BEIJING — China encourages centrally-administered State-owned enterprises (SOEs) to enhance cooperation with other firms to promote the Belt and Road Initiative (BRI), according to the country’s top State asset regulator.

Central SOEs should follow the principle of marketization while working with enterprises of all types of ownership in an open, cooperative and win-win manner, Xiao Yaqing, head of the State-owned Assets Supervision and Administration Commission of the State Council.

Xiao made the remarks while meeting former World Bank President and partner of Global Infrastructure Partners (GIP) Jim Yong Kim in Beijing on April 1.

The BRI has provided a vast stage for corporations to work together, Xiao said.

Kim, the 12th president of World Bank, said the BRI helps promote the development of countries related to the initiative and GIP would like to deepen cooperation with China’s central SOEs to complement strengths and achieve mutual benefits.