The report of the 20th National Congress of the Communist Party of China proposed to 'improve the modern enterprise system with Chinese characteristics, carry forward the spirit of entrepreneurs, and accelerate the construction of world-class enterprises.' Recently, multiple departments including the National Development and Reform Commission, the State-owned Assets Supervision and Administration Commission of the State Council, and the Ministry of Commerce have organized relevant meetings around this theme, conducting exchanges and discussions on accelerating the construction of 'world-class' enterprises.
From the perspective of China's current economic and social development, why should we aim for 'world-class' enterprises? In the process of creating 'world-class' enterprises, how can central state-owned enterprises play a leading role? In which areas should state-owned assets and central enterprises make efforts? How can the capital market better assist in nurturing world-class enterprises? Frost & SullivanFrost & SullivanDr. Wang Xin, Global Partner and President of Greater China at Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan'), was interviewed by Securities Daily to discuss the above topics.
Securities Daily
Q1 quarter
From the perspective of China's current economic and social development, why should we aim for 'world-class' enterprises? What should world-class enterprises be like? In the process of creating world-class enterprises, how can central enterprises play a leading role? Or rather, why is this important task placed on central enterprises?
Firstly, a 'world-class' enterprise refers to an organization that holds a global leading position in a specific industry. It is characterized by a global business layout, strong influence on the capital market, competitiveness, and broad social impact. 'World-class' enterprises play an important role in the development of a country's economy, and whether a country has a group of 'world-class' enterprises has become an important indicator of its economic strength.
The development of China's economy in the new era will take continuous innovation as a new growth point, making innovation the core driving force for development. Cultivating a group of 'world-class' enterprises will continue to guide and promote the sustained and stable development of our country's economy. Currently, in the world500Among the strong enterprises, Chinese companies are mainly central state-owned enterprises (SOEs). Compared with private enterprises or other types of companies in China, SOEs lead in technology research and development, management level, industrial system, etc., and already possess the basic conditions to become 'world-class' enterprises. Therefore, in the process of creating 'world-class' enterprises, SOEs will play a leading and exemplary role.
Second Quarter
In the first half of this year, the 24th meeting of the Central Comprehensively Deepening Reforms Commission further reviewed and approved the 'Guiding Opinions on Accelerating the Construction of World-Class Enterprises'. Currently, the work to create world-class demonstration enterprises is being continuously promoted. In which areas should state-owned assets and central enterprises make efforts? In which industries should they take on a leading role (reasons)?
Central enterprises should continue to make efforts in aspects such as global business layout, technology research and development, product quality, production efficiency, and management level, in order to enhance their influence in the global market and accelerate the process of becoming 'world-class' enterprises.
Manufacturing enterprises are expected to play an important role in the process of becoming 'world-class' enterprises. Firstly, globally500In the strong sector, enterprises mainly operate in industries such as manufacturing, energy, and commercial trade. Manufacturing companies have advantages in scale and industry. At the same time, due to the rapid development of China's manufacturing industry in recent years, the overall level of China's manufacturing has been rapidly improving, and product quality has been continuously enhanced. Compared with leading foreign manufacturing enterprises, our leading manufacturing companies are at the same level in terms of hardware such as manufacturing and equipment, as well as software such as automation and intelligence. Therefore, central state-owned enterprises in the manufacturing sector are expected to take on a major role.
Q3 quarter
In addition to emphasizing scale and efficiency, from the perspective of innovation-driven development strategies, should central enterprises also make efforts in niche industries, especially those that are specialized, refined, distinctive, and innovative? From this viewpoint, how can the capital market empower technological innovation by central enterprises? What role has the capital market played in this process?
The development of the Chinese economy in the new era will take continuous innovation as a new growth point. Therefore, central enterprises need to advance the process of technological innovation and continue to make efforts in specialized, refined, distinctive, and innovative fields during their journey to become 'world-class' enterprises.
China's capital market provides diversified financing venues for various innovative technology enterprises, including the main board, ChiNext, STAR Market, New Third Board, private equity market, etc., helping technology innovation enterprises achieve rapid financing. Taking the Sci-tech Innovation Board (STAR Market) as an example, it has effectively helped enterprises in 'chokepoint' sectors such as semiconductors and chips in China to raise funds smoothly, supported high-tech enterprises in continuous investment in technology research and development, and promoted the localization process.
Q4 2019
Recently, the China Securities Regulatory Commission (CSRC) released the 'Three-Year Action Plan to Promote the Improvement of the Quality of Listed Companies'.(2022 - 2025)It has been issued, proposing corresponding measures in eight areas. In conjunction with the three-year action plan, how can the capital market better support and foster the cultivation of world-class enterprises in the future?
Three-Year Action Plan to Promote the Improvement of the Quality of Listed Companies(2022 - 2025)The corresponding measures proposed in the eight aspects will lead to a new phase of optimizing supply and jointly promoting the improvement of listed company quality. In the future, listed companies will see further development in terms of enterprise management level and high-quality development.
*This interview was published in 'Securities Daily', with reporters Du Yumeng and Mao Yirong. The original article is titled Central enterprises bravely take on the heavy responsibility of "accelerating the construction of world-class enterprises" Capital Market Facilitating Innovative Development (Click on "Read the Original Article" at the bottom left corner to read the full report).
