According to ¡°Notification of the Office of Central Chinese Communist Party Committee and the Office of the State Department about Issuing Zhejiang  People¡¯S Goverment Institution Reform Scheme¡± (No. (2003) 43), the State-owned Assets Supervision and Administration Commission of the People¡¯s Government of Zhejiang Province (hereafter called SASAC) was established, and it is a special institution under direct leadership of the provincial government. The provincial government authorizes SASAC to represent the country in monitoring the responsibilities of the state assets representatives. According to the decision made by the provincial committee of Chinese Communist Party, a party committee has been set up to implement the responsibilities given by the provincial committee of Chinese Communist Party. The monitoring scope of SASAC is all the state-owned assets in businesses of the province.
  
Its main responsibilities are as follows:

1. To function as an investor according to the relevant laws and regulations including authorization of the provincial government, ¡°Company Law of the People¡¯s Republic of China¡±, ¡°Temporary Regulations about Monitoring State Assets in Businesses¡± and other documents of the provincial committee of Chinese Communist Party and the provincial government.

2. To direct and promote reform of state-owned enterprises, monitor the value of the state-owned assets of the state-owned enterprises, supervise the state-owned enterprise management, direct and promote modern enterprise system construction in the state-owned enterprises, improve the corporate management system, promote strategic adjustment of the economic structures in the state-owned enterprises of the province.

3. To make decisions on hiring and firing
general managers of the enterprises, check the works of the managers and award or punishe them according to their achievements, check and approve the total amount of wages of the monitored enterprises, do research of proper profit distribution and make profit distribution policies, establish a mechanism to select and use the qualified people that satisfies the demands of modern enterprise system and socialist market economic system, improve the management stimulation and restriction system.

4. To send out monitors or accounting
supervisors to the monitored enterprises on behalf of the provincial government and direct the daily work of the monitors and accounting supervisors.

5. To monitor the value changes of state-owned assets through statistics and checking, establish and improve index system of state-owned assets value changes, make checking standards, supervise budget of the monitored state-owned enterprises, supervise consumption of the capital profits and protect the investor rights of the country.

6. To carry out the laws, regulations and policies about state-owned assets management of the country, accept commissions to draft local regulations and rules of state-owned assets management, make the relevant rules and regulations, monitor implementation of the rules and regulations, direct and monitor local state-owned assets management institutions according to the relevant laws.

7. To undertake other works assigned by the provincial government and the State-owned Assets Supervision and Administration Commission of the State Department.