In an interview with Xinhua News Agency reporters recently, relevant officials of the SASAC said that in 2006, central enterprises completed more than 1.3 trillion yuan of investment, showing four highlights in the areas of investment growth, investment structure, investment funds, and investment management.
Highlight 1: The rapid growth of investment in key development industries is in line with the requirements of the current national economic development trend.
In 2006, the increase in investment in fixed assets of all central SOEs was approximately the same as the increase in fixed asset investment in the entire society. However, the growth in the investment of the 38 central SOEs focused on tracking by the SASAC was 9.6 percentage points higher than the increase in total social investment during the same period. The investment in petroleum, petrochemical, power, and telecommunications industries grew rapidly. Among them, oil and petrochemical companies actually completed an investment of 395.58 billion yuan, exceeding the plan's 18.8%.
Highlight two: The ratio of investment in the main business of the company and the proportion of self-owned funds in the investment have been gradually increased, and the company’s core competitiveness and risk control capabilities have been significantly enhanced.
From 2004 to 2006, the proportion of investment in the main business of central enterprises was 96.6%, 97.1%, and 97.3%, respectively, of which the proportion of investment in the main business of power companies, telecommunications companies, major equipment companies, and automobile companies all exceeded 98% last year.
From 2004 to 2006, the proportion of self-owned funds in the fixed assets investment of central enterprises was 59.9%, 60.6% and 62.7%, respectively.
Highlight 3: The corporate investment structure has been significantly improved.
In order to ease the shortage of oil and gas resources in the country, oil companies added a total of 803 million tons of oil geological reserves and 517.6 billion cubic meters of natural gas. The total installed capacity of the five largest power generation groups reached 243.54 million kilowatts, accounting for the total installed capacity of the country by 2005. 36% of the year rose to 39.1% last year.
The ability of independent innovation of enterprises has been enhanced. Huaneng Group's new ultra-supercritical units in power construction, a 600,000-kilowatt unit can save more than 200,000 tons a year; Shenhua Group's catalyst technology and coal direct liquefaction process for the clean use of coal and environmental protection Opened the door to a new industry.
The industrial structure has been optimized and upgraded. The power equipment manufacturing enterprises have implemented strategic adjustments in emerging energy fields such as nuclear power, wind power, and solar energy; railway locomotive manufacturers have implemented 200 km/h EMUs and high-power electric locomotives, diesel locomotives, and other projects; steel enterprises have mainly invested in adjusting the structure of steel products. Increase iron ore production capacity, including Angang last year, iron ore production capacity of 5.3 million tons.
Highlights 4: The regulatory system for corporate investment activities was initially established and the management level has been greatly improved.
In 2006, after the SASAC issued the "Interim Measures for the Supervision and Administration of Central Enterprise Investment" and the "Detailed Rules for the Implementation of the Interim Measures for the Supervision and Administration of Central Enterprise Investment," some enterprises have focused on strengthening the supervision of investment in subsidiaries, and some companies have strengthened investment decision management. With the implementation of the system, the level of investment management of central enterprises has been greatly improved.
The "Guide to Post-evaluation of Fixed Assets Projects of Central Enterprises" compiled and printed by the SASAC in recent years makes the post-evaluation report the basis for the company's investment decisions, preparation of development plans, and accountability for investment errors. Among them, Sinopec used the previous round of post-evaluation conclusions as the basis for the subsequent round of reforms. The new ethylene project selected localized equipment, and the same equipment saved investment by 50%.
Highlight 1: The rapid growth of investment in key development industries is in line with the requirements of the current national economic development trend.
In 2006, the increase in investment in fixed assets of all central SOEs was approximately the same as the increase in fixed asset investment in the entire society. However, the growth in the investment of the 38 central SOEs focused on tracking by the SASAC was 9.6 percentage points higher than the increase in total social investment during the same period. The investment in petroleum, petrochemical, power, and telecommunications industries grew rapidly. Among them, oil and petrochemical companies actually completed an investment of 395.58 billion yuan, exceeding the plan's 18.8%.
Highlight two: The ratio of investment in the main business of the company and the proportion of self-owned funds in the investment have been gradually increased, and the company’s core competitiveness and risk control capabilities have been significantly enhanced.
From 2004 to 2006, the proportion of investment in the main business of central enterprises was 96.6%, 97.1%, and 97.3%, respectively, of which the proportion of investment in the main business of power companies, telecommunications companies, major equipment companies, and automobile companies all exceeded 98% last year.
From 2004 to 2006, the proportion of self-owned funds in the fixed assets investment of central enterprises was 59.9%, 60.6% and 62.7%, respectively.
Highlight 3: The corporate investment structure has been significantly improved.
In order to ease the shortage of oil and gas resources in the country, oil companies added a total of 803 million tons of oil geological reserves and 517.6 billion cubic meters of natural gas. The total installed capacity of the five largest power generation groups reached 243.54 million kilowatts, accounting for the total installed capacity of the country by 2005. 36% of the year rose to 39.1% last year.
The ability of independent innovation of enterprises has been enhanced. Huaneng Group's new ultra-supercritical units in power construction, a 600,000-kilowatt unit can save more than 200,000 tons a year; Shenhua Group's catalyst technology and coal direct liquefaction process for the clean use of coal and environmental protection Opened the door to a new industry.
The industrial structure has been optimized and upgraded. The power equipment manufacturing enterprises have implemented strategic adjustments in emerging energy fields such as nuclear power, wind power, and solar energy; railway locomotive manufacturers have implemented 200 km/h EMUs and high-power electric locomotives, diesel locomotives, and other projects; steel enterprises have mainly invested in adjusting the structure of steel products. Increase iron ore production capacity, including Angang last year, iron ore production capacity of 5.3 million tons.
Highlights 4: The regulatory system for corporate investment activities was initially established and the management level has been greatly improved.
In 2006, after the SASAC issued the "Interim Measures for the Supervision and Administration of Central Enterprise Investment" and the "Detailed Rules for the Implementation of the Interim Measures for the Supervision and Administration of Central Enterprise Investment," some enterprises have focused on strengthening the supervision of investment in subsidiaries, and some companies have strengthened investment decision management. With the implementation of the system, the level of investment management of central enterprises has been greatly improved.
The "Guide to Post-evaluation of Fixed Assets Projects of Central Enterprises" compiled and printed by the SASAC in recent years makes the post-evaluation report the basis for the company's investment decisions, preparation of development plans, and accountability for investment errors. Among them, Sinopec used the previous round of post-evaluation conclusions as the basis for the subsequent round of reforms. The new ethylene project selected localized equipment, and the same equipment saved investment by 50%.
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