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Ten SOEs selected to strive for ‘global excellence’ goals

Updated: Jan 25,2019 8:05 PM     Xinhua

BEIJING — China’s State-owned enterprises (SOEs) regulator has selected 10 SOEs to be the pioneers striving for goals of becoming top-ranking companies globally.

These companies include China Aerospace Science and Technology Corporation, China National Petroleum Corporation, State Grid Corporation of China, China Three Gorges Corporation, China Energy Investment Corporation, China National Aviation Holding Company, China Mobile Communications Group, China State Construction Engineering Corporation, CRRC Corporation and China General Nuclear Power Group.

They are expected to improve their global competitiveness in products and services, technological development, efficiency, financial performance and reputation, and achieve notable progress in about three years.

A raft of reforms such as mixed-ownership reform has re-energized China’s SOEs, with 48 centrally-administered SOEs making it into the Fortune Global 500 list last year.

The State-owned Assets Supervision and Administration Commission of the State Council said it will adjust oversight over these pioneer firms and streamline approval processes to build a nurturing environment.