What Types of Countries Have a Mixed Economy?

Mixed ownership economy refers to the economic form in which property rights belong to owners of different natures. At the macro level, mixed ownership economy refers to the non-uniformity of the ownership structure of a country or region, that is, in the ownership structure, there are both state-owned and collective-owned public economy, as well as individual, private, and foreign-owned non-public economy. A joint-venture or cooperative economy with state-owned and collective components; as a micro-level mixed ownership economy, it refers to an enterprise established by investment entities with different ownerships. ^[1]

Mixed ownership economy

There are three main types of mixed ownership in China:

(I) Mixed-ownership enterprises with a combination of public and private ownership

It can be further subdivided into two forms, one is the state-owned economy or the collective economy and foreign capital combined enterprises, such as Sino-foreign cooperative operations, joint ventures, etc .; the second is the state-owned economy or collective economy and domestic private economy combined enterprises.

(2) Mixed-ownership enterprises with a combination of public ownership and individual ownership

This includes enterprises in the state-owned enterprise shareholding system that absorb part of their equity held by their employees, as well as mixed-ownership enterprises that combine collective ownership and individual ownership in enterprises that implement a joint-stock cooperative system in the collective economy.

(3) A mixed-ownership enterprise consisting of a combination of state-owned and collective enterprises within the public ownership

Such as urban state-owned enterprises and rural township enterprises or urban collective enterprises. This is a union between publicly owned enterprises. With the development of the economy, the form of mixed ownership economy will further diversify.

Mixed ownership in our economy is an economic form in which different economic ownerships implement joint production or management in accordance with certain principles.

Formation mechanism of mixed ownership. Public ownership and non-public ownership

In my country

First, the shareholding system is a mixed ownership economy

A mixed-ownership economy is a form of ownership in which joint production or management is carried out in accordance with certain principles in accordance with certain principles. The shareholding system is a form of capital organization in modern enterprises. Its prominent feature is the socialization of the form of property ownership. "You have me, I have you." It cannot be said in general whether the shareholding system is public or private, nor in general. The shareholding system is a mixed ownership economy. The concrete forms of the shareholding system are various, some belong to the state-owned economy, and some belong to

Understand the specific concept of "mixed ownership economy" from two perspectives, broad and narrow. At the micro level, the connotation of "mixed ownership economy" can be interpreted in two broad and narrow senses. The narrow sense of "mixed ownership economy" refers to the organization of enterprises with different ownership economies. The broad sense of "mixed ownership economy" refers to diversification The individual enterprise organizations in which the subject of property rights coexist not only include the business organizations of different economic ownerships, but also the business organizations of different entities of the same economic nature. At the macro level, "mixed ownership economy" refers to a mix of economic forms of multiple ownerships. At this stage, it refers to an economic structure in which public ownership is the main body, multiple ownership economies coexist, and are interconnected, infiltrated, and complementary in common development From this perspective, China's current socialist market economy constitutes a large "mixed ownership economy."

Impact of Mixed Ownership Economy on Audit

Audit does not exist in a vacuum, but exists in a certain large environment. Various environmental factors affect the audit in one way or another in a certain way: there are direct, indirect, professional or Inside the firm, there are also professions or outside the firm. These factors blend together to form the audit environment. With the emergence and development of the mixed ownership economy, it has also had a new impact on our audit work. According to the traditional auditing theory, when examining the subject status of audit supervision of a mixed-ownership enterprise from the perspective of corporate capital owner's equity, the standard representing the share of owner's rights can only be the value of the share capital. When the amount of state-owned capital investment reaches more than 50% of the company's share capital or the state-owned capital investment amount is less than 50% but it is in substantial control, the rights of corporate shareholders are in the hands of the state-owned shareholders, and the government auditing agency safeguards the rights of state-owned capital It is a matter of course to become the subject of supervision of enterprises with mixed ownership. However, when state-owned equity is in a state of participation, state-owned equity can only be subordinated to corporate shareholders. Therefore, if the laws and regulations on enterprise supervision are formulated based on the theory of separation of ownership and management rights, the government audit can only weaken the supervision of mixed ownership enterprises. This is in contradiction with the functions of the government, because under the market economy system, the function of the government has changed from directly participating in the management of the enterprise to social management, the government has changed from a direct manager of the enterprise to a social manager, and the government is a social manager and The dual status of the owner of state capital implements social management of corporate economic behavior. The government auditing agency is a functional department of the government. The auditing agency's functions can only be the refinement and division of labor of government functions, and must not go beyond or deviate from government functions and produce other connotations. Therefore, in addition to performing supervision functions on behalf of the owner of state-owned capital, auditing agencies' supervision of enterprises, especially auditing supervision functions of enterprises with mixed ownership, is more important to perform social management functions on behalf of the government.

Features

1. Diversity of audit objects. The biggest characteristic of the mixed ownership economy is "hybrid". The investment entities of the mixed ownership economy are diversified. The investment entities of many different ownership economies jointly invest in various forms of economy through outward introduction, horizontal integration, and vertical equity. Of the union. Based on a variety of economic components, through a variety of joint channels, a variety of specific forms of mixed economy can be produced. From the current point of view, enterprises with mixed ownership must have joint-stock enterprises, joint-stock cooperative enterprises, Sino-foreign joint ventures, and Sino-foreign cooperative enterprises. Therefore, the audit objects of mixed-ownership enterprises are diverse.

2. Complexity of audit content. Due to the existence of the same investment subject in a mixed ownership economy, the demand for corporate financial information is diversified, requiring comprehensive audit planning and content. It is not only necessary to strengthen auditing and supervision of state-owned assets, thereby preserving and adding value, and strengthening internal control of the enterprise, and improving the management level of the enterprise; it is also necessary to identify the financial status and operating results of the enterprise, and to meet the requirements of different financial entities for corporate financial information, reflecting the Common will. At the same time, the mixed ownership economy has the dual nature of "both public and private", and its audit content must be regulated in accordance with the requirements of a market economy and relevant audit laws and regulations.

3. Openness of audit results. The treatment of the audit results of mixed-ownership enterprises is different from the audits of ordinary enterprises, and has certain characteristics, that is, a certain degree of openness. This is because various types of investors in mixed-ownership enterprises have the power to audit and supervise the enterprise in order to protect their rights, understand and supervise the management of the company's financial responsibilities, and only have the information disclosed to a limited extent. Meet the rights and requirements of various investors.

4. Audit risk is high. In order to safeguard their legitimate rights and interests, each investment entity in a mixed-ownership economy must make demands on audit supervision. Regardless of the content, procedures, conclusions, and other aspects of the audit, there will be strong challenges, and audit risks and legal responsibilities will increase. At the same time, due to the diversified organizational forms of units (enterprises) in a mixed-ownership economy, various forms of policy status and actual operation methods are different, and audits are facing many new situations and new problems. This has raised the quality and style of auditors. New requirements have also increased the difficulty of auditing.

Current mixed ownership economic audit supervision system

1. Government audit is the main body of audit supervision of mixed-owned enterprises. China's audit supervision system was born in the early 1980's. The concept of audit was deeply influenced by the "large and two public" and "pure and pure" of the traditional planned economy. The government audit review was "public" and not "private". Under the market economy system, with the deepening of reform, the government's functions have changed from directly participating in the management of enterprises to social management. The government's direct intervention in enterprises is transformed into the use of abstract administrative actions, the formulation of corresponding regulations, and the regulation of the activities of the factor market to maintain a fair, open, and fair market economic order. That is, the government changes from the direct manager of the enterprise to the social manager. The government implements the social management of the economic behavior of the enterprise in the dual status of the social manager and the owner of the state capital. Changes in government functions will inevitably cause corresponding changes in audit functions. The government auditing agency is a functional department of the government. The auditing agency's functions can only be the refinement and division of labor of government functions, and must not go beyond or deviate from government functions and produce other connotations.

2. Social auditing and internal auditing are important components of the audit and supervision system for enterprises with mixed ownership. On the one hand, emphasizing that government audit is the subject of audit supervision of mixed-owned enterprises does not exclude the status of social audit and internal audit. Social audit arises from the relationship between the property entrustment and fiduciary economic responsibility of modern enterprises. In order for the owner of the enterprise not to damage his interests due to the imbalance of interests and the asymmetry of information, he objectively produced a complete reflection of the economic responsibility of the operator. The accounting information needs to be notarized. Therefore, the direct object of social audit is the business operator. On the other hand, we should recognize the strong demand for social auditing in modern enterprise systems and market environments. Social audits will be more involved in the auditing of mixed-ownership enterprises, using professional strength to strengthen and improve information disclosure in order to comply with international practices. The modern internal audit is generated with the increase of the management level of the enterprise and the expansion of the control scope, based on the needs of the internal economic management and supervision of the enterprise. It evaluates and improves through a systematic and standardized approach

Opinion of the State Council on the Development of Mixed Ownership Economy by State-owned Enterprises <br /> 2015 No. 54

The people's governments of provinces, autonomous regions, and municipalities directly under the Central Government, ministries and commissions of the State Council, and agencies directly under the State Council: Developing mixed ownership economy is an important measure to deepen the reform of state-owned enterprises. In order to implement the spirit of the 18th National Congress of the Party and the 3rd and 4th Plenary Sessions of the 18th Central Committee, in accordance with the requirements of the "four comprehensive" strategic layout, implement the decision-making and deployment of the Party Central Committee and the State Council, promote the reform of mixed ownership of state-owned enterprises, and promote the common ownership of economies of various ownerships. Development, the following opinions are presented.

I. General requirements

(1) The starting point and end point of reform. State-owned capital, collective capital, non-public capital, and other cross-shareholding and intermingled mixed-ownership economies are important forms of realization of the basic economic system. Over the years, a number of state-owned enterprises have developed into mixed-ownership enterprises through restructuring, but the governance mechanism and supervision system need to be further improved; many state-owned enterprises are actively exploring mixed-ownership reforms in order to transform operating mechanisms and improve operational efficiency. At present, in order to cope with increasingly fierce international competition and challenges, and to promote China's economy to maintain medium-to-high-speed growth and move towards mid-to-high-end levels, it is necessary to deepen the reform of mixed ownership of state-owned enterprises, promote the improvement of modern enterprise systems, and improve the corporate governance structure of enterprises; improve the allocation of state-owned capital And operating efficiency, optimize the layout of the state-owned economy, strengthen the state-owned economy s vitality, control, influence, and ability to resist risks, proactively adapt to and lead the new normal of economic development; promote the transformation of state-owned enterprises operating mechanisms, enlarge the function of state-owned capital, and realize the preservation and appreciation of state-owned assets In order to realize the advantages of each type of capital, complement each other, promote common development, and consolidate the micro foundation of the basic socialist economic system. In the reform of mixed ownership of state-owned enterprises, we must resolutely prevent the loss of state-owned assets due to inadequate supervision and incomplete reform. (2) Basic principles. Government guidance and market operation. Respect the laws of the market economy and the laws of enterprise development, take enterprises as the main body, give full play to the role of market mechanisms, combine capital attraction and transfer mechanisms, combine the diversification of property rights and improve the corporate legal person governance structure, and explore the effectiveness of the mixed ownership reform of state-owned enterprises way. Improve the system and protect property rights. Taking the protection of property rights, contract maintenance, unified market, equal exchange, fair competition, and effective supervision as the basic guidance, we should effectively protect the property rights and interests of various types of investors in mixed-ownership enterprises, and mobilize all types of capital to participate in the development of a mixed-ownership economy. Strict procedures and standardized operations. Insist on laws and regulations, further improve the rules for the trading of state-owned assets, scientifically evaluate the value of state-owned assets, improve the market pricing mechanism, and make the rules public, the process public, and the results public. Strengthen the supervision of the transaction subject and the transaction process, prevent black-box operations, low-price and low-sale, benefits transmission, turn public into private, and evade debt, and prevent the loss of state-owned assets. Should change, then change, and proceed steadily. For state-owned enterprises that have implemented mixed ownership through the implementation of joint-stock systems and listings, efforts should be made to improve the modern enterprise system and improve the efficiency of capital operation; for state-owned enterprises suitable for continuing to promote mixed ownership reform, the role of market mechanisms should be fully exerted, and Strategy according to local conditions, strategy based on business, strategy based on enterprises, it is better to be independent, control to control, and participation to participate, do not engage in Lalang match, do not engage in full coverage, do not set a schedule, one enterprise, one policy, mature one Promote one to ensure the orderly progress of reforms. Respect grassroots innovation practices and form a batch of successful practices that can be replicated and promoted.

2. Promote the reform of mixed ownership of state-owned enterprises by classification

(3) Steady progress is made in the reform of mixed ownership of commercial state-owned enterprises whose main businesses are in fully competitive industries and fields. In accordance with the requirements of marketization and internationalization, the main objectives are to enhance the vitality of the state-owned economy, enlarge the function of state-owned capital, and realize the preservation and appreciation of state-owned assets. With the guidance of improving economic efficiency and innovating business models, we should make full use of overall listing methods to actively introduce other state-owned enterprises. Capital or various types of non-state-owned capital shall realize equity diversification. Adhere to capital as the link to improve the governance structure and management of mixed-ownership enterprises. State-owned capital investors and various non-state-owned capital investors perform their rights and responsibilities as shareholders, making mixed-ownership enterprises a real market player. (4) Effectively exploring the reform of mixed ownership of commercial SOEs whose main businesses are in important industries and key areas. Commercial state-owned enterprises whose main businesses are in important industries and key areas related to national security and the lifeblood of the national economy, and who are mainly responsible for major special tasks, must maintain the state-owned capital holding position and support the participation of non-state-owned capital. For natural monopoly industries, reforms focusing on the separation of government and enterprise, separation of government and capital, franchising, and government supervision were implemented. According to the characteristics of different industries, network transportation was separated, competitive businesses were liberalized, and marketization of public resource allocation was promoted. Classified and regulated according to law, standardized profit model. In areas such as important communication infrastructure, hub-type transportation infrastructure, controlled water conservancy, hydropower, avionics and hydropower junctions in important river basins, cross-basin water transfer projects, etc., state-owned or wholly-owned companies are allowed to execute, and qualified non-state-owned enterprises are permitted to pass franchise operations, The government purchases services and participates in construction and operation. The development and utilization of important water resources, forest resources, strategic mineral resources, etc., are wholly state-owned or absolutely controlled. On the basis of strengthening environmental, quality, and safety supervision, non-state capital is allowed to enter and participate in the development and management in an orderly manner according to laws and regulations. . River and river main channels, oil and gas main pipeline networks, power grids, etc., implement separate network transportation and main and auxiliary separation according to the characteristics of different industries and fields. Except for wholly state-owned or absolute holding of pipeline networks in natural monopoly links, open up competitive businesses To allow equal access to non-state capital. In areas such as nuclear power, important public technology platforms, meteorological surveying, hydrology, and other basic data collection and utilization, a wholly state-owned company or an absolute holding is supported. Non-state-owned enterprises are encouraged to invest in shares and participate in franchising and government procurement. The state reserves of strategic materials such as grain, oil, and natural gas shall remain wholly-owned or controlled. Special industries such as national defense and military industry, engaged in the research and production of strategic weapons and equipment, related to national strategic security, and core military capabilities involving national core secrets, are wholly state-owned or absolutely controlled. In other areas of the military industry, market access is gradually relaxed by classification, and competitive procurement systems and mechanisms are established to support non-state-owned enterprises in participating in the research and production of weapons and equipment, maintenance services, and competitive procurement. Strengthen state-owned capital investment in other important industries and key areas that serve national strategic goals, important forward-looking strategic industries, ecological environmental protection, and shared technology platforms, and play a leading and leading role in state-owned capital. (5) Guide public welfare state-owned enterprises to standardize the reform of mixed ownership. In industries and fields that provide public goods and services, such as water, electricity, heat, public transportation, and public facilities, according to different business characteristics, strengthen classification guidance and promote qualified enterprises to diversify their investment entities. Encourage non-state-owned enterprises to participate in operations by purchasing services, franchising, and commissioning. The government should strengthen the supervision of price levels, cost control, service quality, safety standards, information disclosure, operating efficiency, and security capabilities, and assess the performance indicators and state-owned asset preservation and appreciation of different enterprises according to different characteristics of the enterprises. To introduce social evaluation.

3. Promote the reform of mixed ownership of state-owned enterprises at different levels

(6) Guide the orderly advancement of mixed ownership reform at the subsidiary level. For state-owned enterprise group companies at the second level and below, focusing on R & D innovation, production services, and other physical enterprises, the introduction of non-state-owned capital will speed up technological innovation, management innovation, and business model innovation, reasonably limit the level of legal persons, and effectively reduce the management level. The shareholders 'legal status and shareholders' rights in terms of capital gains, major corporate decisions, and selection of managers are clarified. Shareholders perform their duties according to the law in accordance with the capital contribution ratio and the company's articles of association. (7) Explore the promotion of mixed ownership reform at the group company level. In specific areas where the country has clear regulations, adhere to state-owned capital holding, form a reasonable governance structure and market-oriented operating mechanism; in other areas, encourage the overall listing, mergers and acquisitions, and convertible bonds to gradually adjust the proportion of state-owned equity, Actively introduce various investors to form a diversified shareholding structure, standardized shareholder behavior, effective internal constraints, and efficient and flexible operation. (8) Encourage local governments to advance mixed ownership reforms based on actual conditions. All regions must conscientiously implement the requirements of the central government, distinguish between different situations, formulate and improve reform plans and related supporting measures, guide state-owned enterprises to carry out the reform of mixed ownership in a sound manner, and ensure that the reform proceeds in an orderly and legal manner.

Encourage all types of capital to participate in state-owned enterprises

Mixed ownership reform

(9) Encourage non-public capital to participate in the reform of mixed ownership of state-owned enterprises. Non-public capital investment entities can participate in state-owned enterprise reform and reorganization, state-owned listed companies' capital increase and share expansion, and business management through various methods such as capital contribution, share purchase, purchase of convertible bonds, and equity replacement. Non-public capital investment entities can make capital contributions in currency or in the manner permitted by laws and regulations such as physical objects, stock rights, and land use rights. When transferring state-owned property rights or state-owned equity of an enterprise, unless otherwise stipulated by the state, it is generally not necessary to set additional conditions for private investment subjects in the qualifications of the intended assignee. (10) Support collective capital to participate in the reform of mixed ownership of state-owned enterprises. Clarify the property rights of collective assets, develop economic entities with diversified equity, industrialized operation, and standardized management. Collective capital, assets, and other factors of production that have been confirmed with rights are allowed to participate in the stock price and participate in the reform of mixed ownership of state-owned enterprises. To study and formulate management methods for joint-stock cooperative economy (enterprise). (11) To attract foreign investment in an orderly manner and participate in the reform of mixed ownership of state-owned enterprises. Introduce foreign capital to participate in the restructuring and restructuring of state-owned enterprises, joint ventures and cooperation, encourage overseas mergers and acquisitions, investment and financing cooperation, offshore finance and other methods to make full use of resources and factors such as international markets, technology, and talents to develop a mixed-ownership economy and participate in international competition and global Industrial division of labor, improving the ability to allocate resources globally. In accordance with the requirements of opening up and strengthening supervision simultaneously, in accordance with the Catalogue for Guidance of Foreign Investment Industries and relevant safety review regulations, improve the working mechanism for foreign investment safety review and effectively strengthen risk prevention. (12) Promote the government and social capital cooperation (PPP) model. Optimize government investment methods, and give priority to projects that introduce social capital through investment subsidies, fund injections, guarantee subsidies, and loan discounts. Based on the results of project operation performance evaluation, prices and subsidies were adjusted in a timely manner. Introduce long-term investors such as insurance funds and social security funds to participate in national key project investment. Encourage social capital to invest in or participate in projects in areas such as infrastructure, utilities, and public services, so that investors can obtain reasonable returns in equal competition. Strengthen information disclosure and project reserves, and establish a comprehensive information service platform. (13) Encourage state-owned capital to invest in non-state-owned enterprises in various ways. In key areas such as public services, high-tech, ecological environment protection, and strategic industries, market selection is the premise, and capital is the link. The role of state-owned capital investment and operating company's capital operation platform is brought into full play. Strong non-state-owned enterprises make equity investments. State-owned enterprises are encouraged to conduct equity integration, strategic cooperation, and resource integration with non-state-owned enterprises through various methods, such as investment and shareholding, joint investment, and mergers and acquisitions, to develop a mixed ownership economy. Supporting state-owned capital and non-state-owned capital to jointly set up equity investment funds and participating in corporate restructuring. (14) Explore ways to improve preferred shares and special state management shares. When state-owned capital shares non-state-owned enterprises or state-owned enterprises introduce non-state-owned capital, part of the state-owned capital is allowed to be converted into preferred shares. Explore the establishment of a national special management unit system in a few specific areas, exercise the veto power on specific matters in accordance with relevant laws and regulations and the company's articles of association, and ensure the control of state capital in specific areas. (15) Explore the implementation of employee shareholding in enterprises with mixed ownership. Adhere to the principle of combining incentives and constraints, and steadily promote employee stock ownership through trials. Employee shareholding mainly adopts ways of increasing capital, increasing shares, and establishing new capital. Priority is given to supporting scientific research institutes, high-tech enterprises, and science and technology service enterprises that have a relatively high contribution of human capital and technical elements to carry out pilot projects to support the business performance and sustainability Development of direct or relatively large impact on scientific research personnel, management personnel and business backbones and other holdings. Improve related policies, improve audit procedures, standardize operating procedures, strictly assess assets, establish and improve equity transfer and exit mechanisms, ensure open and transparent employee shareholdings, and prohibit black-box operations to prevent benefits from being transmitted. The implementation of employee shareholding by enterprises with mixed ownership should be organized and implemented in accordance with the relevant work requirements for the pilot implementation of employee shareholding by enterprises with mixed ownership.

V. Establishing and perfecting corporate governance mechanisms for mixed ownership

(16) Further establish and implement the dominant position of the enterprise market. The government must not interfere in the independent operation of the enterprise, and shareholders must not interfere in the daily operation of the enterprise to ensure that corporate governance standards and incentive and restraint mechanisms are in place. The board of directors shall implement the powers of the board of directors on the selection and appointment of senior management personnel, performance appraisal and salary management, so as to maintain the true market position of the enterprise. (17) Improve the corporate governance structure of enterprises with mixed ownership. Enterprises with mixed ownership should establish and improve a modern enterprise system, clarify property rights, share the same rights, and protect the rights and interests of various shareholders in accordance with the law. Regulate the power-responsibility relationship between the shareholders' (major) meeting of the enterprise, the board of directors, the management, the supervisory board and the party organization Coordinate and check the effective corporate governance structure. (18) Promote the professional manager system for enterprises with mixed ownership. In accordance with the requirements of the modern enterprise system, establish a market-oriented selection and employment mechanism and incentive and restraint mechanism, select professional managers through marketization methods to be responsible for business management according to law, and unblock the channels of identity conversion between existing business managers and professional managers. Professional managers implement tenure and contract management, and determine remuneration in accordance with market-oriented principles. There are many ways to explore medium- and long-term incentive mechanisms. Strict tenure management and performance evaluation of professional managers, and speed up the establishment of withdrawal mechanism.

Six, establish operating rules in accordance with laws and regulations

(19) Strictly standardize operating procedures and approval procedures. When setting up and registering a mixed-ownership enterprise, it is necessary to regulate the authorized operation of state-owned assets and property rights transactions in accordance with relevant laws and regulations, and improve the state-owned property rights transfer procedures such as clearing assets, assessing pricing, transferring transactions, and confirming the right to register. The transfer of property rights and equity of state-owned enterprises, capital increase and share issuance, and the issuance of listed companies, etc., should publicly disclose information in the property rights, equity, and securities markets, publicly determine the investors, and publicize the transaction objects, transaction prices, and related transactions in a timely manner after the transaction intention Information to prevent the transmission of benefits. Before the state-owned enterprise implements the reform of mixed ownership, it should formulate a plan based on this opinion and submit it to the state-owned asset supervision agency at the same level for approval; if an important state-owned enterprise restructures, the state-owned capital no longer controls, and report to the people's government at the same level for approval. The state-owned assets supervision agency shall, in accordance with the requirements of this opinion, clarify the operational procedures for the reform of mixed ownership of state-owned enterprises. When the scheme is approved, it is necessary to strengthen the review of the quality of social capital, the integrity and integrity of partners, and the relationship between debts and debts. It is necessary to fully protect the employees 'right to know and participate in the reform of mixed ownership of state-owned enterprises. Evaluation of employees' vital interests must be done well, and the employee resettlement plan must be reviewed and approved by the workers 'congress or the workers' congress. (20) Improve the pricing mechanism for state-owned assets. In accordance with the principles of openness, fairness, and fairness, we will improve the state-owned assets trading methods, and strictly regulate the procedures and transactions of state-owned assets registration, transfer, liquidation, and withdrawal. Through property rights, equity, and securities market discovery and reasonable determination of asset prices, play the role of specialized intermediary agencies, use multiple market-based pricing methods to improve asset pricing mechanisms, implement information disclosure, strengthen social supervision, and prevent insider control and benefit transmission Cause the loss of state-owned assets. (21) Effectively strengthen supervision. Relevant government departments should strengthen supervision over the reform of mixed ownership of state-owned enterprises, and improve the state-owned property rights transaction rules and supervision system. The state-owned assets supervision agency must seriously deal with illegal transfers and embezzlement of state-owned assets, publicization, transfer of benefits, hidden box operations, and evasion of debts during the reform. The audit department shall perform the audit supervision function in accordance with the law, and strengthen the audit of the departure of the legal representative of the former state-owned enterprise of the restructured enterprise. Give full play to the role of third-party institutions in asset clearance, financial auditing, asset pricing, and equity custody. Strengthen internal supervision of enterprise employees. Further improve information disclosure and consciously accept social supervision.

Create a favorable environment for the reform of mixed ownership of state-owned enterprises

(22) Strengthening the protection of property rights. A comprehensive and strict protection system for the possession, use, income, and disposal of property rights shall be established to protect the property rights and intellectual property rights of various types of investors in mixed-ownership enterprises in accordance with the law. In the process of legislative, judicial and administrative law enforcement, we insist on giving equal legal protection to economic property rights and legitimate interests of various ownerships. (23) Improve multi-level capital markets. Accelerate the establishment of unified rules and standardized trading of over-the-counter markets, promote non-listed joint stock companies' equity transactions, and improve product trading mechanisms such as equity, debt, real rights, intellectual property and trusts, financial leasing, and industrial investment funds. Establish a standardized regional equity market, provide financing services for enterprises, promote asset securitization and capital flows, and improve third-party service systems such as equity registration, custody, and market makers. Based on the qualified regional equity and property rights markets as a carrier, explore the establishment of a unified settlement system and improve the public transfer of equity and quotation mechanisms. Formulate over-the-counter market trading rules and standardize the regulatory system, clarify the subject of supervision, and implement localized and professional supervision. (24) Improve policies to support mixed ownership reform of state-owned enterprises. Further simplify the administration and decentralization, and cancel as far as possible the matters concerning the examination and approval of administrative licenses that involve enterprises operating independently according to law. Voluntary investment operations and civil actions by market entities must not restrict access as long as they are not in areas prohibited by laws and regulations and do not endanger national security, social public interests, and the legitimate rights and interests of third parties. Improve industrial and commercial registration, fiscal and taxation management, land management, and financial services. Properly resolve issues such as the adjustment of labor relations and the continuance of social insurance relations of employees of state-owned enterprises involved in the reform of mixed ownership in accordance with the law, and ensure the stability of the enterprise's workforce. Accelerate the divestiture of the social functions of state-owned enterprises and properly resolve the problems left over by history. Improve the statistical system and strengthen monitoring and analysis. (25) Speed up the establishment and improvement of laws and regulations. We will improve laws and regulations related to the economy of mixed ownership, increase efforts to establish, reform, abolish, and release laws and regulations, and ensure that the reform is based on law. According to the needs of the reform, we should promptly study the relevant legal systems in the Contract Law, Property Law, Company Law, Enterprise State-owned Assets Law, and Enterprise Bankruptcy Law, and promptly request amendments in accordance with legal procedures. Promote the acceleration of the formulation of laws and regulations on property rights protection, market access and exit, trading rules, fair competition and other aspects.

Organization and implementation

(26) Establish a work coordination mechanism. The reform of mixed ownership of state-owned enterprises involves a wide range of policies, strong policy, and high social attention. All regions and relevant departments and units must attach great importance to it, organize it carefully, strictly observe the norms, and clearly define their responsibilities. Governments at all levels and relevant functional departments shall strengthen the organizational leadership of the reform of mixed ownership of state-owned enterprises, and do a good job of orientation, supporting implementation, review and approval, and corrective reminders. State-owned asset supervision agencies at all levels should follow the progress of reform in a timely manner, strengthen reform coordination, evaluate reform effectiveness, promote reform experience, and report major issues to the people's governments at the same level in a timely manner. The industrial and commercial federations at all levels should give full play to the organizational advantages of extensively linking non-public enterprises, and participate in the work of communicating government and enterprises, building consensus, decision-making consultation, policy evaluation, and typical publicity. (27) Strengthen party building in mixed-ownership enterprises. Adhere to the simultaneous planning and development of the party's construction and corporate reforms, set up or adjust the party's organization in accordance with changes in the organizational form of the enterprise, rationalize the affiliation of the party's organization, select and match the person in charge of the party's organization, and improve the party's working organization. Strengthen the ranks of party workers, guarantee the funding of party organization work, effectively carry out party work, and give full play to the political core role of party organizations and the vanguard role of party members. (28) Pilot demonstrations of mixed ownership reform in different fields. Combining reforms in the areas of power, oil, natural gas, railways, civil aviation, telecommunications, and military industries, we will carry out pilot demonstrations to liberalize competitive business and promote reform of mixed ownership. Select representative government investment and financing projects in the field of infrastructure and public services, carry out various forms of government and social capital cooperation pilots, and accelerate the formation of replicable and scalable models and experiences. (29) Create a good atmosphere of public opinion. Guided by adherence to the "two unwavering" (unwavering consolidation and development of the public ownership economy, unwavering encouragement, support, and guidance of the development of the non-public ownership economy), the state-owned enterprises' mixed ownership reform and publicity propaganda should be strengthened, and policies should be interpreted and explained. Goal direction and significance, publicize successful experiences, correctly guide public opinion, respond to social concerns, and enable the broad masses to understand and support reform. Governments at all levels should strengthen leadership over the reform of mixed ownership of state-owned enterprises, and promote reforms in accordance with this opinion in accordance with actual conditions. The reform of state-owned enterprises, such as finance and culture, shall be implemented in accordance with other provisions of the Central Government.

State Council September 23, 2015 ^[3]