Countdown to state-owned assets transfer to social security!
Trillion state-owned disease aid pension
The reform of state-owned assets transfer to social security entered the countdown phase in December.
According to the established timetable, my country will basically complete the transfer of central and local state-owned enterprises by the end of 2020.
The transfer of central enterprises to social security has taken the lead. As early as 2019, the transfer of 81 enterprises of 1.3 trillion yuan was completed. The transfer of local state-owned enterprises will usher in a climax in 2020. From the beginning of the year to the end of the year, various provinces have introduced transfer plans. And requested that the transfer plan be basically completed by the end of this year.
The latest policy is Beijing.
On December 8, the Beijing Municipal Government announced the "Implementation Plan for Beijing Municipality to Transfer Part of the State-owned Capital to Enrich the Social Security Fund" (hereinafter referred to as the "Plan").
The "Plan" proposes that the transfer ratio is unified to 10% of the state-owned equity of the enterprises included in the transfer scope, to ensure that the transfer work is basically completed by the end of 2020.
2020 is an important time node for the reform of my country's pension insurance system.
This year, not only will the transfer of state-owned assets be completed, but also provincial-level overall planning of pension insurance funds must be realized. Both reforms will lay the foundation for the next step of national overall planning.
Dong Dengxin, director of the Institute of Financial Securities of Wuhan University of Science and Technology, told China Business News that from the perspective of the plans of each province, the shares transferred by local state-owned assets are deposited in a special fiscal account and the investment companies controlled by state-owned assets are entrusted to carry out value-added operations. This kind of management is a transitional state of escrow. Once the national overall planning of endowment insurance is achieved, the social security funds under the control of the provincial government and the state-owned shares transferred from state-owned assets will be collectively managed by the National Council of Social Security Funds.
At the same time, CBN learned that the Ministry of Finance is taking the lead in drafting operational management measures for the transfer of state-owned capital.
Documents issued by some localities this year clearly stated that after the central government's transfer of state-owned capital operation management measures are issued, local financial departments will separately formulate corresponding specific implementation measures.
Super trillion state-owned running rush to support pension
The above-mentioned "plan" proposes that Beijing will enrich the social security fund by transferring part of the state-owned capital, and establish an operating mechanism that combines the transfer of state-owned capital and the basic pension insurance fund for enterprise employees to gradually make up for the gap, so that the people can share the development results of state-owned enterprises and achieve intergeneration Fairness enhances the sustainability of the system.
The impact of aging on the financial status of my country's pension insurance funds has become increasingly obvious. The arrival of the first generation of "baby boom" retirement peaks requires my country to strengthen the sustainability of pension insurance funds.
In November 2017, my country launched a pilot state-owned asset transfer and fully launched in September 2019. It requires that at the central level, qualified enterprises should be basically completed by the end of 2019, and those with difficulties can be completed by the end of 2020; at the local level , The transfer will be basically completed before the end of 2020.
By the end of 2019, the central level had completed the transfer of 1.3 trillion yuan.
The industry predicts that the total scale after the transfer will be 3 trillion to 5 trillion yuan, which means that at least about 2 trillion yuan will be completed before the end of 2020.
This 2 trillion yuan of funds will provide important guarantees for my country’s pension insurance system, especially when the endowment insurance fund is greatly reduced by the epidemic, the speed of state-owned assets transfer to social security will also provide a "reassurance pill" for the majority of insured persons. ".
The epidemic has not hindered the transfer of state-owned assets to social security.
When CBN reviewed local documents, it was found that since the end of March when the epidemic eased slightly, many provinces began to introduce social security plans for state-owned assets. For example, Henan, Hunan and other places introduced plans in April, Chongqing in July, and Shanghai 9 Introduced in November, after entering November, Shandong, Gansu, Beijing and others have also stepped up to introduce relevant plans.
State-owned assets earmarked to make up for the pension gap
From the content point of view, the plans in various regions are roughly the same, in terms of the scope of transfer, the objects of transfer, the method of income, etc., they are in line with the "Notice of the State Council on Issuing the Implementation Plan for the Transfer of Part of the State-owned Capital to Enrich the Social Security Fund" (State Council (2017) 49 No.) The principle is the same, if the transfer ratio is 10% of the state-owned equity of the enterprise, the undertaking entity does not interfere with the daily production, operation and management of the enterprise.
Beijing’s "Plan" reiterated that after the transfer of state-owned assets and operating income, the Municipal Finance Bureau will take overall consideration of the expenditure needs of the basic pension insurance fund and the state-owned capital gains, and implement the collection in due course, and use it specifically to make up for the basic pension insurance for enterprise employees. Fund gaps are not included in the management of state-owned capital operating budgets.
Prior to the promulgation of the Administrative Measures for the Operation of Transfer of State-owned Capital, the scope of investment was limited to bank deposits, the purchase of treasury bonds in the primary market, and the capital increase of the transferred objects.
The entrusted management company is responsible for the specific operation of equity dividends.
Earlier, when the state-owned assets transfer was fully launched, the relevant person in charge of the Ministry of Finance said in response to a reporter's question that after the transfer of state-owned capital to enrich the social security fund, the way for the undertaker to obtain income is "dividends as the mainstay and operation as a supplement."
In other words, the income of state-owned capital is mainly derived from equity dividends. In the future, the financial departments at the same level of the undertaking entities will take overall consideration of the expenditure needs of the basic pension insurance fund and the state-owned capital income status, and implement the collection in due course. The pension fund gap.
In addition, another principle of state-owned assets transfer is to be a "sleeping shareholder", that is, as a financial investor, the undertaking entity has the right to profit, dispose of, and the right to know the state-owned equity. It does not interfere with the daily production and management of the enterprise. Do not send directors to companies.
When CBN combed through local documents, it also found that localities have slightly different undertaking entities. Most provinces are authorized to hold the Ministry of Finance. For example, the state-owned equity of enterprises transferred under the regulations of Jilin Province is held by the Provincial Finance Department on behalf of the provincial government. Yes, Jilin Province Equity Fund Investment Co., Ltd. is the undertaking body, but there are also some provinces that are different. For example, Heilongjiang Province authorized the Provincial State-owned Assets Supervision and Administration Commission as the undertaking body for the state-owned equity of enterprises transferred by the province.
Judging from the progress of local transfers, Hebei has announced that it has completed the transfer of 21 provincial state-owned enterprises to part of the state-owned social security fund, and transferred 19.326 billion yuan in state-owned capital; Guangxi announced that it has completed the transfer of 18 state-owned enterprises at the district level.
State-owned capital operation and management measures will be introduced
The transfer of part of the state-owned capital to enrich the social security fund is an important measure to reform and improve my country's basic pension insurance system, and it is also a full manifestation of the development of state-owned enterprises shared by all.
A local state-owned enterprise person told China Business News that the transfer process is much more difficult than expected. Both central and local state-owned enterprises have different degrees of difficulty.
The difficulties of local state-owned enterprises are greater, so the time reserved for transfer is also longer.
He said that the number of local state-owned enterprises is large and the situation is complicated.
In some local state-owned enterprises, the property rights relationship has not been completely straightened out, and the amount of transfer cannot be determined.
Some local state-owned enterprises are not doing well and are even facing bankruptcy, making it impossible to transfer.
Some enterprises have changed the scope and scale of transfer due to reforms such as restructuring and restructuring.
Others involve listed companies, especially overseas listed companies, and the transfer process is more complicated.
The above-mentioned state-owned enterprises also stated that the current undertaking entities in different provinces are not the same, some are the social security fund council, and some are state-owned capital operating companies. The system is not smooth and the transfer process is not smooth.
Moreover, the management and operation capabilities of the undertaking entities are also uneven, which affects the income of state-owned capital.
Peng Huagang, spokesperson for the State-owned Assets Supervision and Administration Commission of the State Council, said that the next step is to deepen the reform of state-owned enterprises to encourage enterprises to better improve efficiency and create benefits, so that the equity transferred to the social security fund can obtain tangible benefits.
Li Jin, the chief researcher of the China Enterprise Research Institute, told the CBN reporter that how to maintain and increase the value of the undertaking entity, how to distribute dividends, and how to collect profits will be the biggest challenge.
In general, the allocation of state-owned assets to social security funds is positive from a broad perspective, and the problems that arise from this require institutional design.
How to make "huge deposits" play its due role? According to industry analysis, on the one hand, state-owned enterprises need to speed up reforms to better improve efficiency, create benefits, and create value, so that the equity transferred to the social security fund can be achieved. Income.
On the other hand, the equity dividends of the transfer enterprises will be the main source of income for the social security fund from the transfer of state-owned assets.
The level of dividends of listed companies in my country is not high. To give full play to the protective role of transferred funds, it is necessary to further increase the proportion of state-owned enterprises' equity dividends.
A reporter from China Business News learned that in order to standardize the transfer of some state-owned capital to enrich the operation and management of the social security fund, and to strengthen the supervision of the operation and management of the transferred capital, the Ministry of Finance is taking the lead in drafting the operation and management measures for the transfer of state-owned capital.
Prior to the promulgation of the administrative measures for the transfer of state-owned capital, the cash income generated by the transfer of state-owned capital can be invested by the undertaking subject. The investment scope is limited to bank deposits, the purchase of treasury bonds in the primary market, and the capital increase of the transferred objects.
At the same time, the relevant departments of finance, human resources and social security, and state-owned assets supervision at all levels will strengthen cooperation and cooperation, earnestly perform their duties, strengthen the supervision and management of the undertaking entities, and ensure that the transferred state-owned capital is used to make up for the basic pension insurance fund of enterprise employees. gap.
When managing these assets, asset security should be the primary goal.
Li Jin said that the capital operation of this part of the state-owned assets transferred to social security must be operated steadily to ensure the preservation and appreciation of state-owned assets.
This part of the assets needs to be handed over to professionals to operate, and can participate in projects with better benefits and stable returns in the supply-side structural reform.
(Author: Guo Jinhui Zhu sweet?)