Li Keqiang: promoting central enterprises to deepen reform, reduce leverage, promote quality and efficiency

Li Keqiang presided over the standing meeting of the State Council

Deployment to further deepen the reform of central enterprises, reduce leverage and promote quality and efficiency of enterprises

Listening to the implementation of incentive policies such as equity options and dividends, and the progress of the reform of scientific research projects and funds management system.

Promoting the driving force of innovation and development

The premier of the State Council, Li Keqiang, chaired the standing meeting of the State Council in August 23rd, to promote the deepening of the reform of the central enterprises, to reduce the leverage and to promote the efficiency of the enterprises; to listen to the incentive policies of equity options and dividends and to report on the progress of the reform of scientific research projects and the reform of the funds management system, and to promote the impetus for the development of innovation.

The meeting pointed out that the central enterprises are the backbone of the national economy and play a leading and exemplary role in the reform of state-owned enterprises. In accordance with the deployment of the Central Committee and the State Council, central and central enterprises carry out the new development concept, continue to deepen the reform, deepen the structural reform of the supply side, and have achieved positive results in solving the overcapacity, preventing and controlling the debt risk, promoting the quality and enhancing the efficiency, and improving the core competitiveness. The operation situation has improved significantly, the first 7 months of this year The total profits of the central enterprises from the same period of last year fell 3.7% to 16.4% year on year, and the asset and liability ratio was 0.2 percentage points lower than that at the beginning of the year. At present, we should seize the favorable opportunity for the central enterprises to turn their profits back and fall, and reduce the leverage of state-owned enterprises as the most important part of the "deleveraging". We should do a good job in reducing the debt ratio of central enterprises. First, we must establish a strict degree of debt control in different industries. For Enterprises above the guard line, they will increase the weight of the asset liability ratio in the annual performance assessment, strictly control the investment of the main industry, strictly control the investment of non main industry, and prohibit the arrangement of investment projects with higher debt ratio. Two, we must establish a mechanism for reducing debts of enterprises through multiple channels. Enterprises with faster growth in efficiency should be urged to make use of partial profits to reduce debts under the premise of ensuring normal production and operation. The enterprises with lower debt ratio or stronger profitability are encouraged to take the initiative to resolve the problems left over by history, and to digest the cost of reform in the current profit and loss. Research and introduction of the iron and steel industry to resolve the financial treatment of surplus capacity of state-owned assets disposal, explore the establishment of state-owned capital supplement mechanism, and properly solve the enterprise reform and development, the transformation and upgrading of the capital needed. Three, we should actively and steadily push forward the marketization, rule by law, debt to equity swap, and supervise the implementation of the framework agreement signed. We should push forward the innovation mode of central enterprises with good prospects and the intention of changing stocks, and accelerate the debt to equity swap. We should intensify the annexation and reorganization of the central enterprises and implement the reform of mixed ownership. It supports the multi-channel financing of the implementation agencies of the debt to equity swap. We should encourage state-owned capital investment, operation companies and conditional central enterprises funds to take various market-oriented ways to participate in debt to equity swap. Four, we need to strengthen accountability and remind companies that debt rates continue to rise, and seriously pursue responsibility for major losses or adverse effects. Local cooperation projects should be strictly prevented from increasing the implicit debt of local governments. Fifth, we need to promote industrial transformation and upgrading and reduce leverage in the transformation of new and old kinetic energy. Effective measures should be taken to ensure that this year's work to resolve excess capacity of steel and coal, dispose of "zombie enterprises" and governance of poverty-stricken enterprises will be carried out. We should promote the reduction of output and control of new capacity in thermal power, electrolytic aluminum and building materials industries. The in-depth implementation of the "2025 Chinese manufacturing" and "Internet plus", actively develop new pattern of industrial upgrading of traditional new formats, kinetic energy, accelerate to digital, networked and intelligent transformation, enhance the development potential. The conference calls for the guidance of further and steady progress of the central enterprises to reduce leverage and reduce liabilities, and to promote the overall steady and steady decline in the assets and liabilities rate of the central enterprises, and to promote the gradual return of the debt ratio of high debt enterprises to a reasonable level.

The meeting pointed out that, in order to carry out the strategy of innovation driven development, promote public entrepreneurship and innovation, and build an innovative country, the incentive policies such as equity options and dividends have been introduced in recent years, and the reform of the central financial science and technology plan and project fund management has been continuously promoted. The next step is to focus on the difficulties and blocking points in the implementation of the policy, strengthen supervision and evaluation, and summarize local experience. First, we should study the scope of the implementation of the incentive policies and relax the implementation conditions of the stock option and dividend policy of the state-owned scientific and technological enterprises, and amend the relevant regulations on the record of the state assets assessment related to the stock incentive research personnel, which are formed by the job price investment of the duty science and technology, so as to improve the relevant income tax policies of equity incentive and technology share. Innovation and breakthrough will further stimulate the enthusiasm and creativity of scientific and technological personnel. Two we should focus on the major needs of economic and social development, optimize the layout of major national scientific and technological tasks, improve the rules for the evaluation of fair and scientific, and improve the decision-making of scientific research projects and the allocation of resources. We should promote the development of science and technology, economy and all kinds of innovation subjects. Three we should further implement the inclusive policy of R & D cost plus deduction, tax preference of high and new technology enterprises, and promote the deep participation of domestic and foreign enterprises and other market participants in the innovation of entrepreneurship.