Major breakthroughs on horizon in reform of State-owned enterprises

China plans to make major breakthroughs in key fields of the comprehensive reform of State-owned assets and State-owned enterprises (SOEs) in pilot areas across the country by the end of 2020, said a senior official.

Weng Jieming, vice-chairman of the State-owned Assets Supervision and Administration Commission of the State Council, said in addition to three existing pilot areas in Shanghai, Shenzhen and Shenyang, which were launched in July, the government will add new pilot areas in the future when the conditions are mature.

The SASAC will hold a meeting in Beijing next month to guide local SOE reforms for the next stage to restore and boost their earning ability, said Weng. The three selected pilot areas currently are required to carry out reforms with different priorities and offer policy headroom to combine top-level system design with primary-level innovations to forge maximum reform momentum.