The initial meeting of the newly reshuffled Leading Group for State-owned Enterprises Reform was held in Beijing on July 26, chaired by Vice-Premier Liu He. State Councilor Wang Yong, the deputy head of the group, also addressed the meeting.

At the meeting, the leadership fully affirmed the accomplishments made in SOE reform so far, highlighting the implementation of momentous reform measures and the continuing advancements in supply-side structural reform.

According to the meeting, China has stepped into a stage of high-quality economic development, following the previous mode of high-speed growth. Faced with new changes in both international and domestic circumstances, the work on SOE reform calls for steady progress.

Reform in the authorized operation mechanism for State-owned capital is on track, along with steady progress in advancing mixed-ownership, and optimization in the overall arrangements, among others.

All regions and departments concerned should continue to improve the fundamental economic system, motivate officials and SOE staff with a strengthened incentive mechanism and improved responsibility system.

Additionally, all departments concerned should navigate SOEs through the reform with an eye on the overall development, assist with their long-term development plans, and conduct up-to-date research in this regard, in a bid to push forward high-quality economic development.