Hu Kaihong:

The last question.

Market News International:

My question is about mixed-ownership reform. You just mentioned that China is considering introducing the third round of pilot programs in the reform. What specific areas will it cover? Are there more rounds of pilot programs in the pipeline?

There have been some voices complaining that the reform is slow, indecisive and losing momentum. Are there any subtle changes in the government's attitude? Other overseas voices like the AmCham China complain about foreign companies' low access to major areas in China. How do you respond to that? Can foreign companies participate in China's mixed-ownership reform? Thank you.

Xiao Yaqing:

Your question covers many levels, just like the levels in the reform we are carrying out. I will try my best to give you an answer.

The reform to establish mixed-ownership systems is a key area in the reform of SOEs, and we have been firmly pushing it forward. However, the reform of mixed-ownership is only a part of the reform of SOEs, not the whole of it. It should be said that, the reform of mixed-ownership is not suitable for all SOEs.

Take the United States for example. Its enterprises not all feature mixed-ownership. They are not all privately-owned. Some are State-owned and undertake important social responsibilities.

In the reform to establish mixed-ownership systems, we hope that enterprises of different ownerships will learn from each other and play their respective roles so as to better develop SOEs. Many privately-run enterprises in China have excellent decision-making systems and decision-making procedures, as well as excellent management and experience.

Our SOEs have strong cohesiveness and pioneering spirit. Coupled with a sound foundation for development, they can overcome their own weak points by learning from each other's strong points and unite together. The mixed-ownership reform is open as well, just like other reforms.

President Xi Jinping delivered keynote speeches at this year's World Economic Forum in Davos, the Belt and Road Forum for International Cooperation and the 9th BRICS Summit. We have carefully studied these speeches and feel that China's gate for opening up and reform is always open -- this is also our demand for the central and local SOEs and the national assets supervision department. China's SOE reform is an open program that attracts all enterprise of various ownership forms to participate. If foreign enterprises are willing to join in, we also welcome them.

Of course, we hope America will be open to us, and open to our SOEs, as well. We hope the American government look at China's SOEs from a full, correct and objective perspective. The process of opening up must be a win-win, a multi-win situation. The process of reform must be exactly the same. All parties involved should see their interests enlarged and assured during the process of opening up and reform. Mixed ownership reform must continue, and the results and effects of the reform should just keep on emerging, which is something we are greatly anticipating.

Hu Kaihong:

Due to the time limit, today's press conference must end here. Thank you, Mr. Xiao, Ms. Huang and Mr. Peng. Thank you everyone.

By Li Xiaohua, Guo Xiaohong, Wang Qian, Li Huiru, Zhou Jing, Wang Wei, Huang Shan, Chen Xia, Yuan Fang, Li Xiao, Zhang Rui, Wu Jin, Duan Yaying, Li Jingrong, Guo Yiming, Zhang Liying, Gong Jie, Layne Flower, Christopher Georgiou, Geoffrey Murray

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