China wants more foreign and private investors to get involved with efforts to reform the country’s central government-controlled enterprises, Xiao Yaqing, the head of China’s Asset Supervision and Administration Commission (SASAC), said Tuesday.
The SASAC has direct oversight of China’s nearly 100 centrally controlled state-owned enterprises (SOEs), which between them control assets worth $11 trillion.
Speaking at the China International Import Expo (CIIE) in Shanghai, Xiao reaffirmed that China was keen for all kinds of companies to invest in central SOEs and set up partnerships with them. Beijing sees this as key to boosting the corporate restructuring of SOEs, industrial consolidation and transformation, and technological innovation.
“Mixed-ownership reform” has been Beijing’s priority in its efforts to reform SOEs in recent years. SASAC has also been forcing mergers of large firms in an attempt to make SOEs more streamlined and competitive. There are now 96 central SOEs under SASAC’s supervision, down from 106 as of the end of 2015, according to Caixin.