CASC to complete key reforms in '17

China Aerospace Science and Technology Corp, the nation's defense industry conglomerate, has vowed to answer the government's call to complete key internal corporate reforms by the end of this year.

Wang Zhanyu, deputy director of the department of strategy management at CASC, said at a media briefing that in addition to responding to the State Council's timeline to complete its corporate reforms by 2017, it has vowed to accelerate the process of spinning off its social functions by 2018, which is an essential part of deepening the reform of SOEs.

It also plans to promote mixed ownership reform, through raising its asset securitization rate to over 45 percent by 2020.