Presided by Prof. Wei-an Li, the forum had an in-depth and heated discussion on the question of the Principles of corporate governance and the reform of SOEs. In a sincere and healthy atmosphere, participating experts put forward to many penetrating and original ideas. They are summed up as follows:

1. On the contents of Principles of Corporate Governance in China (the Principles). Some experts pointed out that the Principles must embody fully the interests of stakeholders. From the point view of Corporate financing, Prof. Yingfeng Qi probed into the role of stakeholders in the corporate governance. He argued that the relationship of creditor and corporate is that of agent-principal. and that a mechanism for the creditor to participate in the corporate governance should be created in order to protect their interests. Some pointed out that the principal must pay attention to the problem of intangible assets. Prof. Yixing Guan (from Nankai) also advanced that both tangible assets and intangible assets should be paid due attention, and "consumer, loyalty of employee and brand value" had become the three trumps of a successful Enterprise. Prof. Baoku Chen (from Nankai University) argued that Enterprises must build up the concept of respecting stakeholders. He said the thoughts of some people that the first and foremost things were to solve interior problems and it was too early to take account of the interests of stakeholders. In fact, he then augured, it was a question of progress as a whole---the inextricability of exterior question prevented the interior problem being solved. Prof. Li advanced that; it was not a faraway thing for the enterprise to pay attention to the interests of stakeholder and it must be placed on the agenda now.

2. On the legal nature and orientation of the Principles. Prof. Baoku Chen the argument was partial that the Principles of corporate governance had no enforcement. What should be stated is that, the principle had no state enforcement but had legal enforcement. The extent of effect it took lay on its framer. In the meanwhile, corporate governance should remedy the deficiency of the law and benefit the development and amelioration of our country's legal system. In addition, Prof. Chen also put forward to many legal problems of universality that the principles should pay attention and the particularity and legal issues in the corporate governance of SOEs after WTO from the viewpoint of himself.

3. On the function of the Principles. The experts further discussed the function of Principles for corporate governance of China. Xiusheng Chen argued that, the fundamental thing for the Principles is how to deal with the interests of the agents involved and minimize the crash of interests. The point is how to arrive at the balance of economic interests. The Principles is only a basic stipulation and we must leave enough space for the entrepreneur.

4. On the construction of system of the Principles of corporate governance. Duty proprietor of China Reform Xuhua Guo pointed out that, the system of the Principles is open, and dynamic and ever adjusting, and exploration and innovation in theory should be encouraged and the Principles should reflect the new practice in the reform.

5. On the hot topics of SOE reform. Xiao-min Shi, the proprietor of China Reform, the path of China's reform has the properties of economic-forerunning, bottom forerunning and micro forerunning. HE also pointed out that the meeting and the Principles are in accord with the current economy. The Principles will guarantee that corporations will develop healthily. Xi-ping Shi, the director of enterprise Office of the Organization Department of the CPC Central Committee, first introduced the new progress of reform in oversize SOEs, and then put the principle into practice and how to build up normative corporate governance structure. Then Prof. Li advanced the viewpoint of Special Corporate body and pointed out that, the direction of state-owned large-scale enterprises are to be privatizated and become Special independent corporate bodies. Prof. Yixin Guan also considered that SOEs should be privatizated and independent director in corporations should attain certain proportion.

In the End, the participating experts agree unanimously that we should draw on the wisdom of the masses, and relate the theory to the practice and advance the research of corporate governance and accelerate the issue of the Principles.