国务院国有资产监督管理委员会 Guówùyuàn Guóyǒu Zīchǎn Jiāndū Guǎnlǐ Wěiyuánhuì | |
Gate of SASAC | |
Agency overview | |
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Formed | 10 March 2003 |
Headquarters | Beijing |
Agency executive | |
Parent agency | State Council of the People's Republic of China |
Website | www |
State-owned Assets Supervision and Administration Commission of the State Council | |||||||
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Simplified Chinese | 国务院国有资产监督管理委员会 | ||||||
Traditional Chinese | 國務院國有資產監督管理委員會 | ||||||
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Abbreviation | |||||||
Simplified Chinese | 国资委 | ||||||
Traditional Chinese | 國資委 | ||||||
Literal meaning | State Assets Commission | ||||||
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Chinaportal |
The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the People's Republic of China, directly under the State Council. It was founded in 2003 through the consolidation of various other industry-specific ministries. [1] SASAC is responsible for managing state-owned enterprises (SOEs), including appointing top executives and approving any mergers or sales of stock or assets, as well as drafting laws related to SOEs. [2]
As of 2021 [update] , its companies had a combined assets of CN¥194 trillion (US$30 trillion), revenue of more than CN¥30 trillion (US$4.6 trillion), and an estimated stock value of CN¥65 trillion (US$10.06 trillion), making it the largest economic entity in the world. [3] [4] [5] The total revenue hit CN¥39.8 trillion (about US$5.5 trillion) in 2023, with a total profit of 2.6 trillion yuan according to a report from SASAC. [6] Vice Premier Zhang Guoqing is responsible for the supervision of the SASAC.
SASAC was formed in 2003 to consolidate industry-specific bureaucracies. [7] : 15
In 2017, the State Council approved a change of SASAC's mission from administering SOEs to channeling state capital into strategic economic sectors. [7] : 16
SASAC oversees China's SOEs in nonfinancial industries deemed strategically important by the State Council, including national champions in areas like energy, infrastructure, strategic minerals, and civil aviation. [7] : 79
The state-owned investment companies of SASAC serve as a mechanism through which the Chinese government can influence the market through the use of capital rather than government directive. [7] : 16
As of 2023 [update] , SASAC currently oversees 97 centrally owned companies. [2] [8] These central SOEs (yangqi) are SOEs that cover industries deemed most vital to the national economy. [9] : 6 Companies directly supervised by SASAC are continuously reduced through mergers according to the state-owned enterprise restructuring plan with the number of SASAC companies down from over 150 in 2008. [10]
Affiliated industrial associations include:
Name | Chinese name | Took office | Left office |
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Li Rongrong | 李荣融 | April 2003 | August 2010 |
Wang Yong | 王勇 | August 2010 | March 2013 |
Jiang Jiemin | 蒋洁敏 | March 2013 | September 2013 |
Zhang Yi | 张毅 | December 2013 | February 2016 |
Xiao Yaqing | 肖亚庆 | February 2016 | May 2019 |
Hao Peng | 郝鹏 | 17 May 2019 | 3 February 2023 |
Zhang Yuzhuo | 张玉卓 | February 2016 | Incumbent |
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