In accordance with the spirit of "The Notice on Printing and Distributing (the Implementation Advice on Reform of the Organizational Structure of Hunan Provincial Government) issued by Hunan Provincial Committee of the Communist Party of China and Hunan Provincial Government" (Xiang Fa (2004) No.2), the Stated-owned Assets Supervision and Administration Commission of Hunan Provincial Government has been established, as a special entity at the provincial level directly under the provincial government.The provincial government authorizes the Stated-owned Assets Supervision and Administration Commission of Hunan Province to perform the promoter's duty on state-owned assets in behalf of the nation.In accordance with the decision of the provincial CPC committee, the Stated-owned Assets Supervision and Administration Commission of Hunan Province will establish the CPC committee, to perform the duties prescribed by the provincial CPC committee.The supervision scope of the Stated-owned Assets Supervision and Administration Commission of Hunan Province covers the province-owned operational state assets and enterprises (not including the financial industry).

Main Functions and Responsibilities

1. In accordance with the provincial government's authorization, and pursuant to he laws and administrative regulations such as "Company Law of the People's Republic of China", "Interim Measures for the Supervision and Administration of State-Owned Assets of the Enterprises", and so forth, to perform the promoter's duties, guide and promote the reform and reorganization of state-owned enterprises; to supervise the preserving and increasing values of state-owned assets of the enterprises in custody, and enhance the management of state-owned assets; to promote the state-owned enterprises' modern corporate system construction, and sophisticate the corporate governance; to promote the strategic adjustment of state-owned economy's structure and layout.

2. In accordance with the stipulations, to assign the board of supervisors for the key enterprises of financial contribution in behalf of the provincial government; to take charge of daily supervisory work of the board of supervisors.

3. To appoint, dismiss and examine the business managers of enterprises in custody pursuant to the legal proceedings, and then award and punish them according to the examination results; to establish an employing and staffing mechanism that accords with the requirements of the socialist market economy system and modern corporate system, and sophisticate the incentive and control mechanism for managers.

4. To establish and sophisticate the preserving-value indicator system for state-owned assets, and draw up the assessment criteria; to supervise state-owned assets values' preserving and increasing situations via statistics, examinations and other ways; to protect the rights and interests of promoters of state-owned assets.

5.To draw up the local codes for management of state-owned assets, and constitute the relevant rules and regulations; to guide and supervise management of the municipal and prefectural state-owned assets in accordance with the laws.

6. In accordance with the provincial government's authorization, to be responsible for supervision and management of operational state-owned assets of the departments directly under the provincial government.

7. To perform other duties of promoter and undertake other proceedings assigned by the provincial government.