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Shanghai considers setting up new enterprise to manage state assets
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SHANGHAI is considering the establishment of an integrated platform to manage state-owned assets to boost transparency and efficiency in the movement of public assets, Xu Yibo, director of the Shanghai State-Owned Assets Supervision and Administration Commission, said today during a meeting of the annual session of the Shanghai People’s Congress.
This innovative platform is planned to be managed as an enterprise, and will be coordinated with the transformation of Shanghai International Group and Guosheng Group, two subsidiaries under the commission to supervise state-owned assets at the moment.
“The platform is expected to be a functional company,” Xu told local lawmakers. “It should follow the rules of the market and play a role in optimizing the structure of state-owned enterprises and realize transparent and efficient flow of their assets.”
Xu said the establishment of such a platform will be a top priority for the commission this year, but declined to specify the detailed timetable of its launch and how large the assets it will manage. Other missions on the agenda include the acceleration in group listings of state-owned enterprises and in exploring their mixed ownership.
Shanghai has been a pioneer in the reform of state-owned enterprises. In December 2013, Shanghai was among the first cities to release a guideline for this round of reform in managing state-owned assets.
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