China shores up support for SOEs in northeast region

China on Aug 18 launched a program on promoting coordination between local State-owned enterprises (SOEs) in the country's northeast region and central SOEs to ramp up the revitalization of Northeast China.

A total of 111 local SOEs in Heilongjiang, Jilin and Liaoning provinces, and the Inner Mongolia autonomous region will work closely with 100 subsidiaries of 53 central SOEs, according to the State-owned Assets Supervision and Administration Commission of the State Council (SASAC).

The country will enhance resource sharing and industrial integration between these enterprises to deepen reforms of State-owned assets and firms in the region, and promote high-quality development of local SOEs.

These enterprises will cooperate for optimizing and coordinating industrial and supply chains, transforming and upgrading traditional industries, making breakthroughs in core technologies, improving corporate governance and enhancing the building of talent teams.

Reforms of State-owned assets and firms in the region achieved positive results in the first half of this year, with combined operating revenue of local SOEs and locally-based central SOEs and their subsidiaries surging 28 percent year-on-year, SASAC data showed.

More efforts should be made to improve the market-oriented operation mechanism, weak links in industrial structure and the level of management for the local SOEs, the SASAC noted.