Liu Kun: To ensure the practical and efficient completion of the transfer of some state-owned capital to enrich the social security fund
Source: "China Finance" Release time: 2019-11-18
On July 10, 2019, Premier Li Keqiang presided over an executive meeting of the State Council. The meeting heard and agreed in principle the report of the Ministry of Finance on the transfer of some state-owned capital to enrich the social security fund. The meeting decided that in order to enhance the sustainability of the social security fund and further strengthen the foundation of the old-age security system, this year it will fully launch the transfer of 10% of state-owned shares of central and local state-owned and state-controlled large and medium-sized enterprises and financial institutions to the social security fund and local governments. Relevant undertaking entities, and as financial investors, enjoy rights such as income rights in accordance with regulations.
In order to implement the spirit of the executive meeting of the State Council, with the approval of the State Council, the Ministry of Finance, the Ministry of Human Resources and Social Security, the State-owned Assets Supervision and Administration Commission, the State Administration of Taxation, and the China Securities Regulatory Commission jointly issued and issued on September 10 the "On the Comprehensive Promotion and Transfer of Part of State-owned Capital to Enrich Social Security Fund Notice of work. The "Work Notice" states that the transfer work will be fully launched in 2019. At the central level, qualified enterprises will be basically completed by the end of 2019, and enterprises with real difficulties can be completed by the end of 2020. Enterprises run by central administrative institutions will be transferred after the centralized and unified regulatory reform is completed; at the local level, by the end of 2020 Basically completed the transfer. At the same time, the Work Notice sets out clear requirements for the work responsibilities of all parties.
Deep understanding of the significance of grasping transfer work
(1) Transferring part of state-owned capital to enrich the social security fund is an important measure to reform and improve the basic old-age insurance system. The Party Central Committee and the State Council attach great importance to the construction of the social security system. General Secretary Xi Jinping pointed out in the report of the 19th National Congress of the Communist Party of China that in accordance with the requirements of the bottom line, weaving secret nets, and building mechanisms, a comprehensive multi-level social security system covering the entire people, urban and rural coordination, clear powers and responsibilities, and appropriate and sustainable safeguards should be established . As an important social security system, the basic old-age insurance system is a key link of the social security system and the foundation and guarantee for the people of the country to support the elderly. Since the reform and opening up, China has continuously promoted the reform of the basic endowment insurance system, and various work has achieved positive results. The framework of an endowment insurance system covering urban and rural areas has been basically established, which has better safeguarded the people's basic life after retirement and has great economic and social stability. Development played an important role. But at the same time, with the simultaneous development of new industrialization, informatization, urbanization, and agricultural modernization, especially the aging of the population, the pension insurance still faces some outstanding problems. There is an urgent need to further reform and improve the basic pension insurance system to increase the availability of the system. Sustainability, better meet the expectations of the people, and promote sustainable and healthy economic development and social harmony and stability.
According to the decision-making arrangements of the Party Central Committee and the State Council, the reform of the basic old-age insurance system is steadily advancing. Among them, we have adopted comprehensive measures to broaden financing channels and respond to pressure on fund payments, and have made a “combination punch”. It mainly includes further increasing the investment of basic endowment insurance at all levels of finance, establishing a central adjustment system for basic endowment insurance funds, making strategic reserve funds bigger and stronger, and carrying out investment and operation of basic endowment insurance funds. One of the important measures is the "transfer of some state-owned capital to enrich the social security fund" explicitly proposed by the Third Plenary Session of the 18th CPC Central Committee. In order to implement this reform task, the Ministry of Finance, in conjunction with the Development and Reform Commission, the Ministry of Human Resources and Social Security, the SASAC, the CSRC, the Social Security Foundation and other departments, established an inter-departmental coordination mechanism, adhered to goal guidance, and carried out in-depth theoretical and basic research. The analysis of the state-owned capital of the enterprise, the transfer of scale and the calculation of the proportion, etc., have widely listened to opinions and suggestions and formed an implementation plan. After review and approval by the Party Central Committee and the State Council, in November 2017, the State Council issued the "Implementation Plan for Transferring Part of State-owned Capital to Enrich Social Security Funds" (Guo Fa  No. 49).
(2) Transferring part of the state-owned capital to enrich the social security fund is a full reflection of the sharing of the development results of state-owned enterprises and the fairness of the basic endowment insurance system. The report of the 19th National Congress of the Communist Party of China clearly stated that "adhering to the people as the center" and "adhering to the protection and improvement of people's livelihood in development" are an important part of the basic strategy of adhering to and developing socialism with Chinese characteristics in the new era. State-owned enterprises belong to the entire people, are an important pillar of the national economy, and an important force for protecting the common interests of all people. Since the reform and opening up, state-owned enterprises have continued to grow and develop, and the scale of state-owned assets and operating efficiency have increased significantly. A number of key enterprises with core competitiveness have emerged. According to the final accounts data of state-owned enterprises across the country, as of the end of 2018, the state-owned equity of state-owned and state-controlled enterprises (including finance) in the country has exceeded 70 trillion yuan. At the same time as the development and growth of state-owned enterprises, transferring some state-owned capital to enrich the social security fund is conducive to fully reflecting the ownership of state-owned enterprises and the sharing of development results for the whole people; it is conducive to improving people's livelihood and giving all people a sense of gain. Effective implementation of the great spirit and strong response.
From the perspective of intergenerational fairness, in 1997, when China established a basic pension insurance system for enterprise employees combined with unified accounts, it was stipulated that retired employees (that is, the "elders") of enterprises before the establishment of the system were not required to pay endowment insurance premiums and were paid according to the original treatment The basic pension is paid by the methods. For those who have participated in the work (that is, the middle person), the continuous working age before the establishment of the system is regarded as the payment period, and the basic pension is calculated and paid in combination with the actual payment period. This institutional arrangement, on the one hand, reduces the operating costs of enterprises and expands the accumulation of corporate capital; on the other hand, it also creates a certain gap in the basic old-age insurance funds for enterprise employees. For the fund gap left in this part of history, if it is solved by increasing taxes and raising the pension contribution rate, it is actually transferring liabilities to the next generation, which will cause intergenerational inequities. By transferring part of the state-owned capital, the gap in the basic endowment insurance fund due to the deemed payment period policy is not only reasonable but also in line with objective reality. It reflects the strengthening of the social security system, the establishment of tight networks, and the establishment of mechanisms. Requirements.
(3) Transferring part of the state-owned capital to enrich the social security fund is a policy measure based on the current and taking into account the long-term perspective. Taking into account the requirements of the reform of the basic pension insurance system and the needs of the development of state-owned enterprises, the Implementation Plan determined the transfer target as "to make up for the gap in the basic pension insurance fund for enterprise employees formed by the implementation of the policy of equal payment period". At the same time, in line with this goal, the transfer policy and implementation steps were clarified. The promulgation of the "Implementation Plan" mainly reflects the following five aspects: First, the policy has a wide coverage. Except for non-profit enterprises, cultural enterprises, policy and development financial institutions, and special enterprises stipulated by the State Council, the scope of transfer covers the whole country, including central and local state-owned and state-controlled large and medium-sized enterprises and financial institutions. The second is to transfer the scale taking into account the current and long-term. The transfer rate is uniformly 10% of the state-owned equity of the enterprise. At the same time, it is clear that, in the future, in the light of the reform of the basic pension insurance system and the requirements of sustainable development, if further transfer is needed, further research will be conducted. The third is the transfer of equity ownership based on corporate affiliation. The state-owned shares of central enterprises that are transferred are entrusted by the State Council to the Social Security Foundation as the main subject; the state-owned shares of local enterprises that are transferred are set up by each provincial government or entrusted by an enterprise to uniformly undertake them. Fourth, the transfer of equity has specific attributes and management requirements. Undertaking entities such as the Social Security Foundation, as financial investors, enjoy the right to gain and disposal of equity. The undertaking entity mainly obtains income through equity dividend. The state-owned capital income held by each undertaking entity shall be collected by the financial department at the same level in a timely manner, and it is specifically used to fill the gap in the basic pension insurance fund for enterprise employees. Fifth, the implementation of the transfer is focused on stability and order. Taking into account the size and complexity of state-owned enterprises, the Implementation Plan is clear, and the transfer work is completed in accordance with the principles of pilot advancement, hierarchical organization, and steady progress.
The transfer of preliminary work has achieved positive results
The issuance of the "Implementation Plan" aroused enthusiastic response from all walks of life and fully affirmed that the policy was timely, and fully reflected the "people-centered" development concept. All regions and departments acted quickly and actively carried out the implementation. As the lead implementation unit, the relevant party departments (party committees) of the Ministry of Finance, the Ministry of Human Resources and Social Security, and the State-owned Assets Supervision and Administration Commission attach great importance to transfer work, and do a good job of publicizing and interpreting policies in a timely manner, and start the transfer in a timely manner. In the work, various departments have established a good communication and coordination mechanism, and jointly carry out the work of selecting pilot units, determining implementation steps, promoting the transfer process, and researching solutions to major issues, and work together to promote the transfer in an orderly manner. Various regions and relevant central enterprises have also carried out a lot of fruitful work. After the "Implementation Plan" was issued, various provinces successively carried out a series of tasks such as mapping surveys and combining with the actual research work plan of the province. Relevant provinces applied for the trial as soon as possible. After the pilot provinces were determined to be Zhejiang Province and Yunnan Province, the two provinces were led by relevant government comrades in charge and set up a leading team for the transfer of work involving relevant units. They carefully studied and thoroughly demonstrated the pilot implementation plan. They insisted on combining scientific decision-making with pragmatic innovation. Focusing on the overall situation, sticking to the difficulties and seeking breakthroughs, intensifying the investigation and supervision, effectively promoted the transfer work, and formed a good demonstration role. At present, with the joint efforts of all parties, the transfer has achieved initial results.
(1) The transfer of central enterprises has reached a certain scale. With the approval of the State Council, a pilot program for transfer was launched in 2018. Among them, at the central level, first, transfer pilots were conducted in 3 centrally managed enterprises such as China Unicom and 2 central financial institutions such as China Reinsurance. After the completion of the pilot, the Ministry of Finance, the Ministry of Human Resources and Social Security, and the State-owned Assets Supervision and Administration Commission further strengthened the transfer work. In accordance with the requirements of the State Council executive meeting, the transfer of 50 centrally managed enterprises and 12 central financial institutions was implemented in two batches. . So far, three batches of 67 central enterprises and central financial institutions have been transferred, and the total amount of transferred state capital is about 860.1 billion yuan. Among them, the transfer of central financial institutions that the Ministry of Finance has performed as an investor has been basically completed.
(2) The preliminary work of transfer of local enterprises has been carried out successively. In 2018, in addition to central enterprises, at the local level, Zhejiang and Yunnan provinces also reported on the approval of the State Council for the transfer of pilot work. By the end of 2018, the pilot work in the two provinces was basically completed. Zhejiang Province selected 40 enterprises for a trial and transferred 15.8 billion yuan of state-owned capital; Yunnan Province selected 13 provincial enterprises for a pilot and transferred 18.5 billion yuan of state-owned capital. In addition to the pilot provinces, other provinces have successively carried out preparatory work for the transfer, laying a foundation for the next implementation of the transfer. For example, 25 provinces such as Liaoning and Jilin have comprehensively arranged the situation of the state-owned enterprises in this province; 21 provinces such as Guangxi and Guizhou have drafted implementation plans for the transfer work; and implementation plans for the transfer work in 4 provinces such as Sichuan and Xinjiang have been issued; Nine provinces, including Inner Mongolia and Anhui, have been established or selected as the mainstay of transfer.
(3) Research and formulate transfer operation methods. The transfer of pilot work has accumulated experience and achieved results. At the same time, because the transfer involves a wide range and the situation of the enterprise is complex, some issues that require further standardization and clarity have been gradually reflected in the implementation. To this end, the Ministry of Finance, together with the Ministry of Human Resources and Social Security, the State-owned Assets Supervision and Administration Commission, the State Administration of Taxation, the China Securities Regulatory Commission and other departments, collected and sorted out the problems found in the pilot, and studied and proposed solutions one by one. The Measures for the Operation of Social Security Fund Related Matters have been approved and issued by the State Council after repeated consultations with relevant departments and local governments. The core issues addressed in the "Methods of Operation" are mainly two aspects, one is exactly what to plan and how to plan specifically; the second is the management and supporting policies after the transfer. The main contents include: the definition criteria of the transfer company, the transfer procedure of the multi-shareholder holding company, the work requirements of relevant parties, the undertaking's capital management responsibilities, exemption of related taxes and fees involved in the transfer, The convergence of state-owned stock transfer (reduction) policies, etc. The issuance of the "Operational Measures" further clarified and detailed the transfer policy, enhanced operability, and provided strong support and guidance for the next step in comprehensively promoting the transfer work.
To complete the transfer work pragmatically and efficiently
The Party Central Committee and the State Council have paid close attention to the implementation of transferring state-owned capital to enrich social security funds. General Secretary Xi Jinping has repeatedly stressed in important speeches the transfer of some state-owned capital to enrich the social security fund; the Central Economic Work Conference held at the end of last year clearly stated that it is necessary to continue to transfer some state-owned capital to enrich the social security fund. Premier Li Keqiang put forward requirements for transfer work in the government work report for 4 consecutive years. On July 10 this year, the executive meeting of the State Council specifically listened to the report of the Ministry of Finance on the implementation of the transfer of some state-owned capital to enrich the social security fund. The meeting decided that the central and local transfer of some state-owned capital to enrich the social security fund will be fully launched in 2019. We must resolutely implement the decision-making and deployment of the Party Central Committee and the State Council, work together to complete the transfer work pragmatically and efficiently.
(1) Further improve the political standing to ensure that the transfer task is started and completed on time. At present, according to the schedule, the transfer work should be basically completed by the end of 2020. The transfer time is tight and the task is heavy. All regions and departments should further improve their political standing, unify their thinking and actions into the decision-making and deployment of the Party Central Committee and the State Council. They must carefully organize and make careful arrangements to ensure that the transfer work is completed in accordance with the requirements of a highly responsible attitude towards people's livelihood. . Compared with the central enterprises, the situation of local enterprises is more complicated. The people's governments of provinces (autonomous regions and municipalities) must attach great importance to the arduousness and complexity of the transfer work. It is recommended that a leading group led by the responsible comrades be established in the province, combining with the actual situation in the province. Quickly formulate the implementation plan of transfer work, at the same time, strengthen organizational leadership, compact departmental responsibilities, coordinate and resolve major issues, and supervise and guide the transfer work.
2. Promote the work steadily and accurately grasp the content of the transfer policy. The transfer work is highly policy-oriented. To advance related work, we must accurately grasp the content of the policy, be familiar with the policy, master the policy, and advance accurately. The transfer is mainly the transfer of 10% of the state-owned equity of qualified enterprises to the relevant undertaking entities, neither the nature of state-owned equity nor the current state-owned asset management system. Therefore, the core contents to be grasped in the implementation are mainly four aspects: one is to accurately define the scope and object of the transfer; the second is to clarify and refine the transfer operation procedures; the third is to reasonably choose to determine the transfer transfer subject; the four It is to accurately define the rights and obligations of the transfer subject.
(3) Strengthen communication and coordination, and solve difficult problems in a timely manner. It takes teamwork to complete the transfer. All regions and departments must not only exert their internal synergy, but also communicate with the Ministry of Finance and other relevant departments in a timely manner, actively feedback the development of the work, effective practices and experiences, difficulties encountered, and relevant opinions and suggestions. The Ministry of Finance must also carry out in-depth investigations and studies in conjunction with relevant departments, track the progress of work, study and resolve related issues, and promote the complete completion of transfers. At the same time, a good foundation is laid for the next step of research and development of supporting measures such as the management measures for transferring state-owned capital and the specific use of collected funds by the central government.
Transferring part of the state-owned capital to enrich the social security fund is an important measure to enhance the sustainability of the social security system, and it concerns the immediate interests of the people. We must adhere to the guidance of Xi Jinping's thoughts on socialism with Chinese characteristics in the new era, fully understand the significant historical and practical significance of the transfer work, not forget the original intention, remember the mission, and effectively implement the "people-centered" purpose to ensure that the transfer The policies are well implemented and implemented, and the people of the whole country share the sense of recognition, honor, and gain in sharing the fruits of national reform and development.
(This article is based on the speech delivered by Comrade Liu Kun at the National Task Force on the Transfer of Part of State-owned Capital to Enrich Social Security Fund on September 27, 2019.)