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​China to expand mixed ownership reform of SOEs

2018-11-21 16:02

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More pilot state-owned enterprises (SOE) will carry out mixed ownership reform in key areas, according to an official from the state asset authority.

"A number of centrally and locally administered SOEs with a wider range of business categories will be chosen to enrich the ongoing mixed ownership reform," said Weng Jieming, vice chairman of the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), told China Daily.

"The government will not only encourage non-public capital to participate in SOE reform, but also support the development of private business together with SOE resources."

From 2013 to 2017, the private sector invested 1.1 trillion yuan (about 158 billion U.S. dollars) and 500 billion yuan respectively to take part in mixed ownership reform of central and provincial SOEs, according to SASAC.

Since 2016, China has selected 50 SOEs in three batches to conduct the pilot reform in fields including power, energy, civil aviation, telecommunications and defense.

China has now approved plans of mixed ownership reform from 23 SOEs in the third batch, and plans for another eight SOEs in the same batch are yet to be approved.

Mixed ownership is believed to be vital to deepening SOE reform as it can improve efficiency and competitiveness of state-owned assets.
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