16 Dec, 2015
China to launch 10 pilot reforms for state enterprises in 2016
(Xinhua), 12-12- 2015, BEIJING – China is to launch pilot reforms for state-owned enterprises (SOEs) in 10 areas in 2016, including ownership and executive hiring policy, a senior official said Friday.
Peng Huagang, deputy secretary general of the State-owned Assets Supervision and Administration Commission (SASAC) of the State Council, made the remarks at a press briefing in Beijing.
The reforms will cover functions and powers of directors, professional managers, investment, mergers and acquisitions, information disclosure, among others, Peng said.
The reforms are part of an SOE guideline issued in September to turn them into fully independent market entities with “major reform in key areas by 2020, when SOEs are expected to be more robust and influential and have greater ability to avoid risks.”
China has about 150,000 SOEs, which hold over 100 trillion yuan ($15.5 trillion) in assets and employ more than 30 million people. Any reform to the sector will have a significant effect on the economy as a whole.
Liked this article? Share it!