More SOEs will go private: official
More State-owned enterprises might be spun off as private entities to help improve economic growth, but Beijing will maintain control over major industries, a government official said.
Regulators are working to overhaul ownership following the ruling party’s pledge to increase competition in State-dominated industries last month, said Huang Shuhe, vice-chairman of the Stateowned Assets Supervision and Administration Commission of the State Council, the country’s top regulator of SOEs.
Economists say that Beijing must curb the dominance of State companies that control swaths of the economy, from banking to oil to steel production, or risk seeing China’s growth rate plunge. There are 117 State-owned companies.