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1、OpinionsoftheGeneralOfficeoftheStateCouncilonFurtherRevitalizingStockAssetsandIncreasingEffectiveInvestmentDocumentNumber：No.192022of(heGeneralOfficeoftheSlateCouncilAreaofLaw:MarketManagement1.evelofAuthority：RegulatoryDocumentsoftheStateCouncilIssuingAuthority：GeneralOfficeoftheStateCouncilDateIss
2、ued：05-19-2022EffectiveDate:05-19-2022Status:EffectiveOpinionsoftheGeneralOfficeoftheStateCouncilonFurtherRevitalizingStockAssetsandIncreasingEffectiveInvestment(No.192022oftheGeneralOfficeoftheStateCouncil)Thepeoplesgovernmentsofallprovinces,autonomousregions,andmunicipalitiesdirectlyundertheCentra
3、lGovernment;andallministriesandcommissionsoftheStateCouncilandallinstitutionsdirectlyundertheStateCouncil:Afteryearsofinvestmentandconstruction,Chinahasaccumulatedalargeamountofstockassetsininfrastructureandotherfields,havingprovidedimportantsupportforpromotingeconomicandsocialdevelopment.Effectivel
4、yrevitalizingstockassetsandformingavirtuouscyclebetweenstockassetsandnewinvestmentisofgreatsignificanceforimprovingthelevelofinfrastructureoperationandmanagement,expandingthenongovernmentalinvestmentchannels,rationallyincreasingeffectiveinvestment,reducinggovernmentdebtrisks,andloweringcorporatedebt
5、levels,国务院办公厅关于进一步盘活存量资产扩大有效投资的意见(国办发(2022)19号)各省、自治区、直辖市人民政府，国务院各部委、各直属机构：经过多年投资建设，我国在基础设施等领域形成了一大批存量资产，为推动经济社会发展提供了重要支撑。有效盘活存量资产，形成存量资产和新增投资的良性循环，对于提升基础设施运营管理水平、拓宽社会投资渠道、合理扩大有效投资以及降低政府债务风险、降低企业负债水平等具有重要意义。为深入贯彻习近平新时代中国特色社会主义思想，完整、准确、全面贯彻新发展理念，加快构建新发展格局，推动高质量发展，经国务院同意，现就进一步盘活存量资产、扩大有效投资提出以下意见。一、聚焦盘
6、活存量资产重点方向（一）重点领域。一是重点盘活存量规模较大、当 前收益较好或增长潜力较大的基础设施项目资产，包括交 通、水利、清洁能源、保障性租赁住房、水电气热等市政 设施、生态环保、产业园区、仓储物流、旅游、新型基础 设施等。二是统筹盘活存量和改扩建有机结合的项目资 产，包括综合交通枢纽改造、工业企业退城进园等。三是 有序盘活长期闲置但具有较大开发利用价值的项目资产， 包括老旧厂房、文化体育场馆和闲置土地等，以及国有企 业开办的酒店、餐饮、疗养院等非主业资产。amongothers.ForthepurposesofthoroughlyimplementingXiJinpingThoughto
7、nSocialismwithChineseCharacteristicsforaNewEra,implementingthenewdevelopmentconceptinfull,intherightway,andinallfieldsofendeavor,movingfastertofosteranewpatternofdevelopment,andpromotinghigh-qualitydevelopment,withtheapprovaloftheStateCouncil,thefollowingopinionsareherebyputforwardonfurtherrevitaliz
8、ingstockassetsandincreasingeffectiveinvestment.I.Focusingonthekeydirectionofrevitalizingstockassets1. Keyfields.First,focusingonrevitalizinginfrastructureprojectassetswithrelativelylargestockscale,relativelygoodcurrentincomeorrelativelystronggrowthpotential,includingtransportation,walerconservancy,c
9、leanenergy,government-subsidizedrentalhousing,water,power,gasandheatandothermunicipalfacilities,ecologicalandenvironmentalprotection,industrialparks,warehouselogistics,tourism,newinfrastructure,etc.Second,revitalizingprojectassetsbetteraligningexistingprojectswithreconstructionandexpansionprojectsin
10、acoordinatedmanner,includingtherenovationofcomprehensivetransportationhubs,andwithdrawalofindustrialenterprisesfromurbanareasintoparks,amongothers.Third,revitalizingprojectassetsthathavebeenidleforalonglimebuthavegreatdevelopmentandutilizationvalueinanorderlymanner,includingoldfactories,culturalands
11、portsvenues,andidleland,aswellasnon-mainbusinessassetssuchashotels,restaurants,andnursinghomesrunbystate-ownedenterprises.2. Keyareas.First,urgingareaswithheavyconstructiontasks,stronginvestmentdemand,largestockscaleandgoodassetqualitytoactivelyrevitalizestockassets,raiseconstructionfunds,supportcon
12、structionofnewprojects,andfirmlyguardthebottomlineofrisk.Second,urgingareaswithhighlocalgovernmentdebtratiosandgreaterpressureonfiscalrevenueandexpenditurebalancetoacceleratetherevitalizationofstockassets,steadilyresolvelocalgovernmentdebtrisks,improvefiscalsustainability,andreasonablysupportthecons
13、tructionofnewprojects.Third,focusingonimplementingmajorregionalstrategiessuchasthecoordinateddevelopmentofBeijing,TianjinandHebei,thedevelopmentoftheYangtzeRiverEconomicBelt,theconstructionoftheGuangdong-HongKong-MacaoGreaterBayArea,theintegrateddevelopmentoftheYangtzeRiverDelta,andtheecologicalprot
14、ectionandhigh-qualitydevelopmentoftheYellowRiverBasin,andthepromotionoftheconstructionoftheHainanFreeTradePort,andencouragingrelevantregionstotaketheleadinincreasingeffortstorevitalizestockassets,andmaximizethedemonstrationanddrivingrole.3. Keyenterprises.Alltypesofparticipatingmarketentitiesshallbe
15、treatedequallyinthecourseofrevitalizationofslockassets.State-ownedenterpriseswithmanyexistinginfrastructureassets,heavyconstructiontasks,andhighdebtratioswillbeguidedandsupportedinregarding(herevitalizationofstockassetsasanimportantmeansforpresen,ingandincreasingthevalueofstate-ownedassets,preventin
16、gdebtrisks,raisingconstructionfunds,andoptimizingassetstructure,andselectingsuitablestockassetsandrevitalizingtheminavarietyofways.Privateenterprises(二)重点区域。一是推动建设任务重、投资需求强、存量规模大、资产质量好的地区，积极盘活存量资产，筹集建设资金，支持新项目建设，牢牢守住风险底线。二是推动地方政府债务率较高、财政收支平衡压力较大的地区，加快盘活存量资产，稳妥化解地方政府债务风险，提升财政可持续能力，合理支持新项目建设。三是围绕落实京津冀
17、协同发展、长江经济带发展、粤港澳大湾区建设、长三角一体化发展、黄河流域生态保护和高质量发展等区域重大战略以及推动海南自由贸易港建设等，鼓励相关地区率先加大存量资产盘活力度，充分发挥示范带动作用。(三)重点企业。盘活存量资产对参与的各类市场主体一视同仁。引导支持基础设施存量资产多、建设任务重、负债率较高的国有企业，把盘活存量资产作为国有资产保值增值以及防范债务风险、筹集建设资金、优化资产结构的重要手段，选择适合的存量资产，采取多种方式予以盘活。鼓励民营企业根据实际情况，参与盘活国有存量资产，积极盘活自身存量资产，将回收资金用于再投资，降低企业经营风险，促进持续健康发展。二、优化完善存量资产盘活方
18、式(四)推动基础设施领域不动产投资信托基金(REITs)健康发展。进一步提高推荐、审核效率，鼓励更 多符合条件的基础设施RElTS项目发行上市。对于在维护 产业链供应链稳定、强化民生保障等方面具有重要作用的 项目，在满足发行要求、符合市场预期、确保风险可控等 前提下，可进一步灵活合理确定运营年限、收益集中度等 要求。建立健全扩募机制，探索建立多层次基础设施REITS 市场。国有企业发行基础设施REITs涉及国有产权非公开 协议转让的，按规定报同级国有资产监督管理机构批准。 研究推进REITs相关立法工作。willbeencouragedtoparticipateintherevitalizat
19、ionofstate-ownedstockassetsinlightoftheactualcircumstances,activelyrevitalizetheirownstockassets,anduserecoveredfundsforreinvestmenttoreducetheirbusinessrisksandpromotesustainableandsounddevelopment.II.Optimizingandimprovingthewayofrevitalizingstockassets4. Promotingthesounddevelopmentofrealestatein
20、vestmenttrusts(REITs)intheinfrastructurefield.Theefficiencyofrecommendationandreviewwillbefurtherimproved,andmoreeligibleinfrastructureREITsprojectswillbeencouragedtobeissuedandlisted.Forprojectsthatplayanimportantroleinmaintainingthestabilityoftheindustrialchainandthesupplychainandstrengtheningguar
21、anteeforpeopleswellbeing,therequirementsforoperatingyearsandincomeconcentration,amongothers,maybedeterminedinamoreflexibleandreasonablemannerunderthepremiseofsatisfyingtheofferingrequirements,meetingmarketexpectations,andkeepingrisksundercontrol.Thefurtherfundraisingmechanismwillbeestablishedandimpr
22、oved,andtheestablishmentofamulti-levelinfrastructureREITsmarketwillbeexplored.TheofferingofinfrastructureREITsbyastate-ownedenterpriseinvolvingprivatetransferofslate-ownedequitybyagreementshallbereportedtothestate-ownedassetssupervisionandadministrationinstitutionatthesamelevelforapprovalinaccordanc
23、ewiththeprovisions.ResearchwillbeconductedtoadvanceREITs-relatedlegislationwork.5. Promotingpublic-privatepartnership(PPP)inaprocedurebasedandorderlymanner.Stockprojectswithlong-termandstableoperatingincomewillbeencouragedtorevitalizestockassetsbythePPPmodelandimprovetheoperationalefficiencyandservi
24、celevel.Whereprivateinvestorseffectivelyrevitalizestockassetsandreducetheamountofgovernmentsubsidiesbyinnovatingtheoperatingmodels,introducingtheadvancedtechnologies,andimprovingtheoperationalefficiency,amongothers,localpeoplesgovernmentsmayrewardthemthroughexistingfundingchannelsbyappropriatemethod
25、s.6. Activelypromotingtheregulatedtransactionofequity.Wewillgivefullplaytotheroleofequityexchangesindiscoveringvalueandinvestors,andinnovatethetransactionproductsandtransactionmethods.Wewillstrengthentherefinedserviceduringthewholeprocess,assistinprovidingconsulting,duediligenceinvestigation,program
26、optimization,informationdisclosure,technicalsupport,financingservices,etc.,andlaunchgreenchannelsfortherationalflowandoptimalallocationofstockassets,tomaketransactionsforrevitalizationofstockassetsmorestandardized,efficientandconvenient.Variousmethodswillbeadoptedtointensifypublicityandguidancetoatt
27、ractmorebuyerstoparticipateintransactionbidding.7. Maximizingthefunctionsofstate-ownedcapitalinvestmentandoperatingcompanies.Stale-ownedenterpriseswillbeencouragedtorevitalizestockassetssittingidleforalongtimeandintegratenon-mainbusinessassetsthroughtransactionsatequityexchanges,transferbyagreement,
28、freetransfer,asset（五）规范有序推进政府和社会资本合作（PPP）。鼓励具备长期稳定经营性收益的存量项目采用PPP模式盘活存量资产，提升运营效率和服务水平。社会资本方通过创新运营模式、引入先进技术、提升运营效率等方式，有效盘活存量资产并减少政府补助额度的，地方人民政府可采取适当方式通过现有资金渠道予以奖励。（六）积极推进产权规范交易。充分发挥产权交易所的价值发现和投资者发现功能，创新交易产品和交易方式，加强全流程精细化服务，协助开展咨询顾问、尽职调查、方案优化、信息披露、技术支撑、融资服务等，为存量资产的合理流动和优化配置开辟绿色通道，推动存量资产盘活交易更加规范、高效、便捷。
29、采取多种方式加大宜传引导力度，吸引更多买方参与交易竞价。（七）发挥国有资本投资、运营公司功能作用。鼓励国有企业依托国有资本投资、运营公司，按规定通过进场交易、协议转让、无偿划转、资产置换、联合整合等方式，盘活长期闲置的存量资产，整合非主业资产。通过发行债券等方式，为符合条件的国有资本投资、运营公司盘活存量资产提供中长期资金支持。(A)探索促进盘活存量和改扩建有机结合。吸引 社会资本参与盘活城市老旧资产资源特别是老旧小区改造 等，通过精准定位、提升品质、完善用途等进一步丰富存 量资产功能、提升资产效益。因地制宜积极探索污水处理 厂下沉、地铁上盖物业、交通枢纽地上地下空间综合开 发、保障性租赁住房
30、小区经营性公共服务空间开发等模 式，有效盘活既有铁路场站及周边可开发土地等资产，提 升项目收益水平。在各级国土空间规划、相关专项规划中 充分考虑老港区搬迁或功能改造提升，支持优化港口客运 场站规划用途，实施综合开发利用。(九)挖掘闲置低效资产价值。推动闲置低效资产改造与转型，依法依规合理调整规划用途和开发强度，开replacement,andcombinationandintegration,etc.,asrequiredbyrelyingonstate-ownedcapitalinvestmentandoperatingcompanies.Byofferingbondsandothermea
31、ns,mediumandlong-termfinancialsupportwillbeprovidedforqualifiedstale-ownedcapitalinvestmentandoperatingcompaniestorevitalizestockassets.8. Exploringandpromotingbetteralignmentbetweenrevitalizationofthestockwithrenovationandexpansionprojects.Privateinvestorswillbeattractedtoparticipateintherevitaliza
32、tionofoldurbanassetsandresources,especiallytherenovationofoldresidentialcommunities,andfurtherenrichthefunctionsofstockassetsandimproveassetefficiencythroughprecisepositioning,improvementofquality,andimprovementofuses,amongothers.Inlightoflocalcircumstances,explorationwillbeactivelyconductedformodel
33、ssuchasthesinkingofsewagetreatmentplants,propertybuiltonthesubway,comprehensivedevelopmentofabove-groundandundergroundspacesintransportationhubs,anddevelopmentofcommercialpublicservicespacesingovernment-subsidizedrentalhousing,toeffectivelyrevitalizeexistingrailwaystationsandsurroundingdevelopablela
34、ndandotherassets,andimprovethelevelofprojectrevenue.Wewillfullyconsidertherelocationorfunctionalimprovementoftheoldportareasinthenationallandspaceplanningandrelevantspecialplanningalalllevels,andsupporttheoptimizationoftheplannedusesoftheportpassengerterminalsandtheimplemeniationofcomprehensivedevel
35、opmentandutilization.9. Tappingintothevalueofidleandinefficientassets.Wewillpushforwardtherenovationandtransformationofidleand发用于创新研发、卫生健康、养老托育、体育健身、休闲 旅游、社区服务或作为保障性租赁住房等新功能。支持金 融资产管理公司、金融资产投资公司以及国有资本投资、 运营公司通过不良资产收购处置、实质性重组、市场化债 转股等方式盘活闲置低效资产。（十）支持兼并重组等其他盘活方式。积极探索通 过资产证券化等市场化方式盘活存量资产。在符合反垄断 等法律法规前提
36、下，鼓励行业龙头企业通过兼并重组、产 权转让等方式加强存量资产优化整合，提升资产质量和规 模效益。通过混合所有制改革、引入战略投资方和专业运 营管理机构等，提升存量资产项目的运营管理能力。三、加大盘活存量资产政策支持（H-一）积极落实项目盘活条件。针对存量资产项inefficiencyassets,reasonablyadjusttheplannedusesanddevelopmentintensityinaccordancewithlawsandregulations,anddevelopnewfunctionsusedforinnovativeresearchanddevelopment,
37、healthcare,elderlyandchildcare,sportsandfitness,leisuretourism,communityservicesorasgovernment-subsidizedrentalhousing.Financialassetmanagementcompanies,financialassetinvestmentcompanies,andstate-ownedcapitalinvestmentandoperatingcompanieswillbesupportedinrevitalizingidleandinefficientassetsthrougha
38、cquisitionanddisposalofnon-performingassets,substantiverestructuring,andmarket-baseddebt-to-equilyswaps,amongothers.10. Supportingmerger,reorganizationandotherrevitalizationmethods.Explorationshallbeactivelymadetorevitalizestockassetsthroughmarket-orientedmethodssuchasassetsecuritization.Underthepre
39、miseofcompliancewithantimonopolylawandotherlawsandregulations,leadingenterprisesintheindustrywillbeencouragedtostrengthentheoptimizationandintegrationofstockassetsthroughmergersandreorganizations,transferofequity,etc.,toimproveassetqualityandscalebenefits.Throughreformofmixedownership,introductionof
40、strategicinvestorsandprofessionaloperationandmanagementinstitutions,etc.,theoperationandmanagementcapabilitiesofstockassetprojectsshallbeimproved.III.Increasingpolicysupportforrevitalizingstockassets11. Activelyimplementingtheconditionsforrevitalizingprojects.Accordingtothespecificconditionsoftheexi
41、stingassetprojects,variousrevitalizationconditionswillbeimplementedbycategory.Forprojectswithunclearequity,weneedtoadjusttheequityrelationshipinaccordancewithlawsandregulations,completethedefinitionofIheirequity,andworkfastertohandletheregistrationofrelevantequity.Forprojectsforwhichpreliminaryworkp
42、rocedureshavenotbeenundergonecompletely,suchproceduresshallbecompletedinaccordancewithrelevantprovisions,andproceduressuchascompletionacceptanceandfeerateverificationshallbeaccelerated.Forthedifficultproblemsencounteredintheprocessofprojectrevitalization,weneedIoworkoutreasonablesolutionsandactively
43、promotetheimplementationthereof.12. Effectivelyimprovingthelevelofprojectincome.Wewillimprovethedynamicadjustmentmechanismforpublicserviceandpublicproductprices,reasonablyadjustthefeeratesforsewagetreatmentinaccordancewithlawsandregulationsandunderprocedures,andurgelocalpeoplesgovernmentsatoraboveth
44、ecountyleveltoestablishandimprovethechargingsystemfordomesticwastetreatment.Thewalerpriceformationmechanismforwaterconservancyprojectsthatiscompatiblewiththeinvestmentandfinancingsystemwillbeestablishedandimproved,topromotetheconservationandutilizationofwaterresourcesandthesoundoperationofwaterconse
45、rvancyprojects.Forthestockassetprojectswithlowoverallincomelevel,wewillimprovethemarket-orientedoperationmechanism,increasetheprojectincome,thesupportassetrestructuring,andcreateconditionsforrevitalizingstockassets.Researchwillbemadetopackagequasi-nonprofitandfor-profitprojectsthroughreasonableportf
46、olioofassetsand目具体情况，分类落实各项盘活条件。对产权不明晰的项目，依法依规理顺产权关系，完成产权界定，加快办理相关产权登记。对项目前期工作手续不齐全的项目，按照有关规定补办相关手续，加快履行竣工验收、收费标准核定等程序。对项目盘活过程中遇到的难点问题，探索制定合理解决方案并积极推动落实。（十二）有效提高项目收益水平。完善公共服务和公共产品价格动态调整机制，依法依规按程序合理调整污水处理收费标准，推动县级以上地方人民政府建立完善生活垃圾处理收费制度。建立健全与投融资体制相适应的水利工程水价形成机制，促进水资源节约利用和水利工程良性运行。对整体收益水平较低的存量资产项目，完善市场
47、化运营机制，提高项目收益水平，支持开展资产重组，为盘活存量资产创造条件。研究通过资产合理组合等方式，将准公益性、经营性项目打包，提升资产吸引力。othermethodstoenhancetheattractivenessofassets.13. Improvingtheplanningandpoliciesforutilizationoflandandsea.Wewillguideexistingprojectstoberevitalizedtocompletetheplanning,landandseause,equityregistration,landdivisionandotherpr
48、oceduresinaccordancewithlawsandregulations,activelyassistinproperlysolvingproblemsrelatedtotheutilizationoflandandseaareas,andactivelysupportthoseinvolvedintheundergoingofformalitiesorissuanceofcertificates.Weshallfollowtheprinciplethatconstructioncomesafterplanning,andifitisnecessarytoadjusttherele
49、vantplanningortheutilizationoflandandseaareasintheprocessofrevitalizingthestockassets,fullycarryouttheassessmentofplanningimplementation,andundergorelevantproceduresinaccordancewithlawsandregulations,toensurethattheutilizationoflandandseaareascomplieswithrelevantlawsandregulationsandtherequirementsfortheusecontrolofnationallandspace.14. Implementingfiscal,taxationandfinancialpolicies.RelevanttaxpoliciessupportinginfrastructureREITsshallbeimplementedinade
