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China's central SOEs receive over 110b yuan social capital in H1

Updated: Jul 26,2020 07:06 AM    Xinhua

BEIJING — China's centrally-administered State-owned enterprises (SOEs) received more than 110 billion yuan (about $15.7 billion) of social capital through equity transfers, new joint ventures and mergers during the first half of the year, according to the country's State-asset regulator.

China's central SOEs made strides in mixed-ownership reforms and State capital investment during the first half, said Peng Huagang, spokesperson for the State-owned Assets Supervision and Administration Commission of the State Council.

Authorities are ramping up efforts to revitalize SOEs which have been burdened by outdated corporate social responsibility practices.

China will complete the task of relieving SOEs of the obligations to operate social programs, and resolve their other long-standing problems this year, according to the annual government report released in May.

The commission will push central SOEs to advance mixed-ownership reforms and improve modern corporate system during the second half, Peng said.

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