State-owned Assets Supervision and Administration Commission of the State Council
Chinese government body / From Wikipedia, the free encyclopedia
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The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the People's Republic of China, directly under the State Council. It was founded in 2003 through the consolidation of various other industry-specific ministries.[1] SASAC is responsible for managing state-owned enterprises (SOEs), including appointing top executives and approving any mergers or sales of stock or assets, as well as drafting laws related to SOEs.[2]
国务院国有资产监督管理委员会 Guówùyuàn Guóyǒu Zīchǎn Jiāndū Guǎnlǐ Wěiyuánhuì | |
Gate of SASAC | |
Agency overview | |
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Formed | 10 March 2003 |
Headquarters | Beijing |
Agency executive | |
Parent agency | State Council of the People's Republic of China |
Website | www |
State-owned Assets Supervision and Administration Commission of the State Council | |||||||
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Simplified Chinese | 国务院国有资产监督管理委员会 | ||||||
Traditional Chinese | 國務院國有資產監督管理委員會 | ||||||
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Abbreviation | |||||||
Simplified Chinese | 国资委 | ||||||
Traditional Chinese | 國資委 | ||||||
Literal meaning | State Assets Commission | ||||||
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As of 2021[update], its companies had a combined assets of CN¥194 trillion (US$30 trillion), revenue of more than CN¥30 trillion (US$4.6 trillion), and an estimated stock value of CN¥65 trillion (US$10.06 trillion), making it the largest economic entity in the world.[3][4][5] The total revenue hit CN¥39.8 trillion (about US$5.5 trillion) in 2023, with a total profit of 2.6 trillion yuan according to a report from SASAC.[6] Vice Premier Zhang Guoqing is responsible for the supervision of the SASAC.