SOEs on rise after 3-year reforms

Employees of China State Construction Engineering Corp work on a highway project in Wuhan, Hubei province, in January. China's State-owned enterprises are expected to post higher revenues and build more pioneers in modern industrial chains this year as the country has completed all the major tasks of its three-year action plan for the reform of SOEs, said market observers and business executives on Thursday. "Additional verification of core duties and businesses of central SOEs was launched over the past three years, with China Oil & Gas Pipeline Network Corp and another nine newly formed central SOEs being pilots," Huang said, adding that strategic restructuring and professional integration were promoted in an all-round, in-depth and wide-ranging manner. Zheng Xuexuan, board chairman of China State Construction Engineering Corp, a Beijing-based investment and construction group, said as new technologies used in various projects are soaring, the formation and stimulation of innovation teams, and the introduction and implementation of technologies all need to create new mechanisms through effective reform to unleash SOEs' operational and commercial vitality. In terms of cultivating modern industrial chain pioneers, SASAC said that nearly 1 trillion yuan has been invested by 16 central SOEs — including State Power Investment Corp, China Electronics Technology Group Corp and China Railway Rolling Stock Corp — to strengthen and supplement industrial chains in recent years.