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SOEs receive mixed ownership call
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THE State Council, China’s Cabinet, has issued a new guideline urging state-owned enterprises to accept mixed ownership and modernize.
SOEs must improve their management through market-oriented reform while adhering to government guidance, said the guideline released yesterday.
All kinds of capital are encouraged to invest in SOEs.
As SOEs face global competition, China is trying to attract private investors to give them a new lease of life. However, state capital should maintain “the absolute controlling position,” especially in fields relating to national security, said the guideline.
SOEs in industries with sufficient market competition should take in other state-owned capital as well as private funds, the guideline said.
Foreign capital is welcome in restructuring via a variety of methods including overseas mergers and acquisitions, cooperation in investment and financing and offshore financing.
The guideline stresses using global resources such as the market, technology and talent to promote mixed ownership, participate in international competition, and improve resource allocation.
China’s SOEs are a vital foundation for national development but need to reform urgently as languid mechanism and poor management have resulted in falling profits.
China has about 150,000 SOEs, holding more than 100 trillion yuan (US$15.7 trillion) in assets and employing over 30 million people. But they posted a 2.3 percent decline in profits in the January-July period.
Aiming to make SOEs more creative and globally competitive, China issued a guideline earlier this month to deepen SOE reforms, in which it pledged measures to modernize SOEs, enhance management of state-owned assets, promote mixed ownership and prevent the erosion of state assets.
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