The head of the State-owned Assets Supervisory and Regulatory Commission (SASAC) has said that it plans to further open China’s state-owned enterprises to foreign investment, as well as strengthen exchange and cooperation with multi-national companies.
Speaking at the 2nd China Enterprise Reform and Development Forum (第二届中国企业改革发展论坛) held on 21 April, SASAC head Xiao Yaqing (肖亚庆) said that China would focus on particular on further deepening cooperation in sectors such as mining and energy, as well as actively seek to attract foreign capital to participate in restructuring of SOE’s.
Xiao said the Chinese government had made the rearing of international first-class enterprises that are competitive globally the “grand goal” of SOE reform and development.
“We must clearly perceive that there is still quite a gap between SOE’s and the world’s first-grade companies, and we need to make greater effort when it comes to management, technology and core competitiveness.”
Xiao outlined a trio of goals for China’s SOE policy, including the creation of a cohort of “vanguard enterprises” that will occupy a leading position in terms of international resource allocation; the creation of a cohort of vanguard enterprises that are leaders in global industrial technological development, and the creation of cohort of vanguard enterprises that “possess authority and influence” in terms of global industrial development.