State-owned firms brace for major reforms

Measures aimed at streamlining the running of SOEs

China's top State-owned asset administrator said on Thursday it will pick three to five companies this year for a pilot program to better manage government assets.

Two companies, China Chengtong Holdings Group Ltd and China Reform Holdings Corp Ltd, are already being reorganized into State-owned asset-operating firms, said Zhang Xiwu, deputy head of the State-owned Assets Supervision and Administration Commission of the State Council.