Functions of the State-owned Assets Supervision and Administration Commission of the People's Government of Zhejiang Province:

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

        Under the jurisdiction of the SASAC of the People's Government of Zhejiang Province 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.