Top regulator urges State-owned enterprises to speed up reform

China's top SOE regulator has urged giant companies to speed up structural reforms, asset reorganization and industrial upgrading progress to further compete with peers in global markets, according to a senior official.

"The State-owned enterprises need to follow the supply-side structural reform as the guideline and accelerate the optimization of the State-owned assets," said Bai Yingzi, director-general of enterprise reform bureau of the State-owned Assets Supervision and Administration Commission.

Bai said SOEs must focus on their core business, increase their competitiveness by enhancing their innovation capability and upgrade their technology.