The Chinese central government hopes to accelerate reform of its state-owned enterprise sector with the launch of a new “Double hundred Campaign” (双百行动) fund.
China Reform Holdings (中国国新控股有限责任公司) held the official signing ceremony for the launch of its Double Hundred Fund (
双百基金) on 30 April according to a report from state-owned media.
The Double Hundred Campaign is a reform program launched in August 2018 that covers over one hundred central SOE subsidiaries and over one hundred local backbone SOE’s selected by the State Council’s SOE Reform Leadership Team, for “comprehensive implementation of SOE reform ‘1+N’ policy requirements” during the period from 2018 to 2020.
China Reform is one of two central SOE’s selected by the State-owned Assets Supervision and Administration Commission (SASAC) to participate in state-owned capital operating company trials.
China Reform’s new Double Hundred Fund is 60 billion yuan in size, with 30 billion yuan to be committed during the initial phase towards investment in Double Hundred companies in strategic emerging industries, as well as the diversification of non-listed enterprises, mixed-ownership reforms, and the merger and restructuring of listed companies.
Key capital contributors include central SOE’s, local SOE’s, as well as domestic financial institutions and private enterprises.
“China Reform will fully employ the professional advantages of its management team in terms of fund management and supporting Chinese enterprises to expand abroad to participate in Double Hundred Enterprise reform and development in accordance with market-based investment, and pragmatically strengthen cooperation and communication with various capital contributors,” said an executive from China Reform.
China Reform said that in future it will “continually explore and innovate state-owned capital operating models in accordance with the goal of creating and transforming into a world-class comprehensive state-owned capital operating company.”