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SCIO briefing on reform of SOEs

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Speaker:
Xiao Yaqing, chairman of the State-owned Assets Supervision and Administration Commission of the State Council

Chairperson:
Hu Kaihong, spokesperson of the State Council Information Office

Date:
Sept. 28, 2017

People's Daily:

My question is about the mixed ownership reform. Last month, telecom carrier China Unicom released its mixed-ownership reform plan, which drew wide attention from the public. Meanwhile, many enterprises have advanced pilot reforms to introduce a mixed ownership structure in different levels and sectors. Could you please give me a briefing about the progress? Which areas will be the next focus? Do you have some specific timetables? And how will the experience of the mixed ownership reform be promoted?

Xiao Yaqing:

The mixed ownership reform is an entry point for reform and a focus of public attention. The pilot reforms are now underway to introduce a mixed ownership structure in various sectors. Now I will invite Mr. Peng to answer your question.

Peng Huagang:

There are three key points in regard to the process of mixed-ownership reform. Firstly, the number of SOEs involved in mixed-ownership reform is increasing. A total of 68.9 percent of central SOEs have initiated mixed-ownership reform, while 47 percent of local SOEs have been involved in that.

Secondly, the level of mixed-ownership reform is being upgraded. As we have seen, third-tier SOEs and those below the third tier were often chosen as pilot companies to undertake reform. In recent years, we have explored ways to facilitate mixed-ownership reform in both second- and third-tier SOEs, even in their headquarters.

Thirdly, the industries covered by mixed-ownership reform have been expanded. A total of 19 central SOEs from key industries have initiated mixed-ownership reform, covering electricity, oil, petrochemical, telecommunications, aviation, and military industries.

Mixed-ownership reform is an important breakthrough in the reform of SOEs. We will continue to promote the reform under the rule of "One Enterprise, One Policy."

Xiao Yaqing:

Apparently, you are eager to know the results of the reform. However, it takes time for the reform of an enterprise's ownership, especially the mixed-ownership reform, to yield results. The time needed can be a product lifecycle or an industry lifecycle. Meanwhile, we should be prepared that the reform won't necessarily succeed, so while looking forward to the results, we should also allow an enterprise time to pursue the reform through trial and error.