Shanghai to step up pace of SOE reforms

Municipal government officials in Shanghai have expressed their determination to speed up the ongoing reform of State-owned enterprises by helping a number of SOE groups go public this year.

At the annual session of the city's legislature, Mayor Yang Xiong said that the government will help promote a number of SOEs to go for overall listing or listing of their core assets.

Qualified SOE groups should complete their corporate system reform this year. A system for the hiring of professional managers should be set up within SOEs. State-owned assets should concentrate on areas including strategic industries, modern service industry, advanced manufacturing industry, infrastructure and social well-being.