Hai Hai Chai Talks About State Assets And Supplements Social Security

Lou Jiwei, Minister of finance, recently participated in the "China Development Forum 2015" sponsored by the State Council Development Research Center. He said that it is necessary to allocate some state-owned assets to supplement social security funds to reduce the rate of social security. Pi Haizhou believes that state owned supplementary social security may improve the system of state-owned shares reduction.

Lou Jiwei therefore explained why he allocated part of the state assets to the social security fund. Lou Jiwei said that our social endowment insurance system was established relatively late, and it was gradually established in 1997. Before that, enterprises and workers did not have the old-age insurance payment. These workers entered the new pension insurance system, which was treated as if he paid the fee. This resulted in the increase of the contribution rate for future generations to supplement the gap caused by the old people's failure to pay.

Before 1997, the workers did not pay for the old-age insurance. In fact, the cost of the enterprises was not real, and the capital accumulation of the state-owned enterprises was expanded, because they were basically state-owned enterprises at that time. At the same time, before 1997, the state budget invested heavily in state-owned enterprises, resulting in huge quantities from two channels. State-owned property 。 Therefore, it is reasonable to allocate some state-owned assets to supplement social security funds. On this basis, there are conditions to reduce the rate of social insurance in a timely manner.

　　 Lou Jiwei The statement is consistent with objective facts. In fact, in the third Plenary Session of the 18th CPC Central Committee, it proposed to "allocate some state assets to enrich the social security fund". The next step is to implement the "transfer of part of state assets to enrich the social security fund". Lou Jiwei, Minister of finance, once again reaffirmed the appropriation of some state assets to supplement the social security fund, which can be regarded as a signal to some extent: the government will soon start the work.

But how to allocate some state-owned assets to supplement social security funds? In this matter, China equity market Nature is one of the main battlefields. In fact, in the matter of transferring some state-owned assets to supplement social security funds, there are relevant regulations in the domestic stock market, that is, the implementation measures of the domestic securities market to transfer some state-owned shares to enrich the National Social Security Fund issued by the Ministry of finance, the SASAC, the SFC and the social security fund in June 19, 2009. However, this method obviously has the problem of ineffective transfer of state-owned shares, so that the appropriation of some state-owned assets to the social security fund is rather limited. Therefore, in the matter of allocating some state-owned assets to supplement social security funds, they can no longer stay on the basis of the original transfer of state-owned shares, but must have further innovation. This includes modification and improvement of the way to transfer state-owned shares, including the revision and perfection of the reduction of state-owned shares.

At the same time, we should improve the way to reduce the state shares. Because under the present Provisions, the reduction of restricted shares, including state-owned shares, can only be carried out through the two tier market, either through the exchange trading system or by bulk trading. But the reduction price is basically based on the market price. However, in order to facilitate the reduction of restricted shares (including state-owned shares), and to facilitate the introduction of strategic investors to facilitate enterprises, the restricted shares should also be allowed to carry out OTC heavy reduction, and the transaction price can be agreed by both parties. This will not only make the channel of state share reduction more smoothly, but also reduce the impact of the reduction of state-owned shares on the market. Therefore, it is also convenient for old listed companies to transfer state-owned shares to social security funds.

In regard to the current way of transferring state-owned shares, the problem of ineffective transfer of state-owned shares is very prominent. The current way to transfer state-owned shares is to "transfer some of the state-owned shares of Limited by Share Ltd to the social security fund" according to 10% of the actual number of shares issued in the initial public offering. This transfer is not based on the quantity of state-owned shares, but on the basis of the number of initial shares. If state-owned shareholders want to evade the transfer of state-owned shares, they can completely reduce the number of initial shares. As a result, the larger the number of initial shares, the more state-owned shares will be transferred, and may even result in the extreme situation that the state-owned shares are not transferred enough. Therefore, this unreasonable rule must be amended. The number of state-owned shares should be transferred to the base, and the number of shares should be decoupled from the number of initial shares. At the same time, the proportion of state-owned shares transfer can be increased to 15%~20%. In addition, the target of transfer of state-owned shares is not limited to the new companies listed on the initial public offering, and the state-owned shares of the old listed companies should also be incorporated into the scope of transfer.