(ATF) China’s State-owned Assets Supervision and Administration Commission (SASAC) urged the central government’s state-owned enterprises (SOEs) to reform their businesses and improve profitability in the second half of this year.
Most of the central SOEs should strive to achieve relatively rapid growth in the second half of the year, Hao Peng, chief of the SASAC, told the heads of central SOEs in a recent video conference.
A three-year action plan for SOEs reform is expected to take the country’s reform in state-owned assets and firms to a new stage, said Hao.
During the first six months of this year, the combined revenue of the 97 central SOEs fell by 7.8% to 13.4 trillion yuan ($1.91tn) from the same period last year. The central SOEs’ combined profits fell 37.7% to 438.55 billion yuan for the same period.