China urges central SOEs to improve financial management

BEIJING — China's centrally-administered State-owned enterprises (SOEs) should improve their financial management, according to an official guideline released on March 2.

Most central SOEs should establish world-class financial management systems that are compatible with world-class enterprises over the next 10 to 15 years, said the document from the State-owned Assets Supervision and Administration Commission of the State Council.

Financial management is the center of enterprise management, said the guideline, adding that central SOEs have made remarkable progress in the area by applying innovative modes and advanced tools in recent years.

Some central SOEs, however, still see their financial management lagging behind technological progress, it noted.

Central SOEs should optimize financial management in terms of comprehensive budgets, risk control, digitalization, the evaluation of management ability and the cultivation of talent teams.