State Councilor Wang Yong urged efforts to build world-class State-owned enterprises (SOEs) during a recent inspection of the reform, development and Party building of SOEs in Shanghai.

Wang acknowledged the remarkable results SOEs have achieved in recent years, such as enhanced overall strength, abundant innovations, and improved business performance.

However, reform and development tasks for SOEs remain arduous, and efforts still need to be made to cultivate world-class enterprises, he added.

Wang urged SOEs to develop cutting-edge technologies, increase R&D investment, make technological breakthroughs, and greatly improve innovation capabilities.

Quality and efficiency should be prioritized in building world-renowned brands, he said, adding that the allocation of State-owned capital should be improved, and a flexible, efficient market mechanism should be established to stimulate the internal motivation and vitality of enterprises.

It is necessary to comprehensively strengthen Party discipline and promote anti-corruption efforts in SOEs, he added.