| The General Office of the CPC Central Committee and the General Office of the State Council Issuing the Guiding Opinions on Strengthening Asset-Liability Constraints on State-owned Enterprises | | 中共中央办公厅、国务院办公厅印发《关于加强国有企业资产负债约束的指导意见》 |
| (September 13, 2018) | | （2018年9月13日） |
| Recently, the General Office of the CPC Central Committee and the General Office of the State Council issued the Guiding Opinions on Strengthening Asset-Liability Constraints on State-owned Enterprises and a notice requiring all regions and all departments to conscientiously conduct implementation in light of the actual circumstances. | | 近日，中共中央办公厅、国务院办公厅印发了《关于加强国有企业资产负债约束的指导意见》，并发出通知，要求各地区各部门结合实际认真贯彻落实。 |
| The full text of the Guiding Opinions on Strengthening Asset-Liability Constraints on State-owned Enterprises is as follows: | | 《关于加强国有企业资产负债约束的指导意见》全文如下： |
| For the purposes of thoroughly implementing Xi Jinping Thought on Socialism with Chinese Characteristics in a New Era and the spirit of the 19th CPC National Congress, carrying out the arrangements at the Central Economic Work Conference, the National Financial Work Conference and the first session of the Central Financial and Economic Affairs Commission, strengthening the asset-liability constraints on state-owned enterprises, reducing the leverage of state-owned enterprises, promoting state capital in becoming better and bigger, enhancing the resilience of economic development, and improving the quality of economic development, the following guiding opinions are hereby offered. | | 为深入贯彻习近平新时代中国特色社会主义思想和党的十九大精神，落实中央经济工作会议、全国金融工作会议和中央财经委员会第一次会议部署，加强国有企业资产负债约束，降低国有企业杠杆率，推动国有资本做强做优做大，增强经济发展韧性，提高经济发展质量，现提出如下指导意见。 |
| I. General requirements | | 一、总体要求 |
| 1. Overall objectives. Strengthening asset-liability constraints on state-owned enterprises is an important measure to effectively prevent and defuse major risks. Supervision and administration shall be strengthened by establishing and improving an asset-liability constraint mechanism for state-owned enterprises, so as to cause the asset-liability ratios of heavily indebted state-owned enterprises to return to a reasonable level as soon as possible, drive the average asset-liability ratio of state-owned enterprises to decrease by about 2 percentage points from the end of 2017 by the end of 2020, and thereupon maintain the asset-liability ratios of state-owned enterprises basically at the average level of enterprises of the same size in the same industry. | | （一）总体目标。加强国有企业资产负债约束是打好防范化解重大风险攻坚战的重要举措。要通过建立和完善国有企业资产负债约束机制，强化监督管理，促使高负债国有企业资产负债率尽快回归合理水平，推动国有企业平均资产负债率到2020年年末比2017年年末降低2个百分点左右，之后国有企业资产负债率基本保持在同行业同规模企业的平均水平。 |
| 2. Basic principles. | | （二）基本原则 |
| —Adhering to the combination of blanket coverage and classification administration: Every state-owned enterprise in each industry and of each type shall be included in the asset-liability constraint administration system. At the same time, according to the asset-liability characteristics of different industries, asset-liability constraint indicator standards for state-owned enterprises shall be developed by industry. Regulatory priorities shall be highlighted, and for state-owned enterprises that exceed the constraint indicator standards, in light of the development stages of the enterprises, based on the comprehensive evaluation of various financial indicators and business development prospects of the enterprise, appropriate control measures shall be adopted according to the degrees of risks. The asset-liability ratios of state-owned enterprises in overcapacity industries shall be strictly controlled, and the asset-liability ratios of state-owned enterprises in strategic emerging industries as well as innovation, entrepreneurship, and other fields that are favorable to promoting economic transformation, upgrading and development shall be moderately and flexibly controlled. | | --坚持全面覆盖与分类管理相结合。所有行业、所有类型国有企业均纳入资产负债约束管理体制。同时，根据不同行业资产负债特征，分行业设置国有企业资产负债约束指标标准。突出监管重点，对超出约束指标标准的国有企业，结合企业所处发展阶段，在综合评价企业各类财务指标和业务发展前景基础上，根据风险大小采取适当管控措施。严格控制产能过剩行业国有企业资产负债率，适度灵活掌握有利于推动经济转型升级发展的战略性新兴产业、创新创业等领域的国有企业资产负债率。 |
| —Adhering to the combination of improving internal governance and strengthening external constraints: Strengthening the asset-liability constraints on state-owned enterprises shall be organically combined with deepening the reform of state-owned enterprises, establishing a modern enterprise system, and optimizing corporate governance structures, among others, and a permanent mechanism shall be established and improved. The external asset-liability constraints on state-owned enterprises shall be strengthened by enhancing evaluation, heightening the financial authenticity and transparency of enterprises, reasonably restricting debt financing and investment and other means. | | --坚持完善内部治理与强化外部约束相结合。加强国有企业资产负债约束要与深化国有企业改革、建立现代企业制度、优化企业治理结构等有机结合，建立健全长效机制。同时，通过强化考核、增强企业财务真实性和透明度、合理限制债务融资和投资等方式，加强国有企业资产负债外部约束。 |
| —Adhering to the combination of the improvement of quality and efficacy and policy support: All relevant parties shall take the initiative, further clarify the objectives, steps and methods for reducing the asset-liability ratios of heavily indebted state-owned enterprises according to the overall objectives, and complete them within a time limit. State-owned enterprises shall adhere to improving quality and efficiency and diligently enhancing their capabilities, strengthen their capital strength by expanding financial benefits accrued from business, and continually reduce asset-liability ratios under the premise of strictly preventing the loss of state-owned assets. A good policy and system environment shall be created for heavily indebted state-owned enterprises to reduce asset-liability ratios, the capital replenishment mechanism shall be improved, equity financing shall be expanded, the revitalization of asset stock shall be supported, and debt restructuring and market-oriented debt-for-equity swaps shall be conducted in a due and orderly manner. | | --坚持提质增效与政策支持相结合。各有关方面要积极主动作为，根据总体目标要求进一步明确高负债国有企业降低资产负债率的目标、步骤、方式，并限期完成。国有企业要坚持提质增效、苦练内功，通过扩大经营积累增强企业资本实力，在严防国有资产流失前提下，不断降低资产负债率。同时，要为高负债国有企业降低资产负债率创造良好政策和制度环境，完善资本补充机制，扩大股权融资，支持盘活存量资产，稳妥有序开展债务重组和市场化债转股。 |
| II. Determining asset-liability constraint indicator standards for state-owned enterprises by classification | | 二、分类确定国有企业资产负债约束指标标准 |
| Under asset-liability constraints on state-owned enterprises with asset-liability ratios as the fundamental constraint indicator, state-owned enterprises in different industries and of different types shall be placed under classification administration subject to dynamic adjustment. In principle, the average asset-liability ratio of all enterprises above designated size in an industry for the previous year shall be a baseline. The baseline plus 5 percentage points shall be the asset-liability ratio early warning line for the present year, and the baseline plus 10 percentage points shall be the key asset-liability ratio regulation line for the present year. The asset-liability ratio early warning line and key regulation line with respect to the consolidated statements of state-owned enterprise groups may be fixed by the relevant state asset administration departments according to the structure of primary business, development level and classification regulation requirements. The asset-liability ratio early warning line and key regulation line for enterprises in postal, railway, and other special industries, or in industries in which statistics are inaccessible, shall be fixed by the relevant state asset administration departments according to national policy orientation and industry conditions, by reference to international experience. | | 国有企业资产负债约束以资产负债率为基础约束指标，对不同行业、不同类型国有企业实行分类管理并动态调整。原则上以本行业上年度规模以上全部企业平均资产负债率为基准线，基准线加5个百分点为本年度资产负债率预警线，基准线加10个百分点为本年度资产负债率重点监管线。国有企业集团合并报表资产负债率预警线和重点监管线，可由相关国有资产管理部门根据主业构成、发展水平以及分类监管要求确定。邮政、铁路等特殊行业或无法取得统计数据行业的企业资产负债率预警线和重点监管线，由相关国有资产管理部门根据国家政策导向、行业情况并参考国际经验确定。 |
| For central enterprises of which the State-owned Assets Supervision and Administration Commission of the State Council ("SASAC") performs the duties as a capital contributor, the work to control asset-liability ratios shall continually be subject to the requirements in force, which shall be adjusted and improved in practice. Asset-liability constraints on state-owned financial enterprises shall be subject to existing administrative systems and standards. | | 由国务院国资委履行出资人职责的中央企业，资产负债率管控工作继续执行现行要求，实践中再予以调整完善。金融类国有企业资产负债约束按照现有管理制度和标准实施。 |
| III. Improving the asset-liability self-constraint mechanisms of state-owned enterprises | | 三、完善国有企业资产负债自我约束机制 |
| 1. Reasonably setting asset-liability ratios and asset and liability structure. State-owned enterprises shall, according to the corresponding asset-liability ratio early warning lines and key regulation lines, comprehensively consider market prospects, capital cost, profitability, asset liquidity and other factors, strengthen the planning and management of capital structure, reasonably set their asset-liability ratios and asset and liability structure, and maintain financially sound and competitive. | | （一）合理设定资产负债率水平和资产负债结构。国有企业要根据相应资产负债率预警线和重点监管线，综合考虑市场前景、资金成本、盈利能力、资产流动性等因素，加强资本结构规划与管理，合理设定企业资产负债率和资产负债结构，保持财务稳健、有竞争力。 |
2. Strengthening the daily management of asset-liability constraints. The management of state-owned enterprises shall perform their duties faithfully and diligently, prudently carry out such business activities as debt financing, investment, expenditure, and external guarantees, and prevent excessive accrual of interest-bearing liabilities and contingent debts, so as to ensure the maintenance of reasonable asset-liability ratios. In the motions for the annual board of directors meeting or shareholders' meeting, special explanations shall be made on the asset and liability status and future asset and liability plans and submitted to the board of directors or shareholders' meeting for deliberation in accordance with the well-regulated corporate governance procedures. When an enterprise may be or has substantially been in financial difficulties, it shall promptly and voluntarily inform the relevant creditors of the relevant situation, negotiate with the relevant creditors in accordance with the laws and regulations, and duly dispose of the relevant debts by classification.
．．．．．． | | （二）加强资产负债约束日常管理。国有企业经营管理层要忠实勤勉履职，审慎开展债务融资、投资、支出、对外担保等业务活动，防止有息负债和或有债务过度累积，确保资产负债率保持在合理水平。在年度董事会或股东（大）会议案中，要就资产负债状况及未来资产负债计划进行专项说明，并按照规范的公司治理程序，提交董事会或股东（大）会审议。在企业可能或已实质陷入财务困境时，要及时主动向相关债权人通报有关情况，依法依规与相关债权人协商，分类稳妥处置相关债务。
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