Port communicationmixed reform：An important breakthrough in deepening the reform of state-owned enterprises, mixed ownership reform was first proposed at the Third Plenary Session of the 14th CPC Central Committee in 1993，The mixed-ownership reform at that time focused on the construction of economic systems.；The current round of mixed-ownership reform began after the Third Plenary Session of the 18th CPC Central Committee in 2013.，Considered a breakthrough in the reform of state-owned enterprises。After reform and opening up，my country’s state-owned enterprise reform has never stopped。
2025The focus of state-owned enterprise reform in 2019 falls on mixed ownership reform，The chaos of some central enterprises has begun to emerge.。Looking back，2013At the end of the year, the Third Plenary Session of the 18th CPC Central Committee passed the "Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning Comprehensively Deepening Reform"，State-owned enterprise reform has entered a new stage，Mixed ownership reform gradually comes to the stage。
From the end of 2013 to the beginning of 2014，A small-scale attempt was made to mixed-mix reform，China National Pharmaceutical Group、China National Building Materials Group and other state-owned enterprises have carried out small-scale mixed-ownership reform，Although some results have been achieved，But on the whole, it is still asking for directions.。
2025September，The State Council issued the "Guiding Opinions on Deepening the Reform of State-owned Enterprises"，This programmatic document takes an overall
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to classification reform、Improve the modern enterprise system and state-owned assets management system、Develop a mixed ownership economy、Propose state-owned enterprise reform goals and measures in terms of strengthening supervision and preventing the loss of state-owned assets.。At the Central Economic Work Conference held in December 2025，Mixed ownership reform has become an important breakthrough in the reform of state-owned enterprises。
“Invigorating with the Past”、There are different formulations such as "improving quality and increasing efficiency"，This meeting proposed for the first time “improving governance、Strengthen incentives、Highlight the main business、"Improving Efficiency" New 16-Character Reform
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，and delineate electricity、oil、natural gas、railway、civil aviation、telecommunications、Seven major industries with monopoly characteristics, including military industry，
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State-owned enterprise reform "takes substantial steps" in 2025。Overall，There are currently three main ways to promote mixed ownership reform:。
The first is restructuring and listing，State-owned enterprises transform the company into a joint-stock system through restructuring and listing，Then publicly issue shares and go public。through the listing process，Standardize the company's original unstandardized operations and management，Improve the company's governance structure，Laying an institutional foundation for the long-term and healthy development of the enterprise。
Secondly, capital mergers and acquisitions，State-owned capital investment and operation companies have great potential for development、Non-state-owned enterprises with good growth potential conduct capital mergers and acquisitions，through mergers and acquisitions，State-owned enterprises introduce high-quality foreign capital，Integrate high-quality resources into enterprise management，Can effectively realize the optimal allocation of resources。Again, employee stock ownership。Employee stock ownership mainly takes the form of capital increase and share expansion、Investment in new establishment, etc.。
Let employees become shareholders and owners of the company，Really and closely link the survival and development of enterprises with their own interests，Helps enhance employee motivation and responsibility。2025August，As the State Council issued the "Opinions on the Pilot Program of Employee Stock Ownership in State-controlled Mixed Ownership Enterprises"，The main plans for the pilot reform of state-owned enterprise employees were clarified。
The State-owned Assets Supervision and Administration Commission proposed，The first batch of pilots for employee stock ownership in state-controlled mixed-ownership enterprises will in principle be launched within 2025.，Each mature household develops one household，A phased summary will be conducted by the end of 2025，The pilot will be expanded in due course depending on the situation.。
From the horizontal perspective of mixed-ownership reform，State-owned enterprises in the field of full competition should use methods such as overall listing，Actively introduce other state-owned capital or various types of non-state-owned capital to achieve equity diversification；including communications、Delivery、Water and electricity、oil and gas、power grid、nuclear power、Military industry and other key industries，The principle is to maintain the status of state-owned capital holdings，Support non-state-owned capital participation。
For public welfare state-owned enterprises，Electrical and water heating、public transport、Industries and fields that provide public goods and services such as public facilities，According to different business characteristics，Strengthen classification guidance，Encourage non-state-owned enterprises to participate in operations，The government should strengthen supervision over price levels and other aspects，Differentiated assessments of business performance indicators and state-owned asset value preservation based on the different characteristics of enterprises。Taking mixed ownership reform as a breakthrough in deepening the reform of state-owned enterprises，First, consider that mixed-ownership reform can effectively improve the performance of state-owned enterprises.。
After introducing social assets into state-owned enterprises,，Conducive to improving capital structure，Improve corporate governance，Clear efficiency orientation，Improve the operating performance of state-owned enterprises。Secondly，Mixed ownership reform will help break up monopoly，Breaking through the "ceiling" for the non-public economy to enter certain industries。
Through mixed reform，Some industries with higher thresholds will gradually be opened to non-state-owned capital，The non-public economy can be realized through cross-shareholding with state-owned enterprises
Advantages
complementary，Non-public capital is allowed to participate in state-owned capital investment projects，Break down the administrative monopoly，Amplify the driving force of state-owned capital，To form a market-oriented operating mechanism for state-owned enterprises、Promote the diversification of property rights and play a role。
2025The main power of the year、oil、natural gas、railway、civil aviation、telecommunications、The seven major industries of military industry were all areas that were difficult for the non-public economy to enter in the past.，Mixed-ownership reform will enhance the confidence of private enterprises，Stimulate investment enthusiasm of private capital。third，Mixed ownership reform is an important starting point for supply-side reform，Conducive to promoting economic structural transformation、Realization of the goal of “three cuts, one reduction and one supplement”。
deleveraging，Mixed ownership reform will attract social assets to participate in equity，Expand the reinvestment capabilities of state-owned enterprises，Expand the total scale of state-owned assets，Reduce the asset-liability ratio of state-owned enterprises，achieve the purpose of deleveraging。Specifically，The overall progress of mixed-ownership reform of local state-owned enterprises is not as good as that of central enterprises.。
Since most central enterprises have realized asset securitization，Therefore, the current mixed reform of central enterprises is centered on mergers and reorganizations.，With the reorganization and merger of Baosteel and Wuhan Iron and Steel Co., Ltd. into Baowu Iron and Steel Co., Ltd.，The number of central enterprises has dropped to 102，2025The annual target is to reduce the number to less than 100。The number of central enterprises will continue to decline in the future，On the one hand, excess production capacity can be resolved，Promote supply-side reform，On the other hand, it can enhance the market competitiveness of central enterprises，Maintain and increase the value of state-owned assets。
However, the mixed reform progress of local state-owned enterprises is uneven.，Increasing the asset securitization rate has become a top priority。at present，nearly 20 provinces、city、The autonomous region has issued local guidance documents，However, the advancement of mixed-ownership reform in different regions differs greatly from the existing level.。Judging from the published data, Guangdong、Shenzhen、Shandong、Beijing and other regions have a high proportion of listed companies that have carried out mixed ownership reform。
current，Most provinces have proposed increasing the asset securitization rate of provincial groups、The goal of increasing the proportion of mixed-ownership enterprises。The overall listing will become the focus of promoting the mixed reform of state-owned enterprises.，If all or most of the assets of a group company can be transferred to a listed company, asset securitization will be achieved as much as possible.，If a group company has multiple main businesses, it can implement the strategy of multiple listed companies.，To maintain and increase the value of assets。
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