Central enterprise leaders began to export standards to strictly control the risk of overseas investment

Strictly control investment risks

Central enterprise leaders began "output standards"

Source: China Times

â–  Trainee reporter Liu Shimeng reported in Beijing

On May 8th, a press conference of the State Council will continue to work hard and low-key, and the construction of the “One Belt, One Road” central enterprise will be pushed to the spotlight.

In order to welcome the “Belt and Road” international cooperation summit forum held in Beijing on May 14th and 15th, the State Council Information Office organized seven “One Belt, One Road” theme series news release activities to summarize and report the “One Belt, One Road” three-year construction. Results. In the first press conference, Xiao Yaqing, director of the State-owned Assets Supervision and Administration Commission of the State Council, and six heads of state-owned enterprises introduced the state-owned enterprises to participate in the “One Belt and One Road” joint construction.

Xiao Yaqing said that the central enterprises actively responded to President Xi Jinping's initiative and made the "Belt and Road" construction the focus of the "going out" of the central enterprises. They make full use of their advantages in technology, capital, talents, etc., and actively "go out" in accordance with the principle of marketization, and participate in the "Belt and Road" construction. Over the past three years, a total of 47 central enterprises have participated in, participated in or invested in, and have cooperated with local enterprises to build 1,676 projects.

Li Jin, chief researcher of China Enterprise Research Institute, pointed out in an exclusive interview with the reporter of China Times that central enterprises are the leaders in the construction of “One Belt, One Road”, which has driven Chinese enterprises to realize the transformation from “introduction” of capital technology to standard “going out”. .

"Output standard"

Xiao Yaqing pointed out at the press conference that the participation of central enterprises in the “Belt and Road” construction mainly focuses on infrastructure construction, energy construction, capacity cooperation and park cooperation.

For example, in several areas of infrastructure construction, the output of “Chinese Standards” is clearly reflected. In terms of transportation, the high-speed rail "going out" has achieved remarkable results, and a number of high-speed rail projects such as Yawan High-speed Railway have become the bright business cards for the "Belt and Road" construction. In terms of communication network, China's leading TD-LTE technology has become one of the global 4G international standards determined by ITU.

“The standard is the most important thing to go out,” Li Jin pointed out. “The countries along the “Belt and Road” have accepted high-speed rail technology from France, Britain and Japan. Now accepting China’s green and environmental standards can be More and more countries accept it and become a new world standard."

"The central government's construction of the Belt and Road" has two trends as a whole, one is the transition from infrastructure construction to equipment manufacturing, and the other is the transition from introduction to cooperation and win-win." Li Jin pointed out that as the cooperation deepens, the project construction In the medium term, there is hope for mutual benefit and win-win.

Both economic responsibility and social responsibility

At the press conference held on May 8, PetroChina, State Grid, China Mobile, SINOMACH, China CRRC, and the heads of China's six state-owned enterprises shared their experience in participating in the “Belt and Road” construction. In addition to their economic responsibilities of mutual benefit and win-win, their speeches also involve social responsibilities such as promoting employment, improving people's livelihood and protecting the ecology.

Wang Dongjin, deputy general manager of China National Petroleum Corporation and president of China National Petroleum Corporation, said that in Kazakhstan, PetroChina’s Aktobe Company, which accounts for 70% of local tax revenue, has provided more than 30,000 jobs; in Myanmar, China 177 petroleum infrastructure assistance projects, 72 new schools, 30 hospitals, power facilities, roads and bridges, water supply facilities, etc. In Indonesia, China Petroleum Corporation has more than 2,400 employees, while China has only 19 employees, and the localization rate of employees More than 99%. Budi, deputy general manager of PetroChina Indonesia, always said with deep affection that I am Indonesian and Chinese oil.

Li Jin pointed out that the significance of building a "Belt and Road" is not only a standard "going out", but also an economic win-win situation and a cultural integration. Short-term exertion can only be infiltration, and long-term integration. Unfamiliar with local culture and don't know how to cooperate with local society. No project will last. Therefore, it is necessary to establish a community of destiny with local society.

Liu Kaitao, the party secretary of China Communications Construction Group Co., Ltd., told a story that echoed his point of view: the highway construction of the China-Pakistan Economic Corridor has been in existence for decades, and it has died due to natural disasters and other reasons. There are 88 Chinese employees. Up to now, there is an elderly person in Pakistan who volunteers and keeps guarding the Chinese martyrs for many years.

Overseas asset review needs to be strengthened

Of course, in the process of striding out, the risk of prevention and control is also very necessary.

In response to questions from the media, Xiao Yaqing pointed out that the average annual investment of central enterprises in the process of “going out” increased by 15%, and the average annual sales revenue increased by 4.5%. A large part of these projects are along the “Belt and Road”. With the continuous development of infrastructure along the “Belt and Road”, the continuous investment of investment projects and the deepening of integration with local enterprises, the investment will have a process of continuous deepening and continuous expansion.

According to the "Blue Book on Foreign Investment and Risk" jointly issued by China Credit Rating and Social Science Institute of the Chinese Academy of Social Sciences on April 10, from 2015 to the first half of 2016, China invested in the top ten projects of the "One Belt, One Road" related countries. There are 7 state-owned enterprises. Li Jin also told reporters that investment risk is the primary risk that central enterprises face in the construction of the “Belt and Road”.

Dr. Zhang Ning of the Institute of Finance and Economics of the Chinese Academy of Social Sciences said in an interview with the "China Times" reporter that there is no official accurate statistics on the efficiency of foreign investment in central enterprises. According to academic calculations, it is basically three "three points." One", that is, one-third loss, one-third balance, and one-third profit. According to the annual time statistics, the benefits are gradually improving, but overall, compared with the investment returns of developed countries such as the United States and Germany, they are still in a backward position.

Zhang Ning told reporters that when investigating state-owned enterprises such as PetroChina and China Jiaojian, the relevant person in charge said that they hope to establish a long-term review mechanism. The existing review mechanism of the SASAC pays more attention to short-term returns, while the projects invested by state-owned enterprises, especially in “ The Belt and Road “under construction” of highways, bridges, hospitals and other infrastructure, the return can not be recovered in 3 years and 5 years, it takes about 20 to 30 years, so it is more disadvantageous in the evaluation system with short-term return weight.

In this regard, the SASAC also responded at the press conference. Xiao Yaqing said that the state-owned state-owned enterprise supervision department and the State-owned Assets Supervision and Administration Commission should create a good environment and atmosphere for the central enterprises to participate in the “Belt and Road” construction, such as policy support, assessment support, smooth development of various economic activities, and risk management and analysis. In the process of participating in the “Belt and Road” initiative, enterprises will truly gain mutual benefits and win-win results. Even if the central enterprises can accumulate international experience, they will enable the central enterprises to achieve more and deeper cooperation with local countries and regions. We can get short-term gains and more long-term gains, so that the central enterprises will continue to persist in the construction of the “Belt and Road”.

On the other hand, Zhang Ning believes that the SASAC needs to strengthen the audit and assessment of foreign capital in order to prevent and control the potential risks of overseas investment. At present, the SASAC's management of domestic investment is relatively strict and systematic, and the review of overseas asset investment is not enough.

Enter [Sina Finance and Economics Unit] Discussion