China will improve the modernisation of state-owned enterprises (SOEs) enhance state assets management, promote mixed ownership and prevent the erosion of state assets, according to the guideline released by the Communist Party of China's Central Committee and the State Council.
The government will improve the competence of SOEs and turn them into fully independent market entities, state-run Xinhua news agency reported.
China's massive SOEs dominated all sectors including energy, communications and financial sectors. Most of them are going global with massive investments. But this is the first time the government spoke of mixed ownership.
It will be a key framework document to guide and boost SOE reform, Xinhua report said.
The reform came as most of them have turned into white elephants with excess staff and state subsidies.