Listen to the implementation of incentive policies such as stock options and dividends, and report on the progress of the reform of research projects and funding management system to promote the enhancement of innovation and development momentum
In August 23rd, Premier Li Keqiang chaired a State Council executive meeting, the deployment of central enterprises to promote the deepening of reform to reduce the leverage, promote the quality and efficiency of enterprises; to equity options and dividends and other incentives to implement and research projects and funding management system reform progress report, to promote and enhance the power of innovation and development.
The meeting pointed out that the central enterprises are the backbone of the national economy, leading and exemplary role in the reform of state-owned enterprises. In accordance with the deployment of the CPC Central Committee and State Council, the central enterprises to carry out the new concept of development, continue to deepen reform, further promote the supply side structural reform, and achieved positive results in resolving the elimination of backward production capacity surplus, debt risk prevention, promote quality and efficiency, improve the core competitiveness and other aspects of management, significant improvements in the total amount of the first 7 months of this year the central enterprises profit decline from the same period last year rose to 3.7% year-on-year growth of 16.4%, asset liability ratio dropped 0.2 percentage points over the year, the quality and efficiency of battle achievements, not easily won achievement. At present, it is necessary to seize the favorable opportunity for the central enterprises to reduce their profits, and to reduce the leverage of state-owned enterprises as the top priority of the "deleveraging", so as to reduce the debt ratio of the central enterprises. First, we should establish a strict branch industry debt rate alert line control. The enterprises above the warning line should increase the weight of the assets and liabilities ratio in the annual performance appraisal, and strictly control the investment of the main business, strictly control the investment of non main business, and prohibit the arrangement of the investment project with high debt ratio. Two, we should establish a multi-channel mechanism to reduce the debt of enterprises. The enterprises with faster growth of efficiency should urge them to use part of the profits to reduce the debt under the premise of ensuring the normal production and operation. Enterprises with strong debt ratio below the warning line or with strong profitability encourage them to actively resolve the problems left over by history, and digest the reform costs such as production capacity in the current profits and losses. This paper studies the relevant financial treatment measures of the steel and coal industry to resolve the disposal of excess production capacity of state-owned assets, explore the establishment of state-owned capital supplement mechanism, and properly solve the capital needed for enterprise reform and development, transformation and upgrading. Three, we should actively and steadily push ahead with the market oriented legalization of debt to equity swap, and urge the signed framework agreements to be implemented promptly. To promote the development prospects, the intention to change shares of central enterprises innovation model, accelerate the debt to equity swap. Strengthen the merger and reorganization of central enterprises, and implement the reform of mixed ownership. Multi channel financing for debt to equity swap institutions. Encourage state-owned capital investment, operating companies and conditional central enterprise funds to take various market-oriented ways to participate in debt to equity swap. Four, to strengthen accountability, the debt ratio continues to rise enterprises to interview reminders, causing serious losses or adverse effects of serious accountability. Projects to cooperate with local governments should guard against increasing implicit debt of local governments. Upgrading and industrial transformation, reducing leverage in promoting energy conversion to achieve new connection. To take effective measures to ensure the completion of this year to resolve excess production capacity of steel and coal, disposal of zombie enterprises and governance of poverty stricken enterprises and other tasks. To promote thermal power, electrolytic aluminum, building materials and other industries to carry out reduction and production reduction, strictly control new capacity. The in-depth implementation of the "2025 China manufacturing" and "Internet plus", actively develop new pattern of industrial upgrading of traditional new formats, kinetic energy, accelerate to digital, networked and intelligent transformation, enhance the development potential. Meeting the requirements of the development of guidance to actively and steadily push forward the central enterprises to reduce leverage minus liabilities, the central enterprises to promote the overall asset liability ratio continued to steadily promote the high debt rate of corporate debt gradually return to a reasonable level.
The meeting pointed out that, in order to further implement the innovation driven development strategy, and promote public entrepreneurship, innovation, and the construction of an innovative country, in recent years, equity options and dividends and other incentives have been introduced, the central government financial science and technology program and project fund management reform continues to advance. The next step is to focus on the difficulties and blocking points in the implementation of the policy, strengthen the supervision and assessment, and summarize the local experience. One is to study the expansion of state-owned enterprises equity options and dividends and other incentive policy implementation scope, easing conditions, revised to positions of scientific and technological achievements as investment of equity incentive research personnel involved in state-owned assets assessment filing the relevant provisions, improve the equity incentive and technology investment related tax policy, to further stimulate new breakthroughs in reform of scientific and technical personnel enthusiasm and creativity. Two, we should focus on the major needs of economic and social development, optimize the layout of major national science and technology tasks, improve the fair and scientific assessment rules, and improve the decision-making mechanism of scientific research projects, resource allocation and other mechanisms. Promote the development of science and technology, economy and all kinds of innovation subjects. Three, we should further implement the Pratt & Whitney policy of R & D expenses deduction, tax incentives of high-tech enterprises, and promote the participation of domestic and foreign enterprises and other market participants in Entrepreneurship innovation.
