On November 28, 2020, the 20th Summit Forum of Top 100 Chinese Listed Companies was held in Beijing. Ji Xiaonan, Chairman of the Summit Forum of Top 100 Chinese Listed Companies and former Chairman of the Supervisory Board of Key State-owned Large Enterprises under the State Council, delivered a keynote speech titled "Grasp the Overall Layout, Key Tasks, and Spiritual Substance of Reform of State-Owned Enterprises in the New Stage of Development" at the forum.

Good afternoon, honored guests, entrepreneurs and friends!

This year marks the 20th anniversary of the Summit Forum of Top 100 Listed Companies in China. As the chairman of the Forum, I have witnessed the Forum for so many years, and congratulate the Forum on getting better and better!

I would like to take this opportunity to talk about the overall layout, key tasks and spirit of the "14th Five-Year Plan" for the reform of state-owned enterprises.

The Fifth Plenary Session of the 19th CPC Central Committee held not long ago proposed that the "14th Five-Year Plan" period is the first five-year period for China to build a moderately prosperous society in all aspects and achieve the first century's goal of building a modernized socialist country in an all-round manner, and to march towards the second century's goal of building a modernized country in an all-round manner.

The Fifth Plenary Session of the 19th CPC Central Committee has made strategic planning and systematic planning for a number of major issues regarding China's entry from building a moderately prosperous society into building a socialist modernized power in an all-round way; it has made new deployment and put forward new requirements for the reform of state-owned enterprises in the new development stage. State-owned enterprises are the backbone and important support of China's socialist modernization, and accurately grasping the overall layout, key tasks and spirit of deepening the reform of state-owned enterprises in the new development stage is of great significance to the "14th Five-Year Plan" for a good start and a good start.

The resolution adopted by the Fifth Plenary Session of the 19th Central Committee emphasized the reform of state-owned enterprises, such as: deepening the reform of state-owned enterprises, stronger, better and larger state-owned capital and state-owned enterprises; accelerate the optimization of the state-owned economic layout and structural adjustment, and play the role of the state-owned economy strategic support; accelerate the improvement of the modern enterprise system with Chinese characteristics, and deepen the reform of mixed ownership of state-owned enterprises; deepen the reform of state-owned capital investment and operation companies; promote energy, railroads, telecommunications, public utilities and other competitive industries, telecommunications, public utilities and other industries in the competitive segment of market-oriented reform.

The core position of the entire socialist modernization and construction of a strong country is innovation, especially scientific and technological innovation. The 19th National Congress is to put science and technology innovation in the construction of the entire modern economic system in the main position, clearly put forward the construction of a strategic support role of a layout, is to emphasize innovation. How to grasp this paragraph, in the end, "14th Five-Year Plan", including the next three years, the three-year action of state-owned enterprise reform, how to use a sentence to the overall layout, key tasks described, so that we all have a better grasp of the "14th Five-Year Plan" of the reform of state-owned enterprises in general. I have made an interpretation for your reference. The overall layout or overall deployment of the "14th Five-Year Plan", especially the implementation of the three-year action plan for the reform of state-owned enterprises, can be summarized as "1+3+3+5+5", specifically: to achieve one goal, adhere to three principles, grasp the three requirements, and achieve five tasks. Enhance 5 kinds of ability.

Realizing one goal: accelerating the construction of world-class enterprises, strengthening and optimizing state-owned capital and state-owned enterprises.

Adhere to three principles: adhere to and strengthen the Party's overall leadership of SOEs, adhere to and improve the basic socialist economic system, and adhere to the direction of socialist market economy reform.

Grasp three requirements: focus on key points, make up for shortcomings, and strengthen weaknesses; measurable, assessable, and testable; systematic, high-quality, and effective.

Highlight five tasks: accelerate the improvement of the modern system with Chinese characteristics; accelerate the optimization of the layout and structural adjustment of the state-owned economy; deepen the reform of mixed ownership of state-owned enterprises; adhere to the market-oriented management mechanism; and improve the state-owned asset supervision system which is mainly responsible for managing capital.

Enhance five capabilities: strengthen the competitiveness, innovation, control, influence and risk-resistance of the state-owned economy.

Achieve one goal, accelerate the construction of world-class enterprises, and strengthen, optimize and enlarge state-owned capital and state-owned enterprises. This was put forward inside the report of the 19th National Congress held in October 2017. Promote state-owned capital to become stronger, better and bigger, and cultivate globally competitive enterprises. This is the Fifth Plenary Session held not long ago, which explicitly proposed to strengthen, optimize and enlarge state-owned capital and state-owned enterprises. People say, the Fifth Plenary Session did not talk about world-class enterprises? We can look further, because the Fifth Plenary Session talked about accelerating the construction of world-class enterprises, first of all, the reform of state-owned enterprises, and then the support for the development of the private economy, and after talking about the development of the private economy, the state-owned enterprises and private enterprises have put forward a request to promote entrepreneurial spirit, and accelerate the construction of world-class enterprises. So this is our common goal, but also the goal of the state-owned enterprises, so the private enterprises with the conditions should also strive to become world-class enterprises, which is based on.

Adhere to three principles, one is to adhere to and strengthen the Party's overall leadership of state-owned enterprises, the second is to adhere to and improve the basic socialist economic system, and the third is to adhere to the reform aspects of the socialist market economy.On August 24, 2015, the State Council put forward the "Guiding Opinions on Deepening the Reform of State-Owned Enterprises", which is the top-level design of state-owned enterprises' reform that we usually talk about, and at that time, it was mentioned that five principles were mentioned, the first one is to adhere to and The first is to adhere to and improve the basic economic system, the second is to adhere to the direction of reform of the socialist market economy, the third is to adhere to the combination of enhancing vitality and strengthening supervision, the fourth is to adhere to the Party's leadership of state-owned enterprises, and the fifth is to adhere to the positive, steady and coordinated advancement. And the Fifth Plenum I understand is based on June 30, the Central Committee to deepen the reform of the fourteenth meeting of the Committee clearly put forward the reform of state-owned enterprises of three actions, the party's leadership in the first, the first to speak of adherence to the party's leadership of state-owned enterprises, while making textual modifications, adhere to and strengthen the party's leadership of state-owned enterprises; the second is to adhere to and improve the basic socialist economic system; third is to adhere to the direction of the reform of the socialist market economy direction, which also reflects the definition of the central government's principles of state-owned enterprise reform.

Grasp the three requirements: first, to grasp the key points, make up for the shortcomings and strengthen the weaknesses; second, to be measurable, assessable and testable; and third, to be systematic, high-quality and effective. The Third Plenary Session of the 18th Central Committee to today also more than seven years, a number of reforms are constantly being implemented, the reform of state-owned enterprises for more than seven years, the top-level design of the modern version of the implementation stage, can not be implemented for seven years is still being implemented. In addition, now the situation at home and abroad has also undergone significant changes. One of the key points, shortcomings and weaknesses is to focus on the shortcomings of our country's innovation, as well as reshaping the industrial chain and supply chain. In addition, the three-year action, since it is an action, it should be measurable, assessable and testable, and the test is to be of high quality and effective.

Highlight five tasks, accelerate the improvement of the modern system with Chinese characteristics; accelerate the optimization of the layout and structural adjustment of the state-owned economy; deepen the reform of mixed ownership of state-owned enterprises; improve the market-oriented business mechanism; and improve the supervision system of state-owned assets, which mainly manages capital.

Enhance the five capabilities, enhance the competitiveness, innovation, control, influence, and risk resistance of the state-owned economy. The central government also has clear requirements, and the Fourth Plenary Session of the 19th Central Committee explicitly proposed to enhance the competitiveness, innovation, control, influence, and risk resistance of the state-owned economy. The next three years is the key stage of SOE reform, and the central government has clear requirements to adhere to and strengthen the Party's overall leadership of SOEs, adhere to and improve the basic economic system, adhere to the direction of reform of the socialist market economy, focus on the key points, make up for the shortcomings, and strengthen the weaknesses, push forward the optimization of the state-owned economic layout and structural adjustment, and enhance the competitiveness, innovativeness, control, influence, and anti-risk ability of the state-owned economy.

The overall layout of SOE reform in the new development stage has an internal logic; realizing one goal is the pursuit of SOE reform efforts, adhering to three principles is the fundamental requirement of SOE reform, grasping three requirements is an important way of SOE reform, highlighting five tasks is the focus of SOE reform, and enhancing five capabilities is an important purpose of SOE reform.

(Organized by the Walton Economic Institute based on the recording of Ji Xiaonan's speech)