Current Affairs Micro-Observation丨"Cultivate more world-class enterprises"

On the afternoon of June 11, General Secretary Xi Jinping presided over the fifth meeting of the Central Committee for Deepening Comprehensive Reforms. This was the first meeting of the Central Committee for Deepening Comprehensive Reforms in nearly four months.

The meeting reviewed and passed documents such as "Opinions on Improving the Modern Enterprise System with Chinese Characteristics", "Guiding Opinions on Improving the Income Guarantee Mechanism for Grain-Growing Farmers and the Interest Compensation Mechanism for Major Grain-Producing Areas", and "Several Opinions on Building an Open Environment for Scientific and Technological Innovation with Global Competitiveness".

How to improve the modern enterprise system with Chinese characteristics? What is its significance? "Current Affairs Micro-Observation" explains it for you.

When presiding over the meeting, General Secretary Xi Jinping emphasized that to improve the modern enterprise system with Chinese characteristics, we must focus on leveraging the advantages of the socialist system with Chinese characteristics, strengthen Party leadership, improve corporate governance, and promote enterprises to establish and improve a modern enterprise system with clear property rights, clear rights and responsibilities, separation of government and enterprises, and scientific management, and cultivate more world-class enterprises.

△On May 23, General Secretary Xi Jinping hosted a symposium with enterprises and experts in Jinan, Shandong and delivered an important speech.

Not long ago, General Secretary Xi Jinping hosted a symposium with enterprises and experts in Jinan, Shandong. At the symposium, the General Secretary pointed out that the promotion of economic system reform should start from the actual needs and the most urgent things, deepen theoretical innovation and promote institutional innovation in solving practical problems.

Before the Third Plenary Session of the 20th CPC Central Committee, these two meetings focused on enterprise development and improving the modern enterprise system with Chinese characteristics, respectively, sending a clear signal that the Party Central Committee attaches great importance to the role of enterprises as market entities, promotes enterprise innovation and reform, promotes the healthy and stable development of enterprises, and makes more and greater contributions to China's modernization.

△On May 23, at a symposium for enterprises and experts, General Secretary Xi Jinping had a cordial exchange with representatives of enterprises and experts attending the meeting.

Just as the development of the socialist market economic system is a great creation unprecedented in history, the establishment of a modern enterprise system with Chinese characteristics is also a major institutional innovation. In the process of improving the modern enterprise system with Chinese characteristics, we should not only learn from the general principles and norms of mature and advanced modern enterprise systems in the world, but more importantly, explore a management model with our own characteristics based on our own economic and cultural characteristics.

The meeting of the Central Reform Commission pointed out that to improve the modern enterprise system with Chinese characteristics, we must respect the status of enterprises as operating entities, adhere to a problem-oriented approach, and implement differentiated policies and strengthen guidance based on the size of the enterprise, stage of development, nature of ownership, etc.

——For state-owned enterprises, strengthening the Party’s overall leadership is a major political principle that must be adhered to consistently.

General Secretary Xi Jinping once pointed out that the modern state-owned enterprise system with Chinese characteristics is special in that it integrates Party leadership into all aspects of corporate governance, embeds enterprise Party organizations into the corporate governance structure, clarifies and implements the legal status of Party organizations in the corporate legal governance structure, and ensures that the organization is implemented, cadres are in place, responsibilities are clear, and supervision is strict.

Adhering to the Party’s leadership and strengthening Party building are the glorious traditions and unique advantages of my country’s state-owned enterprises.

"State-owned enterprises are an important material and political foundation of socialism with Chinese characteristics, and are the 'backbone' of the socialist economy with Chinese characteristics." In December 2017, General Secretary Xi Jinping pointed out during his inspection of XCMG Group, "We must promote the deepening of reforms in state-owned enterprises and improve their management level in accordance with the arrangements of the 19th CPC National Congress, so that state-owned enterprises can become the backbone of implementing the new development concept and comprehensively deepening reforms, and become an important pillar and support for our party to govern and rejuvenate the country."

△On December 12, 2017, General Secretary Xi Jinping sat in the cab of an XCA220 all-terrain crane that had just rolled off the production line at the XCMG Group in Xuzhou, Jiangsu, and asked the technicians in detail about the crane's performance, output, price, etc.

XCMG Group has integrated the Party's leadership into all aspects of corporate governance, fully embodying the Party's will and leadership in the development of the enterprise. In recent years, the market share of various heavy machinery independently developed by XCMG has ranked among the top, and its products are sold all over the world.

By the end of 2021, the corporatization reform of my country's state-owned enterprises has been basically completed. Solidly promoting the Party building work requirements of state-owned enterprises to be written into the company's articles of association, improving the "two-way entry and cross-appointment" leadership system, and injecting new vitality into the modern enterprise system with Chinese characteristics. The innovation capacity of state-owned enterprises has been continuously enhanced, and a number of major scientific and technological achievements with world-leading levels have been achieved in the fields of manned space flight, lunar exploration, deep-sea exploration, high-speed railways, ultra-high voltage transmission and transformation, and mobile communications.

——For private enterprises with conditions, we encourage them to establish a modern enterprise system.

In April 2023, the first meeting of the Central Committee for Comprehensively Deepening Reforms reviewed and approved the "Opinions on Promoting the Development and Growth of the Private Economy". The meeting proposed to remove the institutional barriers that restrict private enterprises from participating in market competition fairly and guide private enterprises to find their correct position in high-quality development.

This meeting of the Central Leading Group for Deepening Overall Reform once again focused on private enterprises.

The meeting pointed out that it is necessary to encourage private enterprises with conditions to establish a modern enterprise system, improve the corporate governance structure, standardize shareholder behavior, strengthen internal supervision, improve risk prevention mechanisms, focus on the leading role of party building, and improve internal management levels.

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The private economy is an indispensable force in promoting my country's high-quality development. It has the characteristics of "five, six, seven, eight, and nine", namely, it contributes more than 50% of taxes, more than 60% of GDP, more than 70% of technological innovation results, more than 80% of urban employment, and more than 90% of the number of enterprises.

At the symposium for enterprises and experts, two representatives from private enterprises spoke one after another, and both talked about the importance of promoting private enterprises to focus on their core businesses and improve their internal strength.

Ding Shizhong, Chairman of the Board of Directors of Anta Sports Products Group Co., Ltd., still remembers that during the 2019 National People's Congress, General Secretary Xi Jinping participated in the review of the Fujian delegation and encouraged him: "Running a business and doing a career is not just a matter of making a few dollars. It is your duty to do business honestly and without distraction."

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Xu Guanju, chairman of Zhejiang Transfar Group Co., Ltd., said in his speech that the average life span of China's private enterprises is short, which is very sad. He suggested exploring the establishment of an evaluation and support system for corporate governance of private enterprises at the national level to help private enterprises develop healthily.

Regarding the views of the two representatives, General Secretary Xi Jinping said: "The roots are deep and the leaves are luxuriant, and the main roots must be firm. This is a manifestation of entrepreneurial spirit."

The vitality of an enterprise lies in innovation, and the driving force of innovation comes from the entrepreneurial spirit. That is, we should constantly improve ourselves in terms of patriotism, innovation, integrity, social responsibility and international vision, and strive to become a new force in building a new development pattern, building a modern economic system and promoting high-quality development in the new era.

In his report to the 20th CPC National Congress, General Secretary Xi Jinping stressed the need to “perfect the modern enterprise system with Chinese characteristics, promote entrepreneurial spirit, and accelerate the building of world-class enterprises.”

In the new journey of promoting Chinese-style modernization, promoting entrepreneurial spirit and encouraging qualified private enterprises to establish a modern enterprise system will be conducive to building a close and clean relationship between government and business, enhancing the innovation and creativity of market players, and promoting enterprises to become stronger, better and bigger and strive to become world-class.

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World-class enterprises are an important manifestation of a country's economic strength, scientific and technological strength, and international competitiveness, and are the key force leading global industrial development and technological innovation. Improving the modern enterprise system with Chinese characteristics and cultivating more world-class enterprises are of great significance to comprehensively promoting the great rejuvenation of the Chinese nation with Chinese-style modernization.

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