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China SOEs Mixed Ownership Reform Fund established

SASAC     2020-12-29         

On December 29, the China State-owned Enterprises Mixed Ownership Reform Fund Co., Ltd. (Mixed-ownership Reform Fund), approved by the State Council and entrusted by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) was established in Shanghai. China Chengtong is the leading initiator in establishing the Mixed-ownership Reform Fund.

Hao Peng, the Secretary of the CPC Committee and Chairman of SASAC, attended the ceremony and delivered a speech. Hao required all SOEs to implement guiding principles of Chairman Xi Jinping’s instructions on deepening SOEs’ reform and promoting mixed-ownership reform, and ensure all measures of SOEs’ Three Year Action are put in place. The establishment of the Mixed-ownership Reform Fund provides a great opportunity for deepening cooperation between SOEs and all other ownership enterprises, improving modern corporate system and stimulating the market vitality, all of which will contribute to SOEs’ better performance in quality-oriented growth and help play a greater role in the nation’s social economic development. Gong Zheng, Mayor of Shanghai and Chen Yin, the Executive Vice Mayor of Shanghai attended the ceremony.

Hao underlined that SASAC fully supports the Mixed-ownership Reform Fund to play a bigger role in deepening SOEs’ reform and looks forward to more innovations in advancing SOEs’ mixed ownership reform. Central and local SOEs should give their full support to the Mixed-ownership Reform Fund’s operation. China Chengtong, as the Mixed-ownership Reform Fund’s leading initiator and manager, should have a clear view of this Fund’s functional orientation and promote SOEs’ reform by making full use of this national level Fund’s guiding role. China Chengtong must ensure the Fund’s healthy and steady operation by strictly sticking to laws and regulations. The Fund must take a market-oriented professional approach in its operation and aim for value creation and state capital’s value preservation and appreciation. In the meantime, the Fund should attract non-state capital’s participation in SOEs’ reform, and help SOEs invest in private enterprises and other ownership enterprises to create an integrated and supportive environment for various ownership entities and realise common development for all.

Gong Zheng said that the establishment of the Mixed-ownership Reform Fund is a concrete step in deepening state assets and SOEs reform, a significant joint effort by SASAC and Shanghai, and a landmark action by central SOE in supporting Shanghai’s implementation of national strategies and speed up the construction of Lin’gang New Area. Shanghai will offer comprehensive services with business-friendly environment to facilitate the Mixed-ownership Reform Fund’s further development and enable its service to Shanghai and to the whole country. Gong hoped that the establishment of the Mixed-ownership Reform Fund offers a great chance for continuing advancing central SOEs’ participation in local development and for improving their cooperation level featured with enhanced innovation and exploration.

Zhu Bixin, China Chengtong’s Chairman noted in his speech that China Chengtong will continue improve its professional ability and management skills and take the initiative in facilitating smooth communication among shareholders. China Chengtong will ensure a stable and efficient operation of the Fund.

The China State-owned Enterprises Mixed Ownership Reform Fund is the third national level fund after China State-owned Capital Venture Investment Fund and China Structural Reform Fund. The scale of the Mixed-ownership Reform Fund is 200 billion yuan, with 70.7 billion raised in the first stage. Through market-oriented operation the Mixed-ownership Reform Fund aims at attracting all kinds of social capital to participate in SOEs’ reform, promote enterprises to improve the modern corporate system, transform the operation mechanism, and finally improve the quality and effect of the mixed ownership reform.

Whilst in Shanghai, Hao Peng held in-depth discussion with Shanghai leadership on strengthening cooperation between central SOEs and local places, deepening state assets and SOEs’ reform, jointly implementing the national strategy, and promoting central SOEs to actively participate in the construction of ‘Five Centers’ in Shanghai (build Shanghai centres for international economy, finance, trade, shipping and technological innovation). Hao Peng also visited the Shanghai Stock Exchange, Shanghai Futures Exchange and Pudong Development Bank, and exchanged views on further strengthening business exchanges and regulatory cooperation, promoting central SOEs to deepen the healthy ties between industry and finance with the help of the capital market, and continuously improving the ability of independent innovation and value realisation.

SASAC’s Deputy Secretary General and head of relevant bureaus participated in the ceremony and joined the visit.

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