Mixed Ownership Reforms Bring Social Capital to Two Thirds of Central State-owned Enterprises
The State-owned Assets Supervision and Administration Commission (SASAC) has touted the progress of China’s mixed-ownership reforms of its state-owned enterprise (SOE) sector.
SASAC vice-chair Weng Jieming (翁杰明) said to Xinhua on 18 September that two thirds of China’s central SOE’s have seen the introduction of various forms of social capital since the launch of mixed-ownership reforms.
According to Weng mixed-ownership trials in key areas are still steadily advancing, with the launch of staff shareholding trials at 10 central SOE’s and 171 province-level first-tier SOE’s.
“SOE’s play a ‘pillar’ role, vigorously driving the robust growth of the Chinese economy,” said Weng.
During the period from January to August China’s central SOE’s saw operating revenues of 19.4 trillion yuan, for YoY growth of 5.4%, while their net profits were 943.19 billion yuan, for YoY growth of 6.9%.
Fixed-asset investment of central SOE’s over the period were 1.4 trillion yuan, for YoY growth of 9.8%.