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New guideline urges SOE modernization

Xinhua, September 24, 2015 Adjust font size:

The State Council has issued a new guideline urging state-owned enterprises (SOEs) to accept mixed ownership and modernize as it bids to make these lumbering behemoths more efficient.

SOEs must improve their management through market-oriented reform while adhering to government guidance, according to the guideline, released on Thursday.

As SOEs face increasing challenges from 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.

China has about 150,000 SOEs, holding more than 100 trillion yuan (15.7 trillion U.S dollars) in assets and employing over 30 million people. But they posted a 2.3-percent decline in profits in the Jan.-July period, attributed to outdated mechanisms and poor management. Endi