Global expansion and cooperation set to pay dividends

State-owned enterprises are stepping up efforts to expand their presence in overseas markets as part of the ongoing reform program.

For example, SOEs in the energy sector have been exploring overseas business in both developing and developed markets by teaming up with foreign enterprises in the upstream and downstream sectors.

In response to the Belt and Road Initiative, China National Offshore Oil Corp, the country's largest offshore oil and gas producer, has been eyeing more overseas opportunities for its offshore drilling and completion technologies at high-temperature and high-pressure gas fields.