BEIJING, March 22 (Xinhua) — Recently, the General Office of the CPC Central Committee and the General Office of the State Council issued the “Regulations on Integrity in the Conduct of Leaders of State-Owned Enterprises” and circulated a notice requiring all regions and departments to conscientiously implement them.

  The full text of the “Regulations on Integrity in the Conduct of Leaders of State-Owned Enterprises” is as follows.

Regulations on Integrity in Professional Conduct for Leaders of State-Owned Enterprises

(Approved at the meeting of the Political Bureau of the CPC Central Committee on May 22, 2009)

On July 1, 2009, the General Office of the CPC Central Committee and the General Office of the State Council issued

Revised by the CPC Central Committee on February 28, 2026. February 28, 2026.

Issued by the General Office of the CPC Central Committee and the General Office of the State Council)

  Chapter I General Provisions

  Article 1: In order to regulate the ethical conduct of leading personnel in state-owned enterprises and to strengthen Party conduct, integrity building, and anti-corruption efforts within such enterprises, these Provisions are hereby formulated in accordance with the CPC Code of Conduct for Integrity and Self-discipline, the Regulations on Internal Party Supervision of the Communist Party of China, and other internal Party regulations, as well as the Supervision Law of the People’s Republic of China and other relevant laws.

  Article 2 These Provisions apply to the following leading personnel of wholly state‑owned enterprises, state‑controlled enterprises, and enterprises under actual state control (including wholly state‑owned and wholly state‑owned financial institutions, as well as state‑controlled and state‑controlled financial institutions under actual state control), and their branch institutions:

  (1) Members of the leading body of the Party organization;

  (2) Members of the board of directors and members of the management team who are under the administration of higher-level Party organizations;

  (3) Other senior management personnel who are under the administration of a higher-level Party organization or managed by this enterprise’s Party organization.

  Article 3: To strengthen the integrity and ethical conduct of leading personnel in state-owned enterprises, it is essential to be guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, uphold and reinforce the Party’s overall leadership, deepen the comprehensive and rigorous governance of the Party, and enhance oversight over the performance of duties, exercise of power, and self-discipline of such personnel. We must advance, in an integrated manner, efforts to ensure that no one dares to be corrupt, no one can be corrupt, and no one wishes to be corrupt, thereby providing robust safeguards for strengthening, improving, and expanding state-owned enterprises and state capital.

  Article 4: Leaders of state-owned enterprises shall uphold integrity in their professional conduct by:

  (1) Be loyal to the Party, firmly uphold our ideals and convictions, resolutely implement the major decisions and arrangements of the CPC Central Committee, actively support the country’s development strategies, and earnestly safeguard national interests.

  (2) Demonstrate a sense of responsibility and initiative, dare to innovate and forge ahead, uphold a correct view of political achievements, and drive the enterprise to continuously strengthen its core functions and enhance its core competitiveness, thereby ensuring the preservation and appreciation of state-owned assets.

  (3) In accordance with regulations and the law, comply with the Party Constitution, Party rules and discipline, national laws and regulations, and the enterprise’s internal rules and procedures; exercise power prudently and firmly uphold the bottom line; maintain a clear distinction between public and private interests; act with honesty and integrity; and proactively prevent and defuse risks.

  (4) Safeguarding people’s livelihoods, fulfilling social responsibilities, and protecting the public interest as well as the legitimate rights and interests of employees;

  (5) Maintain a solid work style, thoroughly implement the spirit of the CPC Central Committee’s Eight-point Decision on Improving Party and Government Conduct, practice strict economy and combat waste, and carry forward and promote the fine traditions and work ethos of state-owned enterprises.

  Article 5: Party committees (leading Party groups) at all levels shall strengthen their leadership over the comprehensive and strict governance of Party discipline in state-owned enterprises, reinforce the specific responsibilities of Party work organs, and treat promoting the integrity of enterprise leaders as a key task to be earnestly implemented, thereby fostering a sound political environment and favorable conditions for development within state-owned enterprises. Disciplinary inspection and supervision organs at all levels shall assist Party committees (leading Party groups) in strengthening oversight and inspection of the integrity of enterprise leaders, with a focus on punishing systemic corruption such as exploiting one’s position for personal gain and engaging in rent‑seeking activities.

  People’s governments at all levels, together with the departments, institutions, and other relevant competent authorities entrusted with the duties of state‑asset investors, shall strengthen the management of state‑owned assets and, in accordance with their respective functions and responsibilities, enhance the management and oversight of the leading personnel of state‑owned enterprises.

  Chapter 2: Code of Conduct for Integrity in Professional Practice

  Article 6: Abuse of official authority that harms the rights and interests of state-owned assets is prohibited. The following acts are not permitted:

  (1) Making major decisions regarding the enterprise’s production and operations, important personnel appointments and removals, arrangements for major projects, and large‑scale financial transactions in violation of decision‑making principles, procedures, and the scope of authority and responsibilities;

  (2) Violating regulations in handling matters such as enterprise restructuring, mergers and acquisitions, reorganization, bankruptcy, asset valuation and disposal, property rights registration, and property rights transactions;

  (3) Violating regulations in investment, granting loans, raising funds, providing guarantees, engaging in interbank lending, entrusting wealth management, issuing letters of credit on behalf of others, purchasing and selling goods and services, conducting tendering and bidding, and other such activities;

  (4) Instructing, directing, or compelling relevant personnel to engage in activities that violate state financial and economic discipline as well as the enterprise’s financial and accounting regulations;

  (5) Without the approval of the department, institution, or other relevant competent authorities entrusted with the duties of investor in state-owned assets, or of the superior enterprise exercising management authority, no decision may be made regarding the remuneration, rewards, allowances, subsidies, or other monetary benefits of the leadership personnel at this level.

  (6) Making donations or sponsorships to external entities in the individual’s personal name using assets owned by the enterprise; or deciding on donation or sponsorship matters without prior collective deliberation by the enterprise’s leadership team; or, even after such collective deliberation, failing to obtain approval or filing with the department, institution, or other relevant competent authorities entrusted with the duties of an investor in state-owned assets, or with the superior enterprise exercising management authority, before making decisions on large‑value donations or sponsorships.

  (7) Other acts of abusing official authority that harm the rights and interests of state-owned assets.

  Article 7: It is prohibited to seek personal gain by abusing one’s authority or influence derived from one’s position. The following acts are not permitted:

  (1) Accepting or soliciting gifts, cash gifts, marketable securities, virtual currency, or other property from affiliated enterprises of this enterprise, enterprises that have business relationships with this enterprise and its invested entities, or entities under management or service, or agreeing to accept such items after leaving office or retiring;

  (2) Purchasing or leasing property, such as houses or automobiles, from others at prices significantly below market value, or selling or renting such property to others at prices significantly above market value, as well as illegally accepting property from others through other forms of transactions;

  (3) Entrusting others to invest in securities, futures, funds, or engaging in other forms of entrusted wealth management, thereby obtaining returns without making any actual investment; or, even if an actual investment is made, receiving returns that are significantly higher than what the investment should have yielded, or having losses subsequently compensated by another party.

  (4) Engaging in transactions involving the exchange of power for money through methods such as holding equity under an alias, having others hold equity on one’s behalf, or entrusting others to conduct business activities on one’s behalf;

  (5) Obtaining substantial returns through private lending and other financial activities that may compromise impartial performance of official duties;

  (6) Exploiting corporate insider information or other non-public information, trade secrets, and the company’s intangible assets and resources—such as intellectual property and business channels—to seek personal gain;

  (7) Embezzling funds entrusted to one’s care, engaging in backroom dealings, or fabricating charges and artificially inflating commercial links to illegally appropriate or misappropriate the assets of this enterprise and its affiliated entities, as well as client assets;

  (8) Appropriating or privately dividing discounts and brokerage fees arising from the enterprise’s economic transactions, as well as any property received as rewards or refunds from relevant departments or entities due to the enterprise’s actions;

  (9) After leaving office or retiring, seeking personal gain by leveraging one’s former authority or the influence of one’s position;

  (10) Other acts of seeking personal gain by abusing one’s authority or influence derived from one’s position.

  Article 8: Engaging in profit-making activities in violation of relevant regulations is prohibited. The following acts are not permitted:

  (1) Engaging in profit-making business activities or paid intermediary services, either in one’s own name or in the name of others;

  (2) An individual directly, or through entrusted nominee holding, anonymous investment, or other similar arrangements, acquires equity interests in the enterprise’s peer‑operating enterprises, affiliated enterprises, or enterprises that have business relationships with the enterprise and its investing entities.

  (3) Engaging in part-time employment at enterprises invested in by this enterprise or at other enterprises, public institutions, social organizations, intermediary agencies, foundations, international organizations, or similar entities without prior approval or filing; or, even with approved or filed part-time employment, receiving additional remuneration, bonuses, allowances, subsidies, or other benefits.

  (4) Within three years after leaving office or retiring, holding a position or acquiring an equity interest in enterprises and intermediary agencies that have business relationships with the former employer and its invested enterprises, or engaging in, or acting as an agent for, business activities related to the operating activities of the former employer and its invested enterprises at such entities.

  (5) Other acts of engaging in profit-making activities in violation of relevant regulations.

  Article 9: It is prohibited to use one’s official authority or the influence of one’s position to seek benefits for spouses, children and their spouses, as well as other relatives and persons with whom one has a specific relationship. The following acts are not permitted:

  (1) The individual’s spouse, children and their spouses, as well as other persons with specific relationships, invest in or hold equity interests in the enterprise’s affiliated entities, or in enterprises that have business relationships with this enterprise and its invested subsidiaries.

  (2) Entrusting, leasing, or contracting state-owned assets to spouses, children and their spouses, or other relatives and persons with specific relationships, for operation;

  (3) Providing favorable conditions for spouses, children and their spouses, as well as other relatives and persons with specific relationships, to engage in profit-making activities;

  (4) Providing facilitative conditions for the other party’s spouse, children and their spouses, as well as other relatives and persons with specific relationships, to engage in profit-making activities;

  (5) The enterprises in which the individual’s spouse, children and their spouses, as well as other persons with whom the individual has a specific relationship, hold investments or operate, engage in economic transactions with this enterprise and its invested enterprises that may harm public interests or the interests of the enterprise;

  (6) Providing assistance to spouses, children, their spouses, and other relatives or persons with specific relationships in soliciting deposits, extending loans, or marketing financial products;

  (7) Failure to recuse oneself from holding office or performing official duties as required by regulations due to involvement with one’s spouse, children, or their spouses and other relatives;

  (8) After leaving office or retiring, leveraging one’s former authority or influence derived from one’s position to secure benefits for one’s spouse, children and their spouses, as well as other relatives and persons with whom one has a specific relationship;

  (9) Other acts of leveraging one’s official authority or the influence of one’s position to seek benefits for spouses, children and their spouses, as well as other relatives and persons with whom one has a specific relationship.

  Article 10: It is prohibited to pursue political achievements blindly at the expense of national interests. The following acts are forbidden:

  (1) Exceeding the reasonable debt-to-asset ratio and altering the asset-liability structure, thereby resulting in excessive indebtedness;

  (2) Straying from the core business and engaging in unrelated diversified operations;

  (3) Establishing multi-tiered corporate structures to circumvent regulatory oversight and engage in disorderly expansion;

  (4) In corporate mergers and acquisitions and mixed-ownership reforms, holding a controlling stake without exercising control or holding an equity stake without exercising voting rights results in the enterprise being left unmanaged and out of control.

  (5) Engaging in fictitious shareholding arrangements in corporate partnerships to artificially inflate operating performance;

  (6) Engaging in data falsification to conceal the true state of the enterprise;

  (7) Engaging in financing‑related trade or fictitious transactions;

  (8) Engaging in shell‑company operations by leasing or lending the name of a state‑owned enterprise, the trade name within its corporate name, qualification certificates, or through fictitious joint ventures, thereby artificially inflating the enterprise’s scale;

  (9) Expanding overseas business in violation of compliance and integrity requirements;

  (10) Other acts of blindly pursuing political achievements that harm national interests.

  Article 11: It is prohibited to select and appoint personnel in violation of relevant regulations. The following acts are not permitted:

  (1) In the enterprise’s personnel selection and appointment processes, engaging in favoritism, excluding dissenters, and offering positions in exchange for favors;

  (2) During corporate restructuring, when key leading personnel are about to reach the statutory term‑of‑office or retirement age limits, or have already been clearly slated for departure, hastily promoting or reassigning enterprise personnel;

  (3) Failing to select and appoint enterprise personnel in accordance with the prescribed staffing levels and qualification requirements;

  (4) Failing to follow the prescribed procedures for proposing, recommending, conducting assessments, or deliberating and deciding on the appointment or removal of enterprise personnel; or having such appointments and removals decided solely by a principal leading member.

  (5) Illegally disclosing information related to personnel appointment and removal, including intelligence analysis, proposed motions, democratic recommendations, democratic assessments, investigations, deliberations, and decision-making processes;

  (6) Failing to comply with the prescribed procedures for seeking instructions and submitting reports, as well as for filing and obtaining approval, regarding significant personnel appointments and removals;

  (7) Illegally recruiting or assigning one’s own spouse, children, their spouses, and other relatives or persons with specific relationships to oneself to work at this enterprise or within this system;

  (8) When a position is changed, personnel from the original employing enterprise are solicited and reassigned.

  (9) Illegally interfering in the recruitment and appointment processes of enterprises in which this enterprise has invested or of the enterprise where the individual previously held a position;

  (10) Other acts that violate regulations regarding the selection and appointment of personnel.

  Article 12: The practice of formalism, bureaucratism, hedonism, and extravagance is prohibited. The following acts are not permitted:

  (1) Exceeding the prescribed standards and scope in respect of performance-related allowances and business expenditures, including training activities, office space, official vehicles, hospitality, and travel expenses;

  (2) Using public funds to pay for, or passing on to enterprises in which this enterprise has invested, as well as to other entities or individuals, expenses that should be borne by individuals;

  (3) Accepting or providing banquets, tours, fitness activities, entertainment, or other arrangements that may compromise impartial performance of official duties;

  (4) Engaging in excessive paperwork and meetings, pursuing superficial formalities, imposing ever‑stricter requirements at every level, overemphasizing documentation, and conducting an excessive number of, and overly frequent, inspections, evaluations, and assessments—thereby placing an undue burden on the grassroots.

  (5) In the course of work, merely shouting slogans, going through the motions, shirking responsibility and passing the buck, or mechanically implementing superior directives;

  (6) Ignoring employees’ legitimate demands and infringing upon their lawful rights and interests;

  (7) Other acts that embody formalism, bureaucratism, hedonism, and extravagance.

  Chapter 3 Implementation and Supervision

  Article 13: Party committees (leading Party groups) at all levels shall, at least once a year, hear work reports on the integrity and ethical conduct of leading personnel in state-owned enterprises and promptly deliberate on and resolve major issues.

  In conducting inspections and oversight of Party organizations within state-owned enterprises, Party committees (Party leading groups) at all levels shall prioritize the performance of duties and exercise of power, as well as the integrity and self-discipline, of members of the leadership team of the enterprise’s Party organization, particularly the principal leader, and shall ensure that the enterprise’s Party organization effectively implements corrective measures to address issues identified in inspection and oversight feedback.

  Party committees (leading Party groups) at all levels shall establish and improve a working mechanism in which intra‑party supervision serves as the leading force, seamlessly integrated with and mutually coordinated among investor oversight, supervisory authority oversight, auditing oversight, financial and accounting oversight, and employee democratic oversight.

  Article 14: Party committees (leading Party groups) at all levels, together with their organizational (personnel) departments and discipline inspection and supervision organs, as well as departments, institutions entrusted with the duties of state‑asset investors, and other relevant competent authorities, shall broaden educational platforms and channels, diversify educational approaches and methods, and conduct regular education for leading personnel of state‑owned enterprises within their respective jurisdictions. They shall strengthen education on ideals and convictions, the Party’s fundamental purpose, revolutionary traditions, and Party conduct and integrity; promote discipline‑related study and education and conduct‑style education in a sustained and effective manner; and carry out in-depth cautionary education.

  Article 15: Disciplinary inspection and supervision organs at all levels shall fulfill their role as specialized bodies for Party and state oversight, strengthen political oversight of state-owned enterprises, refine and solidify routine oversight, and conduct targeted special‑purpose oversight to address salient issues. They shall leverage the catalytic effect of investigating and handling cases, deepen the integrated investigation and rectification of both corruption and misconduct, reinforce the joint investigation of bribery and offering bribes, thoroughly probe new forms of corruption and hidden corruption, and enhance the effectiveness of using case‑based measures to promote reform and governance. The disciplinary inspection and supervision institutions stationed in state‑owned enterprises shall promptly report to their parent authorities any significant issues or matters concerning the integrity and ethical conduct of the enterprise’s leadership team and its members.

  Internal disciplinary inspection bodies and discipline inspection committee members of state-owned enterprises shall, within their respective scopes of responsibility, strengthen oversight of the integrity and ethical conduct of the enterprise’s leading personnel, and promptly report significant issues and matters to the Party organization at the same level (where they are stationed) and to the higher-level disciplinary inspection authorities.

  Article 16: The organizational and personnel departments at all levels, the departments and institutions entrusted with the duties of state‑asset investors, and other relevant competent authorities shall regard integrity in professional conduct as an important component of the evaluation and assessment of leading personnel in state‑owned enterprises, and as a key criterion for their selection, appointment, and recognition.

  Departments, institutions, and other relevant competent authorities entrusted with the duties of state‑asset investors shall, in light of actual conditions, refine systems for assessing the business performance of senior management in state‑owned enterprises, managing their remuneration, and holding them accountable, and further improve mechanisms for both incentives and constraints.

  Departments, institutions, and other relevant competent authorities entrusted with the duties of state‑asset investors shall strengthen the development of supervisory information systems, and, in accordance with applicable regulations and laws, leverage big data and digital tools to monitor the integrity and ethical conduct of senior management in state‑owned enterprises. They should enhance comprehensive data analysis and dynamic risk assessment, with a particular focus on corruption risks underlying investment and operational challenges, thereby bolstering their capacity for granular, end‑to‑end oversight.

  Article 17: Departments, institutions, and other relevant competent authorities entrusted with the duties of state‑asset investors shall give due consideration to the oversight role of externally appointed or dispatched directors, and shall establish and improve mechanisms for such external directors to report to them any irregularities in the ethical conduct of senior management personnel of state‑owned enterprises.

  Article 18: Audit authorities shall conduct all audit oversight activities in accordance with applicable regulations and laws, strictly enforce relevant systems and provisions, such as the audit of economic accountability for leading personnel of state-owned enterprises, and identify and report significant, critical, and typical issues arising in the course of these personnel’s fulfillment of their economic responsibilities.

  Article 19: The financial authorities shall strengthen oversight of the financial and accounting practices of state-owned enterprises and rigorously investigate and address issues such as the falsification of financial data and the failure of internal controls.

  Article 20: The Party organizations of state-owned enterprises bear the primary responsibility for implementing these Provisions within their respective enterprises. The Party secretary shall fulfill the duties of the principal person in charge, while other members of the leadership team shall assume the “dual responsibility” for their respective posts and, in conjunction with their specific areas of work, ensure that leading personnel of state-owned enterprises conduct themselves with integrity in their professional activities.

  State-owned enterprises shall, in accordance with these Regulations, formulate internal rules and regulations or incorporate the requirements for implementing these Regulations into their articles of association, integrating them into all aspects of corporate governance and business management. They shall establish and improve oversight and checks-and-balances mechanisms, including internal control, compliance management, risk management, internal audit, and measures to prevent conflicts of interest, to ensure the effective implementation of these Regulations.

  Article 21 State-owned enterprises shall clearly define decision-making principles and procedures, and within the prescribed time limits, report to the departments, institutions entrusted with the duties of state asset investors, as well as to other relevant competent authorities, on the decision-making status regarding major production and business decisions, important personnel appointments and removals, arrangements for major projects, and the management of large-scale funds.

  Article 22 State-owned enterprises shall establish and improve systems for managing the performance‑related benefits and business expenditures of their senior management, and shall, in accordance with applicable regulations, file such systems with the departments, institutions, and other relevant competent authorities entrusted with the duties of state‑asset investors.

  Article 23 State-owned enterprises shall improve their corporate democratic management system, with the workers’ congress as its fundamental form. For major decisions, the views of employees shall be solicited, and any significant issues that directly affect employees’ interests must be deliberated by the workers’ congress or the general workers’ meeting.

  State-owned enterprises shall promote transparency in enterprise management by disclosing to employees information on the remuneration of their senior management, as well as details regarding their performance‑related allowances and benefits, the systems governing business expenditures, and the implementation thereof.

  State-owned enterprises shall improve the system of employee directors and support and encourage them to fully express their views and articulate employees’ legitimate concerns when the board of directors deliberates and makes decisions on major corporate matters.

  Article 24 State-owned enterprises shall establish and improve systems and mechanisms for the management of related-party transactions, strengthen the identification, reporting, information collection, and management of related parties, and clearly define provisions regarding pricing, review, recusal, reporting, and disclosure of such transactions, so as to prevent the misuse of related-party transactions for the transfer of benefits.

  Article 25 State-owned enterprises shall, in accordance with their size, scope of business, and operating revenue, appropriately establish compliance management departments or assign dedicated personnel. They shall formulate integrity and compliance management systems for key areas such as anti‑commercial bribery and international business, as well as for operations involving higher compliance risks, refine the mechanisms for ensuring integrity and compliance, and integrate integrity and compliance management into every stage of business decision‑making, implementation, and oversight.

  Article 26 State-owned enterprises shall strengthen the prevention and control of integrity risks associated with key overseas positions, significant funds, and major projects. In accordance with relevant regulations, they shall implement measures such as directly assigning financial officers to overseas posts and rotating overseas personnel, thereby enhancing oversight and management of overseas personnel, funds, and projects.

  Article 27 State-owned enterprises shall, in accordance with these Provisions, establish and improve a system of integrity commitments for leading personnel, thereby regulating their professional conduct as well as their conduct following resignation or retirement.

  When senior executives of state-owned enterprises resign for personal reasons, their departures shall be subject to strict approval. For those whose resignations have been approved, the enterprises shall strengthen follow-up management, promptly report any issues to the organization (personnel) department, the authorities or institutions entrusted with the duties of investor in state-owned assets, and other relevant competent departments, and notify the new employer of the departing individual.

  Article 28 State-owned enterprises shall strengthen the development of a culture of integrity for the new era, integrating integrity requirements into their daily management, internal control and compliance, business operations, and professional ethics. They shall fully leverage the value‑guiding role of such a culture to guide senior leaders in cultivating personal integrity and self-discipline, reinforce family education and family traditions, and fortify the ideological and moral defense.

  Article 29: Leaders of state-owned enterprises shall strengthen their awareness of discipline, rules, and organizational principles, and, in accordance with relevant regulations, truthfully report to the organization matters concerning themselves.

  Leaders of state-owned enterprises shall regard the implementation of these Regulations as an important component of democratic life meetings for self-examination and mutual criticism, annual reports on duties and integrity, and democratic evaluations at workers’ congresses, and shall submit to oversight and democratic appraisal.

  Chapter IV Handling of Violations of Regulations

  Article 30: Where leading personnel of state-owned enterprises violate these Provisions, the relevant Party organizations, units, and disciplinary inspection and supervision organs shall, in accordance with their respective powers of management and based on the nature of the conduct and the severity of the circumstances, impose, in accordance with regulations, discipline, and law, measures such as admonitory talks, criticism and education, orders to conduct self-examination, cautionary admonishment, organizational handling, or disciplinary and administrative sanctions; if the conduct constitutes a crime, criminal liability shall be pursued in accordance with the law.

  State-owned enterprise leaders who violate these provisions shall, where removal or dismissal is required by law, be removed or dismissed in accordance with the law.

  Party organizations of state-owned enterprises shall, on a regular basis, report to the organizational (personnel) departments of their superior Party committees (leading Party groups) the disciplinary actions taken against the leading personnel under their management.

  Article 31: Where leaders of state-owned enterprises are subject to disciplinary action for violations of these Provisions, the enterprise to which they belong shall, in accordance with applicable regulations, deduct or recover their performance-based annual bonuses or tenure‑based incentive income, terminate or reclaim any medium‑ and long‑term incentive benefits, or disqualify them from participating in such medium‑ and long‑term incentive schemes.

  Article 32: Any improper economic benefits obtained by leading personnel of state-owned enterprises in violation of these Provisions shall, in accordance with relevant regulations, disciplines, and laws, be confiscated, recovered, or ordered to be returned; if such violations have caused economic losses to the state-owned enterprise, the responsible parties shall bear liability for economic compensation in accordance with applicable national or corporate provisions.

  Any positions, post grades, awards, qualifications, or other benefits obtained by leaders of state-owned enterprises in violation of these Regulations shall be rectified in accordance with the relevant provisions.

  Article 33: If a leading cadre of a state-owned enterprise is subject to demotion pursuant to these Provisions, he or she shall be ineligible for promotion to a higher position, post grade, or further appointment for a period of two years.

  Individuals who have been removed from their posts shall be prohibited from holding leadership positions in state-owned enterprises for a period of two years; those who have been removed due to causing significant losses to state assets shall be prohibited from holding such positions for a period of five years.

  Anyone who causes particularly serious losses to state-owned assets, or who is convicted of a crime and sentenced to criminal punishment, shall be permanently barred from holding leadership positions in state-owned enterprises.

  Article 34: Where the performance of duties by leading personnel of state-owned enterprises results in losses or adverse consequences, but such outcomes are not attributable to intent or negligence and instead arise from force majeure or other similar causes, no liability shall be imposed.

  When leading personnel of state-owned enterprises are subjected to false or mistaken accusations and clarification is warranted, the relevant Party organizations, units, and disciplinary inspection and supervision authorities shall conduct such clarification in accordance with applicable regulations.

  Chapter V Supplementary Provisions

  Article 35: In wholly state-owned enterprises, fully state-owned enterprises, state-controlled enterprises, and enterprises under actual state control (including wholly state-owned and fully state-owned financial institutions, as well as state-controlled and state‑controlled‑in‑fact financial institutions), together with their branches, personnel who bear responsibility for the operation and management of state-owned assets but fall outside the scope specified in Article 2 of these Regulations, as well as the leading personnel of their affiliated public institutions, shall be governed by these Regulations by analogy.

  Personnel in state‑owned enterprises with equity participation (including state‑owned financial institutions with equity participation) who bear responsibility for the management and operation of state assets shall be governed by these Provisions.

  Article 36 The Central Financial Work Committee, the State-owned Assets Supervision and Administration Commission of the State Council, and the provinces, autonomous regions, and municipalities directly under the central government may, in accordance with these Provisions, formulate implementing measures.

  Article 37: These Provisions shall be interpreted by the Central Commission for Discipline Inspection and the National Supervisory Commission in consultation with the Organization Department of the CPC Central Committee.

  Article 38: These Provisions shall enter into force as of the date of their promulgation.