Home » A deep dive into finance and economics丨It is related to the new round of state-owned enterprise reform, and the State-owned Assets Supervision and Administration Commission of the State Council has deployed it like this_Guangming.com

A deep dive into finance and economics丨It is related to the new round of state-owned enterprise reform, and the State-owned Assets Supervision and Administration Commission of the State Council has deployed it like this_Guangming.com

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2024 marks a critical year for the reform of state-owned enterprises in China, with a focus on deepening and improving their operations. A recent meeting of central enterprise heads emphasized the need to complete over 70% of key tasks within the year.

One distinctive feature of this round of reform is the emphasis on strengthening the functional missions of central enterprises. This includes promoting their roles in scientific and technological innovation, industrial control, and safety support to build a modern industrial system. The State-owned Assets Supervision and Administration Commission highlighted the importance of serving high-level science and technology, self-reliance, and ensuring stable supply chains.

Additionally, the reform aims to promote state-owned enterprises to operate according to market-oriented mechanisms. This involves breaking traditional practices and implementing tenure systems for management members based on performance. The reform also targets improving corporate management personnel adjustments and incentivizing long-term performance.

The coordinated advancement of two types of reform tasks – functional and mission-oriented, and institutional and mechanism-oriented – is crucial for the success of the reform. This approach aims to form a comprehensive reform package that addresses key challenges in state-owned enterprises.

As the reform progresses, Wang Hongzhi, deputy director of the State-owned Assets Supervision and Administration Commission, urged all units to focus on implementing tasks efficiently and effectively. The reform is considered heavy and challenging, requiring dedication and coordination at all levels.

With efforts to promote innovation, efficiency, and market-oriented operations, the reform of state-owned enterprises in 2024 is poised to drive significant changes in China’s industrial landscape.

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