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Central SOEs cut legal entities
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CHINA’S centrally administered state-owned enterprises cut 2,730 subsidiary legal entities last year, a senior official said yesterday.
The central SOEs posted a narrower yearly loss and reduced management costs in 2016, said Xiao Yaqing, head of the State-owned Assets Supervision and Administration Commission of the State Council.
These companies reduced loss and management costs by 4.39 billion yuan (US$640 million) and 4.91 billion yuan respectively, Xiao said.
Major problems with the bloated centrally administered SOEs include weakness in core business, too many sideline businesses, low efficiency and excessive layers of administration and management.
The excessive layers of hierarchy persisting in the centrally administered SOEs are also part of the reason the reform has not been easy to push through over the years.
Mixed-ownership reform is expected to help make breakthroughs in the reform and authorities will take substantial steps to reform the electricity, oil, natural gas, railway, civil aviation, telecommunications and military industries, said Xiao.
China has 102 central SOEs, which manage the bulk of the country’s state assets.
These companies saw their combined profit and revenue both return to growth in 2016. Total profit climbed 0.5 percent year on year to 1.23 trillion yuan, while revenue increased 2.6 percent to 23.4 trillion yuan, according to official data.
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