SOEs to undergo further reform, says first session spokesman

Wang Guoqing, spokesman for the first session of the 13th National Committee of the Chinese People's Political Consultative Conference, at a news conference in Beijing, March 2, 2018. [Photo/Xinhua]

State-owned enterprises will become more strategically well-positioned through various mergers and reshuffles, with State-owned capital allocation efficiency further boosted and development quality substantially enhanced, said Wang Guoqing, spokesman of the first session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC).

The SOE reform is in accordance with legal norms and market discipline, he said.

After restructuring, companies see their total assets up 59 percent compared with five years ago and profits up 42 percent, statistics show, and China already sees a batch of world-class companies coming on the horizon, said Wang.