The notice clearly pointed out that five enterprises, including China Baowu, SDIC, China Merchants Group, China Resources Group and China Building Materials, were officially transformed into state-owned capital investment companies.
In addition, aviation industry group, State Power Investment Group, State Energy Group, SINOMACH, Chinalco, China COSCO, COFCO, China Minmetals, General Technology Group, China Communications Group, Poly Group, China Guangdong Nuclear Power Corporation and other 12 enterprises continued to deepen the pilot. Among these enterprises, China Resources Group and China Merchants Group are very large central enterprises, and it is understandable that they can be transformed into state-owned capital investment companies. But in addition to these two large central enterprises, there is also a large central enterprise that has attracted everyone's attention, that is, CITIC Group.
In terms of strength, CITIC Group is actually comparable to China Resources Group and China Merchants Group. By the end of 20021,the total assets of CITIC Group reached 8.2 trillion yuan, second only to China Merchants Group, and ranked second among all central enterprises. Moreover, from the perspective of industrial layout, CITIC Group and China Merchants Group are very similar. Their industrial layout involves banks, securities, funds, insurance, real estate, engineering, industrial parks and other fields. Since the two are very similar, why can China Merchants Group be selected as a state-owned capital investment company, but CITIC Group is not among them, and even CITIC Group is not on the pilot list?
The reason is simple, because CITIC Group is not managed by SASAC. At present, SASAC has 97 central enterprises, including China Merchants Group, China Resources Group, Baowu Iron and Steel Group, National Development and Investment Group and China Building Materials Group. The state-owned capital reform, the establishment of state-owned capital investment companies, is also managed by the State-owned Assets Supervision and Administration Commission (SASAC). He can only integrate enterprises within the scope of management, and certainly can't manage enterprises that don't belong to him. In fact, from the administrative level, CITIC Group and SASAAC are comparable, and the administrative level of CITIC Group is significantly higher than that of 97 SASAC. At present, there are only three ministerial-level central enterprises in China, namely China Investment Group, CITIC Group and China State Railway Group Co.,Ltd.. At present, CITIC Group 100% is controlled by the State Council and directly managed by the State Council, which is quite different from other central enterprises.
On the other hand, CITIC Group itself is an investment company and there is no need for further reform. The reason why SASAC wants to set up state-owned capital investment companies and state-owned capital operation companies now is actually to optimize state-owned capital and improve its efficiency and competitiveness. The purpose of establishing a state-owned capital investment company is to realize the separation of ownership and management rights, realize the goal of "managing capital first" and improve the supervision of state-owned assets. After the establishment of state-owned capital investment company, state-owned capital will not directly participate in the operation of the enterprise, but realize the control of the enterprise through equity.
After the completion of the reform, some entities of these central enterprises will operate in accordance with the market, and promote the development of central enterprises by introducing professional managers and modern management systems. On the other hand, through the control of equity and capital investment, state-owned capital investment companies achieve the goals of promoting industrial agglomeration, realizing industrial structure adjustment and upgrading, resolving overcapacity and overcoming short-board industries, thus continuously optimizing China's industries and enhancing overall competitiveness. For the purpose of these reforms, in fact, CITIC Group has long been at the forefront.
As early as 2002, the state reformed China International Trust, renamed China CITIC Group Corporation, and became an investment institution authorized by the state. After CITIC Group became a professional investment institution, it no longer sought to hold 100% of its industry, but introduced market capital on the premise of holding, and then guided funds to invest in some key industries. After this reform, CITIC Group has developed very rapidly in the past 20 years, and the scale of state-owned capital has been expanding. More importantly, CITIC Group has also made great contributions to promoting industrial development through capital investment.
When it comes to CITIC Group, people may only think that it is a financial group, such as their banking, securities and trust business. But in fact, there are many physical industries under CITIC Group. For example, CITIC Electromechanical Manufacturing, CITIC Bohai Aluminum, CITIC Digital Media Network, CITIC Medical and Health Industry, CITIC Cloud Network, CITIC Heavy Machinery, CITIC Mining, China Broadcasting Mobile Network, CITIC Guoan Group and so on. In many industries, CITIC is mostly in a holding or shareholding position, and many of them are not directly involved in the operation, but are actually state-owned capital investment functions. Therefore, it is normal for CITIC Group not to be listed as a state-owned capital investment company this time.