Diverse ownership sees SOE reform
Print Edition
The Chinese government’s vow to boost diverse ownership means reform of state-owned enterprises (SOE), experts have said.
Ding Yifan, deputy director of the Institute of World Development under the State Council’s Development Research Center, said a communique, issued after a key meeting of the Communist Party of China Central Committee, set diverse ownership as the future development direction.
The move is a result of complaints about SOEs’ low efficiency and the government giving them too many favors, said Ding in a program on Chinese reforms aired yesterday on Xinhuanet.com.
The external situation is another reason. For example, the United States is building a Trans-Pacific Partnership which has a rule that forbids SOEs in its free trade zone, he said.
As a result, Chinese SOEs need to change, Ding said.
China will promote an economy with diverse ownership, according to the communique released after the party’s Third Plenary Session in November. It stresses that state-owned, collective and non-public funds hold each other’s shares.
The government wants to give the market the key role in the distribution of resources. “I believe a key part is to grow enterprises with core competitive edges,” said Sun Pishu, chairman of Inspur Group, in the aired program.
The time has come to step up reforms and diversify ownership, said Lu Guiqing, chairman of China Construction Fifth Engineering Division Corp Ltd in the program.
“Operating a SOE, is like dancing with shackles... if the binding (from government) is relaxed, I will be able to move faster... and perform better,” Lu said.
The target of the reforms is to build a modern corporate system, and diverse ownership is part of it, Chen Xian, executive director of the economics college in Shanghai Jiao Tong University, told the program.
“Both public and non-public sectors of the economy are important components of the socialist market economy and significant bases for economic and social development,” the communique said.
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