国资“家底”超400万亿！系统化“三资”改革渐次启幕

Core Viewpoint - The article highlights the significant growth of state-owned enterprises (SOEs) in China, with an average annual asset growth of over 11% over the past five years, reflecting the effectiveness of SOE reforms and their role as a stabilizing force in the economy [1][2][3]. Group 1: Asset Growth and Reform Impact - National SOEs (excluding financial enterprises) had total assets of 401.7 trillion yuan and total state capital equity of 109.4 trillion yuan by the end of 2024, with average annual growth rates of 11.4% and 11.0% respectively over the past five years [3]. - The asset-liability ratio of these enterprises has remained below 65%, indicating a stable financial structure [3]. - Experts view the steady growth of SOE assets and equity as a release of reform dividends, showcasing progress in areas such as technological innovation, industrial layout optimization, market-oriented management mechanisms, and corporate governance [3]. Group 2: Activation of State Assets - A new phase of reform focusing on activating state-owned "three assets" (resources, assets, funds) management has begun in provinces like Hubei and Anhui, aiming to unlock dormant value through market-oriented methods [1][4][7]. - The Ministry of Finance reported a 4% increase in revenue from the paid use of state resources and assets in the first three quarters of the year, driven by local governments' efforts to activate assets [6]. - The reform aims to enhance local government funding sources, with a consensus emerging on the need to activate existing assets to improve efficiency and expand effective investment [8]. Group 3: Specific Provincial Initiatives - Hubei's reform plan focuses on six categories of state resources and five types of state assets, including low-efficiency and idle funds, for comprehensive review [10]. - Anhui's plan includes eight categories of assets and five types of resources, emphasizing the management of state-owned assets and funds [10]. - The reforms are seen as a continuation of the central government's policies aimed at enhancing fiscal management and resource allocation, with expectations for the scope of asset activation to expand [10].