State asset regulator targets 10% growth rate

China’s State-owned Assets Supervision and Administration Commission announced a 10% growth target for state-owned enterprises after many of the companies posted weaker-than-expected first quarter earnings, Caixin reported. Recent quarterly results showed that SOEs grew 7.3% year-on-year, which was short of the minimum 8% growth rate and 10% target required by the state asset regulator. Jiang Jiemin, the new SASAC chairman, recently said that ensuring stable growth for SOEs is one of Beijing’s top priorities this year. The regulator warned that SOEs faced uncertainty in the macro-economic recovery.