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The State-owned Assets Supervision and Administration Commission Held a Meeting to Sincerely Study and Implement the Spirit of the Politburo Meeting of the CCP Central Committee


Readout from meeting of Party members at China’s main owner and regulator of state-owned enterprises.

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Adhere to the general tone of the work of seeking progress while maintaining stability, accelerate the high-quality development of state-owned assets and central government enterprises, and ensure the completion of annual goals and tasks.

坚持稳中求进工作总基调 加快推进国资央企高质量发展 确保完成全年目标任务

Recently, the Party Committee of the State-Owned Assets Supervision and Administration Commission (SASAC) held an enlarged meeting to sincerely study and implement the spirit of General Secretary Xi Jinping’s important speech at the Politburo meeting of the Chinese Communist Party (CCP) Central Committee held on July 30, analyze and summarize the current economic operations of central government enterprises, and study and deploy key tasks for the next stage. Hao Peng, chairman and Party Committee secretary of the SASAC, presided over the meeting. In his speech, he emphasized that we must conscientiously study and implement the spirit of General Secretary Xi Jinping’s important speech; resolutely unify our thoughts and actions with the analysis, judgments, decisionmaking, and deployments of the Party Central Committee on the current economic situation; adhere to the general tone of the work of seeking progress while maintaining stability; integrally, accurately, and comprehensively implement the new development concept; deepen supply-side structural reforms; closely link the acceleration of high-quality development with the satisfaction of the people’s needs for a better life; better serve and integrate into the new development pattern; focus on the goals, highlight the key points, and work hard; make every effort to complete the annual goals and tasks; ensure that the work of state-owned assets and central government enterprises gets off to a good start during the 14th Five-Year Plan; and make greater contributions to the high-quality development of China’s economy. Members of the SASAC Party Committee attended the meeting.


The meeting pointed out that, since this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping as its core, the SASAC Party Committee has resolutely implemented the decisions and deployments of the Party Central Committee and the State Council, and coordinated and promoted the epidemic prevention and control and economic operations work of central government enterprises. From January to July, central government enterprises maintained stability while progressing and achieving a positive trend, with a net profit of 1.2 trillion yuan, a year-on-year (YoY) increase of 112.4 percent and an average increase of 21.3 percent over two years. Operating income was 20 trillion yuan, a YoY increase of 27.4 percent and an average increase of 8.8 percent over two years. The operating metrics of key industries are steadily improving; the quality of corporate operations continues to improve; and the research and development expense investment intensity, revenue margins, and labor productivity of all employees continue to grow. The debt-to-asset ratio has fallen YoY, and tax contributions have continued to increase. This has made an important contribution to the sustained and healthy development of the country’s economy and laid a solid foundation for the completion of the annual goals and tasks.


The meeting emphasized that, in accordance with the various deployment requirements of the Politburo meeting of the Central Committee and with the adoption of more determined ideological awareness and precise and pragmatic measures, we will make solid progress in the next stage of work on state-owned assets and state-owned enterprises (SOEs). We must coordinate and promote the epidemic prevention and control and economic operation work of state-owned assets and central enterprises, promote the quality and efficiency upgrade of central government enterprises, and strengthen the analysis and judgment of the domestic and foreign economic situations and the operation trends of key industries. According to cross-cycle adjustment requirements, we must coordinate and plan business development work to prevent big ups and downs and ensure that the “two benefits and four rates” targets are achieved. We must put scientific and technological innovation in a more prominent position; push central government enterprises to actively integrate into the national basic research and applied basic research innovation systems; strengthen efforts in key core technologies for industrial master machines, high-end chips, new materials, new energy vehicles, and other fields; strive to create original technology “sources”; shoulder the responsibility of a “chain owner” of production chains; carry out special initiatives to supplement and strengthen the chains; strengthen the coordination of upstream and downstream industries; and actively promote the development of small, medium, and micro enterprises. We must take the implementation of the Three-Year Action Plan for State-Owned Enterprise Reform as an important starting point, guide and promote central government enterprises to make efforts to advance the three institutional reforms, deepen state-owned capital investment, operate company pilots, promote the tenure system and contract management for management members, and ensure that 70 percent of the three-year tasks are completed by the end of this year. We must actively promote the optimization and structural adjustment of the layout of state-owned capital and focus on forming new central government enterprise groups in strategic emerging industries in a timely manner. We must coordinate the orderly work on carbon peaking and carbon neutrality, set out a clear path and method for central enterprises to achieve carbon peaking and carbon neutrality, accelerate the development of the energy conservation and environmental protection industries, promote the application of pollution reduction and carbon reduction technologies, and promote green development in an in-depth manner. We must uphold the party’s leadership to strengthen party building; carry out the study and education on party history in a practical manner; conduct a “retrospective” on the implementation of the spirit of the National State-Owned Enterprise Party Building Conference; consolidate and deepen the results of implementation; and provide a fundamental guarantee for stronger, better, and larger SOEs.


The meeting required that we coordinate development and security; strengthen bottom-line thinking; guide and push central government enterprises to establish and improve long-term mechanisms for the prevention and disposal of various risks such as production and operation risks; and insist on early detection, early warning, and early disposal of risks. The SASAC will further strengthen the supervision of the financial businesses of central government enterprises, strictly control the scale of corporate perpetual bonds, strengthen financing guarantee management, strictly enforce financial discipline, guide enterprises to follow the principles of marketization and rule of law to satisfactorily prevent and resolve financial risks, resolutely maintain the bottom line of no major risks, and ensure the stable operation of enterprises. They must implement the work requirements of the Financial Stability and Development Committee of the State Council, strengthen guidance on the prevention and control of debt risks for local SOEs, and strive to maintain the good reputation of SOEs and the stability of the financial market.


The chief accountant and deputy secretary-general of the SASAC; the discipline inspection and supervision team for the commission; and the responsible comrades of various departments, bureaus, and directly affiliated institutions attended the meeting as observers.


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国务院国有资产监督管理委员会 (State-Owned Assets Supervision and Administration Commission). "The State-owned Assets Supervision and Administration Commission Held a Meeting to Sincerely Study and Implement the Spirit of the Politburo Meeting of the CCP Central Committee [国资委党委召开会议认真学习贯彻中共中央政治局会议精神]". CSIS Interpret: China, original work published in State Council [中华人民共和国国务院], August 19, 2021

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