Beijing Office of Changjiang Daily:

State-owned assets belong to and are the common property of all people. What has the SASAC done over the past decade to strengthen the supervision of state-owned assets? What achievements and progress have been made? Thank you.

Weng Jieming:

Thanks for your questions. It is the mission entrusted by the CPC Central Committee and the SASAC to strengthen the supervision over state-owned assets and protect and grow the common wealth of the people. Fully grasping and putting into practice the important instructions of General Secretary Xi Jinping on strengthening the supervision over state-owned assets, we have been working on improving the supervision system for state-owned assets and constantly enhanced the effectiveness of supervision. By doing so, we have effectively safeguarded the security of state-owned assets and rights and the interests of the state capital and prevented the loss of state-owned assets. 

First, we established and improved the state-owned assets supervision and administration system. Bearing in mind the responsibilities of the SASAC, we fully advanced the function transformation of the state-owned assets supervision organs, constantly refined lists of supervisory power and responsibility, and integrated the fulfillment of obligations of funders and the oversight of state-owned assets with Party building. The practices of managing capital while overseeing Party building, executing funders' duties while supervising and administrating state-owned assets, and conducting inner-Party supervision while introducing funders' supervision have guaranteed deep supervision over and an effective administration of state-owned assets. 

Second, we gave full play to a professional, systematic, and law-based supervision and administration. Exploring a regulatory approach, under which professionals, rather than those of industry authorities or social governance departments, played the role of supervision and administration. We strengthened supervision over planning, investment, evaluation, and allocation and enhanced basic administration such as property rights management and financial regulation. We coordinated multiple regulatory objectives covering stabilizing economic growth, advancing reform, strengthening innovation, promoting development and preventing risks, and realized an all-around, whole-process, systematic supervision and administration. We also improved the legal system and work system regarding state-owned assets supervision, promoted the rule of law in centrally administered SOEs, and bolstered our law-based state-owned assets supervision and administration capacity.

Third, we fostered a general environment for state-owned assets supervision and administration. We continued the reform of separating government administration from both enterprise management and state-owned assets management and sped up the centralized and unified supervision over for-profit state-owned assets. We launched an online supervision platform for state-owned assets and SOEs. We also strengthened guidance for and oversight over local state-owned assets supervision and administration commissions so as to improve the general efficiency of the overall supervision and administration work.

Practices have proved that with Chinese characteristics, the existing state-owned assets supervision and administration system is an important institutional arrangement that ensures the safety of state-owned assets and prevents their loss. It conforms to the laws of market economy and corporation development and shall be steadfastly upheld and constantly improved.

Thank you.

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