China to steer SOE reform further

The central government will push ahead with its reform on State-owned enterprises (SOEs) as required by the CPC Central Committee.

The arrangement came at the third meeting of the State Council Leading Group on SOE Reform on Nov 12.

Vice-Premier Liu He, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and chief of the State Council Leading Group on SOE Reform, presided over the meeting. State Councilor Wang Yong, deputy chief of the leading group, gave a speech.

The meeting reviewed current successes in SOE reform and decided on the path for advancing the reform.

Since the beginning of this year, China’s SOEs, backed by local authorities, have carried out related decisions of the central government and made new progress in reform.

To take the SOE reform a step further, the meeting mapped out future plans echoing the general policies set out at the fourth plenary session of the 19th CPC Central Committee, and urged practical implementation.

According to the meeting, the SOE reform should be market-oriented, and an overall three-year action plan will be set to clear targets, timeline and road map in the next three-year stage.

Meanwhile, a wide range of measures should be in place to make SOEs more competitive, innovative, influential and risk-resistant.

Specified tasks with quantifiable and measurable indicators for key areas and links should be set, including the mixed-ownership reform, supervision on State-owned assets and SOEs, and innovation-driven research and development, the meeting said.