State-owned Assets Supervision and Administration Commission
(1) Brief Introduction
The State-owned Assets Supervision and Administration Commission (SASAC) is a special organization directly under the State Council.
The current chairman is Li Rongrong.
Its official site is: www.sasac.gov.cn/n2963340/2964236.html.
(2) Main Functions and Powers
1) Authorized by the State Council, in accordance with Company Law of the People’s Republic of China and other administrative regulations, the SASAC performs the responsibility as the investor, guides and pushes forward the reform and restructuring of state-owned enterprises; supervises the preservation and increment of the value of state-owned assets for enterprises under its supervision, and enhances the management of state-owned assets; advances the establishment of modern enterprise system in SOEs, and perfects corporate governance; and propels the strategic adjustment of the structure and layout of the state economy.
2) The SASAC dispatches supervisory panels to some large enterprises on behalf of the state; takes charge of daily management of the supervisory panels.
3) The SASAC appoints and removes top executives of enterprises, and evaluates their performances through legal procedures, either grants rewards or inflicts punishments based on their performances; establishes corporate executives selection system in accordance with the requirements of socialist market economy system and modern enterprise system, and perfects incentives and restraints system for corporate management.
4) The SASAC supervises and administers the preservation and increment of the value of state-owned assets under the supervision of SASAC through statistics and auditing; establishes and perfects the index system of the preservation and increment of the value of state-owned assets, and works out assessment criteria; safeguards the rights and interests of the investor of state-owned assets.
5) The SASAC drafts laws, administrative regulations of the management of the state-owned assets and draws up related rules; directs and supervises the management work of local state-owned assets according to law.
6) The SASAC also undertakes other tasks assigned by the State Council.
(3) Organizational Setup
The SASAC has 21 functional departments are: General Office (Office of CPC Committee), Bureau of Policies, Laws and Regulations, Bureau of Performance Assessment, Bureau of Statistics and Evaluation, Bureau of Property Right Management, Bureau of Planning and Development, Bureau of Enterprise Reform, Bureau of Enterprise Restructuring (National Office for Enterprise Mergers and Bankruptcies and Resettlement of Laid-off Workers), Bureau of Enterprise Remuneration, Working Bureau of Supervisory Panels (Working Office of Supervisory Panels for SOEs), First Bureau for the Administration of Corporate Executives, Second Bureau for the Administration of Corporate Executives, Bureau of Party Building (CPC Committee Organization Department), Bureau of Publicity (CPC Committee Publicity Department), Bureau of Mass Work (CPC Committee Mass Work Department, CPC Committee United Front Work Department), Research Office, Bureau of Foreign Affairs, Bureau of Personnel, SASAC Discipline Inspection Committee, Bureau of In-house Logistics (Bureau of Retired Staff Management), and Staff Office Party Committee.
Institutions directly under SASAC include: Information Center, Technological Research Center for Supervisory Panels Work, Training Center, Economic Research Center, and China Economics Publishing House.