In 2023, the annual transaction volume of the property rights market will reach 25.38 trillion yuan
Focus on the 2023 property rights market
Editor's note: As an important part of the mainland's capital market, the property rights market has played an important role in promoting the mainland's economic and social development and realizing the market-oriented allocation of factor resources. According to data released by the China Association of State-owned Property Rights Trading Institutions on April 19, in 2023, more than 117.26 million transactions will be completed in the mainland property rights market, with an annual transaction volume of 25.38 trillion yuan. In the 12 years from 2012 to 2023, the cumulative transaction volume of the mainland property rights market reached 138.8 trillion yuan, with an average annual compound growth rate of 24.6%. Standing at a new historical starting point, how to give full play to the functional advantages of the property rights market and inject momentum into the construction of a unified national market and a new development pattern is the focus of the capital market in this period. At the same time, it tells how the 20-year-old Beijing Equity Exchange has extended its service scope to sunshine procurement, scientific and technological achievement transfer and technology trading, carbon emission trading and other fields, so as to promote the high-quality development of various market entities.
■China Economic Times reporter Sun Zhao
As an important part of the mainland capital market, the property rights market is an important platform for the market-oriented allocation of factors. According to data released by the China Association of State-owned Property Rights Trading Institutions (hereinafter referred to as the "China Property Rights Association") on April 19, in 2023, more than 117.26 million transactions will be completed in the property rights market, a year-on-year increase of 80.27%, and the annual transaction volume will reach 25.38 trillion yuan, a year-on-year increase of 12.79%. At present, the top-level design of the property rights market has been continuously improved, the property rights market and the public resource trading platform have been integrated and developed, and the digital and intelligent service level of the industry has also been further improved. Standing at a new historical starting point, further giving full play to the functional advantages of the property rights market will provide a solid guarantee for the development of new quality productive forces, and inject momentum into the construction of a unified national market and a new development pattern.
01
The property rights market has developed by leaps and bounds in the past 12 years
Ouyang Kejian, deputy secretary-general of the China Property Rights Association, said in an interview with a reporter from the China Economic Times that from 2012 to 2023, the cumulative transaction volume of the property rights market exceeded 130 trillion yuan, reaching 138.8 trillion yuan, with an average annual compound growth rate of 24.6%, contributing to the "wisdom of property rights" to promote the economic and social development of the mainland and realize the market-oriented allocation of factor resources. The property rights market has achieved results in serving the reform of state-owned assets and state-owned enterprises and the supervision of state-owned assets, revitalizing existing assets, serving the transformation of scientific and technological achievements, serving green and low-carbon development, serving the rural revitalization strategy, serving the "Belt and Road" initiative and serving the development of the private economy.
According to the data of the China Property Rights Association, in 2023, the property rights market will complete 4,257 state-owned property rights transfer projects with a transaction value of 478.97 billion yuan and a value-added of 20.7 billion yuan, 804 state-owned enterprise capital increase projects with a financing amount of 474.8 billion yuan and a value-added of 84.4 billion yuan, 34,164 state-owned enterprise asset transfer projects with a transaction value of 214.8 billion yuan and a value-added of 7.84 billion yuan, and 34,351 state-owned asset leasing projects with a total contract value of 82.6 billion yuan and a value-added of 4.47 billion yuan. In 2023, the average value-added rate of property transfer projects will be 45%, and the average value-added rate of asset transfer projects will be 7%.
The property rights market also serves the high-quality development of the private economy, and in 2023, 40,749 asset transactions of private enterprises will be completed, with a turnover of 255.6 billion yuan. Among them, there were 9,386 property rights transfer projects for private enterprises, with a turnover of 56.173 billion yuan, 1,986 capital increase projects with a transaction value of 6.567 billion yuan, 29,208 asset transfer projects with a transaction value of 192.579 billion yuan, and 169 asset leasing projects with a transaction value of 3.091 billion yuan.
The property rights market is also actively exploring aspects such as helping to revitalize existing assets, expanding effective investment, helping the transformation of scientific and technological achievements, and serving green and low-carbon development.
According to the data of the China Property Rights Association, in 2023, the property rights market will revitalize a total of 280,000 stock assets, a year-on-year increase of 44.84%, and the turnover will be 2.16 trillion yuan, a year-on-year increase of 23.44%. Among them, 535.581 billion yuan was revitalized for property equity transfer projects, 460.113 billion yuan for physical asset projects, 107.5 billion yuan for asset leasing projects, 65.2 billion yuan for financial non-performing assets projects, and 992 billion yuan for natural resource projects.
In terms of helping the transformation of scientific and technological achievements into productivity, in 2023, the property rights market will complete 34,180 intellectual (technology) property rights transactions, with a transaction value of 225.398 billion yuan (including the registration of technical contracts).
In terms of helping to achieve the "dual carbon" goal, the environmental rights business carried out by the property rights market in recent years includes emission rights trading, carbon emission rights trading, energy use rights trading, green public services and renewable resources trading. In 2023, 380,000 environmental rights projects will be completed in the property rights market, with a turnover of RMB41.693 billion, an increase of 212.7% over 2022.
02
Accelerate integration into the construction of a unified national market
For a long time, the property rights trading market has been based on serving the reform and development of state-owned assets and state-owned enterprises and the adjustment of the layout of the state-owned economy, which has not only improved the efficiency of state-owned capital allocation, but also effectively curbed the loss of state-owned assets. In the process of building a large unified national market, the property rights market should give play to the role of market discovery and price discovery, and further bring into play the function and role of a trading platform in a broader national unified market.
"Accelerating integration into the construction of a unified national market is the only way for the property rights market to achieve high-quality development. Ouyang Kejian said that in recent years, the property rights market has done three aspects of work to accelerate its integration into the national unified market.
First, formulate industry development plans and improve the top-level design of the industry.
Combined with the actual situation of the industry, the China Property Rights Association has formulated the "Implementation Plan for Accelerating the Integration of the Property Rights Trading Market into the Construction of the National Unified Market" and the "Roadmap for the Innovative Development of the Construction of the Property Rights Market", proposing to consolidate the positioning of the non-standard capital market based on the transaction of state-owned assets and serving the market-oriented allocation of public resources and factor resources. Consolidate and develop the functional positioning of the property rights market as an important part of the mainland's capital market, a sunshine platform for the efficient allocation of factor resources, and an important financial infrastructure. It also puts forward the main task of integrating the property rights market into the construction of the national unified market in the new era, and the top-level design of the property rights market has been continuously improved.
Second, promote the integrated development of the property rights market and the public resource trading platform.
In recent years, the property rights market has given full play to the institutional mechanism and innovation-driven advantages of property rights trading institutions, continued to promote the innovation of trading varieties, and gradually expanded its business areas from the earliest bidding and bidding of engineering construction projects, government procurement, transfer of state-owned construction land use rights and mining rights, and state-owned property rights transactions to various element resources suitable for allocation in a market-oriented manner, covering 13 categories and 20 sub-items of public resource transactions listed in the "Guidelines for the National Public Resources Transaction Catalogue". In 2023, there will be 28,896,500 transactions of various types of public resources in the property rights market, a year-on-year increase of 47.64%, and a turnover of 6.98 trillion yuan, a year-on-year increase of 39.01%. Among them, the transaction of state-owned assets, the transfer of the right to use state-owned construction land, and the transaction of rural collective property rights achieved a value-added of 141.36 billion yuan, and the bidding and bidding of engineering construction projects, government procurement, enterprise sunshine procurement, and medical and health materials procurement saved 236.2 billion yuan.
Third, we will further improve the level of digital and intelligent services in the industry.
Since the issuance of the "Overall Layout Plan for the Construction of Digital China", the property rights industry has continued to explore and practice in helping the reform of state-owned assets and state-owned enterprises and the digital construction of state-owned assets supervision, laying a good foundation for serving state-owned assets supervision with digital intelligence as the support. Since its launch in March 2018, the national property rights industry informatization comprehensive service platform, initiated and operated by the China Property Rights Association, has completed data docking with 61 trading institutions and service institutions across the country. By the end of 2023, the comprehensive service platform has disclosed a total of more than 700,000 projects, with a total amount of more than 10 trillion yuan, and the projects promoted through the platform have been effectively redirected to the website of property rights trading institutions more than 100,000 times, covering state-owned property rights transaction information in all regions and industries of the national economy, realizing unified disclosure of project information, unified process monitoring and unified result publicity.
"The accelerated integration of the property rights market into the construction of a unified national market has achieved initial results. Ouyang Kejian said that standing at a new historical starting point, the property rights industry will take the improvement of the property rights system and the market-oriented allocation of factors as the main line, the theme of building a high-standard, high-quality and effective market, and the optimal allocation of modern factor resources as the starting point, so as to make due contributions to the orderly circulation of various property rights, the smooth flow of factors and the efficient allocation of capital. Further giving full play to the functional advantages of the property rights market will provide a solid guarantee for the development of new quality productive forces, and inject momentum into the construction of a unified national market and a new development pattern.
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Chief Producer丨Wang Hui and Che Haigang
Producer丨Li Piguang, Wang Yu, Liu Weimin
Editor-in-Chief丨Mao Jinghui Editor丨Zou Duo