观察家｜国企改革面临的挑战

I'm Robert Lawrence Kuhn, and here's what I'm watching: The continuing need to "deepen," as they say, reform of state-owned enterprises, SOEs. 

我是罗伯特·劳伦斯·库恩，以下是我正在关注的：中国正在不断“深化”国有企业改革。

In 2021, SOE assets accounted for nearly 60 percent of China's total assets and SOE revenues accounted for almost 70 percent of China's GDP. 

2021年，国企资产占中国（企业）总资产的近60%，并且国企总营收约占中国国内生产总值的70%。

While SOEs have historically and notoriously been less efficient than private businesses in returns on assets, leadership has been consistent in calling for SOEs to become "bigger, better, stronger"  – for both economic and political reasons, such as strengthening their competitiveness in global markets. 

虽然长期来看，大家都觉得国企资产回报率表现不如民企，领导层一直不断呼吁国企要“做强做优做大”。这既有经济原因，也有政治原因，比如，增强国企在全球市场的竞争力。

As foundational pillars of China's economy, SOEs can execute government policy more swiftly, enabling leadership greater control of the economy, both to accelerate industrial transformation and to mitigate potential risks. At last count, there were 98 SOE behemoths controlled by the central government.

作为中国经济的基本支柱，国企能够更快地执行政府政策，赋予领导层更大经济掌控力。这既能加速产业转型，也能降低潜在风险。据最新统计，中国有98家大型中央直管企业。

"Two unwavering principles" are stressed in the report to the 20th CPC National Congress: Improve the core competitiveness of state-owned enterprises, and optimize the development environment for private enterprises. 

中共二十大报告强调“两个毫不动摇”，要提升国有企业核心竞争力，优化民营企业发展环境。

Specific policies call for rectifying arbitrary fees, fines, and assessments, and for solving the problem of SOE accounts payable in arrears – as SOEs, owned by the state, seem to feel less of an obligation to pay their bills and service their debts owed to the state, a common practice leadership is determined to change.

具体政策要求整治乱收费、乱罚款和乱摊派现象，解决国企拖欠账款问题。因为国企归国家所有，它们似乎对偿还国家欠款的意愿较低，这也是领导层决心要改变的情况。

Reform of SOEs specify diverse measures: Board responsibility, including private investors in mixed-ownership models, and encouraging enterprises to dare to venture, dare to invest, dare to take risks, and actively to create markets. 

国企改革涉及多重举措，（建立）董事会职责，包括引入社会资本参与的混合所有制，以及为激发市场活力，鼓励企业敢闯、敢投、敢担风险。

Earlier SOE reforms, in process since reforms began in the late 1970s, included managerial methods, corporate and control systems, and oversight and supervision of state-owned assets. 

早期的国企改革始于20世纪70年代末，主要涉及管理方式、公司治理结构以及对国有资产的监督监管等。

More recent reforms included mixed-ownership and state-owned capital investment companies. Current reforms stress core functions of SOEs, such as focusing on key technologies and expertise, internal and external digitalization, strengthening corporate governance, providing employee incentives, prioritizing profitability and cash flow, and designing new valuation systems – all to enhance SOE market competitiveness. 

近期的国企改革涵盖混合所有制和国有资本投资公司。当前的改革强调国企的核心功能，比如，注重关键技术和专业知识、内外部数字化，加强公司治理，提供员工激励措施，重视利润率和现金流，重构新型估值体系。这些都是为了提升国企的市场竞争力。

Preference is now given to innovation SOEs with specialized, sophisticated technologies and novel, practical products.

目前，最受青睐的是创新型国企，它们能够提供专精技术并生产出新的实用产品。

A challenge to the strategy of using SOEs to develop, upgrade and spearhead leading-edge technology, high-end manufacturing and the digital economy is the experience of advanced industrial economies, such as the U.S., where breakthrough technologies and transformative products more likely come from small and medium-sized entrepreneurial enterprises.

国企改革面临着一大挑战。通过国企开发、升级和引领前沿技术，高端制造业和数字经济，这是发达工业化国家从未有过的经验。比如美国，它的许多科技突破变革时代的产品往往来自于中小型的创业公司。

On the 2022 Fortune Global 500 Rankings, China had the most firms, beating those of the U.S., 136 to 124, China with more firms on the list than those of Japan, Germany, France, and United Kingdom combined. 

2022年，《财富》世界500强榜单上，中国的企业数量最多，有136家，超过了美国的124家。中国上榜的企业数量超过了日、德、法、英的企业数量总和。   

Chinese firms had the largest combined assets but the lowest profitability in terms of profit margins and returns on assets. It is worth noting that 71 percent of the Chinese firms in the Fortune Rankings are state-owned, representing 78 percent of total revenue and 84 percent of total assets.

财富榜单上，中国企业资产规模总量是最大的。但从利润率和资产回报率上看，盈利能力最低。值得注意的是，上榜企业中71%的中国企业是国企，分别占上榜企业总收入和总资产的78%和84%。

A good way to assess and to forecast China's economic performance, is to track SOE reform and profitability.

正确评估和预测中国经济表现的方法，就是跟踪国企改革及其利润表现。

I'm keeping watch. I'm Robert Lawrence Kuhn.

我将持续观察，我是罗伯特·劳伦斯·库恩。

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