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China tightens supervision of state-owned enterprise managers with new regulation
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Category：Legislative Updates
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Subject：System reform ; People and society ; Macro-economy ; Administrative law
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Source：Xinhua
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Publish Date：05-30-2024
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BEIJING, May 28 -- China's State Council has issued a disciplinary action regulation for those in managerial positions of state-owned enterprises (SOEs) to intensify oversight of SOE managers.
The document, consisting of seven chapters and 52 articles, specifies various types of misconduct and corresponding penalties.
The regulation was adopted at a State Council executive meeting last month and will take effect on Sept. 1 this year.
Strengthening the supervision and management of SOE managers is beneficial for promoting their performance according to the law and workplace integrity, and for SOEs' long-term development, according to the executive meeting.
SOEs are deemed as the backbone of the Chinese economy. The combined assets of the centrally administered SOEs reached 86.6 trillion yuan (about 12.2 trillion U.S. dollars) at the end of 2023, up 6.4 percent year on year, official data showed.
The new document also comes at a time when members of the Communist Party of China are studying the newly revised Party regulations on disciplinary action from April to July to "strengthen their discipline awareness" and "always remain loyal, clean and responsible."
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