The State-owned Assets Supervision and Administration Commission (SASAC) Announces Personnel Changes at 12 Central Enterprises, Top Leaders of 3 Central Enterprises Swap Positions (AI Translation)

国资委宣布12家央企人事任免 3家央企“一把手”对调

The State-owned Assets Supervision and Administration Commission (SASAC) of the State Council reshuffled leadership across 12 central state-owned enterprises (SOEs) on June 14, marking the largest personnel reshuffle among central SOEs in 2023[para. 1]. The key changes involved leadership positions in Sinopharm, China Electric Equipment Group, and China Logistics Group[para. 2]. Bai Zhongquan, former Party Secretary and Chairman of China Electric Group, was appointed to head Sinopharm, Liu Jingzhen was reassigned from Sinopharm to China Logistics Group, and Li Hongfeng was transferred from China Logistics to China Electric Group[para. 3].

Bai Zhongquan, 58 years old, was the first head of China Electric Group, formed in September 2021 from a merger of several electrical equipment companies under the State Grid Corporation. Prior to his transfer to China XD Group within China Electric, Bai held various roles at the China South Industries Group Corporation and China Iron & Steel Research Institute Group[para. 4]. Liu Jingzhen, 57, was the first Chief Economist of the restructured China National Machinery Industry Corporation (Sinomach) and held several key appointments, including Deputy Party Secretary of China South Industries Group and Chairman and Party Secretary of Sinopharm. During his tenure at Sinopharm, the company developed China's first inactivated COVID-19 vaccine. His leadership was overshadowed by corruption investigations into several senior executives of Sinopharm[para. 5][para. 6]. Li Hongfeng, 60, also the inaugural leader of China Logistics Group formed through a merger in December 2021, held leadership roles in various enterprises including China Chengtong Holdings Group and the Commission for Science, Technology and Industry for National Defense[para. 8].

Other notable changes include the promotion of Xu Jiefeng, former Deputy Secretary of the Party Committee and General Manager, to Party Secretary and Chairman of China Academy of Building Research Co., Ltd., succeeding Wang Jun who retired[para. 9]. Additionally, there were personnel movements in companies such as China National Salt Industry Corporation, China General Nuclear Power Corporation, and Overseas Chinese Town Enterprises Co., Ltd. Key appointments included Zhu Lan as Deputy Secretary of the Party Committee of China International Engineering Consulting Corporation and the reassignment of external directors and chief accountants among these SOEs[para. 10].

This reshuffle occurred against the backdrop of a new round of SOE reforms initiated after the 20th National Congress of the Communist Party of China. SASAC aims for SOEs to enhance their strategic roles in national policies, adopt modern corporate governance, and foster technological innovation[para. 12]. A key objective for 2024 is to complete over 70% of major reform tasks. SASAC emphasizes strengthening, bettering, and expanding SOEs through specialized restructuring and integration, urging them to focus on emerging industries and improve their control over emerging industrial chains[para. 13]. This reform initiative is part of a broader strategy to enhance the economic layout and structure of the state-owned economy and propel innovation within SOEs[para. 14].