From this year onwards, Jiangsu will establish a sound and full-coverage system to report the state-owned assets management system to the Provincial People's Congress in a bid to promote the openness and transparency of state-owned assets management and strengthen the comprehensive supervision of state-owned assets, the provincial department of finance said Wednesday.
The system requires that from this year to 2021, the provincial government will make a specialized verbal report to the provincial people's congresses on the state-owned assets of the financial enterprises, state-owned assets of enterprises, excluding financial enterprises, administrative state-owned assets, and state-owned assets of state-owned natural resources.
At the same time, a comprehensive report will be made every year on the province's situation of various state-owned assets. In 2022, an oral report will be made on the comprehensive management of state-owned assets in the province.
The focus of the report on various types of state-owned assets management is determined according to the classification, nature and management objectives of state-owned assets. The consolidated report will reflect the overall situation and management of state-owned assets in the province. The establishment of this system will improve the state-owned assets governance system and effectively prevent the loss of state-owned assets.
The State Council, China's cabinet, announced early this year that it will report the condition and management of state asset to the Standing Committee of the National People's Congress or NPC annually.
The move to establish such a mechanism is "a vital decision by the CPC Central Committee to enhance supervision by the NPC over state asset and an essential system for the Party and state to tighten management of state asset," said the guideline.
Over the past few years, the NPC Standing Committee has heard reports by the State Council on state asset management but they were limited to state-owned enterprises supervised by the State-owned Assets Supervision and Administration Commission of the State Council.
According to the document, the report on state-owned enterprises and financial institutions will focus on asset and liabilities of the corporations, major investment projects, risk control, reform and salary of senior executives, while the one on non-commercial institutions will center on their liabilities, reform of management, allocation, use and revenue of state asset.
The report on state-owned natural resources will be about conditions of natural resources, mechanisms of sustainable development and environmental protection as well as exploitation and conservation.
The State Council is asked to establish a complete and accurate database about state asset, which can be shared by relevant ministries and departments.
(Source: ourjiangsu.com)
