China is set to strengthen the collaboration framework between state-owned enterprises (SOEs) and private companies, according to Lin Qingmiao, director of the Bureau of Enterprise Reform at the State-owned Assets Supervision and Administration Commission (SASAC).
During a press conference on Friday, Lin emphasized that enhancing cooperation between SOEs and private enterprises is a pivotal component of advancing the reform and modernization of state-owned enterprises.
In recent years, SASAC has fostered partnerships in key areas such as capital investment, industrial and supply chains, and scientific and technological innovation. These efforts aim to harmonize the growth of SOEs alongside private businesses.
Since initiating the action to deepen and upgrade SOE reforms, centrally-administered SOEs have engaged in equity collaborations with private firms and other social capital, totaling over 390 billion yuan ($55.7 billion).
Furthermore, central SOEs have promoted industrial chain cooperation with upstream and downstream enterprises, driving the synergistic development of more than 5,700 businesses.
Currently, out of over 2 million enterprises in the supply chains directly influenced by central SOEs, 96 percent are private small and medium-sized enterprises.
Looking ahead, China plans to encourage SOEs to broaden the open sharing of innovation resources, leveraging the strengths of SOEs and private enterprises alike to achieve mutual growth.
Reference(s):
China to improve cooperation between SOEs and private enterprises
cgtn.com
