Beijing, September 13th. Recently，The General 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，Implement 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 make it better and bigger，Enhance economic development toughness，Improve the quality of economic development，The following guidance is proposed。

1. Overall requirements

(1) The 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，Later, the asset -liability ratio of state -owned enterprises basically remained basically at the average level of the same industry and the same scale。

(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 the 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 enterprises' various financial indicators and business development prospects，Adopt appropriate control measures according to the risk。Strictly control the excess capacity of the industry, the state -owned enterprise asset -liability ratio，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。

—— Adhere to 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、Optimize organic combination of corporate governance structure，Establish a sound long -term mechanism。At the same time，Through strengthening assessment、Enhance the authenticity and transparency of the corporate finance、Reasonable restrictions on 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 act proactively，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 prevent 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 Stake Sports Bettingmechanism，Expand equity financing，Support activation stock assets，Steady and orderly carry out debt restructuring and market -oriented debt -to -equity。

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

State -owned enterprise asset -liability constraints are based on the 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 benchmark line plus 5 percentage points is an early warning line of the asset -liability rate of the year，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 a corporate asset -liability rate early warning line and key supervision line，The relevant state -owned asset management department is guided by national policy、Industry situation and reference 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 asset -liabilities

(1) Reasonably set the level of asset -liability rate and asset -liability structure。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 accumulation of debt，Make sure the asset -liability rate is maintained at a reasonable level。In the annual board of directors or shareholders (big) meeting，Special explanation on the status of assets and liabilities and future assets and liabilities，and according to the standard company governance procedures，Submit to the board of directors or shareholders (big) for consideration。When the enterprise may or already fall into financial dilemma，Timely actively notify the relevant creditors in time，Consultation with relevant creditors in accordance with laws and regulations，Classification 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 in which the child enterprise is located，According to the requirements of the state -owned enterprise asset -liability rate control indicators，Reasonable determination of the asset -liability rate level of sub -enterprises，and incorporate the asset -liability constraints of the sub -enterprise into the group company's assessment system，Ensure that sub -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 constraint mechanism of state -owned enterprise asset -liabilities

(1) Establish scientific and standardized corporate asset -liability monitoring and early warning system。Related state -owned asset management departments must establish the asset -liability ratio as the core，Enterprise growth、benefits、Debt repaction capacity and other indicators assisted by corporate asset -liability monitoring and early warning system。State -owned enterprises that exceed the asset -liability ratio exceeding the early warning line and the key regulatory line，Related state -owned asset management departments must comprehensively analyze the characteristics of the industry where the enterprise is located、Development stage、Type structures such as interest liabilities and operating liabilities、Short -term liabilities and medium and long -term liabilities Stake Sports Bettingsuch as debt period structure，and the profit before interest tax、Interest insurance multiple、flow ratio、Speed ​​ratio、Indications 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 -liabilities for a period of time。State -owned enterprises listed 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 that cannot be implemented with asset -liability ratios shall not be implemented，Major investment must perform the special approval procedure，Strict high -risk business management，and significantly reduce various expenses。According to the principle of marketization rule of law，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) The assessment guidance for improving the constraints of assets and liabilities。Related state -owned asset management departments must strengthen the process supervision and inspection，The effectiveness of reducing leverage and liabilities as an important content of corporate assessment and evaluation。Enterprises that are included in the list of key concerns and the list of key supervision companies，It is necessary to incorporate the corporate asset -liability ratio into the scope of annual operating performance assessment，Give full play to the role of the assessment and guidance，Urges enterprises to implement the requirements of asset -liability management and control。

(4) Strengthen the coordinated constraints of financial institutions for high debt enterprises。State -owned enterprises with the asset -liability ratio exceeding the early warning line，Related financial institutions should strengthen loan information sharing，Touched off -balance sheet financing、Foreign guarantees and other hidden liabilities，Comprehensive prudential assessment of its credit risk，and reasonably determine interest rates according to the risk status、Vermits、Sales and other loan conditions。State -owned enterprises that are included in the list of key concerns or asset -liabilities exceeding the key regulatory line，New debt financing should be carried out through a joint credit method through 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 listed in the list of key supervision enterprises，Financial institutions shall not add new debt financing in principle。

(5) Strengthen the joint disciplinary mechanism of corporate financial dishonesty behavior。Strengthening the authenticity and transparency of 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 hidden 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 reflects 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 that violates the law and regulations、Intermediary agencies and related responsible persons include the list of dishonest people，Strict accountability in accordance with laws and regulations，Increase punishment。

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

(1) Clarifying the border between 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 disguised bonds; state -owned enterprises that provide financing or cooperate with local governments in disguise，It should bear the corresponding responsibility。Multi -channel revitalizing various funds and assets，Actively and steadily 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 implement various policies that reduce the burden on enterprises，Under normal circumstances，Do not force state -owned enterprises to bear the liability My stake betting appfor public welfare expenditure that should be borne by the government or social organizations。The voluntary undertaking of 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 revitalize the stock asset optimization debt structure。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，Optimized resource allocation。Encourage state -owned enterprises to integrate internal resources，Integrated and cleaned up the assets related to the main business, incorporated into the main business section，Improve the level of use asset utilization，Improve the operating benefits of the enterprise。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、Lease claims and other property rights and infrastructure、Asset securitization business with real estate property or property equity of real estate or property of commercial property。Promoting state -owned enterprises to carry out debt cleanup，Reduce invalid occupation，Speed ​​up 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。On the premise of increasing operating benefits，Further improve the capital mechanism for the retention of state -owned enterprises to retain profits。Combined with the improvement of the state -owned economic strategic layout，Realize the development of state -owned capital and dynamic management，State -owned capital that will withdraw from the industry with overcapacity industries is used to supplement the capital of the state -owned enterprise in urgent need of developing 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 investment、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、Cooperation of joint ventures and other methods introduced 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 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 industry is not high、Homogeneous competition Highlights the joint reorganization of state -owned enterprises in the industry。Encourage all types of investors to use 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 has not discharged the capacity of severe funding and loses its ability to settle its capacity，Implement bankruptcy reorganization or liquidation in accordance with the law，Resolutely prevent "big but not pour"，Resolutely prevent risks from cumulating to form systemic risks。At the same time，To do a good job of maintaining social stability related to business bankruptcy。

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

(stake betting app1) 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，Assist 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 fake the guidance of this guidance，Relevant departments shall 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 concerns and supervision of enterprises，Submit to actively and steadily reduce the inter -joint meeting of the corporate leverage (hereinafter referred to as the joint meeting) office，and the relevant departments of the joint conference office，Provide the necessary basic information for the relevant departments to carry out the work。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) Organization and coordination of the implementation work of state -owned enterprise asset -liabilities。Relevant state -owned asset management departments at all levels must reduce the target and constraint standard of state -owned enterprise asset -liability ratio and constraints，Decomposition Implementation、Refined requirements、Strengthening guidance、Strict assessment，Report the joint meeting office of the relevant situation。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 the 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 is reported，It should be reported to the state -owned enterprise asset -liability and the control of the asset -liability ratio。The joint meeting should 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 should be reported in time to report the Party Central Committee、State Council。