State capital management reform plan to enhance SOEs' capabilities

Moves by the authorities to empower State-owned enterprises will further cut executive interference in SOEs and effectively prevent the loss of State assets due to outdated modes of management, a senior regulatory official said on Monday.

Weng Jieming, vice-chairman of the State-owned Assets Supervision and Administration Commission, made the remarks after the State Council issued a plan on the reform of State-owned capital management, pledging to classify authorization and decentralization, improve capital operation capabilities and optimize management teams' performance.

According to the plan released on April 28, SOEs will be granted more autonomy to run their businesses, the boundaries of power and responsibilities between representatives of State capital and SOEs will be clarified, and the power of SOEs' board of directors should be ensured.