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Chinese leaders emphasize efforts to deepen SOE reform

Xinhua, July 4, 2016 Adjust font size:

Chinese leaders have urged continued efforts to propel reforms of state-owned enterprises (SOE) to enhance their competitiveness.

President Xi Jinping said SOEs are an important foundation for national development and guarding people's interests, demanding efforts to enhance SOEs' vitality, competitiveness and risk resistance capacity, according to a statement released Monday after a symposium on SOE reform.

Xi urged authorities to continue to deepen SOE reform, focusing on the establishment of a modern corporate governance system.

More should be done to advance industrial structure adjustment and innovation-driven development, letting SOEs play a leading role in the country's supply-side structural reform, Xi told the meeting.

All departments should intensify supervision to prevent the loss of state assets and strengthen the leadership of the Communist Party of China (CPC) over SOEs, Xi said.

Premier Li Keqiang also demanded priority in advancing SOE reforms.

These state firms should enhance their competitiveness and efficiency through market-oriented reforms and reduce excess and backward production capacity to advance supply-side structural reform, Li said.

Li added that innovation and entrepreneurship should play a role in the SOE reform.

To improve competitiveness, SOEs should come up with innovative technology, products and services while upgrading their traditional industries, Li said. Endi