China's SOEs brace for deepened reforms official

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• published: 12 Mar 2016
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China's top state-owned asset administrator said on Saturday that the country's state-owned enterprises (SOE) brace for reforms focused on diversity of equities and enterprises restructuring. Xiao Yaqing, head of the State-owned Assets Supervision and Administration Commission of the State Council, made the remarks at a press conference on the sidelines of the fourth session of China's 12th National People's Congress in Beijing. "There are 106 SOEs directly under the management of central government. These enterprises cannot fit the new normal of China's economic development in terms of their institutional system and management capability," said Xiao. Xiao told the press that the government will take more steps to improve the performance of state-owned enterprises, including diversifying equities and promoting reorganization. "We will further promote reforms in corporate system and shareholding system in the SOEs. Now some enterprises are not corporations because they were not registered according to relevant laws. In this case, we will diversify equities and actively promote the economic development with mixed ownership," said Xiao. "We will push forward adjustment and restructuring of the state-owned enterprises under the central government with the aim of optimizing industry layout. Last year, we re-organized 12 central SOEs and they worked well. This year we will make more efforts," Xiao added. More on: http://newscontent.cctv.com/NewJsp/news.jsp?fileId=346023 Subscribe us on Youtube: https://www.youtube.com/channel/UCmv5DbNpxH8X2eQxJBqEjKQ CCTV+ official website: http://newscontent.cctv.com/ LinkedIn: https://www.linkedin.com/company/cctv-news-content? Facebook: https://www.facebook.com/pages/CCTV/756877521031964 Twitter: https://twitter.com/NewsContentPLUS