State-owned_Assets_Supervision_and_Administration_Commission

State-owned Assets Supervision and Administration Commission of the State Council

State-owned Assets Supervision and Administration Commission of the State Council

Chinese government body

The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the People's Republic of China, directly under the State Council. It was founded in 2003 through the consolidation of various other industry-specific ministries.[1] SASAC is responsible for managing state-owned enterprises (SOEs), including appointing top executives and approving any mergers or sales of stock or assets, as well as drafting laws related to SOEs.[2]

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As of 2021, its companies had a combined assets of CN¥194 trillion (US$30 trillion), revenue of more than CN¥30 trillion (US$4.6 trillion), and an estimated stock value of CN¥65 trillion (US$10.06 trillion), making it the largest economic entity in the world.[3][4][5] Vice Premier Zhang Guoqing is responsible for the supervision of the SASAC.

History

SASAC was formed in 2003 to consolidate industry-specific bureaucracies.[6]: 15 

In 2017, the State Council approved a change of SASAC's mission from administering SOEs to channeling state capital into strategic economic sectors.[6]: 16 

Significance

SASAC oversees China's SOEs in nonfinancial industries deemed strategically important by the State Council, including national champions in areas like energy, infrastructure, strategic minerals, and civil aviation.[6]: 79 

The state-owned investment companies of SASAC serve as a mechanism through which the Chinese government can influence the market through the use of capital rather than government directive.[6]: 16 

Central SOEs

See also: List of state-owned enterprises of China

As of 2023, SASAC currently oversees 97 centrally owned companies.[7][8] Companies directly supervised by SASAC are continuously reduced through mergers according to the state-owned enterprise restructuring plan with the number of SASAC companies down from over 150 in 2008.[9]

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Institutions affiliated to SASAC

  • Information Center
  • Technological Research Center for Supervisory Panels Work
  • Training Center
  • Economic Research Center
  • China Economics Publishing House
  • China Business Executives Academy, Dalian

Industrial associations

Affiliated industrial associations include:

  • China Federation of Industrial Economics
  • China Enterprise Confederation
  • China Association for Quality
  • China Packaging Technology Association
  • China International Cooperation Association for SMEs
  • China General Chamber of Commerce
  • China Federation of Logistics and Purchasing
  • China Coal Industry Association
  • China Machinery Industry Federation
  • China Iron and Steel Association
  • China Petroleum and Chemical Industry Association
  • China National Light Industry Associations
  • China National Textile Industry Council
  • China Building Materials Industry Association
  • China Nonferrous Metals Industry Association

See also

References

  1. [1]
    Starr, John Bryan (2010-08-31). Understanding China [3rd Edition]: A Guide to China's Economy, History, and Political Culture. Farrar, Straus and Giroux. p. 99. ISBN 978-0-8090-1651-8. OCLC 932217175.
  2. [2]
    Davis, Stuart (2023). Sanctions as War: Anti-Imperialist Perspectives on American Geo-Economic Strategy. p. 112. ISBN 978-1-64259-812-4. OCLC 1345216431.
  3. [3]
    "China's 161 trillion yuan state asset watchdog says more M&As to come".
  4. [4]
    "How the Communist Party controls China's state-owned industrial titans". South China Morning Post.
  5. [5]
    "China's central SOEs deliver strong performance – Xinhua | English.news.cn". news.xinhuanet.com.
  6. [6]
    Liu, Zongyuan Zoe (2023). Sovereign Funds: How the Communist Party of China Finances its Global Ambitions. The Belknap Press of Harvard University Press. doi:10.2307/jj.2915805. ISBN 9780674271913. JSTOR jj.2915805.
  7. [7]
    Davis, Stuart (2023). Sanctions as War: Anti-Imperialist Perspectives on American Geo-Economic Strategy. p. 112. ISBN 978-1-64259-812-4. OCLC 1345216431.
  8. [8]
    "央企名录" [List of Central SOEs]. Official website of SASAC (in Chinese). 20 December 2016. Retrieved 10 February 2017.
  9. [9]
    "China gives state firms $8 bln to combat slowdown". Reuters. November 28, 2008.
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