Increase in the proportion of state-owned enterprises’ income from state-owned assets

The Ministry of Finance website released information on May 6th and decided to further increase the proportion of state-owned capital income collected by central SOEs. Since 2014, the percentage of state-owned enterprises that have to pay profits has increased by 5 percentage points on an existing basis.

Specifically, the proportion of profits paid by state-owned enterprises is divided into five categories.

The first category is only one of the China ** head office companies, and the proportion of the payment turned up to 25%.

The second category is mainly petrochemical, power, telecommunications, coal and other monopoly industries, including 14 companies such as PetroChina, State Grid, Shenhua, and China Mobile. The ratio of payment has increased to 20%.

The third category includes steel, automobile, transportation, and other resource industries. For example, 70 companies such as Chinalco, Minmetals, CSR, Ocean, and COFCO have increased their turnover ratio to 15%.

The fourth category includes 23 companies such as military industry, aerospace, and scientific research institutes under the ministries and commissions, such as the China Aerospace Science and Technology Group and the Institute of Telecommunication Science and Technology, which have increased to 10%.

The fifth category is China Grain Reserves and Sino-Canadian Cotton. The proportion of profit surrendered is 5%.

In February 2013, the State Council approved the “Several Opinions on Deepening the Reform of the Income Distribution System.” This opinion requires that during the “Twelfth Five-Year Plan” period, the proportion of state-owned capital income of central SOEs should be turned over, and the percentage increase should be increased by about 5 percentage points. The Ministry of Finance issued this article is the implementation of the above "Opinions."

Wen Zongyu, director of the state-owned economic research office of the Ministry of Finance's Institute of Fiscal Science, said that the current classification structure basically maintained the 2007 model, and that monopoly-managed industries such as telecommunications, electricity, and petrochemicals had a relatively high turnover ratio. .

In 2007, the State Council promulgated the Opinions on Piloting the Operational Budget of State-Owned Capital, and state-owned enterprises began to recover their profits. In the year, the plan was transferred in three stages according to the principle of “moderate and low”: the highest ratio applicable to petroleum, petrochemical, telecommunications, and coal industries was 10%, while the others applied 5%, and some state-owned enterprises may not temporarily turn over within 3 years.

In recent years, the proportion of profit surrendered by state-owned enterprises has been continuously increasing, and the number of enterprises covered by the increase is also increasing. For instance, in 2012, the China National Headquarters will file a separate proposal and increase its profit to 20%. In 2012, the two policy-based companies, China Storage Cotton and China Grain Storage, will be included in the state-owned capital operating budget, and will be exempt from returns during the year.

The 121 state-owned sole proprietorship enterprises listed by the Ministry of Finance are only part of the central SOEs. The Ministry of Finance as a financial state-owned enterprise as a contributor has not been included in this category.

Yang Zhiyong, director of the Financial Research Office of the Chinese Academy of Social Sciences Financial Strategy Institute, said that financial institutions are mostly listed companies or joint-stock companies. Dividends, dividends, etc. are determined by the company's general meeting of shareholders. This arrangement conflicts with the state-owned sole proprietorship's profits.

In addition to the above-mentioned "Opinions" on the reform of income distribution, the "Decision" passed at the Third Plenary Session of the 18th CPC Central Committee also made further plans for the transfer of state-owned capital profits. The "Decision" requires that the state-owned capital proceeds should be turned over to the proportion of public finances. In 2020, it will be referred to 30%, and it will be used more to protect and improve people's livelihood.

In fact, most of the returns paid by central state-owned enterprises are still circulating within the central SOEs. The benefit to the public is low, and it has always been criticized by the outside world. According to the implementation of the budget for 2013, the central government’s state-owned capital operating income was 105.08 billion yuan, of which the public budget was allocated to only 6.5 billion yuan, or 6.1% of the people’s livelihood expenses such as social security.

Of course, this proportion is gradually increasing. According to the 2014 budget, the central government’s state-owned capital operating income is 142.6 billion yuan, of which public budgets are transferred to the people’s livelihood spending of 18.4 billion yuan, and 13 percent of the state-owned capital’s profits are turned over to the central government. improve.

There are different understandings in the industry regarding the 30% target set by the Third Plenary Session of the 18th CPC Central Committee. Many people in the financial sector believe that this ratio should be the ratio of state-owned capital to public finances, that is, from 13% this year to 30%. However, some industry experts believe that this should be the average ratio of profits paid by state-owned enterprises, because the proportion of profits paid by state-owned enterprises is divided into grades, and some enterprises in the future will be higher than 30%, and some are lower than 30%.

However, there is a consensus that there is a need to further increase the proportion of profits paid by state-owned enterprises and expand the scope of payment.