More SOEs will go pri­vate: of­fi­cial

China Daily (Canada) - - NEWS CAPSULE -

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.

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