The proposal of the new management responsibility system can be traced back to the special promotion meeting on tenure system and contractual management of managers of state-owned enterprises held by the office of the leading group for the reform of state-owned enterprises in the State Council in 20021year. The meeting pointed out that "the implementation of manager tenure system and contractual management is a new management responsibility system based on the modern enterprise system with China characteristics, a key measure to stimulate the endogenous vitality of enterprises, and an inevitable requirement for realizing the high-quality development of state-owned enterprises." At that time, a new management responsibility system with the implementation of manager tenure system and contractual management as the core was put forward, but the connotation of the new management responsibility system goes far beyond this.
Cuhk Consulting believes that in the past, the goal of the management responsibility system was to make state-owned enterprises operate independently and be responsible for their own profits and losses, mainly by stipulating the relationship between the state and enterprises in the form of operating contracts and promoting the separation of ownership and management rights. The new management responsibility system puts more emphasis on the dominant position of state-owned enterprises in the market, and establishes a market-oriented governance and operation mechanism through top-down comprehensive reforms such as classification reform, authorized supervision of state-owned assets, establishment of modern enterprise system, market-oriented assessment and incentive, and risk management and control, so as to further stimulate the endogenous vitality of enterprises.