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By Ma Jun, Yuan Dongming, Xiang Anbo & Jia Tao, Research Team on “State-Owned Capital Investment and Operation Companies”, Enterprise Research Institute, DRC

Research Report, No. 41, 2020 (Total 5785) 2020-3-18

Abstract: The reforms of State-owned capital investment and operation companies mark a key measure of reforming the system of authorization and operation of State-owned capital and a pivotal part of deepening reforms of State-owned enterprises in China. Since 2014, a total of 21 Central and 150 provincial-level companies have, by focusing on comprehensive transformation and capacity improvement, launched trials in delegating powers to subsidiary companies in a bid to separate government administration from enterprise management, fend off potential risks and realize the specialization of State-owned capital operation. However, some problems need to be noted such as reforms for the sake of reforms and funds are diverted out of the companies. To give full play to the substantial role of State-owned capital investment and operation companies, some policy options are proposed as follows. Related departments need to formulate rules for improving the layout of State-owned capital and clarify the functions of pilot enterprises; they need to make efforts to further separate government administration from enterprise management and State assets; in line with the new requirements of bettering capital management, they need to enhance the capacity of pilot enterprises in a swift manner; they need to step up reforms of mixed ownership to create conditions for proper capital management; they need to formulate supporting policies to give more support to pilot enterprises; and they need to further improve the trial practice and further boost reforms.

Key words: State-owned capital, investment and operation companies, reforms