The General Office of the General Office of the Central Committee of the Communist Party of China

The General Office of the General Office of the Central Committee of the Communist Party of China issued and issued the "Guidance Opinions on Strengthening State -owned Enterprise Assets and Resources Restrictions"
Xinhua News Agency, Beijing, September 13th. Recently，The Office of the Central Committee of the Communist Party of China、The General Office of the State Council issued the "Guiding Opinions on Strengthening State -owned Enterprise Assets and Liabilities"，and issue a notification，Requires and regional departments to implement it carefully in accordance with the actual situation。

"Guiding Opinions on Strengthening State -owned Enterprise Assets and Resources Constrained" is as follows:

To thoroughly implement Xi Jinping's new era of socialist thought with Chinese characteristics and the spirit of the 19th National Congress of the Communist Party of China，Implementing the Central Economic Work Conference、National Financial Work Conference and the first meeting of the Central Finance and Economic Council，Strengthen state -owned enterprise asset -liability constraints，Reduce the leverage rate of state -owned enterprises，Promote the stronger capital of state -owned capital to become better and better，Enhance economic development toughness，Improve the quality of economic development，Now I have proposed the following guidance。

1. Overall requirements

(1) Overall target。Strengthening the asset -liability constraints of state -owned enterprises is an important measure to prevent and resolve major risks。To establish and improve the asset -liability constraint mechanism of state -owned enterprises，Strengthen supervision and management，Promote the asset -liability ratio of high -liability state -owned enterprises to return to reasonable level as soon as possible，Promoting the average asset -liability ratio of state -owned enterprises by 2020 will be reduced by about 2 percentage points compared with the end of 2017，After the state -owned enterprise's asset -liability ratio is basically maintained at the average level of enterprises in the same industry。

(2) Basic principles

—— Persist in combining comprehensive coverage and classification management。All industries、All types of state -owned enterprises are included in the asset -liability constraint management system。At the same time，According to Stake Sports Bettingthe characteristics of asset -liability characteristics of different industries，Branch industry setting up a state -owned enterprise asset -liability constraint index standard。Highlight the focus of supervision，State -owned enterprises that exceed the standards exceeding the constraints，Combined with the development stage of the enterprise，Based on the comprehensive evaluation of various financial indicators and business development prospects of enterprises，Adopt appropriate control measures according to the risk。Strictly controlling the excess capacity of the industry, the asset -liability ratio of state -owned enterprises in the industry，Master and flexibly grasp the strategic emerging industry that is conducive to promoting economic transformation, upgrading and development、State -owned enterprise asset -liability ratio in the fields of innovation and entrepreneurship。

—— Persist in the combination of improvement of internal governance and strengthening external constraints。To strengthen state -owned enterprise asset -liability constraints and deepen the reform of state -owned enterprises、Establish a modern enterprise system、Occasionally organic combination of corporate governance structure，Establish a sound long -term mechanism。At the same time，Pass the strengthening assessment、Enhance the authenticity and transparency of the corporate financial and transparency、Reasonably restricting debt financing and investment，Strengthen the external constraints of assets and liabilities of state -owned enterprises。

—— Persistence quality improvement and efficiency and policy support。Each relevant parties must actively actively serve as，According to the requirements of the overall target, further clarify the goal of high -liability state -owned enterprises to reduce the asset -liability ratio、Step、Method，Complete time to complete。State -owned enterprises must adhere to quality improvement and efficiency、Practice internal skills，Ensure the strength of corporate capital by expanding operations，Under the premise of strictly stake betting appprevent state -owned assets，Continuously reduce the asset -liability rate。At the same time，To create a good policy and institutional environment for reducing the asset -liability rate for high -liability state -owned enterprises，Improve the capital supplementary mechanism，Expand equity financing，Support activation assets，Steady and orderly carry out debt restructuring and market -oriented debt -to -equity。

2. Category determines the standard for state -owned enterprise asset -liability constraints

State -owned enterprise asset -liability constraints are based on asset liability ratio，For different industries、Different types of state -owned enterprises implement classified management and dynamic adjustment。In principle, the average asset -liability ratio of all enterprises above designated size in the previous year as the benchmark line，The reference line plus 5 percentage points is the early warning line of the asset -liability ratio，The benchmark line plus 10 percentage points is the key supervision line of the asset -liability ratio of the year。State -owned Enterprise Group Consolidated Report Asset -Agreement Rate Early Warning Line and Key Supervision Line，It can be composed of relevant state -owned asset management departments based on the main business、Development level and classification supervision requirements OK。Post、Railway and other special industries may or cannot obtain the corporate asset -liability rate early warning line and key regulatory line，The relevant state -owned asset management department is guided by national policy、Industry situation and refer to international experience determination。

Central Enterprise, which is fulfilled by the State -owned Assets Supervision and Administration Commission of the State Council，Asset -liability rate management and control work continues to implement the current requirements，Adjust and improve in practice。Financial state -owned enterprise asset -liability constraints shall be implemented in accordance with the existing management system and standards。

3. Improve the self -restraint mechanism of state -owned enterprise assets and liabilities

(1) Reasonable setting the level of asset liabilities and asset -liabilities。State -owned enterprises must early warning lines and key regulatory lines in accordance with the corresponding asset -liability ratio，Comprehensive consideration of market prospects、Cost of funds、profitability、Asset liquidity and other factors，Strengthening capital structure planning and management，Reasonable setting corporate asset -liability ratio and asset -liability structure，Keep financial stability、Competitiveness。

(2) Strengthen the daily management of asset -liability constraints。State -owned enterprise management management should be faithful and diligent，Careful development of debt financing、Investment、expenditure、Business activities such as external guarantees，Prevent interest liabilities and excessive debt accumulation，Make sure the asset -liability rate is maintained at a reasonable level。In the annual board of directors or shareholders (big) meeting，Make a special explanation on the status of assets and liabilities and future asset -liabilities，and according to the standardized corporate governance procedures，Submit to the board of directors or shareholders (big) for consideration。When the enterprise may or already fall into financial dilemma，To inform the relevant creditors in time，Consultation with relevant creditors in accordance with laws and regulations，Category and steadily dispose of related debts。

(3) Strengthen the constraints of state -owned enterprise group companies' assets and liabilities for their subsidiaries。State -owned Enterprise Group Corporation should follow the situation of the industry and the industry, etc.，Control indicators in accordance with state -owned enterprise asset -liability ratio，Reasonable determination of the asset -liability rate level of sub -enterprises，and incorporate the asset -liability constraints of sub -enterprises into the group company's assessment system，Make sure that child enterprises are strictly implemented。State -owned Enterprise Group Corporation must further strengthen sub -enterprise assets、Finance and business independence，Reduce mother and child enterprise、Risk infection between sub -enterprises and sub -enterprises。

(4) Enhance endogenous capital accumulation ability。State -owned enterprises must firmly establish new development concepts，centered on improving the quality and efficiency of development，Focus on improving the level of management and management，Further clarify and focus on the main business slimming body，Improve productivity through innovation drive，Enhance corporate profitability，Improve corporate assets and capital returns，Provide continuous endogenous capital for enterprise development。

4. Strengthen the external restraint mechanism of state -owned enterprises asset -liabilities

(1) Establish a scientific and standardized corporate asset -liability monitoring and early warning system。Related state -owned asset management departments shall establish the asset -liability ratio as the core，Enterprise growth、benefits、Debt repayment capacity and other indicators assisted by corporate asset -liability monitoring and early warning system。State -owned enterprises with asset -liabilities exceeding the early warning line and key regulatory lines，Related state -owned asset management departments must comprehensively analyze Stake Sports Bettingthe characteristics of the industry where the enterprise is located、Development stage、debt type structure such as interest liabilities and operating liabilities、Short -term liabilities and medium and long -term liabilities such as debt period structure，and before interest taxation profit、Interest guarantee multiple、flow ratio、Speed ​​ratio、Indicators such as net cash flow of business activities，Scientific evaluation of its debt risk status，and list the list of key concerns and key regulatory enterprises according to the degree of risks，Continuous monitoring of its debt risk。

(2) Establish a mechanism for reducing the asset -liability ratio of high -liability enterprises。State -owned enterprises included in the list of key supervision enterprises，Related state -owned asset management departments must clarify their goals and time limit for reducing their assets and liabilities，and is responsible for supervising the implementation。Domestic and overseas investment with no asset -liabilities shall not be implemented，Major investment must perform special approval procedures，Strict high -risk business management，and significantly reduce various expenses。According to the principle of marketization,，Reorganization with business、Combination of quality improvement and efficiency，Actively optimize the debt structure、Carry out equity financing、Implementing market -oriented debt -to -equity、Bankruptcy and other channels to effectively reduce corporate debt levels。

(3) Evaluation guidance for improving the constraints of asset -liability。Related state -owned asset management departments must strengthen the process supervision and inspection，The effectiveness of reducing leverage reduction as an important content of corporate assessment and evaluation。Enterprises that are included in the list of key concerns and key supervision companies，It is necessary to incorporate corporate asset -liability ratio into the scope of annual operating performance assessment，Give full play to the guidance of the assessment，Urges enterprises to implement the requirements of asset -liability management and control。

(4) Strengthen the coordination of financial institutions for high -liabilities。State -owned enterprises with the asset -liability ratio exceeding the early warning line，Related financial institutions must strengthen loan information sharing，Touched off -balance -sheet financing、Foreign guarantees and other hidden liabilities，Comprehensive prudential evaluation of its credit risk，and reasonably determine interest rates according to the risk status、Counterbitten、Sales and other loan conditions。State -owned enterprises that are included in the focus of focusing on the list of enterprises or asset -liabilities exceeding the key regulatory line，New debt financing In principle, it should be carried out through the joint credit method of financial institutions，The financial institution jointly determines the corporate credit limit，Avoid disorderly competition and over -granting of financial institutions，Strictly control new debt financing。State -owned enterprises included in the list of key supervision enterprises，Financial institutions shall not add debt financing in principle。

(5) Strengthen the joint disciplinary mechanism of corporate financial dishonesty behavior。Strengthen the authenticity and transparency of the corporate financial authenticity and transparency。The person in charge of the state -owned enterprise is fully responsible for the authenticity of the enterprise，To ensure that the enterprise does not falsely report assets to hide debt，Financial information is true and reliable。Accounting Firm and other professional intermediary agencies shall issue a audit report strictly in accordance with the accounting standard specifications，Objectively and accurately reflect the status of corporate assets and liabilities。Strengthen the construction of a social credit system，Improve corporate financial dishonesty behavior joint punishment mechanism，A company will illegally violates the rules、Intermediary agencies and related responsible persons include the list of dishonest people，Strict accountability in accordance with laws and regulations，Increased penalties。

5. Supporting measures to strengthen state -owned enterprise asset -liability constraints

(1) Clarify the boundary of government debt and corporate debt。Resolutely curb local governments to increase hidden debt in the form of corporate debt。It is strictly forbidden for local governments and their departments to borrow debts through state -owned enterprises illegal or disguised，It is strictly forbidden for state -owned enterprises to provide local governments with financing or cooperation with local governments in disguise; state -owned enterprises that provide financing or cooperate with local governments in disguise in local governments，It should bear the corresponding responsibility。Multi -channel activation of various funds and assets，Actively and securely resolved the hidden debt of local governments formed in the form of corporate debt，Guarantee the legitimate rights and interests of state -owned enterprises。Further improve the strategy of participating in state or local development in state -owned enterprises、Legal rights guarantee mechanism to undertake public services。Governments and social organizations at all levels should strictly stake betting appimplement various policies that reduce the burden on enterprises，Under normal circumstances，Do not force state -owned enterprises to bear the liability for public welfare expenditure shall be borne by the government or social organizations。Volunteer borne by state -owned enterprises，The corresponding decision -making procedures should be strictly fulfilled。Speed ​​up the "three supply and one industry" separation and transfer，Reduce the social burden of state -owned enterprises，Assistance to solve the problem left by the history of state -owned enterprises。

(2) Support state -owned enterprises to activate the debt structure of the existing assets for state -owned enterprises。Encourage state -owned enterprises to adopt lease contracts、Cooperative use、Resource again、Asset replacement or sale to achieve idle asset flow，Improve asset use efficiency，Optimize resource allocation。Encourage state -owned enterprises to integrate internal resources，Integrate and clean up the asset -related assets related to the main business，Improve the level of use asset utilization，Improve business benefits。Encourage state -owned enterprises to strengthen centralized management，Strengthen internal financial communication，Improve the efficiency of the use of corporate funds。Support state -owned enterprise to revitalize land use rights、Lining right、Mining rights and other intangible assets，Fully realize market value。Actively support state -owned enterprises for sale、The principle of bankruptcy isolation，Development of accounts receivable in accordance with laws and regulations、Leasing claims and other property rights and infrastructure、Asset securitization business with real estate property or property equity of real estate or property of commercial properties。Promote state -owned enterprises to carry out debt cleanup，Reduce invalid occupation，Accelerate the capital turnover。Under the premise of risk control，Encourage state -owned enterprises to use the bond market to increase the proportion of direct financing，Optimize corporate debt structure。

(3) Improve the multi -channel capital supplementary mechanism of state -owned enterprises。Prerequisites for increasing operating benefits，Further improve the capital mechanism for the retention of state -owned enterprises for profit supplement。Combined with the improvement of the state -owned economic strategic layout，Realize the dynamic management of state -owned capital and progressive dynamic management，State -owned capital that will withdraw from the overcapacity industry is used in urgent need of capital supplement to develop industries and fields。Give full play to the role of state -owned capital business budget funds，After gradually solving the problems left over from corporate history and related reform costs，More as a national security for capital orientation、Important industries and key areas of national economic life pulse。Make full use of state -owned capital investment、Operation Company，Absorption of social funds into capital。Actively promote the reform of mixed ownership，Encourage state -owned enterprises to transfer shares、Increase capital expansion、joint venture cooperation and other methods to introduce private capital。Encourage state -owned enterprises to make full equity financing through multi -level capital markets，Guide state -owned enterprises to raise equity funds through private equity investment funds，Expand equity financing scale。Support state -owned enterprises through the bond combination、Investment and loan linkage to carry out financing，Effective control of debt risk。Encourage state -owned enterprises to actively transform and restructure to create conditions to implement market -based debt -to -equity。

(4) Actively promote the merger and reorganization of state -owned enterprises。Support the cultivation of high -quality state -owned enterprises through mergers and reorganizations。(4) Actively promote the merger and reorganization of state -owned enterprises。Increase the concentration of the industrial low、Homogeneous competition Highlights the joint reorganization of state -owned enterprises in the industry。Encourage all types of investors to invest through equity investment funds、Venture Investment Fund、Industrial Investment Fund and other forms participating in the merger and reorganization of state -owned enterprises。

(5) Implement bankruptcy of state -owned enterprises in accordance with laws and regulations。Give full play to the settlement of corporate bankruptcy in solving debt contradictions、Fair protection of the rights of all parties、The important role in optimizing resource allocation。Support state -owned enterprises to turn losses in accordance with the law、"Zombie Enterprise", which has lost the prospect of survival and development for bankruptcy liquidation。Sub -enterprises that meet the bankruptcy conditions but still have the prospects of development，Support creditors and state -owned enterprises in accordance with the court's bankruptcy and reorganization procedures or independent negotiations to reorganize the enterprise。Local governments financing platform company that is not available to the ability to loses claims for serious funding，Implement bankruptcy reorganization or liquidation in accordance with the law，Resolutely prevent "big but not pour"，Resolutely prevent risks from cumulating systemic risks。At the same time，To do a good job of maintaining social stability related to the bankruptcy of the enterprise。

6. Organization implementation of strengthening state -owned enterprise asset -liability constraints

(1) Determine various responsible subjects。State -owned enterprises are the first responsible subject to implement asset -liability constraints，According to the requirements of this guidance，Clarify the corporate asset -liability rate control target，Deepen internal reform，Strengthen self -constraint，Effectively prevent debt risk，Strictly prevent the loss of state -owned assets，Ensure that the company can continue to operate。Related financial institutions should follow the asset -liabilities and operating conditions of state -owned enterprises，Careful evaluation of corporate debt financing needs，Balanced stock bond financing ratio，Strengthen post -loan management，Debt reorganization，Assisting enterprises to prevent and resolve debt risks in a timely manner。Inadequate implementation of this guidance and unsatisfactory business behavior, the asset -liability ratio exceeds the reasonable level of state -owned enterprises and its main person in charge，Relevant departments should increase accountability。State -owned enterprises that are faked to implement this guidance，Relevant departments must be strictly punished for their main responsible persons and persons with direct responsibility。

(2) Establishing department information sharing and social public supervision and restraint mechanism。Related state -owned asset management departments shall bring the company and their debt risk status of the list of key concern and key regulatory enterprises，Submit to actively and safely reduce the inter -joint meeting of the corporate leverage (hereinafter referred to as joint meeting) office，and the relevant departments of the joint meeting office，Provide necessary basic information for the work of relevant departments。Relevant state -owned asset management departments at all levels must put various types，Disclosure to the society through the media such as "Credit China"，Accept social supervision。

(3) Strengthen the organization and coordination of the implementation of the asset -liability constraints of state -owned enterprises。Relevant state -owned asset management departments at all levels should reduce the goals and constraints of state -owned enterprise asset -liability ratio and constraints，Default implementation、Refined requirements、Strengthening guidance、Strict assessment，Report the joint meeting office in time in time。Audit departments at all levels must carry out audit supervision independently，Promoting the implementation of the asset -liability constraints of state -owned enterprises。Related financial management departments should further clarify the rules in accordance with this guidance，Strengthen business guidance and urging of financial institutions。Governments at all levels report to the Standing Committee of the People's Congress of the People's Congress when the management of state -owned assets，The control of the state -owned enterprise asset -liability and the control of the asset -liability rate shall be reported。Joint meetings must strengthen organizational leadership、Coordinated coordination、Check the supervision and supervision accountability，Make sure that state -owned enterprises reduce the effectiveness of the asset -liability ratio。Major issues must be reported in time to report the Party Central Committee、State Council。