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November 23, 2016

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China to name SOEs for reform soon

Source: Agencies | November 23, 2016, Wednesday | Print Edition

CHINA may name the first of its state-owned enterprises to be restructured under a mixed-ownership system by the year-end, the China Securities Journal said yesterday, citing unnamed sources.

The country has made reform of its huge, uncompetitive SOEs a priority as weak global demand weighs on economic growth and excess capacity and idle workers bleed what precious resources companies have at their disposal.

The newspaper said the State-owned Assets Supervision and Administration Commission plans to hold a meeting with SOEs to advise on restructuring plans and the next steps.

SOE reform is widely expected to include the introduction of private capital and employee stock ownership.

The seven industries from which the first batch of SOEs will be drawn to take part in the pilot include power, oil, natural gas, railway, civil aviation, telecommunications and the military, said Li Pumin, spokesman for the National Development and Reform Commission.

The NDRC had previously made clear that China Eastern Airlines Group, Unicom Group, China Southern Power Grid, Harbin Electric Corp, China Nuclear E&C Group and China State Shipbuilding Corp would be involved in the mixed-ownership reforms.

In September, China launched a 350 billion yuan (US$51 billion) state enterprise restructuring fund to advance its supply-side reforms.

China will cut the number of SOEs this year to 100 from 106, Peng Huagang, SASAC’s deputy secretary-general, said in July.

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