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Sichuan Issued an Implementation Plan for Pilot Reform of State-owned Capital Investment and Operating Companies
Updated:2020.01.17

  Recently, the People's Government of Sichuan Province officially issued the Implementation Plan of Sichuan Province for Pilot Reform of State-owned Capital Investment and Operating Companies. In accordance with the Implementation Plan, Sichuan Province will carry out trials to deepen reform in three to five state-owned capital investment and operating companies at the provincial level, promote transformation of the reform from mode exploration to better functional performance, from the exploration of operation experience of state-owned capitals to the establishment of investment and operation system, and from rapid industrial expansion to structural improvement, so as to continuously improve the allocation and operation efficiency of state-owned capitals to better serve local strategic needs.

  The Implementation Plan is one important step for Sichuan to earnestly implement the gist of the Implementation Opinions on Promoting Pilot Reform of State-owned Capital Investment and Operating Companies issued by the State Council, and further promote the pilot reform of state-owned capital investment and operating companies in accordance with Sichuan’s actual situation. "It's more extensive and more intensified than the past trials." the relevant person in charge from the State-owned Assets Supervision and Administration of Sichuan Province said.

  It's not the first time for Sichuan to carry out the pilot reform of state-owned capital investment and operating companies at the provincial level. As early as in 2013, Sichuan has started to explore the reform of state-owned capital investment and operating companies in accordance with relevant decisions and deployments made by the central government, the CPC Sichuan Provincial Committee and the People's Government of Sichuan Province. In 2014, Sichuan Chuanshang Development Holding Group Co. Ltd. transformed into the first state-owned capital investment company in Sichuan through restructuring; in 2015, it was reorganized into a state-owned capital operating company. Since then, five provincial state-owned enterprises including Sichuan Provincial Investment Group Co., Ltd., Sichuan Tourism Investment Group Co., Ltd., Sichuan Huashi Group Co., Ltd., Sichuan Railway Investment Group Co., Ltd. and Sichuan Transportation Investment Group Co., Ltd. were successively reorganized into state-owned capital operating companies. The recently issued Implementation Plan is a kind of further deepening and redeployment in accordance with national guidelines and in light of Sichuan's actual situation.

  According to the Implementation Plan, Sichuan will continue to deepen the pilot reform of state-owned capital investment and operating companies authorized by the state-owned assets regulators at the provincial level, and deepen reform in three to five selected state-owned capital investment and operating companies on the existing basis. At the same time, Sichuan will promote the pilot reform of state-owned capital investment and operating companies directly authorized by the provincial government, which will be carried out in state-owned enterprises under the supervision of Sichuan Provincial Finance Department as well as enterprises within the scope of centralized and unified reform of operating state-owned assets supervision in provincial Party and government organs and public institutions. At the municipal (prefectural) level, the pilot reform will be implemented by the people's government of each city (autonomous prefecture) in accordance with its actual situation; for example, the local government can reorganize one or two state-owned capital investment and operating companies in light of the actual situation, so as to carry out the pilot reform in an active and prudent way.

  The official added that governments and state-owned assets regulators should establish dynamic adjustment mechanisms, and dynamically adjust the pilot list of state-owned capital investment and operating companies based on the actual situation; companies failing to meet the requirements in the earlier pilot will be removed from the list of state-owned capital investment and operating companies.

  In terms of the content of the pilot reform, the Implementation Plan has made specific requirements on defining the positioning of state-owned capital investment and operating companies, clarifying the organization modes, further improving the authorization mechanism and administration institutions, strengthening the operation modes, and establishing supervision and constraint mechanisms.

 
 
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