Functions of the State-owned Assets Supervision and Administration Commission of Zhejiang Provincial Government:

        The State-owned Asset Supervision and Administration Commission (SASAC) of Zhejiang Provincial Government, a special agency directly under the administration of the Zhejiang Provincial Government, was established in accordance with the “Circular of Zhejiang Provincial People’s Government General Office on Printing and Distributing Regulations on Function Division Organs and Working Personnel of the SASAC of Zhejiang Provincial Government” (Zhezhengbanfa [2004] No. 38). With authorization of Zhejiang Provincial Government, the SASAC of Zhejiang Provincial Government should represent the provincial government in performing the functions as investors. According to the decision of the Provincial Party Committee, the SASAC of Zhejiang Provincial Government should set up a party committee and perform the functions as prescribed by the Provincial Party Committee.

        Under the jurisdiction of the SASAC of Zhejiang Provincial Government are provincial operational state-owned assets.

        1. Designated Functions

        1) Zhejiang Economy and Trade Commission’s function of providing guidelines for management and transformation of state-owned enterprises.

        2) The Organization Department of Zhejiang Party Committee’s function of managing leading personnel of provincial state-owned enterprises as authorized by the Provincial Party Committee; and the function of party construction of provincial state-owned enterprises as undertaken by the Organization Department of Zhejiang Party Committee.

        3) The function of party construction of provincial state-owned enterprises, as undertaken by the Working Committee for Offices under Provincial Government.

        4) Provincial Finance Bureau’s function of managing operational state-owned assets.

        5) Zhejiang Labor and Social Security Department’s function of auditing wage bills of enterprises under supervision; and the function of formulating and implementing policies of business operators’ income distribution and the annual income system of the principal persons in charge.