State-owned firms continue to address industrial overcapacity

SHANGHAI, Oct 10 (SMM) – China's state-owned enterprises (SOEs) will continue efforts to resolve industrial overcapacity across the steel, coal and coal-powered sectors, according to minutes from the meeting on reforming SOEs held by the central government on Tuesday October 9.

The meeting emphasized the importance of supply-side structural reform. SOEs are required to speed up structural adjustment and upgrading, step up efforts in innovation and accelerate the development of quality facilities. This is in addition to deleveraging, reducing costs and lowering financial risks.

Reforming mixed-ownership policies, developing market-driven operational mechanisms, renovating authorised operation of state capital and intensifying the supervision of state-owned assets were also proposed at the meeting.