to make a balance between management and decentralization, and to encourage exploration." 

China has about 150,000 SOEs, which hold more than 100 trillion yuan, or about 15.7 trillion U.S dollars, in assets. However, the SOEs have posted an 8.2-percent decline in profits in the first three quarters of this year.

In the process of establishing investment firms and restructuring SOEs, the guideline says some state equity¹² will be transferred into the social security funds, so that proceeds from those equities¹³ can be used to make up shortfalls in pension funds.

For CRI, this is Xie Cheng.

1 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

2 administrative   

adj.行政的，管理的

参考例句：

• The administrative burden must be lifted from local government.必须解除地方政府的行政负担。
• He regarded all these administrative details as beneath his notice.他认为行政管理上的这些琐事都不值一顾。

3 specified   

adj.特定的

参考例句：

• The architect specified oak for the wood trim. 那位建筑师指定用橡木做木饰条。
• It is generated by some specified means. 这是由某些未加说明的方法产生的。

4 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

5 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。

6 interfering   

adj. 妨碍的 动词interfere的现在分词

参考例句：

• He's an interfering old busybody! 他老爱管闲事！
• I wish my mother would stop interfering and let me make my own decisions. 我希望我母亲不再干预，让我自己拿主意。

7 elimination   

n.排除，消除，消灭

参考例句：

• Their elimination from the competition was a great surprise.他们在比赛中遭到淘汰是个很大的意外。
• I was eliminated from the 400 metres in the semi-finals.我在400米半决赛中被淘汰。

8 outdated   

adj.旧式的，落伍的，过时的；v.使过时

参考例句：

• That list of addresses is outdated,many have changed.那个通讯录已经没用了，许多地址已经改了。
• Many of us conform to the outdated customs laid down by our forebears.我们许多人都遵循祖先立下的过时习俗。

9 inefficient   

adj.效率低的，无效的

参考例句：

• The inefficient operation cost the firm a lot of money.低效率的运作使该公司损失了许多钱。
• Their communication systems are inefficient in the extreme.他们的通讯系统效率非常差。

10 influential   

adj.有影响的，有权势的

参考例句：

• He always tries to get in with the most influential people.他总是试图巴结最有影响的人物。
• He is a very influential man in the government.他在政府中是个很有影响的人物。

11 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

12 equity   

n.公正，公平，（无固定利息的）股票

参考例句：

• They shared the work of the house with equity.他们公平地分担家务。
• To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

13 equities   

普通股，股票

参考例句：

• These are invested mainly in the OECD bonds and equities. 这些资产主要投资于经济合作及发展组织的债券与股票市场。
• They are also advantage of the global rebound in equities. 它们还在利用全球股市反弹的机会。