Top leaders on July 4 gave important instructions on the reform of State-owned enterprises in Beijing.

President Xi Jinping said State-owned enterprises (SOE) are the important powers to expand national comprehensive strengths and secure people’s common benefits, so their vigor, influences and risk prevention abilities should be gradually increased to keep and increase the values.

China should firmly deepen the reform of State-owned enterprises, speed up the building of modern enterprises system and take advantage of the talents to spur the vigor of all elements, said the President.

Based on the development concept of innovation, coordination, environmental friendly, open-up and sharing, the reform should focus on structural adjustment, innovation development and arrangements optimization to make the State-owned enterprises play leading roles in the supply-side structural reform, he said.

He also urged to strengthen supervision to prevent the loss of State-owned assets, strictly rule the Communist Party of China, improve the Party’s lead to the enterprises, and fully take advantage of the political core function of Party organizations in the reform.

Party committees and governments at all levels should firmly remember the responsibilities to improve the State-owned enterprises and expand the State-owned economy, strengthen the organization lead of the reform and make new achievements in the important fields and chains as soon as possible, the President urged.

Premier Li Keqiang said that for a long time, SOEs has made great contributions to promoting economic and social development and enhancing the comprehensive national strength. At present, facing the new normal and new situation, we should implement government decisions and set up new concept of development to push forward SOE reform.

We should step up building modern enterprise system and a sound structure of corporate governance, follow the market rules, advance quality and efficiency by streamlining, and weed out outdated capacity, in efforts to promote supply-side structural reform, the Premier added.

Seizing the opportunities in the revolution of new science and technology and industry transformation, he called for efforts to implement innovation-driven development strategy and grow new economy.

Relying on Internet Plus strategy and mass entrepreneurship and innovation, we should carry forward entrepreneurship and spirit of the craftsman, continue to carry out innovation in technology, products, and services, enhance the core competence of major business, and promote the upgrading of traditional industries, the Premier said.

We should concentrate on key areas, conform to the standard, and avoid risks as required, increasing efforts to attract foreign investment and go global within our capabilities, said the Premier, who also urged all regions and departments to remove institutional hurdles and improve regulatory system, to create a good environment for SOE reform.