Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Policies

    Reform of State firms-economy's backbone-to power industrial fronts

    Xinhua | Updated: 2021-02-03 10:29
    Share
    Share - WeChat
    A galvanizing facility under State-owned China Baowu Steel, the world's largest steel conglomerate, is seen in this file photo. [Photo/Xinhua]

    Modern enterprises

    Bringing in non-State investors is deemed as a catalyst for better corporate governance.

    Once publicly owned, China's SOEs have been engaged in corporate reform since the 1990s to turn themselves into limited liability companies or companies limited by shares.

    This allows the introduction of shareholders, paving the way for the much-advocated transformation into modern enterprises.

    So far, such reform has been basically wrapped up, according to Peng.

    Authorities are pushing SOEs to overhaul their payroll and human resource management, set up boards of directors, hire professional managers and provide equity incentives.

    To encourage more efficient growth, the SASAC will start to assess performances of SOEs in terms of overall labor productivity this year, along with other market-oriented measurements.

    Sinopec Zhenhai Refining & Chemical Co is the epitome of the drastic corporate changes taking place in SOEs. An unknown local refiner in the 1970s, it has become a top-notch industry player globally.

    The Zhejiang province-based company has streamlined work procedures by 40 percent in recent years and adopted a highly market-oriented incentive system. With better corporate governance and technology, its per capita output surged to 15 million yuan in 2020 from 2 million yuan in 2000.

    "Our company's production capacity has tripled since 2000, while our headcount has been reduced and efficiency has been boosted," said Mo Dingge, CEO of Sinopec Zhenhai.

    Less is more

    The transition into modern enterprises is imperative as China continues to level the playing field, creating a fairer environment for competition.

    Key industries like energy, railways, automobiles, telecommunications and public utilities have been gradually opened up for private and foreign investment.

    Li expects "significant progress" to be made in further expanding non-State firm access to State-dominated areas during the three-year period.

    Meanwhile, SOEs are downsizing their presence in some fields. They have been asked to exit areas irrelevant to their core business or where their investments lack efficiency and competitiveness.

    Central SOEs have divested themselves of such businesses, retrieving 3.45 billion yuan since the end of 2019, SASAC data showed.

    In sectors with overlapping investment or homogeneous competition, restructuring between SOEs is encouraged. So far, 41 central SOEs have been regrouped, reducing total central SOEs to 97.

    The capital shake-up is directing State-owned assets to concentrate on key industries related to national security, economic lifelines and public welfare, or those with strategic importance.

    Emerging technology is one of them. Weng Jieming, deputy head of SASAC, said more investment from central SOEs will be guided toward 5G, industrial internet, artificial intelligence, data centers and other "new infrastructure".

    China Baowu Steel Group Co Ltd, the world's largest steel conglomerate, was the outcome of reorganizations between several State-owned steel giants. As a result of better allocation of resources, efficiency was improved and innovation fostered.

    "We will spare no effort to build ourselves into a high-tech company," said Chen Derong, chairman of Baowu Steel. "Steel is a traditional product, but we will be a high-tech company in terms of technology, means of production and services."

    Cutting regulatory fetters is expected to help SOEs enhance their innovative prowess. Regulators are giving SOE executives more autonomy in making corporate decisions, including drafting annual investment schemes, arranging mixed-ownership reform of subsidiaries and issuing short-term bonds.

    The new regulation approach will effectively prevent excessive State intervention in corporate operations, Liu noted.

    "Regulators are receding from the front stage to the backstage," he said. "SOEs can decide what to do in accordance with market rules, which will make a big difference."

    |<< Previous 1 2   
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    佐佐木明希一区二区中文字幕| 久久人妻少妇嫩草AV无码专区| 久久亚洲AV成人出白浆无码国产| 亚洲国产综合精品中文第一区| 国产精品亚韩精品无码a在线| 无码毛片AAA在线| 精品人妻va出轨中文字幕| 国产成人无码一区二区三区 | 精品久久久无码中文字幕 | 精品无码久久久久久午夜| 熟妇人妻中文av无码| 日韩中文字幕欧美另类视频| 人妻少妇看A偷人无码精品视频 | 免费a级毛片无码| 国产午夜无码精品免费看 | 国产精品毛片无码| 无码精品A∨在线观看| 精品国产V无码大片在线看| 国产精品亚洲w码日韩中文| 日韩精品无码中文字幕一区二区| 精选观看中文字幕高清无码| 国产乱人伦Av在线无码| 精品无码一区二区三区爱欲| 手机永久无码国产AV毛片| 亚洲AV永久无码区成人网站| 中文午夜乱理片无码| 东京热人妻无码一区二区av| 国产色综合久久无码有码 | 久久Av无码精品人妻系列 | 99精品一区二区三区无码吞精| 亚洲av无码国产精品夜色午夜 | 99久久无码一区人妻| 国产免费无码AV片在线观看不卡| 免费A级毛片无码专区| 人妻精品久久无码专区精东影业| 免费A级毛片无码A∨中文字幕下载| 无码人妻精品一区二区三区久久久| 熟妇人妻无码中文字幕| 69ZXX少妇内射无码| 亚洲一级特黄无码片| 无码专区中文字幕无码|