The central state-owned enterprises in China, referred to as "centrally managed enterprises" for short, refer to wholly state-owned or state-controlled enterprises whose leading bodies are directly managed by the Central People's Government (the State Council) or entrusted by the state-owned assets supervision and administration institution to exercise the responsibilities of investors, or entrusted by the Central Organization Department, the State-owned Assets Supervision and Administration Commission of the State Council or other central ministries (associations).
It is generally believed that central enterprises have three main characteristics. First, the financial relationship of assets is listed separately in the Ministry of Finance; Second, personnel relations are listed separately in Ministry of Human Resources and Social Security; Third, the operation is listed separately in the national plan (the State Council can write it directly).
Institutional mechanism
The reform of state-owned enterprises is a very complicated systematic project and the central link of the whole economic system reform. The development of state-owned enterprises is based on system and mechanism innovation.
State-owned enterprises actively promote the reform of corporate system and promote enterprises to establish a standardized corporate governance structure. At the same time, the shareholding system reform and domestic and foreign listing have effectively promoted the transformation of enterprise management mechanism, improved the corporate governance structure, and improved the level of marketization and internationalization. The shareholding system reform of central enterprises and their subsidiaries has increased from 40% in 2005 to 70% in 20 10.
By the end of 20 10, there were 43 central enterprises whose main business was listed as a whole, and 336 listed companies at home and abroad controlled by central enterprises. There are 988 state-owned listed companies in China. 52.88% of total assets, 68.05% of net assets and 59.65% of operating income of central enterprises are in listed companies.
The system of standardized operation of the board of directors has been further improved, the construction of external directors has been further strengthened, and the role of the board of directors in scientific decision-making, risk prevention and management strengthening has been further revealed.
State-owned enterprises strive to strengthen and expand their main business, actively adjust and reorganize, shorten the management chain, reform and separate auxiliary businesses, and release the vitality of state-owned capital.
On the voluntary basis of enterprises, some state-owned enterprises with high industrial relevance, complementary advantages and strategic coordination have been jointly reorganized, which has enhanced the influence and control of state-owned capital. State-owned capital is further concentrated in important industries and key areas, and the proportion of state-owned capital in telecommunications, electric power and other industries exceeds 90%. The restructuring and integration of central enterprises have intensified. By 20 10, the number of central enterprises has been adjusted from 196 at the beginning of the establishment of the State Council SASAC in 2003 to 20 122.