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The idea of a mixed economy comprising of state， collective and private capital has gained much traction as China turns its attention to future development. The Decision on Major Issues Concerning Comprehensively Deepening Reforms released right after the Third Plenary Session of the 18th Central Committee of the Communist Party of China has decided that this economic model is to be the primary vehicle for economic reform.
Yang Weimin， Deputy Director of the Office of the Central Leading Group on Finance and Economic Affairs， said in the future， non-public investors， including private and foreign ones， will be able to enter all sectors except for those involving national security， and also purchase shares in or acquire， in accordance with market rules， stateowned enterprises （SOEs） in these sectors.
This has put forward new reform requirements to China’s SOEs. Chu Xuping， head of the research center of the State-Owned Assets Supervision and Administration Commission， said by 2020 most SOEs will diversify their shareholdings and， except in some special sectors， most SOEs will develop into mixed-ownership enterprises.
An executive meeting of the State Council on September 6 decided that sectors with state monopolies， including finance， petroleum， power， railway， telecom， resource development and public utilities， will be the focus to develop a mixed economy.
Significance
Yang said the Chinese economic system is comprised of both a public economy of state and collective capital and non-public economy of private and foreign capital. Developing a mixed economy reflects the principle of “coexistence of multiple ownership.”
According to Yang， developing a mixed economy is a way for China to make a breakthrough in economic reform. It focuses on boosting SOE reform and breaking monopolies by SOEs. During the process of SOE reform， diversifying SOE ownership will help improve corporate governance structures and establish modern corporate management systems in SOEs.
Before 1978， China adopted a stateowned economic system. After the policy of reform and opening up began， the private sector grew rapidly， and China stepped onto a road where the public economy played a dominant role and diversified ownership coexisted. Since the 1990s， China began to allow private and foreign investors to participate in reorganization of SOEs and promote the development of a mixed economy.
Under the present situation， to develop a mixed economy reflects the equal importance of public and non-public sectors. The Decision on Major Issues Concerning Comprehensively Deepening Reforms says that “both public and non-public sectors are an important basis of a market economy and important parts of China’s economic and social development，” raising the status of the non-public sector in the Chinese economic system. In a mixed economy， public and nonpublic sectors will merge， so differentiation of ownership types will be increasingly vague.
Li Jin， deputy head of the China Enterprise Reform and Development Society， thinks that developing a mixed economy is very important to improve the system of property rights protection.
Mixed ownership means that an enterprise is set up by investors of different types. Improving property rights protection will guarantee that all kinds of ownerships have equal rights to participate in a mixed-ownership entity.
The Decision on Major Issues Concerning Comprehensively Deepening Reforms says that the property rights of the public sector are inviolable， as are the property rights of the non-public sector.
Li said improving the property rights protection system required ensuring stateowned assets will not lose control over important sectors， such as the military and grain reserves.
Key sector
Energy is the sector with the highest concentration of state-owned capital. Among the three major energy industries—power， oil and gas as well as coal—the power industry has the lowest level of market performance， followed by oil and gas.
Wang Jian， Secretary General of the China Society of Macroeconomics， said the high state capital concentration in the energy sector is not because energy enterprises are highly competitive， but because of strict gov- ernment control and monopoly of supplies， barring private capital.
Wang said to develop a mixed economy in the energy sector， China must first break administrative monopolies， clear the obstacles to private capital， set up an energy market for open competition， develop diversified financing channels and break financing bottlenecks.
If the government does not formulate more detailed implementation rules， allowing private capital into the energy sector will be nothing more than empty words， said Wang.
For direct pricing and control by the government over a long period， prices of refined oil， natural gas and power are not decided by costs and product quality， but by the government’s struggle with different energy industries and different energy consumers. Therefore， boosting market-oriented reform of energy pricing becomes the essential factor deciding private capital access to the energy sector.
According to Wang， China should enhance financial support for private investors in the energy sector， because in this capitalintensive sector， most private companies will be unable to afford the high input and costs of extraction and production. Without support from financial institutions， it will be difficult to develop a mixed economy in the energy sector. Breaking monopolies
China’s SOEs are divided into three categories： state monopoly enterprises for public interest， state monopoly enterprises for moderate business purposes and competitive SOEs.
Wang said in China， some industries that should be dominated by private companies are dominated by SOEs， such as the telecom industry， but in some industries， such as public transport and healthcare， which should not be dominated by private companies， state capital is pulling out， and many public service SOEs are now profit-oriented.
Gao Minghua， Vice Dean of the School of Economics and Business Administration of Beijing Normal University， said the development of a mixed economy can start from competitive SOEs. The government should no longer support such SOEs and make them compete with private companies in a fair environment.
“From the experience of developed economies， in countries with a mature market economy， most SOEs are concentrated in sectors for public interest and few are in competitive industries，” said Gao.
Yang Weimin， Deputy Director of the Office of the Central Leading Group on Finance and Economic Affairs， said in the future， non-public investors， including private and foreign ones， will be able to enter all sectors except for those involving national security， and also purchase shares in or acquire， in accordance with market rules， stateowned enterprises （SOEs） in these sectors.
This has put forward new reform requirements to China’s SOEs. Chu Xuping， head of the research center of the State-Owned Assets Supervision and Administration Commission， said by 2020 most SOEs will diversify their shareholdings and， except in some special sectors， most SOEs will develop into mixed-ownership enterprises.
An executive meeting of the State Council on September 6 decided that sectors with state monopolies， including finance， petroleum， power， railway， telecom， resource development and public utilities， will be the focus to develop a mixed economy.
Significance
Yang said the Chinese economic system is comprised of both a public economy of state and collective capital and non-public economy of private and foreign capital. Developing a mixed economy reflects the principle of “coexistence of multiple ownership.”
According to Yang， developing a mixed economy is a way for China to make a breakthrough in economic reform. It focuses on boosting SOE reform and breaking monopolies by SOEs. During the process of SOE reform， diversifying SOE ownership will help improve corporate governance structures and establish modern corporate management systems in SOEs.
Before 1978， China adopted a stateowned economic system. After the policy of reform and opening up began， the private sector grew rapidly， and China stepped onto a road where the public economy played a dominant role and diversified ownership coexisted. Since the 1990s， China began to allow private and foreign investors to participate in reorganization of SOEs and promote the development of a mixed economy.
Under the present situation， to develop a mixed economy reflects the equal importance of public and non-public sectors. The Decision on Major Issues Concerning Comprehensively Deepening Reforms says that “both public and non-public sectors are an important basis of a market economy and important parts of China’s economic and social development，” raising the status of the non-public sector in the Chinese economic system. In a mixed economy， public and nonpublic sectors will merge， so differentiation of ownership types will be increasingly vague.
Li Jin， deputy head of the China Enterprise Reform and Development Society， thinks that developing a mixed economy is very important to improve the system of property rights protection.
Mixed ownership means that an enterprise is set up by investors of different types. Improving property rights protection will guarantee that all kinds of ownerships have equal rights to participate in a mixed-ownership entity.
The Decision on Major Issues Concerning Comprehensively Deepening Reforms says that the property rights of the public sector are inviolable， as are the property rights of the non-public sector.
Li said improving the property rights protection system required ensuring stateowned assets will not lose control over important sectors， such as the military and grain reserves.
Key sector
Energy is the sector with the highest concentration of state-owned capital. Among the three major energy industries—power， oil and gas as well as coal—the power industry has the lowest level of market performance， followed by oil and gas.
Wang Jian， Secretary General of the China Society of Macroeconomics， said the high state capital concentration in the energy sector is not because energy enterprises are highly competitive， but because of strict gov- ernment control and monopoly of supplies， barring private capital.
Wang said to develop a mixed economy in the energy sector， China must first break administrative monopolies， clear the obstacles to private capital， set up an energy market for open competition， develop diversified financing channels and break financing bottlenecks.
If the government does not formulate more detailed implementation rules， allowing private capital into the energy sector will be nothing more than empty words， said Wang.
For direct pricing and control by the government over a long period， prices of refined oil， natural gas and power are not decided by costs and product quality， but by the government’s struggle with different energy industries and different energy consumers. Therefore， boosting market-oriented reform of energy pricing becomes the essential factor deciding private capital access to the energy sector.
According to Wang， China should enhance financial support for private investors in the energy sector， because in this capitalintensive sector， most private companies will be unable to afford the high input and costs of extraction and production. Without support from financial institutions， it will be difficult to develop a mixed economy in the energy sector. Breaking monopolies
China’s SOEs are divided into three categories： state monopoly enterprises for public interest， state monopoly enterprises for moderate business purposes and competitive SOEs.
Wang said in China， some industries that should be dominated by private companies are dominated by SOEs， such as the telecom industry， but in some industries， such as public transport and healthcare， which should not be dominated by private companies， state capital is pulling out， and many public service SOEs are now profit-oriented.
Gao Minghua， Vice Dean of the School of Economics and Business Administration of Beijing Normal University， said the development of a mixed economy can start from competitive SOEs. The government should no longer support such SOEs and make them compete with private companies in a fair environment.
“From the experience of developed economies， in countries with a mature market economy， most SOEs are concentrated in sectors for public interest and few are in competitive industries，” said Gao.