China Drying Newsletter "The SASAC will next research and formulate and promulgate opinions on deepening the reform of state-owned enterprises in the next year." Wang Yong, director of the State-owned Assets Supervision and Administration Commission of the State Council, said at the meeting of heads of central enterprises of the State Council on the 24th, mainly summing up the reform of state-owned enterprises. On the basis of practice, the overall goal, basic path, and specific measures for the reform of state-owned enterprises within a few years are proposed.
At the meeting, the SASAC delineated the “road map†for the reform of central SOEs in the next few years. Wang Yong demanded that the central enterprises should plan their overall plans, road maps and timetable for further deepening reforms in line with their actual conditions, and strengthen the systemic and integral nature of the reforms.
"Isn't going in for a show, I'm going to do one thing." Wang Yong said to many top central enterprises. He pointed out that the SASAC further promoted the joint reorganization of enterprises, researched the plans for structural adjustment and joint reorganization of key industries, encouraged enterprises to adopt market-based methods, and used various methods such as joint ventures, cooperation, property rights circulation, and share replacement, along the industrial chain and value. Chain restructuring and reorganization will increase industrial concentration and professionalism; at the same time, it encourages joint restructuring among large enterprises and accelerates excellence and strength.
It is worth noting that the SASAC’s requirement for the “prominent business†of central SOEs is more stringent than in previous years. Wang Yong revealed to reporters that SASAC will re-verify the main business of central enterprises, sort out and adjust the main business of the enterprise, and further improve the problems of large-scale, small-scale, scattered and redundant construction of central enterprises; meanwhile, require the central enterprises to strictly control the main business. The direction of investment, increase the integration of internal resources, and promote the concentration of resources such as capital, technology, and talent to the main industry.
“The SASAC will continue to promote the overall listing of qualified companies, especially the introduction of private capital and foreign capital to participate in corporate restructuring and reorganization.†Wang Yong emphasized that the central enterprises should actively deepen and continuously improve the reform of the company-owned stock system and continue to make good use of the territory. The stock market, property market and bond market have been used to revitalize stocks and make good use of stocks; continue to deepen construction and standardize the pilot work of the board of directors, expand the scope of pilot projects, further regulate the operation of the board of directors, strengthen the construction of the board of directors, improve the selection and evaluation of external directors, and improve the board of directors. And the working mechanism of the supervisory board.
In more than three hours of speeches, Wang Yong repeatedly emphasized that the SASAC will continue to promote the reduction of efficiency and increase the efficiency of central enterprises next year. Strict implementation of salaries and business benefits are closely linked, and effective measures are taken to control labor costs, in particular to regulate job consumption. It is required that all central SOEs formulate and publicize quantitative standards for job consumption, strictly control job consumption, and define the “red line†of zero-growth job-related consumption of central SOEs in the next year.
"To make life more cost-effective, budget management must be implemented for job consumption, some unnecessary reception meetings, and cancellations to go abroad. Simplify meetings, car purchases, and travel standards," said Wang Yong.
“Many of the central enterprises’ profits have been pulled out little by little.†Near the end of the year, Wang Yong used the phrase “it is not easy†to describe the 2012 state-owned enterprise operations. He told reporters that in the first half of the year, affected by the overall economic downturn at home and abroad, the total profit of the central enterprises in the first quarter decreased by 33.53 billion yuan, or 11.8%, year-on-year; the decline in the second quarter showed an expanding trend, and the total profit decreased by 54.18 billion yuan, down by 16.1% year-on-year.
“In order to deal with the decline in business, when the situation in the first half of the year was not good, more than one third of the central SOE leaders were taking the lead in lowering salaries. Some companies’ management pay cuts reached 30%.†In a downturn, the central SOEs strictly controlled various expenses and expenditures, and vigorously promoted the cost reduction and efficiency increase. Many enterprises reduced investment projects in time according to market changes, vigorously reduced the scale of investment, made great efforts to compress non-productive expenditures, and vigorously reduced job consumption. Through a series of solid and effective measures, in the third quarter, the central enterprises’ economic returns have stabilized and their total profits have increased by 2.1% year-on-year. Since September, total profits have been growing for three consecutive months.
According to the latest data from the SASAC, in the first 11 months of this year, the central enterprises realized an operating income of 20.1 trillion yuan, a year-on-year increase of 8.9%; and a total profit of 1.1 trillion yuan, which was basically the same as the same period of last year; the tax paid was 1.7 trillion yuan, Increased by 12.8%. As of the end of November, the total assets of central enterprises reached 31.2 trillion yuan, a year-on-year increase of 11.5%.
For next year's business environment, Wang Yong believes that despite the many favorable conditions and positive factors for economic and social development next year, there are still many difficulties and all challenges cannot be underestimated. In particular, the severe overcapacity in some domestic industries and the rigid increase in production and operating costs will cause the central enterprises to face more fierce market competition and the operating environment will be more complicated. Some experts believe that most of the central enterprises are currently located in traditional industries, many are in the low-end links of the industrial chain and value chain, and the proportion of strategic emerging industries is relatively low. Some industries have low industrial concentration and resource allocation. The efficiency is not high, the core competitiveness is not strong, there are problems such as redundant construction, vicious competition, waste of resources, and environmental pollution.
“Some enterprises have large, complete and small internal scattered phenomena, so the task of accelerating industrial restructuring and optimizing industrial structure is very urgent,†says Wang Yong.
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