21世纪经济报道记者 周潇枭 北京报道随着经济规模的壮大和存量资产的积累，我国逐渐进入做优增 量、盘活存量并举的阶段。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确指出，编制宏观资产负债表， 全面摸清存量资源资产底数，优化资产负债结构。完善并购、破产、置换等政策，盘活用好低效用地、 闲置房产、存量基础设施。推进全国行政事业单位存量国有资产盘活共享。 近年来，多个地方加力盘活国有"三资"（资产、资源、资金），在盘活闲置资产、提升运营收益、拓展 地方财源、增进民生福祉等方面都取得积极进展。比如，湖南"十四五"期间加力盘活国有"三资"，累计 盘活收入3500亿元。 尽管具体项目有不同的收益，但是地方盘活"三资"不可回避的背景在于地方财政增收乏力、财政收支矛 盾加剧、偿债压力加大等，需要通过加大对国有"三资"的统筹力度，来增强财政长期的可持续性。 唤醒沉睡的"大金库" 10月下旬，《国务院关于2024年度国有资产管理情况的综合报告》提交全国人大常委会审议，该报告显 示：截至2024年末，全国国有企业国有资本权益总额109.4万亿元，对应国有企业资产总额401.7万亿 元、负债总额260.5万亿元； ...

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].

Core Viewpoint - The article emphasizes the importance of the "Three Transformations" of state-owned assets in China, which are assetization, securitization, and leveraging of state-owned resources to enhance economic growth and consumer spending [3][20]. Group 1: Three Transformations - The key tasks outlined in the recent meeting include making all state resources assetized, all state assets securitized, and all state funds leveraged [3][4]. - The essence of the "Three Transformations" is to convert state capital into financial assets that are more understandable and valued by the market [6][7]. Group 2: Economic Context - Over the past 40 years, China has been characterized as a country with strong industrial capital, but it faces development bottlenecks due to an imbalance between production and consumer spending [8][9]. - The previous economic model relied heavily on real estate to stimulate consumption, but this model has become unsustainable following the government's efforts to deleverage the real estate sector starting in 2021 [15][16]. Group 3: Future Directions - The proposed "Three Transformations" represent a new direction for economic growth, aiming to leverage state capital to stimulate the economy and improve wealth distribution [18][20]. - The article suggests that the capital market must rise for state assets to appreciate, which in turn will enhance economic growth and increase residents' income [21][24]. Group 4: Market Implications - The stability and growth of the stock market are crucial for boosting consumer confidence and spending, as the stock market is closely tied to residents' financial income [28][29]. - The article predicts that the future development of China's stock market will increasingly resemble that of the U.S. market, driven by state capital [31][38].