China to cultivate competitive SOEs

The Chinese government is planning to cultivate a batch of large corporations and groups with international competitiveness. Reforms are being called for, according to Tuesday's Crienglish.

Director of China's State-owned Assets Supervision and Administration Commission, Li Rongrong says that most state-owned enterprises are playing a key role in China's significant industry and are holding the life lines of the national economy.

But now these enterprises are facing dual challenges from both overseas transnationals and domestic private enterprises.

Reforms are being called for to solve their management problems and to enable them to survive amidst increased competition.

So far, the total assets of China's state-owned enterprises stand at 8 trillion yuan or 966 billion US dollars.

Source: Xinhua