SCIO briefing on the performance of centrally administered SOEs in Q1

The State Council Information Office held a press conference in Beijing on Monday to brief the media on the performance of state-owned enterprises managed by the central government in the first quarter of 2020. April 22, 2020

Peng Huagang:

Second, we need to adopt the multi-layered measures and explore the potential of development in relevant sectors. We will step up efforts to reduce costs and improve efficiency, applying cost management to all staff, factor and business procedures. The cost of business operation will be greatly reduced, especially in terms of management and techniques. We will make more efforts to deal with inefficient and invalid assets. We will quickly divest in businesses that lack competitive advantages and development potential. We will speed up the liquidation of inefficient and invalid stock equity. We will also step up efforts to manage unprofitable companies. Based on our concluding work of helping "zombie companies and troubled businesses," we should further work on the management of unprofitable listed companies as well as relevant major branch companies, sparing no effort to reduce losses.

Third, we will speed up industrial upgrades and shore up weaknesses. Regarding problems emerging amid pandemic, we need to speed up industrial transformation and upgrades while also optimizing product services in order to build up strengths and shore up weaknesses. In terms of the development of core technologies, we need to focus on cutting-edge fields, such as biosciences and healthcare, stepping up the R&D efforts accordingly. As for the optimization of the industrial structure, industries involved with healthcare, public epidemic prevention and control and emergency management should be further developed. Emerging industries, such as cloud computing, big data and AI, should also be supported so as to develop a new engine. Regarding smart transformations and upgrades, we should make full use of the advantages of enterprises directly under the central government and let them become the main driving force for new infrastructure. New forms of business, such as the digital economy, will be supported, and traditional industries will be transformed at an accelerated pace. 

Fourth, we will step up reform efforts. In accordance with the requirements of the upcoming three-year action plan on the reform of state-owned enterprises, we will carry out proactive, bold and pragmatic reform, introducing relevant measures to improve the vitality and efficiency of enterprises, which will help us to cope with the effects of the pandemic.

Fifth, we need to prevent the risks and stick to the bottom line. We need to stay conscious about the bottom line and strengthen risk management. We need to pay close attention to capital risks and properly prevent and control debt risks. In the meantime, risks associated with financial businesses should be kept under control, and risks associated with investment should always be prevented. Compliance risks should be controlled strictly, and we need to stick to the bottom line and prevent the occurrence of major risks.

The SASAC and enterprises directly under the central government will stick to these targets, making full use of all the resources available and overcoming difficulties in order to make up for losses to the greatest extent while also achieve the best possible results. Thank you.

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