Main Functions and Responsibilities of SASAC　

1. Authorized by the State Council, in accordance with “Company Law of the People’s Republic of China” and other administrative regulations, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) performs the responsibility as the investor, guides and pushes forward the reform and restructuring of state-owned enterprises; supervises the preservation and increment of the value of state-owned assets for enterprises under its supervision, and enhances the management of state-owned assets; advances the establishment of modern enterprise system in SOEs, and perfects corporate governance; and propels the strategic adjustment of the structure and layout of the state economy.

2. Dispatches supervisory panels to some large enterprises on behalf of the state; takes charge of daily management of the supervisory panels.

3. Appoints and removes top executives of enterprises, and evaluates their performances through legal procedures, either grants rewards or inflicts punishments based on their performances; establishes corporate executives selection system in accordance with the requirements of socialist market economy system and modern enterprise system, and perfects incentives and restraints system for corporate management.

4. Supervises and administers the preservation and increment of the value of state-owned assets under the supervision of SASAC through statistics and auditing; establishes and perfects the index system of the preservation and increment of the value of state-owned assets, and works out assessment criteria; safeguards the rights and interests of the investor of state-owned assets.

5. Drafts laws, administrative regulations of the management of the state-owned assets and draws up related rules; directs and supervises the management work of local state-owned assets according to law.

6. Undertakes other tasks assigned by the State Council.