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Diversified structure and market forces to help in reform of SOEs
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China will quicken reforms of its massive state-owned enterprises by diversifying its shareholding structure and allowing market forces to play a bigger role in the economy, according to the SOE regulator.
The focus is to transform the SOEs, especially parent companies, quickly into joint-stock companies where public shareholders can have a bigger voice, said Huang Shuhe, vice chairman of the State-owned Assets Supervision and Administration Commission.
But he said there will be various types of non-state ownership in different sectors. There should be 100 percent state ownership in sectors that are “vital to national security” and majority state controlled ownership in “economic lifeblood” industries, Huang said. He added the government is working out which categories the industries will fall under.
In other industries, state capital could play a smaller role or totally exit from SOEs depending on their strategic importance, Huang said.
A mixed-ownership will lead to improved corporate governance at SOEs, Huang added, as the SASAC seeks to improve the management of state assets and requires SOEs to pay more in dividends.
His remarks came about a month after the Party held a key plenum which laid out a key blueprint for economic reform. The blueprint requires SOEs to raise the proportion of profits that are paid out to public coffers to 30 percent by 2020, according to a plan released yesterday.
Shanghai this week released a reform guideline for its SOEs.
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