Interpreting China's Legal System by Lin Li

Author:Lin Li [Li, Lin]
Language: eng
Format: epub
Tags: Law, International, Government, General, Political Science, World, Asian
ISBN: 9789813231320
Google: VtFKDwAAQBAJ
Goodreads: 38251182
Publisher: World Scientific
Published: 2018-01-03T00:00:00+00:00

1.2.4.Law System for State-Owned Assets of Enterprises

In China, the state-owned assets are protected by law, and no entity or individual may infringe. In the reform process of establishing and perfecting the socialist market economy system, significant results have been achieved in China’s state-owned assets management system and operational mechanism of state-owned enterprises, and the overall strength of the state-owned economy has been increased and continued to play a leading role in the national economy. In practice, however, in the process of restructuring, some state-owned enterprises converted state-owned assets into shares or sold state-owned assets at low prices and even distributed state-owned assets to individuals for free, or infringed upon the rights and interests of state-owned assets in various ways and by various means, causing serious loss of state-owned assets and arousing widespread concern in society. To this end, China enacted Law on the State-Owned Assets of Enterprises, which is far-reaching in safeguarding the rights and interests of state-owned assets, ensuring the safety of state-owned assets and promoting the consolidation and development of the state-owned economy. Chinese Law on the State-Owned Assets of Enterprises is the law that adjusts the relations of state-owned assets management and regulation. “Relations of State-owned assets management and regulation” are social relations occurring when the state manages the assets that are put into different types of enterprises (including state-owned and state-holding enterprises, state-sharing enterprises, Chinese-foreign equity joint ventures, Chinese-foreign contractual joint ventures, etc.) in order to maintain and increase the value of State-owned assets.

State-owned assets can generally be divided into operational assets formulated through the investment by the state into enterprises, administrative assets used and managed by organizations such as state organs and state-owned institutions, and resource assets including state-owned land, mineral reserves, forests and waters. These three types of assets differ greatly in functions and regulation methods and are difficult to be governed by but one “large and all-inclusive” law. Law on the State-Owned Assets of Enterprises is actually a specific law on state-owned assets which only adjusts operational state-owned assets. This Law, enacted in October 2008 and went into effect in May 2009, contains 9 chapters and 77 articles. The term “state-owned assets of enterprises” as mentioned in this Law refers to the rights and interests formed through various forms of investment by the state into enterprises. In China, the state-owned assets shall be owned by the state, that is, owned by the people as a whole. The State Council shall, on behalf of the state, exercise the ownership over state-owned assets. China has established the system of unified ownership over and hierarchical representative of state-owned assets, that is, the State Council and local people’s governments at different levels shall, in accordance with laws and administrative regulations, perform, respectively, the functions of a capital contributor in state-invested enterprises and enjoy the capital contributor’s rights and interests on behalf of the state. The State Council shall, on behalf of the state, perform the functions of a capital contributor in the large-sized, state-invested enterprises that are

Download

Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.