Ruonan Zhang
The report to the 19th National Congress of the Communist Party of China clearly stated that it is necessary to “improve the management system for various types of state-owned assets, reform the system for authorized operation of state-owned capital, accelerate the optimization, structural adjustment and strategic reorganization of the distribution of the state-owned economy, promote the preservation and appreciation of state-owned assets, make state-owned capital stronger, better and bigger, and effectively prevent the loss of state-owned assets.” In September 2015, the Central Committee of the Communist Party of China (CPC) and the State Council issued the Guiding Opinions on Deepening the Reform of State-owned Enterprises (SOEs), which proposed to “allow the conversion of part of state-owned capital into preferred shares and explore the establishment of a system of special state management shares in a few specific areas”. In this context, the “golden share” system can serve as the “national special management share system” and become an important breakthrough to promote the reform of state-owned assets and state-owned enterprises. This paper introduces the development of the golden share system in Europe, analyzes the possibility of implementing the golden share system in China based on the Changchun biological event, and puts forward some suggestions for the reform of state-owned enterprises.
Gold shares; Reform of state-owned enterprises; Changchun biological