Provincial two sessions were held from January 24 to 26 across China. Beijing, Tianjin, Henan, Hunan, Hubei, Guangdong, Zhejiang, Hebei, Yunnan, Jiangxi, Qinghai, Inner Mongolia, Guangxi, Jilin, Jiangsu, Fujian, Hainan, Chongqing, Sichuan, Guizhou and Ningxia have released their government work reports. They will deepen the reform of state-owned enterprises and make them stronger, better and bigger. However, due to the different asset size of SOEs and the progress in advancing the SOEs reform, they will have different priorities in advancing the SOEs reform in 2018.
Guangdong and other leading provinces in advancing the SOEs reform proposed to further conduct SOEs restructuring and consolidation. Guangdong will speed up in optimizing the layout, restructuring and strategic reorganization of state-owned economy, develop the mixed ownership economy and invest over 70 percent state-owned capitals in fundamental industries and key sectors in 2018, Ma Xingrui, governor of Guangdong, indicated in the government work report. It will promote the optimization and restructuring of provincial SOEs and speed up in restructuring of airports, energy, port and other infrastructure companies. It will consolidate local financial resources and build provincial financial groups. It will also conduct pilot on the reform of state-owned capitals investment and operation companies.
It is learnt that the provincial SOEs reform in Guangdong will focus on “deep restructuring”. Firstly, it will conduct horizontal and vertical integration as well as professional restructuring. Secondly, it will conduct the association, coordination and integration of businesses to achieve growth.
Hunan Province proposed specific targets in SOEs consolidation. It will advance the restructuring of state-owned capitals and the consolidation of enterprises. The number of provincial SOEs will be reduced to about 24 in 2018. It reduced the number of SOEs from 36 to 29 in 2017 and achieved the annual target of “less than 30” SOEs.
Jilin and Guizhou pointed out that they will focus on the strategic restructuring of key SOEs. Guizhou will invest over 85 percent state-owned capitals in fundamental industries and key sectors and over 90 percent will be invested in big enterprises and groups with over 10 billion yuan.
Beijing, Tianjin and Zhejiang will focus on optimizing the state-owned economic layout in the SOEs reform. Zhejiang proposed in the government work report that it will deepen the SOEs reform, promote the optimization and consolidation of state-owned economy and make state-owned capitals stronger, better and bigger. Beijing will conduct pilot on state-owned capitals investment and operation companies, speed up in the adjustment and strategic restructuring of state-owned economic layout, according to the government work report. It will promote state-owned capitals to be stronger, better and bigger, develop mixed ownership economy and facilitate the listing of overall primary enterprises or their principal businesses. Tianjin will adjust the structure of state-owned economic layout and improve the state-owned asset management system, Zhang Guoqing, acting mayor of Tianjin, indicated when delivering the government work report. It will promote enterprises to improve the quality and efficiency, fully advance the mixed ownership reform in SOEs, improve the modern enterprise system, safeguard the legitimate interests of staff and promote state-owned capitals to be stronger, better and bigger.
Hebei and Yunnan will enhance the regulation on SOEs. Jiangsu will deepen the reform of state-owned capitals and enterprises, promote unified regulation on provincial state-owned assets, conduct pilots on state-owned capitals investment and operation companies and advance the mixed ownership reform through the capital market, Wu Zhenglong, governor of Jiangsu, indicated in the government work report. Chongqing will improve the state-owned asset management system, promote unified regulation on operating state-owned assets, reform the authorized operation mechanism for state-owned capitals and deepen the pilot on state-owned capitals investment and operation companies. Hebei will continue to focus on 10 pilots on SOEs reform, advance the mixed ownership reform and promote unified regulation on operating state-owned assets at the provincial level, Xu Qin, governor of Hebei, indicated in the government work report. Yunnan will complete unified regulation on operating state-owned assets at the provincial level and make state-owned capitals stronger, better and bigger in 2018.
Henan and Qinghai will focus on disposing “zombie enterprises”, reducing debts and striping off social functions of SOEs. Henan will complete the disposal of 1,055 “zombie enterprises”. Qinghai required speeding up in striping off social functions of SOEs and promoting state-owned capitals to be stronger, better and bigger. Ningxia will deepen the mixed ownership reform and the pilot on employees shareholding. It will improve the corporate governance structure, enhance the appraisal on the operation and management of SOEs, improve the securitization of state-owned capitals and complete striping off social functions of enterprises.
Translated by Star Zhang
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