一财社论：以包容的制度生态，护航国有“三资”改革

Core Viewpoint - The article emphasizes the importance of the principles of "assetization, securitization, and leveraging" in the management reform of state-owned assets, aiming to enhance the efficiency and effectiveness of state-owned resources [2][3][4]. Group 1: Principles of Reform - The three principles outlined are: maximizing the assetization of state-owned resources, securitization of state-owned assets, and leveraging of state-owned funds [2][3]. - The reform aims to revitalize idle and inefficiently used state-owned assets through various methods such as utilization, sale, rental, and financing [3][4]. Group 2: Economic Context - The current economic environment is characterized by a transition between old and new growth drivers, with local government finances being relatively tight [2][3]. - The reform is seen as a way to alleviate fiscal pressures while ensuring basic public services are maintained without imposing additional burdens on market entities [2][3]. Group 3: Market Mechanism - The article argues that the low efficiency of state-owned assets is fundamentally a mismatch between resources and governance systems, suggesting that market mechanisms are essential for accurately assessing the utility of these assets [4][5]. - By allowing state-owned assets to be sold or rented in a market context, their potential can be significantly unlocked [4][5]. Group 4: Implementation Challenges - Effective implementation of the reform requires not only a clear reform blueprint but also a conducive operational environment that encourages innovation and risk-taking [4][5][6]. - The article highlights the need for a supportive institutional ecosystem that allows reformers to operate freely and effectively manage state-owned assets [5][6].