SHANGHAI Nov 22 China may name the first of its
state-owned enterprises (SOE) to be restructured under a
mixed-ownership system by the year-end, the business paper China
Securities Journal reported on Tuesday, citing unnamed sources.
Beijing has made reform of its huge, uncompetitive SOEs a
priority as weak global demand weighs on economic growth and
excess capacity and idle workers bleed what precious resources
companies have at their disposal.
The paper said that the State-owned Assets Supervision and
Administration Commission (SASAC) plans to hold a meeting with
SOEs to advise on restructuring plans and the next steps.
SOE reform is widely expected to include the introduction of
private capital and employee stock ownership among other things.
The seven industries from which the first batch of SOEs will
be drawn to take part in the pilot include power, oil, natural
gas, railway, civil aviation, telecommunications and the
military, said Pi Pumin, spokesman at the National Development
and Reform Commission, the paper said.
The commission had previously made clear that China Eastern
Airlines Group, Unicom Group, China Southern Power
Grid, Harbin Electric Corporation, China Nuclear E&C
Group and China State Shipbuilding Corporation would be involved
in the mixed-ownership reforms.
In September, China launched a 350 billion yuan ($50.8
billion) state enterprise restructuring fund to advance its
China will reduce the number of SOEs this year to no more
than 100 from 106, state media reported in July, citing SASAC
Deputy Secretary-General Peng Huagang, who added that 10 central
SOEs were in talks to create five groups.
($1 = 6.8881 Chinese yuan)
(Reporting by Engen Tham and Wang Jing; Editing by Jacqueline