By Xiang Anbo, Research Team on “State-Owned Capital Investing and Operating Companies”, Enterprise Research Institute, DRC

Research Report, No. 45, 2020 (Total 5789) 2020-3-19

Abstract: The layout optimization and structural adjustment of China's state-owned economy has achieved initial results, but there are also problems such as slow stock adjustment, weak state capital liquidity, and the structure of state-owned enterprises to be optimized. We need to further improve five aspects of the institutional work in optimizing the layout and adjusting the structure of the state-owned economy. First, the state-owned capital operation platform of state-owned capital investing and operating companies needs to play a substantial role so as to improve the operational mechanism of state-owned capital. Second, the property rights trading market needs to be improved, and the market-oriented trading mechanism strengthened in adjusting and optimizing the state-owned economy and for the transformation of the state capital forms. Third, the mixed ownership economy needs to be developed and the "two-way entry" mechanism of different types of capital improved. Fourth, we need to promote the securitization of operational state assets and rendering state capital fund-based, improve the innovation of the state economy, establish an exit mechanism for state-owned enterprises in dire straits, and improve the dynamic modulation mechanism for the orderly advance and retreat of state capital. Fifth, we need to implement the specialization integration on the basis of strategic reorganization of state-owned enterprises, and improve the mechanism for their reorganization and integration. At the same time, we also need to put relevant institutional reform in place, consolidate institutional reform and ensure supporting reforms. Key words: state-owned economy, layout, structural optimization, adjustment mechanisms