China launches SOE mixed-ownership reform fund

BEIJING — China on Dec 29 set up a national fund to facilitate the mixed-ownership reform of its State-owned enterprises (SOEs), according to the country's top State assets regulator.

With a total of 200 billion yuan (about $30.56 billion), the fund aims to raise 70.7 billion yuan in the first phase, according to the State-owned Assets Supervision and Administration Commission (SASAC).

The fund was jointly established by the China Chengtong Holdings Group Ltd, a centrally administrated SOE pilot for State-owned capital operations, and other shareholders, expanding channels for social capital to join the mixed-ownership reform of SOE, the SASAC said.

Including making equity investments, the fund will focus on national strategic areas, competitive areas, scientific and technological innovation, and key parts of industrial chains. It is to improve the operating efficiency of State-owned capital and boost the vitality of all market entities.