Deepening Enterprise Reform And Promoting Financial Reform

The State Council recently revised the development and Reform Commission's "opinions on deepening the reform of the economic system in 2015", and put forward 39 key tasks of the 8 annual economic restructuring.

First, continue to decentralization and speed up the government's own reform; two, deepen the enterprise reform and further enhance the vitality of the market players; three, implement the general plan of fiscal reform and make new progress in the reform of fiscal and taxation system; four, promote the financial reform and improve the institutional mechanism of financial services; five, speed up the reform of urbanization, agriculture, rural and technological systems, and promote the continuous optimization of the economic structure; six, build a new open economy system, and implement a new round of high level opening to the outside world; seven, deepen the reform of the people's livelihood security system, improve the basic mechanism of ensuring basic and bottom line; eight, speed up the construction of ecological civilization system, and promote the construction of ecological civilization system.

And protect the ecological environment.

On Deepening

To further enhance the vitality of the market players, the opinion put forward that the core competitiveness and state capital efficiency of state-owned enterprises should be enhanced, and the vitality, control, influence and risk resistance of state-owned economy should be continuously enhanced.

We must not hesitate to encourage, support and guide the development of the non-public sector of the economy, and stimulate the vitality and creativity of the non-public sector of the economy.

Promoting the reform of state owned enterprises and deepening the reform of state-owned enterprises

We should formulate a series of supporting documents on reforming and improving the management system of state-owned assets and developing mixed ownership economy in state-owned enterprises.

We will formulate a plan for restructuring and restructuring central enterprises, accelerate the pilot projects of state-owned capital operating companies and investment companies, and form an effective platform for the restructuring and adjustment of state capital flows.

We should implement a number of suggestions for further deepening the reform of the electricity system, formulate relevant supporting policies, and carry out pilot projects such as the sale of electricity side.

The study proposes a general plan for the structural reform of oil and natural gas and relaxes access in all sectors of the whole industry chain.

Promoting the reform of salt industry system.

Regarding the promotion of financial reform and the improvement of the institutional mechanism of financial services, the opinion put forward that we should push forward the market-oriented reform of interest rates, and timely launch large deposit certificates for institutions and individuals, expand the market pricing scope of financial products of debt institutions, and relax the interest rate control in an orderly way.

We should strengthen the construction of the benchmark interest rate system in financial markets, improve the interest rate pmission mechanism, improve the interest rate control framework of the central bank, and continuously enhance the interest rate control ability of the central bank.

We should improve the formation mechanism of RMB exchange rate marketization, enhance the two-way floating elasticity of exchange rate, and promote the innovation of exchange rate risk management tools.

We should steadily push forward RMB capital account convertibility, expand cross border use of RMB, and select pilot projects for overseas investment of qualified domestic individual investors, further improve the "Shanghai Hong Kong Tong" pilot project, and timely launch "Shenzhen Hong Kong Tong" pilot project.

We should establish and improve the management system of foreign debts and capital flows under the framework of macro Prudential management so as to raise the level of risk management under convertibility.

To amend the Foreign Exchange Control Ordinance.

We should carry out the reform of stock issuing registration system, explore the establishment of multi-level capital market pfer mechanism, develop the regional equity market serving SMEs, and carry out the pilot of equity financing.

We should promote the securitization of credit assets, develop the bond market, and improve the proportion of direct financing.

The Provisional Regulations on the management of private equity investment funds have been formulated.

Modification of equity incentive management measures for listed companies.

We will carry out commodity futures options and stock index options to promote the development of OTC derivatives market.

Promote the revision of securities law and the formulation of Futures Law.