LINE

Text:AAAPrint
Economy

China to develop world-leading, internationally dominant SOEs

1
2018-04-23 10:14Xinhua Editor: Gu Liping ECNS App Download

China will step up efforts to develop a group of state-owned enterprises (SOEs) with international dominance and influence, the chief of China's top SOE watchdog said Saturday.

The goal includes having a group of leading SOEs that are dominant in international resources allocation, Xiao Yaqing, chairman of the State-owned Assets Supervision and Administration Commission, said at a forum on the reform and development of Chinese enterprises.

China also aims to have a number of SOEs with leadership in global industry and technology development, and increase the number of SOEs with a say in global industry development, he said, calling the mission "more urgent" than before.

Chinese SOEs have significantly increased their scale, power, and competitiveness since the reform and opening-up which began 40 years ago, he said.

Official data showed total SOE assets stood at 163.6 trillion yuan (around 26 trillion U.S. dollars) at the end of February, and SOEs reported solid profit growth in the first two months of this year, raking in 367.3 billion yuan with a 25.3 percent year-on-year increase.

Three of the top five Fortune 500 Companies in 2017 were Chinese SOEs.

The country will deepen reform of SOEs and ramp up efforts to establish institutions and mechanisms that are in line with the market economy, Xiao added.

"SOEs should be more open and enhance exchanges and cooperation with private companies at home and abroad for win-win cooperation," he said.

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.