BEIJING, March 22 (Xinhua) -- China will complete transformation of the corporate governance of state-owned enterprises (SOEs) by the end of this year, as the 2020-2022 action plan for SOE reform kicks into high gear.
The corporate-governance reform of SOEs is of great significance in further promoting the integration of SOEs and the market economy, while stimulating the vitality and development momentum of the companies, said Weng Jiemin, deputy head of the office of the State Council leading group for SOE reform, at a recent meeting.
The corporate-governance reform aims to foster independent market entities, while improving the governance structure and the market-oriented operation mechanism, he said, urging efforts to manage the transition to avoid state-asset losses.
SOEs are active players on China's strategically important and most acclaimed industrial fronts. In 2020, the country started to implement a three-year action plan as part of its decades-long effort to transform SOEs into competitive, modern enterprises.
In 2020, SOEs saw their total operating revenue rise 2.1 percent year on year to 63.29 trillion yuan (9.72 trillion U.S. dollars), official data shows.
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