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September 20, 2019

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Shanghai’s reforms of state firms

Shanghai has shaped over 20 concrete operation schemes on the comprehensive reform of state-owned assets and enterprises, involving the distribution of state-owned assets, industrial integration, classification of enterprises, full listing, and management of business leaders.

To date, excluding functional security enterprises, two-thirds of all the SOEs has been listed as a whole or with equity carve-out.

The total market value of domestic and foreign listed companies controlled by Shanghai local authorities has reached 2.8 trillion yuan, while the market value of state-owned shares has approximated 1.2 trillion, according to Xiao Wengao, deputy Party secretary of the Shanghai SASAC.

By the end of 2018, Shanghai’s mixed-ownership enterprises had accounted for 73.2 percent of the total number of enterprises in the city’s SASAC system, contributing 87.1 percent of the total assets, 89.5 percent of the overall operating income and 93.5 percent of the headline net profits.


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