China to create bigger, stronger State-owned firms

China aims to create bigger and stronger State-owned enterprises that are capable of competing globally, while phasing out excessive capacity in bloated sectors, according to the country's State-assets regulator.

Party delegates from central SOEs attending the 19th National Congress of the Communist Party of China vowed to make strides in scientific and technological innovation and continue other internal endeavors to enhance the scale and strength of the organizations.

The pledges echoed remarks made by General Secretary Xi Jinping at the congress on Wednesday, calling for further SOE reform over the next five years to make them "stronger, better and larger".