Capital interaction becomes high frequency and normalized, and cooperation between central and local state-owned assets enters a "new coupling era."

In the opening year of the "Fifteen Five" plan, the interaction between central and local capital has entered a new stage of high frequency, diversified cooperation models, and normalized system mechanisms. From the establishment of controlling rights by central government and withdrawal from local government by Shenzhou High Speed Rail through an SPV structure, to the exploration of tripartite cooperation between central government, local government, and schools by Chen'an Technology; from multi-regional state-owned enterprises investing in the IPO of China Resources New Energy, to Changan Automobile and BAIC Group strategically cooperating through a lightweight asset model - these cases outline a new pattern of cooperation between central and local state-owned enterprises, moving from simple project collaboration towards a deep integration in the "new coupling era". This transformation is not accidental. It is the result of the continuous release of institutional dividends, and the inevitable choice for the optimization of the layout and structural adjustment of the state-owned economy. When the capital vision of central enterprises meets the deep cultivation capabilities of local industries, a more elastic and efficient new ecosystem for the allocation of state-owned capital is emerging. Experts interviewed believe that optimizing the layout of state-owned economy and revitalizing existing assets will remain the core tasks of enterprise reform, and the space for cooperation between central and local governments is vast. In the future, the focus will be on marketization, specialization, and industry chain coordination, and it is expected that the intensity of state-owned asset restructuring and integration will increase further.