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Monday, April 11, 2016, 09:18

China to deepen SOE reform in 2016

By Xinhua

BEIJING - China will continue to propel its ongoing reform of torpid state-owned enterprises (SOE) this year as part of the efforts to restructure the economy, it was decided at a recent government meeting.

The government will work to eliminate barriers to the supply-side structural reform, stimulate the morale and creativity of entrepreneurs and employees, and improve state-owned asset supervision, according to a statement issued on Sunday after the conference chaired by Vice-Premier Ma Kai on Friday.

It was also agreed at the meeting to establish mechanisms that encourage innovation and allow progress through trials and errors.

Given a continued economic slowdown, China is promoting an overhaul on SOEs to revitalize the public sector of the economy, piloting mixed-ownership reform, liberalizing industries to private capital and encouraging mergers and acquisitions.

The State-owned Assets Supervision and Administration Commission chose two SOEs to pilot reforms covering payment distribution, investment of state-owned capital, mergers and reorganization in February.

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